
North American Bond Research – May 13, 2020
Posted on May 13, 2020
HIGH YIELD BOND RESEARCH
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May 13, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Ford Motor Co. 9% 4/22/2025 General Motors Co. 6.25% 10/2/2043 Petrobras Global Finance BV 8.75% 5/23/2026 Encompass Health Corp. 4.75% 2/1/2030 Ford Motor Co. 9.625% 4/22/2030 Ally Financial Inc. 4.125% 2/13/2022 Ford Motor Co. 8.5% 4/21/2023 Continental Res Inc. 4.5% 4/15/2023 T-Mobile USA Inc. 6.5% 1/15/2026 Petrobras Global Finance BV 6.85% 6/5/2115 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Match Group Inc. (USD) 4.625% 6/1/2028 144A (05/12/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.63%.
2. SpringLeaf Finance Corp. (USD) 8.875% 6/1/2025 (05/12/2020): 600MM Senior Unsecured Notes, Price at Issuance 100, Yielding 8.88%. 3. Match Group Inc. (USD) 4.625% 6/1/2028 Reg S (05/12/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.63%. 4. Viking Cruises LTD (USD) 13% 5/15/2025 Reg S (05/12/2020): 675MM First Lien Notes, Price at Issuance 97, Yielding 13.85%. 5. Viking Cruises LTD (USD) 13% 5/15/2025 144A (05/12/2020): 675MM First Lien Notes, Price at Issuance 97, Yielding 13.85%. 6. Goodyear Tire & Rubber Co. (USD) 9.5% 5/31/2025 (05/13/2020): 600MM Senior Unsecured Notes, Price at Issuance 100, Yielding 9.5%. 7. Boyd Gaming Corp. (USD) 8.625% 6/1/2025 144A (05/13/2020): 600MM Senior Unsecured Notes, Price at Issuance 100, Yielding 8.63%. 8. Boyd Gaming Corp. (USD) 8.625% 6/1/2025 Reg S (05/13/2020): 600MM Senior Unsecured Notes, Price at Issuance 100, Yielding 8.63%. 9. Outfront Media Capital LLC (USD) 6.25% 6/15/2025 144A (05/13/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.25%. 10. Outfront Media Capital LLC (USD) 6.25% 6/15/2025 Reg S (05/13/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.25%. |
1. Xperi Corp. : $1.1B seven-year secured covenant lite TLB
2. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL 3. Ziply Fiber: $790.5MM TLB 4. Whole Earth Brands (ACT II GLOBAL ACQUISTION CORP.):: $235 MM credit facilities: $50MM reolver; $185MM term A 5. Radio Systems Corp.: $725MM Loans: $100M ABL Facility; $625MM Senior secured bridge loan 6. Logmein Inc.: $3.55B credit facilities: $250MM Revolver; $2.7B first lien TL; $600MM second-lien TL 7. 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 8. Championx: $537MM TL 9. Alterra Mountain Co. : $400MM incremental TL (B1/B) 10. Whole Earth Brands (ACT II GLOBAL ACQUISTION CORP.):: $235 MM credit facilities: $50MM reolver; $185MM term A |
Top Widening Loans | Top Narrowing Loans |
Globalfoundries Inc. (USD) TLB L+400 06/05/2026 Del Monte Foods Co. (USD) TL L+725 08/18/2021 SSH Group Hldg Inc. (USD) TL2 L+825 07/30/2026 Panera Bread Co. (USD) TLA L+200 06/13/2022 Wittur (EUR) TLB E+450 09/23/2026 |
Wesco Aircraft Hardware Corp. (USD) TLB L+250 02/28/2021 Hamilton Holdco LLC (USD) TLB L+200 01/02/2027 Orion EngineeRed Carbons Hldgs GmbH (USD) TLB L+200 07/25/2024 Grifols Worldwide Operations LTD (EUR) TLB E+225 11/15/2027 HSE24 Multichannel GmbH (EUR) TLB3 E+375 09/30/2021 |
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 30 bp (basis points), as of 05/13/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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May 13, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Walt Disney Co. 2.65% 1/13/2031 Walt Disney Co. 1.75% 1/13/2026 Boeing Co. 5.805% 5/1/2050 Boeing Co. 5.93% 5/1/2060 Walt Disney Co. 3.6% 1/13/2051 Boeing Co. 5.705% 5/1/2040 Boeing Co. 5.15% 5/1/2030 Walt Disney Co. 3.5% 5/13/2040 General Electric Co. 4.35% 5/1/2050 Southwest Airlines Co. 1.25% 5/1/2025 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Appalachian Power Co. (USD) 3.7% 5/1/2050 (05/12/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.409, Yielding 3.73%.
2. Caterpillar Financial Services Corp. (USD) 1.45% 5/15/2025 (05/12/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.794, Yielding 1.49%. 3. Caterpillar Financial Services Corp. (USD) FLT% 5/13/2022 (05/12/2020): 300MM Senior Unsecured Notes, Price at Issuance 100. 4. Meglobal Canada Inc. (USD) 5.875% 5/18/2030 Reg S (05/12/2020): 600MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.88%. 5. Meglobal Canada Inc. (USD) 5.875% 5/18/2030 144A (05/12/2020): 600MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.88%. 6. Viacom Inc. (USD) 4.95% 5/19/2050 (05/12/2020): 1000MM Senior Unsecured Notes, Price at Issuance 94.987, Yielding 5.28%. 7. Meglobal Canada Inc. (USD) 5% 5/18/2025 144A (05/12/2020): 1000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5%. 8. Aon Corp. (USD) 2.8% 5/15/2030 (05/12/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.965, Yielding 2.8%. 9. Williams Cos Inc. (USD) 3.5% 11/15/2030 (05/12/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.495, Yielding 3.56%. |
Top Widening Loans | Top Narrowing Loans |
Globalfoundries Inc. (USD) TLB L+400 06/05/2026 Del Monte Foods Co. (USD) TL L+725 08/18/2021 SSH Group Hldg Inc. (USD) TL2 L+825 07/30/2026 Panera Bread Co. (USD) TLA L+200 06/13/2022 Wittur (EUR) TLB E+450 09/23/2026 |
Wesco Aircraft Hardware Corp. (USD) TLB L+250 02/28/2021 Hamilton Holdco LLC (USD) TLB L+200 01/02/2027 Orion EngineeRed Carbons Hldgs GmbH (USD) TLB L+200 07/25/2024 Grifols Worldwide Operations LTD (EUR) TLB E+225 11/15/2027 HSE24 Multichannel GmbH (EUR) TLB3 E+375 09/30/2021 |
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 30 bp (basis points), as of 05/13/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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