
North American Bond Research – August 13, 2020
Posted on August 13, 2020
HIGH YIELD BOND RESEARCH
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August 13, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Eclipse Resources Corp. 8.875% 7/15/2023 T-Mobile USA Inc. 3.875% 4/15/2030 144A Ball Corp. 2.875% 8/15/2030 T-Mobile USA Inc. 3.5% 4/15/2025 144A T-Mobile USA Inc. 3.75% 4/15/2027 144A Pacific Gas & Electric Co. 4.55% 7/1/2030 Petrobras Global Finance BV 6.85% 6/5/2115 Ford Motor Co. 8.5% 4/21/2023 CDW LLC CDW Finance Corp. 3.25% 2/15/2029 Service Corp. Intl. 3.375% 8/15/2030 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Firstcash Inc. (USD) 4.625% 9/1/2028 144A (08/12/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.63%.
2. Occidental Petroleum Corp. (USD) 6.625% 9/1/2030 (08/12/2020): 1500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.63%. 3. Occidental Petroleum Corp. (USD) 6.375% 9/1/2028 (08/12/2020): 600MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.38%. 4. Occidental Petroleum Corp. (USD) 5.875% 9/1/2025 (08/12/2020): 900MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.88%. 5. Booz Allen Hamilton Inc. (USD) 3.875% 9/1/2028 144A (08/12/2020): 700MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.88%. 6. Firstcash Inc. (USD) 4.625% 9/1/2028 Reg S (08/12/2020): 100MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.63%. 7. Booz Allen Hamilton Inc. (USD) 3.875% 9/1/2028 Reg S (08/12/2020): 100MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.88%. 8. Black Knight InfoServ LLC (USD) 3.625% 9/1/2028 144A (08/12/2020): 1000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.63%. 9. Black Knight InfoServ LLC (USD) 3.625% 9/1/2028 Reg S (08/12/2020): 1000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.63%. 10. ANGI Homeservices Inc. (USD) 3.875% 8/15/2028 144A (08/13/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.88%. |
1. Smart Start Inc.: $350MM TLB
2. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL 3. MAG Aerospace: $290.7MM TL (B3/B) 4. Logmein Inc.: $2.45B credit facilities: $1.95B first lien TL; $500MM second-lien TL 5. Herschend Entertainment Co. LLC: $465MM TLB (B3/B) 6. CJ Foods Inc.: $285MM TLB 7. Tutor Perini: $375MM TLB (Ba3/BB-/BB+) 8. Herschend Entertainment Co. LLC: $465MM TLB (B3/B) 9. Logmein Inc.: $2.45B credit facilities: $1.95B first lien TL; $500MM second-lien TL 10. MAG Aerospace: $290.7MM TL (B3/B) |
Top Widening Loans | Top Narrowing Loans |
Halcon Resources Corp. (USD) RC L+375 05/27/2021 Deoleo SA (EUR) TL2 E+675 06/12/2022 Herbalife LTD (USD) TLB L+325 08/16/2025 Albertsons LLC (USD) TLB8 L+275 08/17/2026 Mavenir Inc. (USD) TLB L+600 05/08/2025 |
NCR Corp. (USD) DDB L+250 08/28/2026 Wynn Resorts LTD. (USD) TL L+170 07/24/2025 NCL Corp. LTD (USD) TLA L+150 01/02/2024 Sequa Corp. (USD) TLB L+500 11/28/2021 Sound Inpatient Physicians Inc. (USD) RC 06/28/2023 |
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 08/13/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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August 13, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Alphabet Inc. 1.1% 8/15/2030 Comcast Corp. 1.5% 2/15/2031 Boeing Co. 5.805% 5/1/2050 Regeneron Pharmaceuticals Inc. 2.8% 9/15/2050 Host Hotels & Resorts LP 3.5% 9/15/2030 Wells Fargo Bank NA 3.625% 10/22/2021 Marriott Intl Inc. 5.75% 5/1/2025 Comcast Corp. 2.65% 8/15/2062 Sumitomo Mitsui Fin Grp Inc. 2.13% 7/8/2030 Alphabet Inc. 0.8% 8/15/2027 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. CVS Health Corp (USD) 2.7% 8/21/2040 (08/12/2020): 1250MM Senior Unsecured Notes, Price at Issuance 99.954, Yielding 2.7%.
2. Agree LP (USD) 2.9% 10/1/2030 (08/12/2020): 350MM Senior Unsecured Notes, Price at Issuance 99.927, Yielding 2.91%. 3. Public Service Co. Of New Hampshire (USD) 2.4% 9/1/2050 (08/12/2020): 150MM Secured Notes, Price at Issuance 99.152, Yielding 2.44%. 4. Marriott International Inc. (USD) 3.5% 10/15/2032 (08/12/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.278, Yielding 3.57%. 5. CVS Health Corp (USD) 1.75% 8/21/2030 (08/12/2020): 1250MM Senior Unsecured Notes, Price at Issuance 99.836, Yielding 1.77%. 6. Public Service Enterprise Group (USD) 0.8% 8/15/2025 (08/12/2020): 550MM Senior Unsecured Notes, Price at Issuance 99.775, Yielding .85%. 7. Public Service Enterprise Group (USD) 1.6% 8/15/2030 (08/12/2020): 550MM Senior Unsecured Notes, Price at Issuance 99.816, Yielding 1.62%. 8. NiSource Inc. (USD) 0.95% 8/15/2025 (08/12/2020): 1250MM Senior Unsecured Notes, Price at Issuance 99.752, Yielding 1%. 9. CVS Health Corp (USD) 1.3% 8/21/2027 (08/12/2020): 1500MM Senior Unsecured Notes, Price at Issuance 99.72, Yielding 1.34%. 10. Ford Motor Credit Co. (USD) 3.37% 11/17/2023 (08/12/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.988, Yielding 3.37%. |
Top Widening Loans | Top Narrowing Loans |
Halcon Resources Corp. (USD) RC L+375 05/27/2021 Deoleo SA (EUR) TL2 E+675 06/12/2022 Herbalife LTD (USD) TLB L+325 08/16/2025 Albertsons LLC (USD) TLB8 L+275 08/17/2026 Mavenir Inc. (USD) TLB L+600 05/08/2025 |
NCR Corp. (USD) DDB L+250 08/28/2026 Wynn Resorts LTD. (USD) TL L+170 07/24/2025 NCL Corp. LTD (USD) TLA L+150 01/02/2024 Sequa Corp. (USD) TLB L+500 11/28/2021 Sound Inpatient Physicians Inc. (USD) RC 06/28/2023 |
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 08/13/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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