
North American Bond Research – March 10, 2020
Posted on March 10, 2020
HIGH YIELD BOND RESEARCH
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March 10, 2020
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Key Gainers and Losers | Volume Leaders | |||||||||||||||||||||||||||
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Petrobras Global Finance BV 6.85% 6/5/2115 Sprint Nextel Corp. 7.875% 9/15/2023 Sabine Pass Liquefaction LLC 5.625% 3/1/2025 Micron Technology Inc. 4.663% 2/15/2030 Expedia Inc. 3.8% 2/15/2028 (1) |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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(None Current 03/10/2020)
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1. CJ Foods Inc.: $285MM TLB
2. Whole Earth Brands (ACT II GLOBAL ACQUISTION CORP.):: $235 MM credit facilities: $50MM reolver; $185MM term A 3. T-Mobile USA Inc.: $8B senior secured credit facilities: $4B five-year revolver; $4B seven-year cove-lite TL 4. Tata Chemicals North America Inc. : $380MM TL (Ba3) 5. Snapav: $390MM term loans: $290MM TL (B2); $100MM TL 6. Service Logic: $140MM bank debt: $40MM TL; $100MM DD TL 7. Open Lending LLC: $225MM TLB 8. Instructure: $825MM senior secured credit facilities: $50MM revolver; $775MM TL 9. AVI-SPL: $370MM covenant lite TLB (B2/B) 10. Capstone Logistics Acquisition Inc.: $395MM TLB |
Mattamy Group. The most recent data showed money flowed in of ETF/mutual funds for the week ended 01/10/2020, with a net inflow of $9.8 billion.
Top Widening Loans | Top Narrowing Loans |
Anastasia Beverly Hills (USD) TLB L+375 08/07/2025 Lightstone Holdco LLC (USD) TLB L+375 01/30/2024 United Natural Foods Inc. (USD) TLB L+425 10/22/2025 Travelport Finance Luxembourg Sarl (USD) TL L+500 05/30/2026 Tivity Health Inc. (USD) TLB L+525 03/08/2026 |
Waterbridge Operating LLC (USD) TLB L+575 06/18/2026 AMC Entertainment Hldg Inc. (USD) TLB L+300 04/22/2026 Casper Bidco (EUR) TLB3 E+387.5 07/30/2026 Cvent Inc. (USD) TL L+375 11/02/2024 ExGen Renewables I LLC (USD) TLB L+300 11/16/2024 Blackstone CQP Holdco LP (USD) TL L+350 09/30/2024 |
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 44 bp (basis points), as of 03/09/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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March 10, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||
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Anheuser-Busch Inbev Worldwide Inc. 5.55% 1/23/2049 Occidental Petroleum Corp. 4.1% 2/1/2021 Exxon Mobil Corp. 3.095% 8/16/2049 Occidental Petroleum Corp. 3.5% 8/15/2029 CVS Health Corp. 5.05% 3/25/2048 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. JPMorgan Chase & Co. (USD) VAR% 3/13/2026 (03/10/2020): 2250MM Senior Unsecured Notes, Price at Issuance 100.
2. Willow No. 2 Ireland PLC (USD) 1.9% 3/15/2022 (03/10/2020): 141MM Secured Notes, Price at Issuance 100, Yielding 1.9%. 3. Johns Hopkins University (USD) 2.813% 1/1/2060 (03/10/2020): 370MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.81%. 4. Duke Energy Indiana Inc. (USD) 2.75% 4/1/2050 (03/10/2020): 550MM Secured Notes, Price at Issuance 99.877, Yielding 2.76%. 5. Textron Inc. (USD) 3% 6/1/2030 (03/10/2020): 650MM Senior Unsecured Notes, Price at Issuance 99.523, Yielding 3.05%. 6. Rice University (USD) 2.598% 5/15/2050 (03/10/2020): 200MM Unsecured Notes, Price at Issuance 100, Yielding 2.6%. 7. Starbucks Corp. (USD) 3.35% 3/12/2050 (03/10/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.232, Yielding 3.39%. 8. Toronto-Dominion Bank (CAD) 1.943% 3/13/2025 (03/10/2020): 1750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.94%. |
Top Widening Loans | Top Narrowing Loans |
Anastasia Beverly Hills (USD) TLB L+375 08/07/2025 Lightstone Holdco LLC (USD) TLB L+375 01/30/2024 United Natural Foods Inc. (USD) TLB L+425 10/22/2025 Travelport Finance Luxembourg Sarl (USD) TL L+500 05/30/2026 Tivity Health Inc. (USD) TLB L+525 03/08/2026 Alorica (USD) TL L+375 06/30/2022 |
Waterbridge Operating LLC (USD) TLB L+575 06/18/2026 AMC Entertainment Hldg Inc. (USD) TLB L+300 04/22/2026 Casper Bidco (EUR) TLB3 E+387.5 07/30/2026 Cvent Inc. (USD) TL L+375 11/02/2024 ExGen Renewables I LLC (USD) TLB L+300 11/16/2024 Blackstone CQP Holdco LP (USD) TL L+350 09/30/2024 |
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 38 bp (basis points), as of 03/06/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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