
North American Bond Research – March 16, 2020
Posted on March 16, 2020
HIGH YIELD BOND RESEARCH
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March 16, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||
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TransDigm Inc. 6.25% 3/15/2026 144A Kosmos Energy 7.125% 4/4/2026 RegS HCA Inc. 5% 3/15/2024 Washington Prime Group LP 5.95% 8/15/2024 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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(None Current 03/16/2020)
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1. AVI-SPL: $370MM covenant lite TLB (B2/B)
2. Service Logic: $140MM bank debt: $40MM TL; $100MM DD TL 3. CJ Foods Inc.: $285MM TLB 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. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL 9. Snapav: $390MM term loans: $290MM TL (B2); $100MM TL 10. Tata Chemicals North America Inc. : $380MM TL (Ba3) |
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 |
AVSC Holding Corp. (USD) TLB L+450 09/19/2026 Mcjunkin Red Man Corp. (USD) TLB L+275 09/20/2024 Audio Visual Services Corp. (USD) TLB L+325 03/01/2025 CEVA Logistics Holdings BV (USD) TLB L+500 08/03/2025 Kingpin Intermediate Holdings LLC (USD) TLB L+350 07/03/2024 |
SS&C Technologies Inc. (USD) TLB4 L+175 04/18/2025 Paysafe Group PLC (USD) TL L+350 01/02/2025 Cvent Inc. (USD) TL L+375 11/02/2024 DTZ US Borrower LLC (USD) TLB L+275 08/21/2025 Ancestry.com Operations Inc. (USD) TLB L+325 10/19/2023 |
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 58 bp (basis points), as of 03/16/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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March 16, 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 Bank of America Corp. 2.496% 2/13/2031 JP Morgan Chase & Co. 4.6% PERP 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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(None Current 03/16/2020)
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Top Widening Loans | Top Narrowing Loans |
AVSC Holding Corp. (USD) TLB L+450 09/19/2026 Mcjunkin Red Man Corp. (USD) TLB L+275 09/20/2024 Audio Visual Services Corp. (USD) TLB L+325 03/01/2025 CEVA Logistics Holdings BV (USD) TLB L+500 08/03/2025 Kingpin Intermediate Holdings LLC (USD) TLB L+350 07/03/2024 |
SS&C Technologies Inc. (USD) TLB4 L+175 04/18/2025 Paysafe Group PLC (USD) TL L+350 01/02/2025 Cvent Inc. (USD) TL L+375 11/02/2024 DTZ US Borrower LLC (USD) TLB L+275 08/21/2025 Ancestry.com Operations Inc. (USD) TLB L+325 10/19/2023 |
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 58 bp (basis points), as of 03/16/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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