
North American Bond Research – March 13, 2020
Posted on March 13, 2020
HIGH YIELD BOND RESEARCH
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March 13, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||
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Crown Castle Intl Corp. 5.25% 1/15/2023 Deutsche Bank AG 6% PERP Numericable-SFR SA 7.375% 5/1/2026 144A HCA Inc. 3.5% 9/1/2030 Ypso Finance Bis SA 6% 2/15/2028 144A |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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(None Current 03/13/2020)
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1. Championx: $537MM TL
2. Xperi Corp. : $1.1B seven-year secured covenant lite TLB 3. Capstone Logistics Acquisition Inc.: $340MM TLB (B3/B-) 4. Cornerstone Ondemand Inc.: $1.135MM senior secured credit facilities: $150MM revolver; $985MM TLB 5. 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 6. Innovate Xcessories & Services LLC: $695MM credit facilities: $75MM revolver; $620MM TL(B2/B) 7. Instructure: $825MM senior secured credit facilities: $50MM revolver; $775MM TL 8. Open Lending LLC: $225MM TLB 9. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL |
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 |
Revlon Consumer Products Corp. (USD) RC L+300 04/17/2020 Playa Resorts Holding BV (USD) TLB L+275 04/27/2024 Casper Bidco (EUR) TLB E+475 07/30/2026 CDS US Intermediate Holdings Inc. (USD) TL2 L+825 06/24/2023 Onex Schumacher Finance LP (USD) TL L+400 07/31/2022 |
United Site Services Inc (USD) TL2 L+775 08/25/2025 Audio Visual Services Corp. (USD) TLB L+325 03/01/2025 Duravant LLC (USD) TL L+725 07/19/2025 Consolidated Precision Products (USD) TL2 L+775 04/30/2026 Merlin Entertainments PLC (USD) TLB L+325 11/05/2026 Comexposium SAS (EUR) TLB E+400 01/31/2026 |
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 33 bp (basis points), as of 03/11/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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March 13, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||
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Goldman Sachs Group Inc. 2.6% 2/7/2030 CVS Health Corp. 4.3% 3/25/2028 General Electric Co. FLT% PERP (1) GE Capital Intl. Funding Co. 4.418% 11/15/2035 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Ohio Power Co. (USD) 2.6% 4/1/2030 (03/13/2020): 350MM Senior Unsecured Notes, Price at Issuance 99.894, Yielding 2.61%. |
Top Widening Loans | Top Narrowing Loans |
Revlon Consumer Products Corp. (USD) RC L+300 04/17/2020 Playa Resorts Holding BV (USD) TLB L+275 04/27/2024 Casper Bidco (EUR) TLB E+475 07/30/2026 CDS US Intermediate Holdings Inc. (USD) TL2 L+825 06/24/2023 Onex Schumacher Finance LP (USD) TL L+400 07/31/2022 Doha Bank (USD) TL L+100 12/20/2020 Commercial Bank of Qatar (USD) TL 03/23/2020 |
United Site Services Inc (USD) TL2 L+775 08/25/2025 Audio Visual Services Corp. (USD) TLB L+325 03/01/2025 Duravant LLC (USD) TL L+725 07/19/2025 Consolidated Precision Products (USD) TL2 L+775 04/30/2026 Merlin Entertainments PLC (USD) TLB L+325 11/05/2026 Comexposium SAS (EUR) TLB E+400 01/31/2026 LA Fitness PLC (USD) TLB L+325 04/18/2025 |
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 33 bp (basis points), as of 03/11/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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