
North American Bond Research – August 11, 2020
Posted on August 11, 2020
HIGH YIELD BOND RESEARCH
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August 11, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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T-Mobile USA Inc. 3.875% 4/15/2030 144A Service Corp. Intl. 3.375% 8/15/2030 Pacific Gas & Electric Co. 4.95% 7/1/2050 Pacific Gas & Electric Co. 4% 12/1/2046 United Rentals North AM 3.875% 2/15/2031 MGIC Investment Corp. 5.25% 8/15/2028 Pacific Gas & Electric Co. 3.5% 6/15/2025 Pacific Gas & Electric Co. 4.55% 7/1/2030 Equinix Inc. 5.375% 5/15/2027 T-Mobile USA Inc. 3.75% 4/15/2027 144A |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Iron Mountain Inc. (USD) 4.5% 2/15/2031 Reg S (08/10/2020): 1100MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.5%.
2. Ball Corp. (USD) 2.875% 8/15/2030 (08/10/2020): 1300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.88%. 3. Wyndham Hotels & Resorts Inc. (USD) 4.375% 8/15/2028 Reg S (08/10/2020): 100MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.38%. 4. Wyndham Hotels & Resorts Inc. (USD) 4.375% 8/15/2028 144A (08/10/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.38%. 5. CDW LLC CDW Finance Corp. (USD) 3.25% 2/15/2029 (08/10/2020): 700MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.25%. 6. Cascades Inc. (USD) 5.375% 1/15/2028 (08/10/2020): 300MM Senior Unsecured Notes, Price at Issuance 104.25, Yielding 4.69%. 7. Iron Mountain Inc. (USD) 4.5% 2/15/2031 144A (08/10/2020): 1100MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.5%. 8. AMN Healthcare Inc. (USD) 4.625% 10/1/2027 (08/10/2020): 200MM Senior Unsecured Notes, Price at Issuance 101, Yielding 4.46%. 9. Covanta Holding Corp. (USD) 5% 9/1/2030 (08/11/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5%. 10. Windstream Escrow LLC Windstream Escrow Finance Corp. (USD) 7.75% 8/15/2028 144A (08/11/2020): 1400MM First Lien Notes, Price at Issuance 100, Yielding 7.75%. |
1. CJ Foods Inc.: $285MM TLB
2. Herschend Entertainment Co. LLC: $465MM TLB (B3/B) 3. Logmein Inc.: $2.45B credit facilities: $1.95B first lien TL; $500MM second-lien TL 4. MAG Aerospace: $290.7MM TL (B3/B) 5. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL 6. Smart Start Inc.: $350MM TLB 7. Tutor Perini: $375MM TLB (Ba3/BB-/BB+) 8. Windstream Holdings Inc.: $750MM TLB (B3/B) 9. CJ Foods Inc.: $285MM TLB 10. Logmein Inc.: $2.45B credit facilities: $1.95B first lien TL; $500MM second-lien TL |
Top Widening Loans | Top Narrowing Loans |
CPA Global (EUR) TLB E+325 11/30/2024 TMF Group Hldg B.V. (EUR) TL2 E+687.5 06/08/2026 Ahlsell AB (EUR) TL E+825 03/01/2027 Specialty Chemical Resources Inc. (EUR) TLB1 E+450 03/05/2027 Keter Group BV (EUR) TLB E+425 10/01/2023 |
DigiCert Inc. (USD) TL2 10/16/2027 Parques Reunidos (EUR) TLB E+375 09/27/2026 Philadelphia Energy Solutions (USD) TL L+800 02/11/2022 Carrols Restaurant Group (USD) TLB1 L+625 04/30/2026 Kiwi Holding IV Sarl (EUR) TLB E+325 07/27/2024 |
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Symantec Corp., Broadcom LTD, Toll Brothers Inc., Cole-Parmer Instrument Co.
OVERALL CREDIT MARKET:
Long-term bond yields are expected to hit a cyclical peak in 2019 given tight fiscal policy and lagging global economies. Europe remains checked by stubbornly low inflationary forces. Positive effects remained in force:
- TED spread held below 17 bp (basis points), as of 08/11/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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August 11, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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JPMorgan Chase & Co. 2.522% 4/22/2031 Boeing Co. 5.805% 5/1/2050 Oracle Corp. 3.85% 4/1/2060 Regeneron Pharmaceuticals Inc. 2.8% 9/15/2050 BP Capital Markets America Inc. 2.772% 11/10/2050 American Express Co. 2.5% 8/1/2022 JPMorgan Chase & Co. FLT% 10/24/2023 Regeneron Pharmaceuticals Inc. 1.75% 9/15/2030 Block Financial LLC 3.875% 8/15/2030 Southwest Airlines Co. 5.25% 5/4/2025 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Air Lease Corp. (USD) 2.875% 1/15/2026 (08/10/2020): 700MM Senior Unsecured Notes, Price at Issuance 98.972, Yielding 3.08%.
2. Chevron USA Inc. (USD) FLT% 8/11/2023 (08/10/2020): 500MM Senior Unsecured Notes, Price at Issuance 100. 3. Chevron USA Inc. (USD) FLT% 8/12/2022 (08/10/2020): 350MM Senior Unsecured Notes, Price at Issuance 100. 4. Bunge LTD Finance Corp. (USD) 1.63% 8/17/2025 (08/10/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.995, Yielding 1.63%. 5. Kimco Realty Corp. (USD) 1.9% 3/1/2028 (08/10/2020): 400MM Senior Unsecured Notes, Price at Issuance 99.554, Yielding 1.96%. 6. Great-West Lifeco Inc. (USD) 0.904% 8/12/2025 144A (08/10/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding .9%. 7. Visa Inc. (USD) 2% 8/15/2050 (08/10/2020): 1750MM Senior Unsecured Notes, Price at Issuance 98.928, Yielding 2.05%. 8. Ecolab Inc. (USD) 1.3% 1/30/2031 (08/10/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.942, Yielding 1.31%. 9. Ecolab Inc. (USD) 2.125% 8/15/2050 (08/10/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.121, Yielding 2.16%. 10. Chevron USA Inc. (USD) 1.018% 8/12/2027 (08/10/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.02%. |
Top Widening Loans | Top Narrowing Loans |
CPA Global (EUR) TLB E+325 11/30/2024 TMF Group Hldg B.V. (EUR) TL2 E+687.5 06/08/2026 Ahlsell AB (EUR) TL E+825 03/01/2027 Specialty Chemical Resources Inc. (EUR) TLB1 E+450 03/05/2027 Keter Group BV (EUR) TLB E+425 10/01/2023 |
DigiCert Inc. (USD) TL2 10/16/2027 Parques Reunidos (EUR) TLB E+375 09/27/2026 Philadelphia Energy Solutions (USD) TL L+800 02/11/2022 Carrols Restaurant Group (USD) TLB1 L+625 04/30/2026 Kiwi Holding IV Sarl (EUR) TLB E+325 07/27/2024 |
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Symantec Corp., Broadcom LTD, Toll Brothers Inc., Cole-Parmer Instrument Co.
OVERALL CREDIT MARKET:
Long-term bond yields are expected to hit a cyclical peak in 2019 given tight fiscal policy and lagging global economies. Europe remains checked by stubbornly low inflationary forces. Positive effects remained in force:
- TED spread held below 17 bp (basis points), as of 08/11/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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