
North American Bond Research – March 18, 2020
Posted on March 18, 2020
HIGH YIELD BOND RESEARCH
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March 18, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||
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Washington Prime Group LP 5.95% 8/15/2024 Dish DBS Corp. 7.75% 7/1/2026 Petrobras Global Finance BV 6.85% 6/5/2115 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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(None Current 03/18/2020)
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1. Martin Midstream Partners LP: $400MM senior secured notes
2. INTL Fcstone: $350MM senior secured notes 3. Alpha Auto Group: $225MM notes 4. Wesco International: $2.2B debt securities |
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 |
Mcjunkin Red Man Corp. (USD) TLB L+275 09/20/2024 AVSC Holding Corp. (USD) TLB L+450 09/19/2026 Audio Visual Services Corp. (USD) TLB L+325 03/01/2025 Golden Entertainment, Inc. (USD) TL L+300 10/20/2024 Kingpin Intermediate Holdings LLC (USD) TLB L+350 07/03/2024 |
Casper Bidco (EUR) TLB3 E+387.5 07/30/2026 EG Group (GBP) TLB L+475 02/02/2025 Fly Leasing LTD (USD) TLB L+175 08/09/2025 Neptune Bidco SA R.L. (EUR) TLB E+350 02/21/2027 Brightview Landscapes LLC (USD) TL L+250 08/10/2025 |
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 90 bp (basis points), as of 03/18/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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March 18, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||
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Citigroup Inc. 2.666% 1/29/2031 General Electric Co. FLT% PERP (1) Boeing Co. 3.95% 8/1/2059 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Exxon Mobil Corp. (USD) 2.992% 3/19/2025 (03/17/2020): 150MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.99%.
2. Bank of America Corp. (USD) VAR% 3/20/2051 (03/17/2020): 3000MM Senior Unsecured Notes, Price at Issuance 100. 3. Consumers Energy Co. (USD) 3.5% 8/1/2051 (03/17/2020): 575MM Secured Notes, Price at Issuance 99.606, Yielding 3.52%. 4. Union Electric Co. (USD) 2.95% 3/15/2030 (03/17/2020): 465MM Secured Notes, Price at Issuance 99.914, Yielding 2.96%. 5. Progressive Corp. (USD) 3.2% 3/26/2030 (03/17/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.2%. 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 |
Mcjunkin Red Man Corp. (USD) TLB L+275 09/20/2024 AVSC Holding Corp. (USD) TLB L+450 09/19/2026 Audio Visual Services Corp. (USD) TLB L+325 03/01/2025 Golden Entertainment, Inc. (USD) TL L+300 10/20/2024 Kingpin Intermediate Holdings LLC (USD) TLB L+350 07/03/2024 |
Casper Bidco (EUR) TLB3 E+387.5 07/30/2026 EG Group (GBP) TLB L+475 02/02/2025 Fly Leasing LTD (USD) TLB L+175 08/09/2025 Neptune Bidco SA R.L. (EUR) TLB E+350 02/21/2027 Brightview Landscapes LLC (USD) TL L+250 08/10/2025 |
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 90 bp (basis points), as of 03/18/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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