
North American Bond Research – June 23, 2020
Posted on June 23, 2020
HIGH YIELD BOND RESEARCH
|
June 23, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
T-Mobile USA Inc. 3.875% 4/15/2030 144A T-Mobile USA Inc. 3.75% 4/15/2027 144A T-Mobile USA Inc. 3.5% 4/15/2025 144A Petrobras Global Finance BV 6.85% 6/5/2115 Delta Airlines 7.375% 1/15/2026 Pacific Gas & Electric Co. 3.95% 12/1/2047 Occidental Petroleum Corp. 2.7% 8/15/2022 Petrobras Global Finance BV 7.375% 1/17/2027 SM Energy Co. 6.75% 9/15/2026 Ally Financial Inc. 3.875% 5/21/2024 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | Forward Calendar |
---|---|
1. CommScope Inc. (USD) 7.125% 7/1/2028 144A (06/22/2020): 700MM Senior Unsecured Notes, Price at Issuance 100, Yielding 7.13%.
2. Fortune Star Bvi Ltd (USD) 6.85% 7/2/2024 (06/22/2020): 600MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.85%. 3. CommScope Inc. (USD) 7.125% 7/1/2028 Reg S (06/22/2020): 700MM Senior Unsecured Notes, Price at Issuance 100, Yielding 7.13%. 4. Gibson Energy Inc. (USD) 2.85% 7/14/2027 (06/22/2020): 325MM Senior Unsecured Notes, Price at Issuance 99.975, Yielding 2.85%. 5. Gibson Energy Inc. (CAD) 2.45% 7/14/2025 (06/22/2020): 325MM Senior Unsecured Notes, Price at Issuance 99.804, Yielding 2.49%. |
1. Whole Earth Brands (ACT II GLOBAL ACQUISTION CORP.):: $235 MM credit facilities: $50MM reolver; $185MM term A
2. Blucora Inc.: $175MM add-on senior secured TL (BB) 3. Cardtronics PLC: $500MM covenant-lite TL (Ba2/BB+) 4. Gardner Denver Inc.: $400MM covenant-lite TLB (Ba2/BB+) 5. Logmein Inc.: $3.55B credit facilities: $250MM Revolver; $2.7B first lien TL; $600MM second-lien TL 6. Neenah Inc.: $200MM covenant-lite TLB (Ba3/BBB-) 7. PQ Corp.: $450MM cocentant-lite TLB 8. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL 9. Whole Earth Brands (ACT II GLOBAL ACQUISTION CORP.):: $235 MM credit facilities: $50MM reolver; $185MM term A 10. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL |
Top Widening Loans | Top Narrowing Loans |
Affidea BV (EUR) TLB E+375 12/04/2026 Azelis SA (EUR) TLB3 E+350 11/07/2025 Emerald Performance Materials (USD) TL L+350 08/01/2021 ADB Safegate (EUR) TLB E+350 10/02/2024 Novacap SA (EUR) TLB1 E+350 07/22/2023 |
Buzz Merger Sub LTD (USD) TLB L+275 01/29/2027 Dun & Bradstreet Corp. (USD) TL L+400 02/08/2026 Distributed Power Inc. (USD) TLB L+325 11/02/2025 SMG (USD) Bridge TL L+250 01/23/2025 Duravant LLC (USD) TL2 L+725 07/25/2025 |
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 15 bp (basis points), as of 06/23/2020
- Net negative capital flows into high-yield ETFs & mutual funds
HIGH YIELD BOND RESEARCH
|
June 23, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Petrobras Global Finance BV 6.85% 6/5/2115 Ally Financial Inc. 3.875% 5/21/2024 Occidental Petroleum Corp. 2.7% 8/15/2022 T-Mobile USA Inc. 3.5% 4/15/2025 144A T-Mobile USA Inc. 3.875% 4/15/2030 144A Petrobras Global Finance BV 7.375% 1/17/2027 Delta Airlines 7.375% 1/15/2026 T-Mobile USA Inc. 3.75% 4/15/2027 144A Occidental Petroleum Corp. 6.45% 9/15/2036 Weekley Homes LLC 6.625% 8/15/2025 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | Forward Calendar |
---|---|
1. CommScope Inc. (USD) 7.125% 7/1/2028 144A (06/22/2020): 700MM Senior Unsecured Notes, Price at Issuance 100, Yielding 7.13%.
2. Fortune Star Bvi Ltd (USD) 6.85% 7/2/2024 (06/22/2020): 600MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.85%. 3. CommScope Inc. (USD) 7.125% 7/1/2028 Reg S (06/22/2020): 700MM Senior Unsecured Notes, Price at Issuance 100, Yielding 7.13%. 4. Gibson Energy Inc. (USD) 2.85% 7/14/2027 (06/22/2020): 325MM Senior Unsecured Notes, Price at Issuance 99.975, Yielding 2.85%. 5. Gibson Energy Inc. (CAD) 2.45% 7/14/2025 (06/22/2020): 325MM Senior Unsecured Notes, Price at Issuance 99.804, Yielding 2.49%. |
1. Whole Earth Brands (ACT II GLOBAL ACQUISTION CORP.):: $235 MM credit facilities: $50MM reolver; $185MM term A
2. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL 3. Neenah Inc.: $200MM covenant-lite TLB (Ba3/BBB-) 4. Mohegan Tribal Gaming Authority: $100MM first lein TL (Caa1) 5. Logmein Inc.: $3.55B credit facilities: $250MM Revolver; $2.7B first lien TL; $600MM second-lien TL 6. Blucora Inc.: $175MM add-on senior secured TL (BB) 7. Martin Midstream Partners LP: $400MM senior secured notes 8. Martin Midstream Partners LP: $400MM senior secured notes 9. Lummus Technology Inc. : $460MM senior notes (Caa1/B-) 10. Whole Earth Brands (ACT II GLOBAL ACQUISTION CORP.):: $235 MM credit facilities: $50MM reolver; $185MM term A |
Top Widening Loans | Top Narrowing Loans |
Affidea BV (EUR) TLB E+375 12/04/2026 Azelis SA (EUR) TLB3 E+350 11/07/2025 Emerald Performance Materials (USD) TL L+350 08/01/2021 ADB Safegate (EUR) TLB E+350 10/02/2024 Novacap SA (EUR) TLB1 E+350 07/22/2023 |
Buzz Merger Sub LTD (USD) TLB L+275 01/29/2027 Dun & Bradstreet Corp. (USD) TL L+400 02/08/2026 Distributed Power Inc. (USD) TLB L+325 11/02/2025 SMG (USD) Bridge TL L+250 01/23/2025 Duravant LLC (USD) TL2 L+725 07/25/2025 |
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 06/22/2020
- Net negative capital flows into high-yield ETFs & mutual funds
Copyright 2020 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
Disclaimer: The information on this blog site is for informational purposes only. Advantage Data makes no representations as to the accuracy, completeness, suitability, or validity, of any information. Advantage Data will not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. All information is provided AS-IS with no warranties and confers no rights. Information is not and should not be considered professional financial investment advice. In all events, Advantage Data is not a broker-dealer, shall not operate as a broker or a dealer, is not holding itself out as a broker or dealer and is not engaged in the business of buying or selling securities or otherwise required to register with the National Association of Securities Dealers.
Are you using AdvantageData?
AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:
- 500,000+ U.S. and international corporate bonds
- Over 300,000+ BDC fair value assessments dating back to 2000
- Over 22,000+ syndicated loans
- Over 100 equity markets worldwide
- One platform 15 products and services from debt to loans to mid-market
- Used by top buy and sell-side firms worldwide