
North American Bond Research – May 12, 2020
Posted on May 12, 2020
HIGH YIELD BOND RESEARCH
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May 12, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Ford Motor Co. 9% 4/22/2025 Ford Motor Co. 8.5% 4/21/2023 Intl Lease Finance Corp. 8.25% 12/15/2020 Petrobras Global Finance BV 6.85% 6/5/2115 Ford Motor Co. 9.625% 4/22/2030 Gran Tierra Energy Inc. 6.25% 2/15/2025 Reg S Occidental Petroleum Corp. 2.7% 8/15/2022 Intl Lease Finance Corp. 8.625% 1/15/2022 Radian Group Inc. 4.875% 3/15/2027 Goodyear Tire & Rubber Co. 5.125% 11/15/2023 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Lamar Media Corp. (USD) 4.875% 1/15/2029 144A (05/11/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.88%.
2. Bausch Health Cos Inc. (USD) 6.25% 2/15/2029 Reg S (05/11/2020): 1500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.25%. 3. Lamar Media Corp. (USD) 4.875% 1/15/2029 Reg S (05/11/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.88%. 4. PowerTeam Services LLC (USD) 9.03% 12/4/2025 Reg S (05/11/2020): 586MM First Lien Notes, Price at Issuance 98, Yielding 9.5%. 5. Bausch Health Cos Inc. (USD) 6.25% 2/15/2029 144A (05/11/2020): 1500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.25%. 6. Powerstream Inc. (USD) 9.033% 12/4/2025 144A (05/11/2020): 1173MM First Lien Notes, Price at Issuance 98, Yielding 9.5%. |
1. INTL Fcstone: $350MM senior secured notes
2. Alpha Auto Group: $225MM notes 3. Martin Midstream Partners LP: $400MM senior secured notes 4. 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 5. Logmein Inc.: $3.55B credit facilities: $250MM Revolver; $2.7B first lien TL; $600MM second-lien TL 6. Conservice Midco LLc: $715MM credit facilities: $50MM revolver (B2/B); $475MM cove-lite TL (B2/B); $190MM TL 7. Championx: $537MM TL 8. BRP Inc.: $600MM TL B2 (B1) 9. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL 10. Xperi Corp. : $1.1B seven-year secured covenant lite TLB |
Top Widening Loans | Top Narrowing Loans |
American Tire Distributors Inc. (USD) TL DIP PIK L+600 09/01/2023 Specialty Chemical Resources Inc. (EUR) TLB1 E+450 03/05/2027 Fusion Connect Inc. (USD) TL EXIT L+950 12/31/2049 Allnex Sarl (USD) TLB3 L+325 09/13/2023 Coty Inc. (EUR) TLA E+175 04/05/2023 |
Orion EngineeRed Carbons Hldgs GmbH (USD) TLB L+200 07/25/2024 Global Blue Finance Sarl (EUR) TLB E+350 12/12/2022 Concordia International (USD) TL EXIT L+550 09/06/2024 Diebold Inc. (USD) TLA L+925 08/30/2022 BVI Medical Inc. (EUR) TLB E+350 02/28/2026 |
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 33 bp (basis points), as of 05/12/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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May 12, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Boeing Co. 5.15% 5/1/2030 General Motors Co. 6.125% 10/1/2025 Boeing Co. 5.805% 5/1/2050 Boeing Co. 5.04% 5/1/2027 Ford Motor Co. 9% 4/22/2025 Boeing Co. 4.875% 5/1/2025 General Motors Co. 6.8% 10/1/2027 Walt Disney Co. 4.7% 3/23/2050 Boeing Co. 5.93% 5/1/2060 General Motors Co. 5.95% 4/1/2049 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Southwestern Public Service Co. (USD) 3.15% 5/1/2050 (05/11/2020): 350MM Secured Notes, Price at Issuance 99.138, Yielding 3.19%.
2. Becton Dickinson & Co. (USD) 2.823% 5/20/2030 (05/11/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.82%. 3. Becton Dickinson & Co. (USD) 3.794% 5/20/2050 (05/11/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.79%. 4. Suncor Energy Inc. (USD) 2.8% 5/15/2023 (05/11/2020): 450MM Senior Unsecured Notes, Price at Issuance 99.903, Yielding 2.83%. 5. Suncor Energy Inc. (USD) 3.1% 5/15/2025 (05/11/2020): 550MM Senior Unsecured Notes, Price at Issuance 99.949, Yielding 3.11%. 6. Fiserv Inc. (USD) 2.25% 6/1/2027 (05/11/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.934, Yielding 2.26%. 7. Fiserv Inc. (USD) 2.65% 6/1/2030 (05/11/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.824, Yielding 2.67%. 8. Quest Diagnostics Inc. (USD) 2.8% 6/30/2031 (05/11/2020): 550MM Senior Unsecured Notes, Price at Issuance 99.854, Yielding 2.82%. 9. Walt Disney Co. (USD) 1.75% 1/13/2026 (05/11/2020): 1500MM Senior Unsecured Notes, Price at Issuance 99.741, Yielding 1.8%. 10. ITC Holdings Corp. (USD) 2.95% 5/14/2030 144A (05/11/2020): 700MM Senior Unsecured Notes, Price at Issuance 99.794, Yielding 2.97%.
(None Current 05/12/2020)
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Top Widening Loans | Top Narrowing Loans |
American Tire Distributors Inc. (USD) TL DIP PIK L+600 09/01/2023 Specialty Chemical Resources Inc. (EUR) TLB1 E+450 03/05/2027 Fusion Connect Inc. (USD) TL EXIT L+950 12/31/2049 Allnex Sarl (USD) TLB3 L+325 09/13/2023 Coty Inc. (EUR) TLA E+175 04/05/2023 |
Orion EngineeRed Carbons Hldgs GmbH (USD) TLB L+200 07/25/2024 Global Blue Finance Sarl (EUR) TLB E+350 12/12/2022 Concordia International (USD) TL EXIT L+550 09/06/2024 Diebold Inc. (USD) TLA L+925 08/30/2022 BVI Medical Inc. (EUR) TLB E+350 02/28/2026 |
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 33 bp (basis points), as of 05/12/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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