
North American Bond Research – November 12, 2020
Posted on November 12, 2020
HIGH YIELD BOND RESEARCH
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November 12, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Revlon Consumer Products Corp. 5.75% 2/15/2021 Pacific Gas & Electric Co. 4.95% 7/1/2050 Vale Overseas LTD 6.25% 8/10/2026 T-Mobile USA Inc. 3.5% 4/15/2025 144A Revlon Consumer Products Corp. 6.25% 8/1/2024 Micron Technology Inc. 4.663% 2/15/2030 Vale Overseas LTD 3.75% 7/8/2030 Continental Resources Inc. 4.375% 1/15/2028 Chemours Co. LLC 7% 5/15/2025 Petrobras Global Finance BV 6.85% 6/5/2115 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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(None Current 11/12/2020)
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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. Covis Group SARL: $485MM bank debt: $460MM secured TL; $25MM revolver 5. Amentum Holdings LLC: $980MM TL (B1/B) 6. American Public Education Inc.: $195MM credit facilities: $20MM revolver; $175MM TLB 7. Adtalem: $1.4B credit facilities: $400MM revolver; $1B TLB 8. Les Schwab Tire Centers: $1.575MM TLB (B2/B) 9. J.D. Power: $100MM incremental TL 10. Greystone Select Financial: $400MM TLB (Ba2/B+/BB-) |
Top Widening Loans | Top Narrowing Loans |
Jo-Ann Stores Inc. (USD) TL2 L+925 05/02/2024 Compass IV LTD (EUR) TL E+800 05/09/2026 Equinox Holdings Inc. (USD) TLB L+300 03/08/2024 MFG / MRH (GBP) TL2 06/21/2026 PortAventura World (EUR) TLB E+350 06/14/2024 |
Wesco Aircraft Hardware Corp. (USD) TLA L+300 10/04/2021 Fortress Merger Sub Inc. (USD) TL L+400 10/21/2023 Sundyne US Purchaser (USD) TLB L+425 03/17/2027 GGP Inc. (USD) TLB L+250 08/24/2025 GGP Inc. (USD) TLA2 L+250 08/24/2023 |
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 14 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 12, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Verizon Communications Inc. 2.65% 11/20/2040 Verizon Communications Inc. 2.875% 11/20/2050 Verizon Communications Inc. 1.75% 1/20/2031 Bristol-Myers Squibb Co. 2.35% 11/13/2040 Morgan Stanley VAR% 2/13/2032 Verizon Communications Inc. 3% 11/20/2060 Bristol-Myers Squibb Co. 2.55% 11/13/2050 CVS Health Corp. 5.05% 3/25/2048 Anheuser-Busch Inbev Worldwide Inc. 4.5% 6/1/2050 Bristol-Myers Squibb Co. 1.45% 11/13/2030 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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(None Current 11/12/2020)
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Top Widening Loans | Top Narrowing Loans |
Jo-Ann Stores Inc. (USD) TL2 L+925 05/02/2024 Compass IV LTD (EUR) TL E+800 05/09/2026 Equinox Holdings Inc. (USD) TLB L+300 03/08/2024 MFG / MRH (GBP) TL2 06/21/2026 PortAventura World (EUR) TLB E+350 06/14/2024 |
Wesco Aircraft Hardware Corp. (USD) TLA L+300 10/04/2021 Fortress Merger Sub Inc. (USD) TL L+400 10/21/2023 Sundyne US Purchaser (USD) TLB L+425 03/17/2027 GGP Inc. (USD) TLB L+250 08/24/2025 GGP Inc. (USD) TLA2 L+250 08/24/2023 |
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 14 bps (basis points), as of 11/12/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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