
North American Bond Research – May 7, 2020
Posted on May 7, 2020
HIGH YIELD BOND RESEARCH
|
May 7, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Gap Inc. 5.95% 4/12/2021 Ford Motor Co. 8.5% 4/21/2023 Ford Motor Co. 9% 4/22/2025 Whiting Petroleum Corp. 5.75% 3/15/2021 Continental Resources Inc. 4.9% 6/1/2044 Petrobras Global Finance BV 6.85% 6/5/2115 General Motors Co. 6.25% 10/2/2043 Whiting Petroleum Corp. 6.625% 1/15/2026 Occidental Petroleum Corp. 2.7% 8/15/2022 General Motors Co. 5.2% 4/1/2045 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | Forward Calendar |
---|---|
1. GE Capital Corp. (USD) 3.45% 5/15/2025 144A (05/06/2020): 1350MM Senior Unsecured Notes, Price at Issuance 99.909, Yielding 3.47%.
2. GE Capital Corp. (USD) 4.4% 5/15/2030 144A (05/06/2020): 1400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.4%. 3. William Carter Co. (USD) 5.5% 5/15/2025 144A (05/06/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.5%. 4. Owens-Brockway Glass Container Inc. (USD) 6.625% 5/13/2027 144A (05/06/2020): 700MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.63%. 5. Marriott Ownership Resorts Inc. (USD) 6.125% 9/15/2025 Reg S (05/06/2020): 500MM Secured Notes, Price at Issuance 100, Yielding 6.13%. 6. William Carter Co. (USD) 5.5% 5/15/2025 Reg S (05/06/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.5%. 7. Wolverine World Wide Inc. (USD) 6.375% 5/15/2025 144A (05/06/2020): 300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.38%. 8. Wolverine World Wide Inc. (USD) 6.375% 5/15/2025 Reg S (05/06/2020): 300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.38%. 9. Varonis System Inc. (USD) 1.25% 8/15/2025 CVT (05/07/2020): 220MM Senior Unsecured Notes. |
1. BRP Inc.: $600MM TL B2 (B1)
2. Championx: $537MM 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. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL 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. Conservice Midco LLc: $715MM credit facilities: $50MM revolver (B2/B); $475MM cove-lite TL (B2/B); $190MM TL 9. Whole Earth Brands (ACT II GLOBAL ACQUISTION CORP.):: $235 MM credit facilities: $50MM reolver; $185MM term A 10. RSA: $1.425B credit facilities: $75MM revolver; $1B TL; $350MM TL |
Top Widening Loans | Top Narrowing Loans |
Delachaux SA (USD) TLB L+450 04/16/2026 Entertainment Properties Trust (USD) TL L+110 02/27/2023 Aruba Investments Inc. (USD) TL L+325 02/01/2022 G-III Apparel Group LTD (USD) TLB L+525 12/01/2022 Ball Corp. (USD) RC L+150 03/25/2024 |
Sebia SA (EUR) TLB E+300 10/24/2024 Kenan Advantage Group Inc. (USD) TLB2 L+300 07/24/2022 KIK Custom Products Inc. (USD) TLB L+400 05/15/2023 Convergint Technologies LLC (USD) TL L+375 02/03/2025 Broadcom LTD (USD) TLA7 05/07/2026 |
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 34 bp (basis points), as of 05/07/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
|
May 7, 2020
|
Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Boeing Co. 5.805% 5/1/2050 Apple Inc. 1.125% 5/11/2025 Boeing Co. 5.15% 5/1/2030 Boeing Co. 5.93% 5/1/2060 Charles Schwab Corp. 5.375% PERP Gap Inc. 5.95% 4/12/2021 Boeing Co. 4.508% 5/1/2023 Boeing Co. 4.875% 5/1/2025 Amgen Inc. 3.375% 2/21/2050 Apple Inc. 1.65% 5/11/2030 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
New Issues | New Issues [Continued] |
---|---|
1. Volkswagen Group of America Finance LLC (USD) 3.35% 5/13/2025 Reg S (05/06/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.895, Yielding 3.37%.
2. Volkswagen Group of America Finance LLC (USD) 2.9% 5/13/2022 Reg S (05/06/2020): 1500MM Senior Unsecured Notes, Price at Issuance 99.946, Yielding 2.93%. 3. Apellis Pharmaceuticals, Inc. (USD) 3.5% 9/15/2026 CVT (05/06/2020): 300MM Senior Unsecured Notes. 4. Transcontinental Gas Pipe Corp. (USD) 3.25% 5/15/2030 Reg S (05/06/2020): 700MM Senior Unsecured Notes, Price at Issuance 99.787, Yielding 3.28%. 5. Transcontinental Gas Pipe Corp. (USD) 3.95% 5/15/2050 Reg S (05/06/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.424, Yielding 3.98%. 6. Transcontinental Gas Pipe Corp. (USD) 3.25% 5/15/2030 144A (05/06/2020): 700MM Senior Unsecured Notes, Price at Issuance 99.787, Yielding 3.28%. 7. GE Capital Corp. (USD) 4.4% 5/15/2030 144A (05/06/2020): 1400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.4%. 8. GE Capital Corp. (USD) 4.4% 5/15/2030 Reg S (05/06/2020): 1400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.4%. 9. GE Capital Corp. (USD) 4.55% 5/15/2032 144A (05/06/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.55%. 10. Qualcomm Inc. (USD) 2.15% 5/20/2030 (05/06/2020): 1200MM Senior Unsecured Notes, Price at Issuance 99.596, Yielding 2.2%. |
Top Widening Loans | Top Narrowing Loans |
Delachaux SA (USD) TLB L+450 04/16/2026 Entertainment Properties Trust (USD) TL L+110 02/27/2023 Aruba Investments Inc. (USD) TL L+325 02/01/2022 G-III Apparel Group LTD (USD) TLB L+525 12/01/2022 Ball Corp. (USD) RC L+150 03/25/2024 |
Sebia SA (EUR) TLB E+300 10/24/2024 Kenan Advantage Group Inc. (USD) TLB2 L+300 07/24/2022 KIK Custom Products Inc. (USD) TLB L+400 05/15/2023 Convergint Technologies LLC (USD) TL L+375 02/03/2025 Broadcom LTD (USD) TLA7 05/07/2026 |
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 36 bp (basis points), as of 05/06/2020
- 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.
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