
North American Bond Research – June 17, 2020
Posted on June 17, 2020
HIGH YIELD BOND RESEARCH
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June 17, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Pacific Gas & Electric Co. 3.95% 12/1/2047 Pacific Gas & Electric Co. 3.3% 12/1/2027 Pacific Gas & Electric Co. 4.45% 4/15/2042 Pacific Gas & Electric Co. 2.95% 3/1/2026 Pacific Gas & Electric Co. 4.6% 6/15/2043 Pacific Gas & Electric Co. 3.75% 8/15/2042 Chesapeake Energy Corp. 11.5% 1/1/2025 Reg S Pacific Gas & Electric Co. 4% 12/1/2046 Delta Airlines 7.375% 1/15/2026 Equinix Inc. 5.875% 1/15/2026 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Pacific Gas & Electric Co. (USD) 1.75% 6/16/2022 (06/16/2020): 2500MM Secured Notes, Price at Issuance 99.994, Yielding 1.75%.
2. Pacific Gas & Electric Co. (USD) 3.5% 8/1/2050 (06/16/2020): 1925MM Secured Notes, Price at Issuance 99.369, Yielding 3.53%. 3. WMG Acquisition Corp. (USD) 3.875% 7/15/2030 144A (06/16/2020): 535MM Secured Notes, Price at Issuance 100, Yielding 3.88%. 4. Smithsonian Institution (USD) 2.645% 9/1/2039 (06/16/2020): 69.945MM . 5. Illuminate Buyer LLC Illuminate Hldg IV Inc. (USD) 9% 7/1/2028 Reg S (06/16/2020): 460MM Senior Unsecured Notes, Price at Issuance 100, Yielding 9%. 6. EQM Midstream Partners (USD) 6% 7/1/2025 Reg S (06/16/2020): 700MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6%. 7. EQM Midstream Partners (USD) 6.5% 7/1/2027 Reg S (06/16/2020): 900MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.5%. 8. 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%. 9. Dana Inc. (USD) 5.62% 6/15/2028 (06/16/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.62%. 10. EQM Midstream Partners (USD) 6.5% 7/1/2027 144A (06/16/2020): 900MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.5%. |
1. Martin Midstream Partners LP: $400MM senior secured notes
2. Martin Midstream Partners LP: $400MM senior secured notes 3. Lummus Technology Inc. : $460MM senior notes (Caa1/B-) 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. Radio Systems Corp.: $725MM Loans: $100M ABL Facility; $625MM Senior secured bridge loan 7. Mohegan Tribal Gaming Authority: $100MM first lein TL (Caa1) 8. Logmein Inc.: $3.55B credit facilities: $250MM Revolver; $2.7B first lien TL; $600MM second-lien TL 9. 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 10. Xplorenet Communictations Inc.: $1.425B credit facilities (B3/B-): $150MM revolver; $1.275B first-lien TL |
Top Widening Loans | Top Narrowing Loans |
ADB Safegate (EUR) TLB E+350 10/02/2024 Sandvine Corp. (USD) TL L+450 11/02/2025 Quest Software US Holdings Inc (USD) TL L+825 05/17/2026 Concordia International (USD) TL EXIT L+550 09/06/2024 Automate Intermediate Hldg II Sarl (EUR) TLB E+350 07/22/2026 |
Akorn Inc. (USD) TL L+1250 04/16/2021 Learning Care Group Inc. (USD) TLB L+325 03/13/2025 Fossil Inc. (USD) TL L+650 09/26/2024 Dun & Bradstreet Corp. (USD) TL L+400 02/08/2026 Excelitas Technologies Corp. (USD) TL L+350 12/04/2024 |
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 15 bp (basis points), as of 06/17/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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June 17, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Oracle Corp. 2.95% 4/1/2030 General Electric Co. 4.35% 5/1/2050 GE Capital Intl. Funding Co. 4.418% 11/15/2035 American Intl Group Inc. 3.4% 6/30/2030 Oracle Corp. 3.6% 4/1/2050 AT&T Inc. 3.65% 6/1/2051 CVS Health Corp. 5.05% 3/25/2048 Amazon.com Inc. 2.5% 6/3/2050 Comcast Corp. 1.95% 1/15/2031 Citigroup Inc. 3.106% 4/8/2026 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Pacific Gas & Electric Co. (USD) 3.5% 8/1/2050 (06/16/2020): 1925MM Secured Notes, Price at Issuance 99.369, Yielding 3.53%.
2. AT&T Inc. (USD) 3.75% 9/1/2050 (06/16/2020): 1050MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.75%. 3. Bridgewater Bancshares Inc. (USD) VAR% 7/1/2030 (06/16/2020): 50MM Subordinated Notes, Price at Issuance 100. 4. Westinghouse Air Brake Technologies Corp. (USD) 3.2% 6/15/2025 (06/16/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.892, Yielding 3.22%. 5. BorgWarner Inc. (USD) 2.65% 7/1/2027 (06/16/2020): 1100MM Senior Unsecured Notes, Price at Issuance 99.719, Yielding 2.69%. 6. Principal Life Global Fund II (USD) 1.25% 6/23/2025 144A (06/16/2020): 500MM Secured Notes, Price at Issuance 99.918, Yielding 1.27%. 7. Guardian Life Global Funding (USD) 1.1% 6/23/2025 144A (06/16/2020): 400MM Secured Notes, Price at Issuance 99.908, Yielding 1.12%. 8. Welltower Inc. (USD) 2.75% 1/15/2031 (06/16/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.491, Yielding 2.81%. 9. Ford Motor Credit Co. (USD) 5.125% 6/16/2025 (06/16/2020): 1750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.13%. 10. Bank of Montreal (USD) FLT% 6/20/2022 (06/16/2020): 50MM Senior Unsecured Notes, Price at Issuance 100. |
Top Widening Loans | Top Narrowing Loans |
ADB Safegate (EUR) TLB E+350 10/02/2024 Sandvine Corp. (USD) TL L+450 11/02/2025 Quest Software US Holdings Inc (USD) TL L+825 05/17/2026 Concordia International (USD) TL EXIT L+550 09/06/2024 Automate Intermediate Hldg II Sarl (EUR) TLB E+350 07/22/2026 |
Akorn Inc. (USD) TL L+1250 04/16/2021 Learning Care Group Inc. (USD) TLB L+325 03/13/2025 Fossil Inc. (USD) TL L+650 09/26/2024 Dun & Bradstreet Corp. (USD) TL L+400 02/08/2026 Excelitas Technologies Corp. (USD) TL L+350 12/04/2024 |
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 15 bp (basis points), as of 06/17/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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