
North American Bond Research – June 8, 2020
Posted on June 8, 2020
HIGH YIELD BOND RESEARCH
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June 8, 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 T-Mobile USA Inc. 3.5% 4/15/2025 144A Ford Motor Co. 9% 4/22/2025 Hertz Corp. 6.25% 10/15/2022 Oasis Petroleum Inc. 6.875% 3/15/2022 (1) Petrobras Global Finance BV 7.375% 1/17/2027 Azul Investments LLP 5.875% 10/26/2024 Reg S Petrobras Global Finance BV 6.85% 6/5/2115 T-Mobile USA Inc. 3.75% 4/15/2027 144A Whiting Petroleum Corp. 6.625% 1/15/2026 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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(None Current 06/08/2020)
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1. 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
2. Hamilton Projects Acquiror LLC: $1.015B credit facilities: $115MM revolver; $900MM TLB 3. Logmein Inc.: $3.55B credit facilities: $250MM Revolver; $2.7B first lien TL; $600MM second-lien TL 4. Mohegan Tribal Gaming Authority: $100MM first lein TL (Caa1) 5. Radio Systems Corp.: $725MM Loans: $100M ABL Facility; $625MM Senior secured bridge loan |
Top Widening Loans | Top Narrowing Loans |
Dubois Chemicals Inc. (USD) TL L+850 10/08/2027 Hanjin Intl. Corp. (USD) TLB L+250 09/20/2020 Sundyne US Purchaser (USD) TLB L+425 03/17/2027 SeaWorld Parks & Entertainment Inc. (USD) TLB5 L+300 03/31/2024 Koninklijke Ten Cate NV (EUR) TLB E+350 01/27/2023 |
American Tire Distributors Inc. (USD) TL DIP PIK L+600 09/01/2023 Aristotle Corp. (USD) TLA L+450 05/31/2021 Mavenir Inc. (USD) TLB L+600 05/08/2025 Concordia International (USD) TL EXIT L+550 09/06/2024 Philadelphia Energy Solutions (USD) TLA L+625 12/31/2022 |
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 17 bp (basis points), as of 06/08/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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June 8, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Boeing Co. 5.15% 5/1/2030 Boeing Co. 5.93% 5/1/2060 Dupont de Nemours Inc. 2.169% 5/1/2023 Boeing Co. 4.875% 5/1/2025 Amazon.com Inc. 0.8% 6/3/2025 AT&T Inc. 2.75% 6/1/2031 Amazon.com Inc. 2.5% 6/3/2050 CVS Health Corp. 4.3% 3/25/2028 AerCap Ireland Capital LTD 6.5% 7/15/2025 Amazon.com Inc. 2.7% 6/3/2060 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Magna International Inc. (USD) 2.45% 6/15/2030 (06/08/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.569, Yielding 2.5%.
2. Brixmor Operating Partnership LP (USD) 4.05% 7/1/2030 (06/08/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.776, Yielding 4.08%. 3. Roper Technologies Inc. (USD) 2% 6/30/2030 (06/08/2020): 600MM Senior Unsecured Notes, Price at Issuance 98.877, Yielding 2.12%. 4. Plains All American Pipeline LP (USD) 3.8% 9/15/2030 (06/08/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.794, Yielding 3.82%. 5. Duke Energy Florida Inc. (USD) 1.75% 6/15/2030 (06/08/2020): 500MM Secured Notes, Price at Issuance 99.863, Yielding 1.76%. 6. Northern States Power Co. of Minnesota (USD) 2.6% 6/1/2051 (06/08/2020): 700MM Secured Notes, Price at Issuance 98.118, Yielding 2.69%. 7. Lloyds Banking Group PLC (USD) VAR% 6/15/2023 (06/08/2020): 1000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.33%. 8. Equinix Inc. (USD) 2.15% 7/15/2030 (06/08/2020): 1100MM Senior Unsecured Notes, Price at Issuance 99.711, Yielding 2.18%. 9. Equinix Inc. (USD) 3% 7/15/2050 (06/08/2020): 500MM Senior Unsecured Notes, Price at Issuance 98.264, Yielding 3.09%. 10. Equinix Inc. (USD) 1.25% 7/15/2025 (06/08/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.77, Yielding 1.3%. |
Top Widening Loans | Top Narrowing Loans |
Dubois Chemicals Inc. (USD) TL L+850 10/08/2027 Hanjin Intl. Corp. (USD) TLB L+250 09/20/2020 Sundyne US Purchaser (USD) TLB L+425 03/17/2027 SeaWorld Parks & Entertainment Inc. (USD) TLB5 L+300 03/31/2024 Koninklijke Ten Cate NV (EUR) TLB E+350 01/27/2023 |
American Tire Distributors Inc. (USD) TL DIP PIK L+600 09/01/2023 Aristotle Corp. (USD) TLA L+450 05/31/2021 Mavenir Inc. (USD) TLB L+600 05/08/2025 Concordia International (USD) TL EXIT L+550 09/06/2024 Philadelphia Energy Solutions (USD) TLA L+625 12/31/2022 |
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 17 bp (basis points), as of 06/08/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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