
North American Bond Research – August 5, 2020
Posted on August 5, 2020
HIGH YIELD BOND RESEARCH
|
August 5, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Alphabet Inc. 2.05% 8/15/2050 Alphabet Inc. 2.25% 8/15/2060 Walt Disney Co. 3.6% 1/13/2051 General Motors Financial Co. Inc. 2.75% 6/20/2025 Boeing Co. 5.805% 5/1/2050 Boeing Co. 5.15% 5/1/2030 Alphabet Inc. 0.8% 8/15/2027 Bank of America Corp. 1.898% 7/23/2031 Alphabet Inc. 0.45% 8/15/2025 Viacom Inc. 4.2% 5/19/2032 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | New Issues [Continued] |
---|---|
1. Morgan Stanley Finance LLC (USD) 0% 8/11/2060 (08/04/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
2. New York Life Global Funding (USD) 1.2% 8/7/2030 144A (08/04/2020): 600MM Secured Notes, Price at Issuance 99.831, Yielding 1.22%. 3. AutoZone Inc. (USD) 1.65% 1/15/2031 (08/04/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.696, Yielding 1.68%. 4. PACCAR Financial Corp. (USD) 0.35% 8/11/2023 (08/04/2020): 450MM Senior Unsecured Notes, Price at Issuance 99.869, Yielding .39%. 5. Moody’s Corp. (USD) 2.55% 8/18/2060 (08/04/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.155, Yielding 2.58%. 6. Boardwalk Pipelines LLC (USD) 3.4% 2/15/2031 (08/04/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.886, Yielding 3.41%. 7. Public Service Electric & Gas Co. (USD) 2.05% 8/1/2050 (08/04/2020): 375MM Secured Notes, Price at Issuance 99.201, Yielding 2.09%. |
Top Widening Loans | Top Narrowing Loans |
CPV Shore LLC (USD) TLB L+375 12/27/2025 Indivior Finance LLC (USD) TLB L+450 12/14/2022 Pitney Bowes Inc. (USD) TLA L+175 11/01/2024 API Technologies Corp. (USD) TL L+425 05/09/2026 Exclusive Group (EUR) TLB E+400 06/06/2025 |
TCW Group (USD) TLB L+175 12/27/2024 Tacala LLC (USD) TLB L+350 02/05/2027 Vertafore Inc. (USD) TL1 L+325 06/30/2023 Kiwi Holding IV Sarl (GBP) TLB L+400 07/27/2024 CH Guenther & Son Inc. (USD) TLB L+275 03/23/2025 |
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 16 bp (basis points), as of 08/05/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
|
August 5, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Alphabet Inc. 2.05% 8/15/2050 Alphabet Inc. 2.25% 8/15/2060 Walt Disney Co. 3.6% 1/13/2051 General Motors Financial Co. Inc. 2.75% 6/20/2025 Boeing Co. 5.805% 5/1/2050 Boeing Co. 5.15% 5/1/2030 Alphabet Inc. 0.8% 8/15/2027 Bank of America Corp. 1.898% 7/23/2031 Alphabet Inc. 0.45% 8/15/2025 Viacom Inc. 4.2% 5/19/2032 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | New Issues [Continued] |
---|---|
1. Morgan Stanley Finance LLC (USD) 0% 8/11/2060 (08/04/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 0%.
2. New York Life Global Funding (USD) 1.2% 8/7/2030 144A (08/04/2020): 600MM Secured Notes, Price at Issuance 99.831, Yielding 1.22%. 3. AutoZone Inc. (USD) 1.65% 1/15/2031 (08/04/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.696, Yielding 1.68%. 4. PACCAR Financial Corp. (USD) 0.35% 8/11/2023 (08/04/2020): 450MM Senior Unsecured Notes, Price at Issuance 99.869, Yielding .39%. 5. Moody’s Corp. (USD) 2.55% 8/18/2060 (08/04/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.155, Yielding 2.58%. 6. Boardwalk Pipelines LLC (USD) 3.4% 2/15/2031 (08/04/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.886, Yielding 3.41%. 7. Public Service Electric & Gas Co. (USD) 2.05% 8/1/2050 (08/04/2020): 375MM Secured Notes, Price at Issuance 99.201, Yielding 2.09%. 8. Block Financial LLC (USD) 3.875% 8/15/2030 (08/04/2020): 650MM Senior Unsecured Notes, Price at Issuance 99.687, Yielding 3.91%. 9. Texas Health Resources (USD) 2.328% 11/15/2050 (08/04/2020): 300MM Senior Unsecured Notes, Price at Issuance 100. 10. New York Life Global Funding (USD) 1.2% 8/7/2030 Reg S (08/04/2020): 600MM Secured Notes, Price at Issuance 99.831, Yielding 1.22%. |
Top Widening Loans | Top Narrowing Loans |
CPV Shore LLC (USD) TLB L+375 12/27/2025 Indivior Finance LLC (USD) TLB L+450 12/14/2022 Pitney Bowes Inc. (USD) TLA L+175 11/01/2024 API Technologies Corp. (USD) TL L+425 05/09/2026 Exclusive Group (EUR) TLB E+400 06/06/2025 |
TCW Group (USD) TLB L+175 12/27/2024 Tacala LLC (USD) TLB L+350 02/05/2027 Vertafore Inc. (USD) TL1 L+325 06/30/2023 Kiwi Holding IV Sarl (GBP) TLB L+400 07/27/2024 CH Guenther & Son Inc. (USD) TLB L+275 03/23/2025 |
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 16bp (basis points), as of 08/05/2020
- Net positive capital flows into high-yield ETFs & mutual funds
Copyright 2020 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
Disclaimer: The information on this blog site is for informational purposes only. Advantage Data makes no representations as to the accuracy, completeness, suitability, or validity, of any information. Advantage Data will not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. All information is provided AS-IS with no warranties and confers no rights. Information is not and should not be considered professional financial investment advice. In all events, Advantage Data is not a broker-dealer, shall not operate as a broker or a dealer, is not holding itself out as a broker or dealer and is not engaged in the business of buying or selling securities or otherwise required to register with the National Association of Securities Dealers.
Are you using AdvantageData?
AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:
- 500,000+ U.S. and international corporate bonds
- Over 300,000+ BDC fair value assessments dating back to 2000
- Over 22,000+ syndicated loans
- Over 100 equity markets worldwide
- One platform 15 products and services from debt to loans to mid-market
- Used by top buy and sell-side firms worldwide