
North American Bond Research – January 15, 2020
Posted on January 15, 2020
HIGH YIELD BOND RESEARCH
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January 15, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||
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General Motors Co. 6.25% 10/2/2043 Pacific Gas & Electric Co. 6.05% 3/1/2034 Chemours Co. LLC 7% 5/15/2025 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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(None Current 01/15/2020)
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1. Qmax Financial Holdings Inc.: $225MM, Expected 4th Quarter 2019
2. Calpine Corp.: $1.4B bonds, Expected Q4 2019 |
Ashton Woods. 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 29 bp (basis points), as of 01/15/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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January 15, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||
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3M Co. 4% 9/14/2048 Home Depot Inc. 3.125% 12/15/2049 JPMorgan Chase & Co. 4.625% PERP |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. New York Life Global Funding (USD) 2% 1/22/2025 144A (01/14/2020): 650MM Secured Notes, Price at Issuance 99.641, Yielding 2.08%.
2. Guardian Life Insurance (USD) 3.7% 1/22/2070 144A (01/14/2020): 300MM Subordinated Notes, Price at Issuance 98.852, Yielding 3.75%. 3. Owl Rock Capital Corp. (USD) 3.75% 7/22/2025 (01/14/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.62, Yielding 3.83%. |
EQT Corp. 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 29 bp (basis points), as of 01/15/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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