
North American Bond Research – March 27, 2020
Posted on March 27, 2020
HIGH YIELD BOND RESEARCH
|
March 27, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Ford Motor Credit Co. 4.389% 1/8/2026 Ford Motor Credit Co. 5.113% 5/3/2029 General Motors Co. 4.875% 10/2/2023 Frontier Communications Corp. 10.5% 9/15/2022 Frontier Communications Corp. 11% 9/15/2025 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | Forward Calendar |
---|---|
(None Current 03/27/2020)
|
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) |
Top Widening Loans | Top Narrowing Loans |
Ascent Resources Marcellus LLC (USD) TL EXT L+650 12/31/2049 CD&R Dock Bidco LTD (GBP) TLB L+500 03/13/2026 AVSC Holding Corp. (USD) TLB L+450 09/19/2026 Jordan Healthcare Hldg Inc. (USD) TL L+500 05/15/2025 J Crew Group Inc. (USD) TLB L+322 03/06/2021 |
Sundyne US Purchaser (USD) TL L+400 04/23/2026 Mattress Firm (USD) TL EXIT 11/21/2022 Grifols Worldwide Operations LTD (USD) TLB L+225 01/24/2025 Canyon Valor Companies Inc. (EUR) TLB E+300 06/16/2023 Orion EngineeRed Carbons Hldgs GmbH (EUR) TLB E+225 07/25/2024 |
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 147 bp (basis points), as of 03/27/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
|
March 27, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Morgan Stanley 5.597% 3/24/2051 Wells Fargo & Co. 5.013% 4/4/2051 HSBC Hldg PLC 4.95% 3/31/2030 Comcast Corp. 3.75% 4/1/2040 Mastercard Inc. 3.85% 3/26/2050 Walt Disney Co. 4.7% 3/23/2050 Lowe’s Companies Inc. 4.5% 4/15/2030 Nike Inc. 3.375% 3/27/2050 Deere & Co. 3.75% 4/15/2050 Intel Corp. 4.75% 3/25/2050 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | New Issues [Continued] |
---|---|
1. Walt Disney Co. (CAD) 3.057% 3/30/2027 (03/26/2020): 1300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.06%.
2. State Street Corp. (USD) VAR% 3/30/2026 Reg S (03/26/2020): 500MM Senior Unsecured Notes, Price at Issuance 100. 3. State Street Corp. (USD) VAR% 3/30/2023 Reg S (03/26/2020): 750MM Senior Unsecured Notes, Price at Issuance 100. 4. State Street Corp. (USD) VAR% 3/30/2023 144A (03/26/2020): 750MM Senior Unsecured Notes, Price at Issuance 100. 5. CVS Health Corp (USD) 3.75% 4/1/2030 (03/26/2020): 1500MM Senior Unsecured Notes, Price at Issuance 99.777, Yielding 3.78%. 6. CVS Health Corp (USD) 4.125% 4/1/2040 (03/26/2020): 1000MM Senior Unsecured Notes, Price at Issuance 98.314, Yielding 4.25%. 7. CVS Health Corp (USD) 3.625% 4/1/2027 (03/26/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.822, Yielding 3.65%. 8. Interpublic Group of Cos Inc. (USD) 4.75% 3/30/2030 (03/26/2020): 650MM Senior Unsecured Notes, Price at Issuance 99.418, Yielding 4.82%. 9. Weyerhaeuser Co. (USD) 4% 4/15/2030 (03/26/2020): 750MM Senior Unsecured Notes, Price at Issuance 98.47, Yielding 4.19%. |
Top Widening Loans | Top Narrowing Loans |
Ascent Resources Marcellus LLC (USD) TL EXT L+650 12/31/2049 CD&R Dock Bidco LTD (GBP) TLB L+500 03/13/2026 AVSC Holding Corp. (USD) TLB L+450 09/19/2026 Jordan Healthcare Hldg Inc. (USD) TL L+500 05/15/2025 J Crew Group Inc. (USD) TLB L+322 03/06/2021 |
Sundyne US Purchaser (USD) TL L+400 04/23/2026 Mattress Firm (USD) TL EXIT 11/21/2022 Grifols Worldwide Operations LTD (USD) TLB L+225 01/24/2025 Canyon Valor Companies Inc. (EUR) TLB E+300 06/16/2023 Orion EngineeRed Carbons Hldgs GmbH (EUR) TLB E+225 07/25/2024 |
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 147 bp (basis points), as of 03/27/2020
- Net positive capital flows into high-yield ETFs & mutual funds
Copyright 2020 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
Are you using AdvantageData?
AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:
- 500,000+ U.S. and international corporate bonds
- Over 300,000+ BDC fair value assessments dating back to 2000
- Over 22,000+ syndicated loans
- Over 100 equity markets worldwide
- One platform 15 products and services from debt to loans to mid-market
- Used by top buy and sell-side firms worldwide