
North American Bond Research – November 10, 2020
Posted on November 10, 2020
HIGH YIELD BOND RESEARCH
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November 10, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Vale Overseas LTD 3.75% 7/8/2030 Oneok Inc. 7.5% 9/1/2023 Continental Resources Inc. 4.375% 1/15/2028 Pacific Gas & Electric Co. 4.95% 7/1/2050 Petrobras Global Finance BV 6.85% 6/5/2115 ARC Properties Operating Partnership LP 4.6% 2/6/2024 General Motors Co. 5.2% 4/1/2045 Occidental Petroleum Corp. 4.2% 3/15/2048 Dish DBS Corp. 7.75% 7/1/2026 Pacific Gas & Electric Co. 4.55% 7/1/2030 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Axalta Coating Systems US Holdings Inc. (USD) 3.375% 2/15/2029 (11/09/2020): 700MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.38%.
2. Sunoco LP (USD) 4.5% 5/15/2029 144A (11/09/2020): 800MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.5%. 3. Stericycle Inc. (USD) 3.875% 1/15/2029 144A (11/09/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.88%. 4. Allison Transmission Inc. (USD) 3.75% 1/30/2031 Reg S (11/09/2020): 1000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.75%. 5. Veritas US Inc / Veritas Bermuda Ltd (USD) 7.5% 9/1/2025 (11/09/2020): 750MM Secured Notes, Price at Issuance 102, Yielding 7%. 6. Axalta Coating Systems US Holdings Inc. (USD) 3.375% 2/15/2029 Reg S (11/09/2020): 700MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.38%. 7. Sunoco LP (USD) 4.5% 5/15/2029 Reg S (11/09/2020): 800MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.5%. 8. Stericycle Inc. (USD) 3.875% 1/15/2029 Reg S (11/09/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.88%. 9. Four Lakes RE LTD (USD) FLT% 1/5/2024 (11/09/2020): 100MM Unsecured Notes, Price at Issuance 100. 10. Four Lakes RE LTD (USD) FLT% 1/5/2024 (11/09/2020): 75MM Unsecured Notes, Price at Issuance 100. |
1. American Public Education Inc.: $195MM credit facilities: $20MM revolver; $175MM TLB
2. Amentum Holdings LLC: $980MM TL (B1/B) 3. Adtalem: $1.4B credit facilities: $400MM revolver; $1B TLB 4. Greystone Select Financial: $400MM TLB (Ba2/B+/BB-) 5. Amentum Holdings LLC: $980MM TL (B1/B) 6. Adtalem: $1.4B credit facilities: $400MM revolver; $1B TLB 7. J.D. Power: $100MM incremental TL 8. Motorcity: $275MM TLB (Ba3/BB) 9. Les Schwab Tire Centers: $1.575MM TLB (B2/B) 10. Greystone Select Financial: $400MM TLB (Ba2/B+/BB-) |
Top Widening Loans | Top Narrowing Loans |
MFG / MRH (GBP) TL2 06/21/2026 ADB Safegate (EUR) TLB E+350 10/02/2024 Sophos PLC (USD) TL L+825 10/14/2027 Nets Hldgs AS (EUR) TL E+700 02/06/2027 Dorna Sports SL (USD) TLB2 L+350 04/12/2024 |
Promotora de Informaciones SA (EUR) TL3 E+400 12/31/2022 Imagina Media Audiovisual SL (EUR) TLB E+450 06/28/2025 Quorum Health Corp. (USD) TL EXIT L+825 04/29/2025 Cambrex Corp. (USD) TL2 L+900 12/04/2027 Samsonite IP Holdings SARL (USD) TLA L+150 04/19/2023 |
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 12 bps (basis points), as of 11/10/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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November 10, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Bank of America Corp. VAR% 10/24/2031 Boeing Co. 3.625% 2/1/2031 Phillips 66 4.875% 11/15/2044 Bank of America Corp. FLT% 10/24/2024 Johnson & Johnson 1.3% 9/1/2030 Boeing Co. 3.25% 2/1/2028 Alphabet Inc. 2.05% 8/15/2050 Verizon Communications Inc. 3.15% 3/22/2030 CVS Health Corp. 4.3% 3/25/2028 Boeing Co. 5.15% 5/1/2030 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Bristol-Myers Squibb Co. (USD) 0.75% 11/13/2025 (11/09/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.838, Yielding .78%.
2. Republic Services Inc. (USD) 0.875% 11/15/2025 (11/09/2020): 350MM Senior Unsecured Notes, Price at Issuance 99.898, Yielding .9%. 3. Caterpillar Financial Services Corp. (USD) 0.8% 11/13/2025 (11/09/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.873, Yielding .83%. 4. Bristol-Myers Squibb Co. (USD) 1.45% 11/13/2030 (11/09/2020): 1250MM Senior Unsecured Notes, Price at Issuance 99.833, Yielding 1.47%. 5. Ameren Illinois Co. (USD) 1.55% 11/15/2030 (11/09/2020): 375MM First Lien Notes, Price at Issuance 99.577, Yielding 1.6%. 6. Consolidated Edison Co of NY Inc (USD) 3% 12/1/2060 (11/09/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.398, Yielding 3.03%. 7. Morgan Stanley (USD) VAR% 11/10/2023 (11/09/2020): 1750MM Senior Unsecured Notes, Price at Issuance 100. 8. Morgan Stanley (USD) VAR% 2/13/2032 (11/09/2020): 2750MM Senior Unsecured Notes, Price at Issuance 100. 9. Vereit Operating Partnership (USD) 2.85% 12/15/2032 (11/09/2020): 700MM Senior Unsecured Notes, Price at Issuance 98.928, Yielding 2.96%. 10. Vereit Operating Partnership (USD) 2.2% 6/15/2028 (11/09/2020): 500MM Senior Unsecured Notes, Price at Issuance 98.881, Yielding 2.36%. |
Top Widening Loans | Top Narrowing Loans |
MFG / MRH (GBP) TL2 06/21/2026 ADB Safegate (EUR) TLB E+350 10/02/2024 Sophos PLC (USD) TL L+825 10/14/2027 Nets Hldgs AS (EUR) TL E+700 02/06/2027 Dorna Sports SL (USD) TLB2 L+350 04/12/2024 |
Promotora de Informaciones SA (EUR) TL3 E+400 12/31/2022 Imagina Media Audiovisual SL (EUR) TLB E+450 06/28/2025 Quorum Health Corp. (USD) TL EXIT L+825 04/29/2025 Cambrex Corp. (USD) TL2 L+900 12/04/2027 Samsonite IP Holdings SARL (USD) TLA L+150 04/19/2023 |
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 12 bps (basis points), as of 11/10/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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