HIGH YIELD BOND RESEARCH
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December 17, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Broadcom LTD 4.11% 9/15/2028 Macy’s Retail Hldg Inc. 3.625% 6/1/2024 Citigroup Inc. VAR% PERP (4) T-Mobile USA Inc. 3.5% 4/15/2025 144A Antero Resources Corp. 5% 3/1/2025 Pacific Gas & Electric Co. 4.45% 4/15/2042 Broadcom LTD 4.75% 4/15/2029 Pacific Gas & Electric Co. 3.75% 8/15/2042 Petrobras Global Finance BV 6.85% 6/5/2115 Cheniere Corpus Christi Hldgs LLC 5.125% 6/30/2027 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Townsquare Media Inc. (USD) 6.875% 2/1/2026 144A (12/16/2020): 550MM Secured Notes, Price at Issuance 100, Yielding 6.88%.
2. 99 Escrow Issuer Inc. (USD) 7.5% 1/15/2026 144A (12/16/2020): 350MM Secured Notes, Price at Issuance 100, Yielding 7.5%. 3. 99 Escrow Issuer Inc. (USD) 7.5% 1/15/2026 (12/16/2020): 350MM Secured Notes, Price at Issuance 100, Yielding 7.5%. 4. PBF Hldg Co. LLC (USD) 9.25% 5/15/2025 (12/16/2020): 250MM Secured Notes, Price at Issuance 100.25, Yielding 9.18%. 5. Townsquare Media Inc. (USD) 6.875% 2/1/2026 Reg S (12/16/2020): 550MM Secured Notes, Price at Issuance 100, Yielding 6.88%. 6. 99 Escrow Issuer Inc. (USD) 7.5% 1/15/2026 Reg S (12/16/2020): 350MM Secured Notes, Price at Issuance 100, Yielding 7.5%. |
1. Energizer Holdings Inc.: $1.2B TLB (BB+)
2. Planview: $890MM TLs: $535MM TL (B2/B-); $125MM DD; $230MM TL (Caa2/CCC+) 3. Pointclickcare: $450MM TLB (B1/B+) 4. Provation Software Group Inc.: $330MM TLs: $250MM TL; $80MM TL2 5. Centerfield: $500MM TL (B2/B): $400MM TLB; $100MM DD 6. Adtalem: $1.4B credit facilities: $400MM revolver; $1B TLB 7. American Public Education Inc.: $195MM credit facilities: $20MM revolver; $175MM TLB 8. Asurion LLC: $2.087B TLB8 9. Unified Women’s Healthcare LP: $560MM TLs: $420MM TLB (B-); $140MM TL 10. Community Health: $1050MM senior secured notes (Caa2/B-) |
Top Widening Loans | Top Narrowing Loans |
Penn Virginia Corp. (USD) TL2 L+700 09/29/2022 Roadster Finance (EUR) TL 12/08/2022 Compass IV LTD (EUR) TL E+800 05/09/2026 99 Cents Only Stores (USD) TL PIK L+500 01/13/2022 Comet Bidco LTD (USD) TLB L+500 10/06/2024 |
Aimbridge Hospitality LLC (USD) TLB L+375 02/01/2026 Parques Reunidos (EUR) TLB E+750 09/17/2026 Misys LTD (EUR) TLB E+300 06/13/2024 Iliad SA (EUR) TLB E+425 11/09/2026 Vue Intl Bidco PLC (EUR) DD E+475 06/21/2026 |
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 bps (basis points), as of 12/17/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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December 17, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Microsoft Corp. 2.525% 6/1/2050 AT&T Inc. 1.65% 2/1/2028 CVS Health Corp. 1.3% 8/21/2027 Verizon Communications Inc. 4.125% 3/16/2027 AT&T Inc. 4.3% 2/15/2030 CI Financial Corp. 3.2% 12/17/2030 GE Capital Intl. Funding Co. 4.418% 11/15/2035 Chevron Corp. 2.978% 5/11/2040 JP Morgan Chase & Co. 2.739% 10/15/2030 Bank of America Corp. VAR% 10/24/2026 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Fidus Investment Corp. (USD) 4.75% 1/31/2026 (12/16/2020): 125MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.75%.
2. Mystic RE IV LTD (USD) FLT% 1/8/2024 (12/16/2020): 300MM Unsecured Notes, Price at Issuance 100. |
Top Widening Loans | Top Narrowing Loans |
Penn Virginia Corp. (USD) TL2 L+700 09/29/2022 Roadster Finance (EUR) TL 12/08/2022 Compass IV LTD (EUR) TL E+800 05/09/2026 99 Cents Only Stores (USD) TL PIK L+500 01/13/2022 Comet Bidco LTD (USD) TLB L+500 10/06/2024 |
Aimbridge Hospitality LLC (USD) TLB L+375 02/01/2026 Parques Reunidos (EUR) TLB E+750 09/17/2026 Misys LTD (EUR) TLB E+300 06/13/2024 Iliad SA (EUR) TLB E+425 11/09/2026 Vue Intl Bidco PLC (EUR) DD E+475 06/21/2026 |
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 bps (basis points), as of 12/17/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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