
North American Bond Research – March 17, 2020
Posted on March 17, 2020
HIGH YIELD BOND RESEARCH
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March 17, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Uber Technologies Inc. 8% 11/1/2026 144A Numericable-SFR SA 7.375% 5/1/2026 144A Ally Financial Inc. 4.625% 3/30/2025 CenturyLink Inc. 5.125% 12/15/2026 144A Petrobras Global Finance BV 6.85% 6/5/2115 Credit Agricole SA 8.125% PERP 144A |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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(None Current 03/17/2020)
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1. Alpha Auto Group: $225MM notes
2. DDM Holding AG: ¬100MM 3. Qmax Financial Holdings Inc.: $225MM senior notes 4. Martin Midstream Partners LP: $400MM senior secured notes 5. Obsidian Energy Ltd.: $100MM 6. INTL Fcstone: $350MM senior secured notes 7. AVI-SPL: $370MM covenant lite TLB (B2/B) 8. Service Logic: $140MM bank debt: $40MM TL; $100MM DD TL 9. CJ Foods Inc.: $285MM TLB 10. Cornerstone Ondemand Inc.: $1.135MM senior secured credit facilities: $150MM revolver; $985MM 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 |
Fusion Connect Inc. (USD) TL EXIT L+950 12/31/2049 Cision US Inc. (USD) TLB L+375 01/24/2027 Aviation Capital Group LLC (USD) RC L+100 06/03/2024 MA Financeco LLC (USD) TLB2 L+250 11/20/2021 SS&C Technologies Inc. (USD) TLB4 L+175 04/18/2025 |
Allnex Sarl (USD) TLB3 L+325 09/13/2023 Travel Leaders Group (USD) TLB L+400 01/25/2024 Jostens Inc. (USD) TL L+550 12/21/2025 Hillman Group Inc. (USD) TLB L+400 05/31/2025 Jane Street (USD) TLB L+300 01/07/2025 |
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 60 bp (basis points), as of 03/17/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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March 17, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||
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CVS Health Corp. 5.05% 3/25/2048 Abbvie Inc. 4.25% 11/21/2049 144A Bank of America Corp. 2.496% 2/13/2031 General Electric Co. FLT% PERP (1) |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Verizon Communications Inc. (USD) 4% 3/22/2050 (03/17/2020): 1250MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4%.
2. Exxon Mobil Corp. (USD) 2.992% 3/19/2025 (03/17/2020): 150MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.99%. 3. Bank of America Corp. (USD) VAR% 3/20/2051 (03/17/2020): 3000MM Senior Unsecured Notes, Price at Issuance 100. 4. Consumers Energy Co. (USD) 3.5% 8/1/2051 (03/17/2020): 575MM Secured Notes, Price at Issuance 99.606, Yielding 3.52%. 5. Union Electric Co. (USD) 2.95% 3/15/2030 (03/17/2020): 465MM Secured Notes, Price at Issuance 99.914, Yielding 2.96%. 6. Progressive Corp. (USD) 3.95% 3/26/2050 (03/17/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.148, Yielding 4%. 7. Verizon Communications Inc. (USD) 3.15% 3/22/2030 (03/17/2020): 1500MM Senior Unsecured Notes, Price at Issuance 99.693, Yielding 3.19%. 8. Verizon Communications Inc. (USD) 3% 3/22/2027 (03/17/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.95, Yielding 3.01%. 9. PepsiCo Inc. (USD) 2.75% 3/19/2030 (03/17/2020): 1500MM Senior Unsecured Notes, Price at Issuance 99.463, Yielding 2.81%. |
Top Widening Loans | Top Narrowing Loans |
Fusion Connect Inc. (USD) TL EXIT L+950 12/31/2049 Cision US Inc. (USD) TLB L+375 01/24/2027 Aviation Capital Group LLC (USD) RC L+100 06/03/2024 MA Financeco LLC (USD) TLB2 L+250 11/20/2021 SS&C Technologies Inc. (USD) TLB4 L+175 04/18/2025 |
Allnex Sarl (USD) TLB3 L+325 09/13/2023 Travel Leaders Group (USD) TLB L+400 01/25/2024 Jostens Inc. (USD) TL L+550 12/21/2025 Hillman Group Inc. (USD) TLB L+400 05/31/2025 Jane Street (USD) TLB L+300 01/07/2025 |
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 60 bp (basis points), as of 03/17/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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