
North American Bond Research – November 12, 2019
Posted on November 12, 2019
INVESTMENT GRADE BOND RESEARCH
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November 12, 2019
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Key Gainers and Losers | Volume Leaders | ||||||||||||
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Abbvie Inc. 4.875% 11/14/2048 BNP Paribas VAR% 1/10/2030 144A |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Abbvie Inc. (USD) 2.6% 11/21/2024 Reg S (11/12/2019): 3750MM Senior Unsecured Notes, Price at Issuance 99.911, Yielding 2.62%.
2. BNP Paribas (USD) 2.819% 11/19/2025 144A (11/12/2019): 2000MM Senior Non Preferred Notes, Price at Issuance 100, Yielding 2.82%. |
Xcel Energy Inc.The most recent data showed a money flowed out of ETF/mutual funds for the week ended 11/01/2019, with a net inflow of $940 Million.
Top Widening Credit Default Swaps (CDS) | Top Narrowing Credit Default Swaps (CDS) |
Rite Aid Corp. (5Y Sen USD MR14) Hertz Corp. (5Y Sen USD XR14) |
Ghana, Republic of (5Y Sen USD CR14) Cable & Wireless Communication (5Y Sen USD CR14) |
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 11/12/19
- Net positive capital flows into high-yield ETFs & mutual funds
Copyright 2019 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.
HIGH YIELD BOND RESEARCH
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November 12, 2019
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Key Gainers and Losers | Volume Leaders | ||||||||||||
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Dean Foods Co. 6.5% 3/15/2023 144A Teva Pharmaceutical Industries LTD 2.8% 7/21/2023 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Sealed Air Corp. (USD) 4% 12/1/2027 144A (11/12/2019): 425MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4%.
2. Goeasy LTD (USD) 5.375% 12/1/2024 Reg S (11/12/2019): 550MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.38%. |
1. Qmax Financial Holdings Inc.: $225MM, Expected 4th Quarter 2019
2. DDM Holding AG: ¬100MM, Expected Q4 2019 |
MSCI Inc. The most recent data showed a money flowed out of ETF/mutual funds for the week ended 11/01/2019, with a net inflow of $940 Million.
Top Widening Credit Default Swaps (CDS) | Top Narrowing Credit Default Swaps (CDS) |
Rite Aid Corp. (5Y Sen USD MR14) Hertz Corp. (5Y Sen USD CR14) Hovnanian Enterprises Inc. (5Y Sen USD MR14) |
Ghana, Republic of (5Y Sen USD CR14) Export Credit Bank of Turkey (5Y Sen USD CR14) SuperValu Inc. (5Y Sen USD XR14) |
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 11/12/19
- Net positive capital flows into high-yield ETFs & mutual funds
Copyright 2019 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.
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