
North American Bond Research – May 19, 2020
Posted on May 19, 2020
HIGH YIELD BOND RESEARCH
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May 19, 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 Expedia Inc. 5% 2/15/2026 Ford Motor Co. 8.5% 4/21/2023 Ford Motor Co. 9.625% 4/22/2030 Occidental Petroleum Corp. 2.9% 8/15/2024 Briggs & Stratton Corp. 6.875% 12/15/2020 Occidental Petroleum Corp. 2.7% 8/15/2022 Intelsat Jackson Hldg SA 5.5% 8/1/2023 (1) Occidental Petroleum Corp. 3.5% 8/15/2029 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Diamondback Energy Inc. (USD) 4.75% 5/31/2025 (05/18/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.75%.
2. LCPR Senior Secured Financing Designated Activity Company (USD) 6.75% 10/15/2027 144A (05/18/2020): 1215MM First Lien Notes, Price at Issuance 100, Yielding 6.75%. 3. LCPR Senior Secured Financing Designated Activity Company (USD) 6.75% 10/15/2027 (05/18/2020): 70MM First Lien Notes, Price at Issuance 100, Yielding 6.75%. 4. IRB Holding Corp (USD) 7% 6/15/2025 144A (05/18/2020): 750MM First Lien Notes, Price at Issuance 100, Yielding 7%. 5. MSCI Inc. (USD) 3.875% 2/15/2031 144A (05/18/2020): 1000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.88%. 6. IRB Holding Corp (USD) 7% 6/15/2025 Reg S (05/18/2020): 750MM First Lien Notes, Price at Issuance 100, Yielding 7%. 7. MSCI Inc. (USD) 3.875% 2/15/2031 Reg S (05/18/2020): 1000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.88%. 8. Standard Industries Inc. (USD) 5% 2/15/2027 (05/18/2020): 350MM Senior Unsecured Notes, Price at Issuance 99.5, Yielding 5.09%. 9. Clearway Energy Operating (USD) 4.75% 3/15/2028 Reg S (05/19/2020): 250MM Senior Unsecured Notes, Price at Issuance 102, Yielding 4.44%. 10. Cushman & Wakefield Inc. (USD) 6.75% 5/15/2028 144A (05/19/2020): 650MM Secured Notes, Price at Issuance 100, Yielding 6.75%. |
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 |
GGP Inc. (USD) TLA2 L+250 08/24/2023 Unit4 NV (EUR) TL E+450 09/26/2023 THOM Europe SAS (EUR) TLB E+450 08/03/2024 Convergint Technologies LLC (USD) TL L+300 02/01/2025 Filtration Group Inc. (EUR) TLB E+350 03/29/2025 |
Wall Street Systems (USD) TL L+300 11/17/2024 Archroma Global Services (EUR) TLB1 E+400 07/11/2024 Perstorp Hldg AB (EUR) TLB E+475 04/05/2026 DELTA-CAIW (EUR) TLB E+350 02/28/2025 Ball Corp. (USD) TLA L+150 03/21/2024 |
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 27 bp (basis points), as of 05/18/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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May 19, 2020
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Key Gainers and Losers | Volume Leaders | |||||||||||||||||||||||||||||||||||||||||||||
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CVS Health Corp. 5.05% 3/25/2048 Southwest Airlines Co. 1.25% 5/1/2025 GE Capital Intl. Funding Co. 4.418% 11/15/2035 Boeing Co. 5.15% 5/1/2030 AT&T Inc. 4.5% 3/9/2048 Oracle Corp. 3.6% 4/1/2050 Walt Disney Co. 3.8% 5/13/2060 Boeing Co. 5.805% 5/1/2050 MetLife Inc. 4.55% 3/23/2030 Walt Disney Co. 3.8% 3/22/2030 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Royal Bank of Canada (CAD) 2.7% 5/22/2035 (05/18/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.7%.
2. Northern States Power Co. of Wisconsin (USD) 3.05% 5/1/2051 (05/18/2020): 100MM Secured Notes, Price at Issuance 98.834, Yielding 3.11%. 3. Evergy MO West Inc. (USD) 2.25% 6/1/2030 (05/18/2020): 400MM Secured Notes, Price at Issuance 99.884, Yielding 2.26%. 4. Intercontinental Exchange Inc. (USD) 2.1% 6/15/2030 (05/18/2020): 1250MM Senior Unsecured Notes, Price at Issuance 99.29, Yielding 2.18%. 5. Intercontinental Exchange Inc. (USD) 3% 6/15/2050 (05/18/2020): 1250MM Senior Unsecured Notes, Price at Issuance 98.496, Yielding 3.08%. 6. Piedmont Natural Gas Co. Inc (USD) 3.35% 6/1/2050 (05/18/2020): 400MM Senior Unsecured Notes, Price at Issuance 99.287, Yielding 3.39%. 7. Alcon Finance Corp. (USD) 2.6% 5/27/2030 (05/18/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.843, Yielding 2.62%. 8. Alcon Finance Corp. (USD) 2.6% 5/27/2030 Reg S (05/18/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.843, Yielding 2.62%. 9. Relx Capital Inc. (USD) 3% 5/22/2030 (05/18/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.342, Yielding 3.08%. 10. Diamondback Energy Inc. (USD) 4.75% 5/31/2025 (05/18/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.75%.
(None Current 05/19/2020)
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Top Widening Loans | Top Narrowing Loans |
GGP Inc. (USD) TLA2 L+250 08/24/2023 Unit4 NV (EUR) TL E+450 09/26/2023 THOM Europe SAS (EUR) TLB E+450 08/03/2024 Convergint Technologies LLC (USD) TL L+300 02/01/2025 Filtration Group Inc. (EUR) TLB E+350 03/29/2025 |
Wall Street Systems (USD) TL L+300 11/17/2024 Archroma Global Services (EUR) TLB1 E+400 07/11/2024 Perstorp Hldg AB (EUR) TLB E+475 04/05/2026 DELTA-CAIW (EUR) TLB E+350 02/28/2025 Ball Corp. (USD) TLA L+150 03/21/2024 |
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 27 bp (basis points), as of 05/19/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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