
North American Bond Research – June 18, 2020
Posted on June 18, 2020
HIGH YIELD BOND RESEARCH
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June 18, 2020
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Key Gainers and Losers | Volume Leaders | |||||||||||||||||||||||||||||||||
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Pacific Gas & Electric Co. 3.5% 8/1/2050 Pacific Gas & Electric Co. 2.5% 2/1/2031 T-Mobile USA Inc. 3.875% 4/15/2030 144A Pacific Gas & Electric Co. 1.75% 6/16/2022 Pacific Gas & Electric Co. 3.95% 12/1/2047 Pacific Gas & Electric Co. 3.75% 8/15/2042 Pacific Gas & Electric Co. 4.6% 6/15/2043 T-Mobile USA Inc. 3.75% 4/15/2027 144A Delta Airlines 7.375% 1/15/2026 Pacific Gas & Electric Co. 3.3% 3/15/2027 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. DPL Inc. (USD) 4.125% 7/1/2025 Reg S (06/17/2020): 415MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.13%.
2. DPL Inc. (USD) 4.125% 7/1/2025 144A (06/17/2020): 415MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.13%. 3. DPL Inc. (USD) 4.125% 7/1/2025 (06/17/2020): 415MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.13%. 4. Scientific Games Intl. Inc. (USD) 8.625% 7/1/2025 144A (06/17/2020): 550MM Senior Unsecured Notes, Price at Issuance 100, Yielding 8.63%. 5. Scientific Games Intl. Inc. (USD) 8.625% 7/1/2025 Reg S (06/17/2020): 550MM Senior Unsecured Notes, Price at Issuance 100, Yielding 8.63%. 6. Horizon Bancorp (USD) VAR% 7/1/2030 (06/17/2020): 60MM Subordinated Notes, Price at Issuance 100. 7. DCP Midstream Operating LP (USD) 5.625% 7/15/2027 (06/17/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.63%. 8. Iron Mountain Inc. (USD) 5% 7/15/2028 144A (06/17/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5%. 9. Iron Mountain Inc. (USD) 5.25% 7/15/2030 144A (06/17/2020): 1300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.25%. 10. Iron Mountain Inc. (USD) 5.625% 7/15/2032 144A (06/17/2020): 600MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.63%. |
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 |
Vistra Group LTD (USD) TL2 L+725 10/26/2023 EnQuest PLC (USD) RCB L+475 10/01/2021 EG Group (USD) TLB L+400 02/06/2025 American Tire Distributors Inc. (USD) TL DIP PIK L+600 09/01/2023 Albea Beauty Holdings SA (USD) TLB L+300 04/12/2024 |
Affidea BV (EUR) TLB E+375 12/04/2026 PortAventura World (EUR) TLB E+350 06/14/2024 Fortress Merger Sub Inc. (USD) TL2 L+850 10/21/2024 Welbilt Corp. (USD) TL L+250 10/24/2025 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 16 bp (basis points), as of 06/18/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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June 18, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Pacific Gas & Electric Co. 3.5% 8/1/2050 Pacific Gas & Electric Co. 3.3% 8/1/2040 Biogen Inc. 2.25% 5/1/2030 General Electric Co. 4.35% 5/1/2050 Boeing Co. 5.15% 5/1/2030 Amazon.com Inc. 0.8% 6/3/2025 Amazon.com Inc. 2.7% 6/3/2060 Boeing Co. 5.805% 5/1/2050 CVS Health Corp. 5.05% 3/25/2048 Pacific Gas & Electric Co. 2.1% 8/1/2027 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Idaho Power Corp. (USD) 1.9% 7/15/2030 (06/17/2020): 80MM Secured Notes, Price at Issuance 99.59, Yielding 1.94%.
2. Marshfield Clinic Health System Inc. (USD) 2.703% 2/15/2030 (06/17/2020): 148MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.7%. 3. Air Lease Corp. (USD) 3.375% 7/1/2025 (06/17/2020): 850MM Senior Unsecured Notes, Price at Issuance 98.975, Yielding 3.6%. 4. Schlumberger Investment (USD) 2.65% 6/26/2030 (06/17/2020): 900MM Senior Unsecured Notes, Price at Issuance 99.608, Yielding 2.69%. 5. GLP Capital LP (USD) 4% 1/15/2031 (06/17/2020): 500MM Senior Unsecured Notes, Price at Issuance 98.827, Yielding 4.14%. 6. General Motors Financial Co. Inc. (USD) 2.75% 6/20/2025 (06/17/2020): 1250MM Senior Unsecured Notes, Price at Issuance 99.843, Yielding 2.78%. 7. General Motors Financial Co. Inc. (USD) 3.6% 6/21/2030 (06/17/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.709, Yielding 3.63%. 8. Amdocs LTD (USD) 2.538% 6/15/2030 (06/17/2020): 650MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.54%. 9. Pacific Life Global Fdg MTN (USD) 1.2% 6/24/2025 144A (06/17/2020): 600MM Secured Notes, Price at Issuance 99.778, Yielding 1.25%. 10. Pacific Life Global Fdg MTN (USD) 1.2% 6/24/2025 Reg S (06/17/2020): 600MM Secured Notes, Price at Issuance 99.778, Yielding 1.25%. |
Top Widening Loans | Top Narrowing Loans |
Vistra Group LTD (USD) TL2 L+725 10/26/2023 EnQuest PLC (USD) RCB L+475 10/01/2021 EG Group (USD) TLB L+400 02/06/2025 American Tire Distributors Inc. (USD) TL DIP PIK L+600 09/01/2023 |
Affidea BV (EUR) TLB E+375 12/04/2026 PortAventura World (EUR) TLB E+350 06/14/2024 Fortress Merger Sub Inc. (USD) TL2 L+850 10/21/2024 Welbilt Corp. (USD) TL L+250 10/24/2025 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 16 bp (basis points), as of 06/18/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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