
North American Bond Research – December 22, 2020
Posted on December 22, 2020
HIGH YIELD BOND RESEARCH
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December 22, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Broadcom LTD 4.7% 4/15/2025 Expedia Inc. 4.5% 8/15/2024 Vale Overseas LTD 6.25% 8/10/2026 Broadcom LTD 4.75% 4/15/2029 American Axle & Manufacturing Inc. 6.875% 7/1/2028 OneMain Financial Hldg Inc. 4% 9/15/2030 Dish DBS Corp. 7.75% 7/1/2026 Teva Pharmaceutical Industries LTD 3.15% 10/1/2026 Constellation Brands Inc. 4.25% 5/1/2023 Ally Financial Inc. 3.875% 5/21/2024 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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(None Current 12/22/2020)
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1. Unified Women’s Healthcare LP: $560MM TLs: $420MM TLB (B-); $140MM TL
2. Syncapay: $500MM credut facilities (B2/B): $50MM revolver; $450MM TLB 3. Gemini HDPE LLC: $600MM TLB (Ba3/BB) 4. American Public Education Inc.: $195MM credit facilities: $20MM revolver; $175MM TLB 5. Adtalem: $1.4B credit facilities: $400MM revolver; $1B TLB 6. American Public Education Inc.: $195MM credit facilities: $20MM revolver; $175MM TLB 7. Asurion LLC: $2.087B TLB8 8. Cloudera Inc.: $500MM TLB (Ba3/BB-) 9. Gemini HDPE LLC: $600MM TLB (Ba3/BB) 10. Adtalem: $1.4B credit facilities: $400MM revolver; $1B TLB |
Top Widening Loans | Top Narrowing Loans |
Auris Luxembourg III SA (EUR) TL E+675 02/21/2027 Garrett Motion (USD) TLB L+250 09/27/2025 Natel Engineering Co. Inc. (USD) TLB L+500 04/30/2026 Caldic (EUR) TL 07/18/2025 Optiv Security Inc. (USD) TL2 L+725 02/01/2025 |
Ligado Networks LLC (USD) TL L+1600 05/27/2023 Hexion Inc. (EUR) TLB EXT E+400 07/01/2026 Securus Technologies Inc. (USD) TL L+450 11/01/2024 Tecomet Inc. (USD) TL L+350 05/01/2024 Encino (USD) TL2 L+675 11/20/2025 |
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 17 bps (basis points), as of 12/22/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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December 22, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Verizon Communications Inc. 2.875% 11/20/2050 Verizon Communications Inc. 1.75% 1/20/2031 Verizon Communications Inc. 3% 11/20/2060 Simon Property Group Inc. 3.375% 6/15/2027 Boeing Co. 3.625% 2/1/2031 Boeing Co. 5.805% 5/1/2050 AT&T Inc. 2.75% 6/1/2031 CI Financial Corp. 3.2% 12/17/2030 B.A.T. Capital Corp. 2.259% 3/25/2028 FS KKR Capital Corp. 3.4% 1/15/2026 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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(None Current 12/22/2020)
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Top Widening Loans | Top Narrowing Loans |
Auris Luxembourg III SA (EUR) TL E+675 02/21/2027 Garrett Motion (USD) TLB L+250 09/27/2025 Natel Engineering Co. Inc. (USD) TLB L+500 04/30/2026 Caldic (EUR) TL 07/18/2025 Optiv Security Inc. (USD) TL2 L+725 02/01/2025 |
Ligado Networks LLC (USD) TL L+1600 05/27/2023 Hexion Inc. (EUR) TLB EXT E+400 07/01/2026 Securus Technologies Inc. (USD) TL L+450 11/01/2024 Tecomet Inc. (USD) TL L+350 05/01/2024 Encino (USD) TL2 L+675 11/20/2025 |
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 17 bps (basis points), as of 12/22/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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