HIGH YIELD BOND RESEARCH
|
July 22, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
T-Mobile USA Inc. 3.875% 4/15/2030 144A Pacific Gas & Electric Co. 4.95% 7/1/2050 Pacific Gas & Electric Co. 4.55% 7/1/2030 Pacific Gas & Electric Co. 3.75% 7/1/2028 T-Mobile USA Inc. 3.5% 4/15/2025 144A HCA Inc. 3.5% 9/1/2030 Enbridge Inc. 5.75% 7/15/2080 BED Bath & Beyond Inc. 5.165% 8/1/2044 Pacific Gas & Electric Co. 3.85% 11/15/2023 T-Mobile USA Inc. 3.75% 4/15/2027 144A |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | Forward Calendar |
---|---|
1. Clear Channel Intl. BV (USD) 6.625% 8/1/2025 144A (07/21/2020): 375MM First Lien Notes, Price at Issuance 100, Yielding 6.63%.
2. MasTec Inc. (USD) 4.5% 8/15/2028 144A (07/21/2020): 600MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.5%. 3. MasTec Inc. (USD) 4.5% 8/15/2028 Reg S (07/21/2020): 600MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.5%. |
1. Tosca Services LLC: $536.5MM TL
2. Thyssenkrupp Elevator: $2.875B seven-year first-lien term loan B (B1/B/B+); ¬1.1015B seven-year first-lien first-lien term loan B (B1/B/B+) 3. Sequa Corp.: $200MM TL 4. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL 5. Logmein Inc.: $3.55B credit facilities: $250MM Revolver; $2.7B first lien TL; $600MM second-lien TL 6. Huntsworth PLC: $300MM TL 7. First Brands Group LLC: $710MM TL 8. Agrofesh Solutions Inc.: $50MM covenant-lite TL 9. Thyssenkrupp Elevator: $2.875B seven-year first-lien term loan B (B1/B/B+); ¬1.1015B seven-year first-lien first-lien term loan B (B1/B/B+) 10. Sequa Corp.: $200MM TL |
Top Widening Loans | Top Narrowing Loans |
Samsonite IP Holdings SARL (USD) TLA L+150 04/19/2023 CSM Bakery (USD) TL L+1000 02/04/2022 Carrols Restaurant Group (USD) TLB1 L+625 04/30/2026 Bay Club Co. (USD) TL2 L+775 09/05/2026 Tacala LLC (USD) TLB L+750 02/05/2028 |
TCW Group (USD) TLB L+175 12/27/2024 Mavenir Inc. (USD) TLB L+600 05/08/2025 Affinion Group Inc. (USD) TL L+775 05/10/2022 Buzz Merger Sub LTD (USD) TLB L+275 01/29/2027 Inmar Inc. (USD) TL L+350 05/01/2024 |
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 14 bp (basis points), as of 07/22/2020
- Net negative capital flows into high-yield ETFs & mutual funds