
North American Bond Research – March 9, 2020
Posted on March 9, 2020
HIGH YIELD BOND RESEARCH
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March 9, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||
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Petrobras Global Finance BV 6.85% 6/5/2115 Intelsat Jackson Hldg SA 5.5% 8/1/2023 (1) Diamondback Energy Inc. 3.5% 12/1/2029 HCA Inc. 3.5% 9/1/2030 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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(None Current 03/09/2020)
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1. Whole Earth Brands (ACT II GLOBAL ACQUISTION CORP.):: $235 MM credit facilities: $50MM reolver; $185MM term A
2. Xperi Corp. : $1.1B seven-year secured covenant lite TLB 3. Tosca Services LLC: $325MM seven-year first-lien TL (B2/B) 4. Tata Chemicals North America Inc. : $380MM TL (Ba3) 5. Snapav: $390MM term loans: $290MM TL (B2); $100MM TL 6. Service Logic: $140MM bank debt: $40MM TL; $100MM DD TL 7. Open Lending LLC: $225MM TLB 8. Lakeview Loan Servicing LLC: $550MM TLB 9. Instructure: $825MM senior secured credit facilities: $50MM revolver; $775MM TL 10. Innovate Xcessories & Services LLC: $695MM credit facilities: $75MM revolver; $620MM TL(B2/B) |
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 |
AMC Entertainment Hldg Inc. (USD) TLB L+300 04/22/2026 Samsonite Intl. SA (USD) TLB L+175 04/19/2025 Cineworld Group PLC (USD) TLB L+300 02/07/2027 Kingpin Intermediate Holdings LLC (USD) TLB L+350 07/03/2024 ConvergeOne LLC (USD) TL L+500 01/04/2026 Verifone Inc. (USD) TL L+400 08/20/2025 CEVA Logistics Holdings BV (USD) TLB L+500 08/03/2025 |
Cineworld Group PLC (USD) TLB L+250 09/20/2026 Cineworld Group PLC (EUR) TLB E+262.5 02/22/2025 HotelBeds (EUR) TLB E+300 09/11/2023 MacDonald Dettwiler & Associates Ltd (USD) TLB L+275 10/05/2024 WestJet Airlines LTD (USD) TL L+300 10/08/2026 Dayco Products LLC (USD) TLB L+425 05/19/2023 |
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 44 bp (basis points), as of 03/09/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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March 9, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||
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Exxon Mobil Corp. 3.095% 8/16/2049 Bank of America Corp. 2.496% 2/13/2031 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 03/09/2020)
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Top Widening Loans | Top Narrowing Loans |
AMC Entertainment Hldg Inc. (USD) TLB L+300 04/22/2026 Samsonite Intl. SA (USD) TLB L+175 04/19/2025 Cineworld Group PLC (USD) TLB L+300 02/07/2027 Kingpin Intermediate Holdings LLC (USD) TLB L+350 07/03/2024 ConvergeOne LLC (USD) TL L+500 01/04/2026 |
Cineworld Group PLC (USD) TLB L+250 09/20/2026 HotelBeds (EUR) TLB E+300 09/11/2023 MacDonald Dettwiler & Associates Ltd (USD) TLB L+275 10/05/2024 WestJet Airlines LTD (USD) TL L+300 10/08/2026 Dayco Products LLC (USD) TLB L+425 05/19/2023 |
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 44 bp (basis points), as of 03/09/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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