
North American Bond Research – February 10, 2020
Posted on February 10, 2020
HIGH YIELD BOND RESEARCH
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February 10, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||
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Intelsat Luxembourg SA 8.125% 6/1/2023 Washington Prime Group LP 5.95% 8/15/2024 Whiting Petroleum Corp. 6.625% 1/15/2026 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Banijay Group Sas (USD) 5.375% 3/1/2025 144A (02/04/2020): 403MM Secured Notes, Price at Issuance 100, Yielding 5.38%.
2. Iris Merger Sub 2019, Inc. (USD) 9.375% 2/15/2028 144A (02/04/2020): 275MM Senior Unsecured Notes, Price at Issuance 100, Yielding 9.38%. 3. Arconic Rolled Products Corp. (USD) 6.125% 2/15/2028 144A (02/05/2020): 600MM Second Lien Notes, Price at Issuance 100, Yielding 6.13%. |
1. Qmax Financial Holdings Inc.: $225MM, Expected 4th Quarter 2019
2. Calpine Corp.: $1.4B bonds, Expected Q4 2019 3. Diamondback Energy Inc.: High-yield notes, Expected Q4 2019 |
Castle US Holdings. The most recent data showed money flowed in of ETF/mutual funds for the week ended 01/10/2020, with a net inflow of $9.8 billion.
Top Widening Credit Default Swaps (CDS) | Top Narrowing Credit Default Swaps (CDS) |
Rite Aid Corp. (5Y Sen USD MR14) Weatherford International LTD (5Y Sen USD MR14) Hertz Corp. (5Y Sen USD CR14) |
Ghana, Republic of (5Y Sen USD CR14) Road King Infrastructure LTD (5Y Sen USD CR14) Export Credit Bank of Turkey (5Y Sen USD CR14) |
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 20 bp (basis points), as of 02/05/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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February 10, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||
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Wells Fargo & Co. VAR% 2/11/2031 Bank of America Corp. VAR% 2/7/2030 Bank of America Corp. VAR% 10/22/2030 Energy Transfer Operating, LP 5% 5/15/2050 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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(None Current 02/10/2020)
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Top Widening Credit Default Swaps (CDS) | Top Narrowing Credit Default Swaps (CDS) |
Rite Aid Corp. (5Y Sen USD MR14) Weatherford International LTD (5Y Sen USD MR14) Hertz Corp. (5Y Sen USD CR14) |
Ghana, Republic of (5Y Sen USD CR14) Road King Infrastructure LTD (5Y Sen USD CR14) Export Credit Bank of Turkey (5Y Sen USD CR14) SuperValu Inc. (5Y Sen USD MR14) |
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 18 bp (basis points), as of 02/04/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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