HIGH YIELD BOND RESEARCH
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July 27, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Pacific Gas & Electric Co. 4.95% 7/1/2050 Pacific Gas & Electric Co. 4.55% 7/1/2030 Petrobras Global Finance BV 8.75% 5/23/2026 Pacific Gas & Electric Co. 3.5% 6/15/2025 T-Mobile USA Inc. 3.875% 4/15/2030 144A T-Mobile USA Inc. 3.5% 4/15/2025 144A Aircastle LTD 4.125% 5/1/2024 General Motors Co. 6.25% 10/2/2043 Pacific Gas & Electric Co. 4.25% 3/15/2046 Pacific Gas & Electric Co. 3.3% 12/1/2027 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Summit Materials LLC (USD) 5.25% 1/15/2029 144A (07/27/2020): 700MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.25%. | 1. Sequa Corp.: $200MM TL
2. Logmein Inc.: $3.55B credit facilities: $250MM Revolver; $2.7B first lien TL; $600MM second-lien TL 3. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL 4. Huntsworth PLC: $300MM TL 5. 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+) 6. Huntsworth PLC: $300MM TL 7. Logmein Inc.: $3.55B credit facilities: $250MM Revolver; $2.7B first lien TL; $600MM second-lien TL 8. First Brands Group LLC: $710MM 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 |
American Tire Distributors Inc. (USD) TL DIP PIK L+600 09/01/2023 Indivior Finance LLC (USD) TLB L+450 12/14/2022 Alera Group Holdings Inc. (USD) TLB L+450 08/01/2025 Cast & Crew Payroll LLC (USD) TLB L+375 02/07/2026 Hanjin Intl. Corp. (USD) TLB L+250 09/20/2020 |
FeeCo (USD) RC 02/28/2023 NCL Corp. LTD (USD) TLA L+150 01/02/2024 Packaging Coordinators Inc. (USD) TL L+400 08/22/2023 Janus International Group LLC (USD) TL L+450 02/15/2025 Samsonite IP Holdings SARL (USD) TLA L+150 04/19/2023 |
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 bp (basis points), as of 07/27/2020
- Net negative capital flows into high-yield ETFs & mutual funds