
North American Bond Research – May 29, 2020
Posted on May 29, 2020
HIGH YIELD BOND RESEARCH
|
May 29, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Ford Motor Co. 9% 4/22/2025 Crown Castle Intl Corp. 5.25% 1/15/2023 Petrobras Global Finance BV 6.85% 6/5/2115 Newell Brands Inc. 4.875% 6/1/2025 Ford Motor Co. 9.625% 4/22/2030 Constellation Brands Inc. 3.75% 5/1/2021 ArcelorMittal SA 4.55% 3/11/2026 Ford Motor Co. 8.5% 4/21/2023 Antero Resources Finance Corp. 5.375% 11/1/2021 Ford Motor Co. 4.75% 1/15/2043 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | Forward Calendar |
---|---|
1. Ortho-Clinical Diagnostics Inc. (USD) 7.375% 6/1/2025 144A (05/28/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 7.38%.
2. Diversified Hldg Corp. (USD) 9.75% 6/15/2025 (05/28/2020): 1000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 9.75%. 3. Molina Healthcare Inc. (USD) 4.375% 6/15/2028 144A (05/28/2020): 800MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.38%. 4. INTL FCStone Inc. (USD) 8.625% 6/15/2025 Reg S (05/28/2020): 350MM Secured Notes, Price at Issuance 98.5, Yielding 9%. 5. Molina Healthcare Inc. (USD) 4.375% 6/15/2028 Reg S (05/28/2020): 800MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.38%. 6. Yara International ASA (USD) 3.148% 6/4/2030 144A (05/28/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.15%. 7. First Busey Corporation (USD) VAR% 6/1/2030 (05/28/2020): 125MM Subordinated Notes, Price at Issuance 100. 8. Ortho-Clinical Diagnostics Inc. (USD) 7.375% 6/1/2025 Reg S (05/28/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 7.38%. |
1. Ziply Fiber: $790.5MM TLB
2. Xplorenet Communictations Inc.: $1.425B credit facilities (B3/B-): $150MM revolver; $1.275B first-lien TL 3. Xperi Corp. : $1.1B seven-year secured covenant lite TLB 4. Whole Earth Brands (ACT II GLOBAL ACQUISTION CORP.):: $235 MM credit facilities: $50MM reolver; $185MM term A 5. Segra (Mtn Infrastructure Topco Inc.): $275MM TL (B) 6. Championx: $537MM TL 7. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL 8. Radio Systems Corp.: $725MM Loans: $100M ABL Facility; $625MM Senior secured bridge loan 9. Mohegan Tribal Gaming Authority: $100MM first lein TL (Caa1) 10. Logmein Inc.: $3.55B credit facilities: $250MM Revolver; $2.7B first lien TL; $600MM second-lien TL |
Top Widening Loans | Top Narrowing Loans |
Neiman Marcus Group Inc. (USD) TL DIP PIK L+1275 10/07/2020 Specialty Chemical Resources Inc. (EUR) TLB1 E+450 03/05/2027 Sundyne US Purchaser (USD) TLB L+425 03/17/2027 Paysafe Group PLC (USD) TL L+350 01/02/2025 Koninklijke Ten Cate NV (EUR) TLB E+350 01/27/2023 |
Arbor Pharmaceuticals LLC (USD) TLB L+500 07/05/2023 Surgery Partners LLC (USD) TL L+800 08/31/2024 American Greetings Corp. (USD) TLB L+450 04/06/2024 Buzz Merger Sub LTD (USD) TLB L+275 01/29/2027 Allsup’s (USD) TLB L+625 11/18/2024 |
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 21 bp (basis points), as of 05/29/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
|
May 29, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Boeing Co. 5.805% 5/1/2050 Boeing Co. 5.15% 5/1/2030 Boeing Co. 5.705% 5/1/2040 AT&T Inc. 2.75% 6/1/2031 AT&T Inc. 3.65% 6/1/2051 Wells Fargo & Co. VAR% 6/2/2028 Boeing Co. 5.93% 5/1/2060 Walt Disney Co. 3.6% 1/13/2051 Boeing Co. 4.508% 5/1/2023 Boeing Co. 4.875% 5/1/2025 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | New Issues [Continued] |
---|---|
1. BCI Quadreal Realty (CAD) 1.68% 3/3/2025 (05/28/2020): 350MM Secured Notes, Price at Issuance 99.983, Yielding 1.68%.
2. Inter Pipeline LTD (CAD) 4.23% 6/1/2027 (05/28/2020): 700MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.23%. 3. Ferguson Finance PLC (USD) 3.25% 6/2/2030 Reg S (05/28/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.552, Yielding 3.3%. 4. Element Fleet Mgmt Corp. (USD) 3.85% 6/15/2025 Reg S (05/28/2020): 400MM Senior Unsecured Notes, Price at Issuance 99.985, Yielding 3.85%. 5. Health Care Service Corp. (USD) 3.2% 6/1/2050 Reg S (05/28/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.103, Yielding 3.25%. 6. Health Care Service Corp. (USD) 2.2% 6/1/2030 Reg S (05/28/2020): 750MM Senior Unsecured Notes, Price at Issuance 99.599, Yielding 2.24%. 7. Health Care Service Corp. (USD) 1.5% 6/1/2025 Reg S (05/28/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.765, Yielding 1.55%. 8. HSBC Holdings PLC (USD) VAR% 6/4/2026 (05/28/2020): 2000MM Senior Unsecured Notes, Price at Issuance 100. 9. Yara International ASA (USD) 3.148% 6/4/2030 Reg S (05/28/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.15%. 10. HSBC Holdings PLC (USD) VAR% 6/4/2031 (05/28/2020): 1500MM Senior Unsecured Notes, Price at Issuance 100. |
Top Widening Loans | Top Narrowing Loans |
Neiman Marcus Group Inc. (USD) TL DIP PIK L+1275 10/07/2020 Specialty Chemical Resources Inc. (EUR) TLB1 E+450 03/05/2027 Sundyne US Purchaser (USD) TLB L+425 03/17/2027 Paysafe Group PLC (USD) TL L+350 01/02/2025 Koninklijke Ten Cate NV (EUR) TLB E+350 01/27/2023 |
Arbor Pharmaceuticals LLC (USD) TLB L+500 07/05/2023 Surgery Partners LLC (USD) TL L+800 08/31/2024 American Greetings Corp. (USD) TLB L+450 04/06/2024 Buzz Merger Sub LTD (USD) TLB L+275 01/29/2027 Allsup’s (USD) TLB L+625 11/18/2024 |
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 22 bp (basis points), as of 05/28/2020
- 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.
In all events, Advantage Data is not a broker-dealer, shall not operate as a broker or a dealer, is not holding itself out as a broker or dealer and is not engaged in the business of buying or selling securities or otherwise required to register with the National Association of Securities Dealers.
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