HIGH YIELD BOND RESEARCH
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June 16, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||
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T-Mobile USA Inc. 3.875% 4/15/2030 144A Pacific Gas & Electric Co. 6.05% 3/1/2034 Ford Motor Co. 9% 4/22/2025 T-Mobile USA Inc. 3.5% 4/15/2025 144A Pacific Gas & Electric Co. 3.3% 12/1/2027 Ford Motor Co. 8.5% 4/21/2023 Pacific Gas & Electric Co. 4.3% 3/15/2045 Pacific Gas & Electric Co. 2.95% 3/1/2026 Ford Motor Co. 9.625% 4/22/2030 Delta Airlines 7.375% 1/15/2026 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. VAP FNDG Master Trust II (USD) 9% 7/1/2024 (06/15/2020): 152MM Secured Notes, Price at Issuance 100, Yielding 9%.
2. Illuminate Buyer LLC Illuminate Hldg IV Inc. (USD) 9% 7/1/2028 144A (06/16/2020): 460MM Senior Unsecured Notes, Price at Issuance 100, Yielding 9%. 3. Dana Inc. (USD) 5.62% 6/15/2028 (06/16/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.62%. |
1. Martin Midstream Partners LP: $400MM senior secured notes
2. Lummus Technology Inc. : $460MM senior notes (Caa1/B-) 3. Radio Systems Corp.: $725MM Loans: $100M ABL Facility; $625MM Senior secured bridge loan 4. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL 5. Whole Earth Brands (ACT II GLOBAL ACQUISTION CORP.):: $235 MM credit facilities: $50MM reolver; $185MM term A 6. Mohegan Tribal Gaming Authority: $100MM first lein TL (Caa1) 7. Eldorado Resorts Inc./Caesars Entertainment Corp.: $6.4B credit facilities:$1B revolver at Eldorados; $3B seven-year cove-lite TLB due 2027 at Eldorado; $2.4B seven-year cove-lite TLB due 2027 at Caesars Resorts Collection 8. Logmein Inc.: $3.55B credit facilities: $250MM Revolver; $2.7B first lien TL; $600MM second-lien TL 9. Xplorenet Communictations Inc.: $1.425B credit facilities (B3/B-): $150MM revolver; $1.275B first-lien TL 10. Whole Earth Brands (ACT II GLOBAL ACQUISTION CORP.):: $235 MM credit facilities: $50MM reolver; $185MM term A |
Top Widening Loans | Top Narrowing Loans |
American Tire Distributors Inc. (USD) TL DIP PIK L+600 09/01/2023 Perstorp Hldg AB (USD) TLB L+475 04/05/2026 Akorn Inc. (USD) TL L+1250 04/16/2021 Worldwide Express (USD) TL L+400 02/03/2024 Ahlsell AB (EUR) TL E+825 03/01/2027 |
Distributed Power Inc. (USD) TLB L+325 11/02/2025 Quest Software US Holdings Inc (USD) TL L+825 05/17/2026 Buzz Merger Sub LTD (USD) TLB L+275 01/29/2027 Green Energy Partners (USD) TLB1 L+550 11/13/2021 Sandvine Corp. (USD) TL L+450 11/02/2025 |
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 06/16/2020
- Net negative capital flows into high-yield ETFs & mutual funds