
North American Bond Research – February 20, 2020
Posted on February 20, 2020
HIGH YIELD BOND RESEARCH
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February 20, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||
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L Brands Inc. 6.875% 11/1/2035 L Brands Inc. 6.75% 7/1/2036 L Brands Inc. 7.5% 6/15/2029 Petrobras Global Finance BV 6.85% 6/5/2115 Comstock Resources Inc. 9.75% 8/15/2026 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Tallgrass Energy Partners LP (USD) 6% 3/1/2027 144A (02/19/2020): 430MM Senior Unsecured Notes, Price at Issuance 98.591, Yielding 6.25%.
2. Tallgrass Energy Partners LP (USD) 6% 3/1/2027 Reg S (02/19/2020): 430MM Senior Unsecured Notes, Price at Issuance 98.591, Yielding 6.25%. 3. MSCI Inc. (USD) 3.625% 9/1/2030 Reg S (02/19/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.63%. 4. MSCI Inc. (USD) 3.625% 9/1/2030 144A (02/19/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.63%. 5. Freeport-McMoRan Inc. (USD) 4.125% 3/1/2028 (02/19/2020): 700MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.13%. |
1. EMPTY PLACEHOLDER: EMPTY |
Hecla Mining Co. 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 13 bp (basis points), as of 02/20/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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February 20, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||
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Bank of America Corp. 2.496% 2/13/2031 Anheuser-Busch Inbev Worldwide Inc. 5.55% 1/23/2049 Novartis Capital Corp. 2.75% 8/14/2050 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Mizuho Financial Group Inc. (USD) 2.591% 5/25/2031 (02/19/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.59%.
2. Mizuho Financial Group Inc. (USD) 2.226% 5/25/2026 (02/19/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.23%. 3. Citigroup Global Markets (USD) 2.65% 3/9/2030 (02/19/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.65%. 4. Banque Fed du Credit Mutuel (EUR) FLT% 2/24/2022 (02/19/2020): 593MM Senior Unsecured Notes. |
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 13 bp (basis points), as of 02/19/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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