INVESTMENT GRADE BOND RESEARCH
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June 12, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Boeing Co. 5.805% 5/1/2050 Boeing Co. 5.15% 5/1/2030 General Electric Co. 4.35% 5/1/2050 Boeing Co. 5.93% 5/1/2060 Walt Disney Co. 2.65% 1/13/2031 Amazon.com Inc. 2.7% 6/3/2060 CVS Health Corp. 5.05% 3/25/2048 Amazon.com Inc. 1.2% 6/3/2027 Steel Dynamics 3.25% 1/15/2031 AT&T Inc. 3.85% 6/1/2060 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Alpine Banks Of Colorado (USD) VAR% 6/15/2030 (06/11/2020): 50MM Senior Unsecured Notes, Price at Issuance 100.
2. Alpine Banks Of Colorado (USD) VAR% 6/15/2030 (06/11/2020): 50MM Senior Unsecured Notes, Price at Issuance 100. 3. Fidelis Insur HLD LTD (USD) 4.875% 6/30/2030 Reg S (06/11/2020): 300MM Senior Unsecured Notes, Price at Issuance 99.021, Yielding 5%. 4. Bemis Co. Inc. (USD) 2.63% 6/19/2030 (06/12/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.63%. 5. Black Hills Corp. (USD) 2.5% 6/15/2030 (06/12/2020): 400MM Senior Unsecured Notes, Price at Issuance 99.658, Yielding 2.54%. 6. Morgan Stanley (USD) 6.25% 6/29/2035 (06/12/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.25%. 7. United Community Banks Inc. (USD) 5% 6/15/2030 (06/12/2020): 100MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5%. |
Top Widening Loans | Top Narrowing Loans |
OVH Groupe (EUR) TLB E+325 11/29/2026 Eaglepicher Inc. (USD) TL L+725 03/09/2026 Koninklijke Ten Cate NV (EUR) TLB E+350 01/27/2023 NN Inc. (USD) TL L+525 10/19/2022 Nets Hldgs AS (EUR) TL E+700 02/06/2027 |
Buzz Merger Sub LTD (USD) TLB L+275 01/29/2027 Flint Group (USD) TLB2 L+300 09/07/2021 Welbilt Corp. (USD) TL L+250 10/24/2025 CH Guenther & Son Inc. (USD) TLB L+275 03/23/2025 SMG (USD) Bridge TL L+250 01/23/2025 |
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 06/11/2020
- Net positive capital flows into high-yield ETFs & mutual funds