
North American Bond Research – December 4, 2020
Posted on December 4, 2020
HIGH YIELD BOND RESEARCH
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December 4, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Pacific Gas & Electric Co. 4% 12/1/2046 Cinemark Inc. 4.875% 6/1/2023 Ford Motor Credit Co. 3.336% 3/18/2021 Cheniere Corpus Christi Hldgs LLC 5.125% 6/30/2027 Lennar Corp. 4.75% 11/29/2027 Intelsat Luxembourg SA 8.125% 6/1/2023 Broadcom LTD 4.3% 11/15/2032 General Motors Co. 6.25% 10/2/2043 PulteGroup Inc. 5% 1/15/2027 Pacific Gas & Electric Co. 4.3% 3/15/2045 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. AssuredPartners Inc. (USD) 5.625% 1/15/2029 144A (12/03/2020): 550MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.63%.
2. IPL Plastics PLC (USD) 9% 1/15/2026 Reg S (12/03/2020): 125MM Senior Unsecured Notes, Price at Issuance 99, Yielding 9.25%. 3. FS Luxembourg SA R.L (USD) 10% 12/15/2025 Reg S (12/03/2020): 550MM Secured Notes, Price at Issuance 100, Yielding 10%. 4. AssuredPartners Inc. (USD) 5.625% 1/15/2029 Reg S (12/03/2020): 550MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.63%. 5. Seagate HDD Cayman (USD) 3.375% 7/15/2031 Reg S (12/03/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.38%. 6. Seagate HDD Cayman (USD) 3.125% 7/15/2029 Reg S (12/03/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.13%. 7. IPL Plastics PLC (USD) 9% 1/15/2026 144A (12/03/2020): 125MM Senior Unsecured Notes, Price at Issuance 99, Yielding 9.25%. 8. FS Luxembourg SA R.L (USD) 10% 12/15/2025 144A (12/03/2020): 550MM Secured Notes, Price at Issuance 100, Yielding 10%. 9. Citigroup Inc. (USD) VAR% PERP (12/03/2020): 1500MM Junior Subordinated Notes, Price at Issuance 100. 10. Seagate HDD Cayman (USD) 3.375% 7/15/2031 144A (12/03/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.38%. |
1. Adtalem: $1.4B credit facilities: $400MM revolver; $1B TLB
2. American Public Education Inc.: $195MM credit facilities: $20MM revolver; $175MM TLB 3. Zaxby’s Operating Co LP: $975MM credit facilities: $100MM revolver; $625MM TLB; $250MM TL 4. Railworks: $280MM credit facilities: $230MM TLB; $50MM revolver 5. Service King Collision Repair Centers: $700MM TLB 6. Cano Health LLC: $685MM credit facilities: $30MM revolver; $480MM TL; $175MM DD 7. Adtalem: $1.4B credit facilities: $400MM revolver; $1B TLB 8. American Bath Group LLC: $1.2B TL (B2/B) 9. American Public Education Inc.: $195MM credit facilities: $20MM revolver; $175MM TLB 10. Astoria Energy LLC: $800MM TLB (Ba3) |
Top Widening Loans | Top Narrowing Loans |
Casper Bidco (EUR) TL E+850 07/30/2027 Robertshaw Holdings Corp (USD) TL L+350 02/28/2025 HarbourVest Partners LLC (USD) TLB L+225 03/01/2025 ADB Safegate (EUR) TLB E+350 10/02/2024 CPV Shore LLC (USD) TLB L+375 12/27/2025 |
AVSC Holding Corp. (USD) TLB L+450 10/15/2026 Travel Leaders Group (USD) TLB L+400 01/25/2024 Cirque Du Soleil (USD) TL 11/24/2027 Quorum Health Corp. (USD) TL EXIT L+825 04/29/2025 Transplace (USD) TL L+375 10/10/2024 |
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 15 bps (basis points), as of 12/04/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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December 4, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Walgreens Boots Alliance Inc. 4.8% 11/18/2044 Verizon Communications Inc. 2.65% 11/20/2040 Boeing Co. 3.25% 2/1/2028 Comcast Corp. 2.45% 8/15/2052 Boeing Co. 3.625% 2/1/2031 General Electric Co. 4.35% 5/1/2050 Anheuser-Busch Inbev Worldwide Inc. 4.5% 6/1/2050 Boeing Co. 5.805% 5/1/2050 Walgreens Boots Alliance Inc. 4.1% 4/15/2050 GE Capital Intl. Funding Co. 4.418% 11/15/2035 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. AIG Global Funding (USD) 0.45% 12/8/2023 Reg S (12/03/2020): 550MM Secured Notes, Price at Issuance 99.89, Yielding .49%.
2. FortisAlberta Inc. (CAD) 2.632% 6/8/2051 (12/03/2020): 175MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.63%. 3. AIG Global Funding (USD) 0.45% 12/8/2023 144A (12/03/2020): 550MM Secured Notes, Price at Issuance 99.89, Yielding .49%. 4. West Virginia United Health System Obligated Group (USD) 3.129% 6/1/2050 (12/03/2020): 333MM Secured Notes, Price at Issuance 100, Yielding 3.13%. 5. Barclays PLC (USD) 1.007% 12/10/2024 (12/03/2020): 1500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.01%. 6. FS KKR Capital Corp. (USD) 3.4% 1/15/2026 (12/03/2020): 1000MM Senior Unsecured Notes, Price at Issuance 98.83, Yielding 3.65%. 7. Juniper Networks Inc. (USD) 2% 12/10/2030 (12/03/2020): 400MM Senior Unsecured Notes, Price at Issuance 99.811, Yielding 2.02%. 8. Juniper Networks Inc. (USD) 1.2% 12/10/2025 (12/03/2020): 400MM Senior Unsecured Notes, Price at Issuance 99.976, Yielding 1.2%. 9. Bank of Montreal (USD) FLT% 12/8/2023 (12/03/2020): 600MM Senior Unsecured Notes, Price at Issuance 100. 10. Bank of Montreal (USD) 0.45% 12/8/2023 (12/03/2020): 900MM Senior Unsecured Notes, Price at Issuance 99.935, Yielding .47%. |
Top Widening Loans | Top Narrowing Loans |
Casper Bidco (EUR) TL E+850 07/30/2027 Robertshaw Holdings Corp (USD) TL L+350 02/28/2025 HarbourVest Partners LLC (USD) TLB L+225 03/01/2025 ADB Safegate (EUR) TLB E+350 10/02/2024 CPV Shore LLC (USD) TLB L+375 12/27/2025 |
AVSC Holding Corp. (USD) TLB L+450 10/15/2026 Travel Leaders Group (USD) TLB L+400 01/25/2024 Cirque Du Soleil (USD) TL 11/24/2027 Quorum Health Corp. (USD) TL EXIT L+825 04/29/2025 |
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 15 bps (basis points), as of 12/04/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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