
North American Bond Research – November 13, 2020
Posted on November 13, 2020
HIGH YIELD BOND RESEARCH
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November 13, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Intl Lease Finance Corp. 8.25% 12/15/2020 Micron Technology Inc. 4.185% 2/15/2027 Teva Pharmaceutical Industries LTD 2.8% 7/21/2023 HCA Inc. 4.75% 5/1/2023 Sprint Nextel Corp. 7.875% 9/15/2023 L Brands Inc. 6.875% 11/1/2035 TransDigm Inc. 6.375% 6/15/2026 Centene Corp. 3.375% 2/15/2030 Revlon Consumer Products Corp. 5.75% 2/15/2021 Petrobras Global Finance BV 6.85% 6/5/2115 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Interface Inc. (USD) 5.5% 12/1/2028 144A (11/12/2020): 300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.5%.
2. Sizzling Platter LLC (USD) 8.5% 11/28/2025 144A (11/12/2020): 350MM Secured Notes, Price at Issuance 100, Yielding 8.5%. 3. Chemours Co. LLC (USD) 5.75% 11/15/2028 144A (11/12/2020): 800MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.75%. 4. Interface Inc. (USD) 5.5% 12/1/2028 Reg S (11/12/2020): 300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.5%. 5. Chemours Co. LLC (USD) 5.75% 11/15/2028 Reg S (11/12/2020): 800MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.75%. 6. Sizzling Platter LLC (USD) 8.5% 11/28/2025 Reg S (11/12/2020): 350MM Secured Notes, Price at Issuance 100, Yielding 8.5%. |
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 |
Heidelberger Druckmaschinen AG (EUR) RC 03/27/2023 Compass IV LTD (EUR) TL E+800 05/09/2026 Jo-Ann Stores Inc. (USD) TL2 L+925 05/02/2024 Halcon Resources Corp. (USD) RC L+375 05/27/2021 Imagina Media Audiovisual SL (EUR) TLB E+450 06/28/2025 |
IMG Worldwide Inc. (USD) TLB2 12/31/2049 Aimbridge Hospitality LLC (USD) TLB L+375 02/01/2026 StandardAero (USD) TL L+350 04/08/2026 EG Group (EUR) TL E+775 03/23/2026 SnapAV (USD) TL L+475 08/04/2024 |
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 14 bps (basis points), as of 11/13/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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November 13, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Verizon Communications Inc. 3% 11/20/2060 Verizon Communications Inc. 2.875% 11/20/2050 Verizon Communications Inc. 2.65% 11/20/2040 Waste Management Inc. 2.5% 11/15/2050 Bristol-Myers Squibb Co. 2.55% 11/13/2050 Bristol-Myers Squibb Co. 1.45% 11/13/2030 Alphabet Inc. 1.1% 8/15/2030 Bristol-Myers Squibb Co. 1.125% 11/13/2027 Morgan Stanley VAR% 2/13/2032 Bristol-Myers Squibb Co. 2.35% 11/13/2040 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. JPMorgan Chase & Co. (USD) VAR% 11/19/2026 (11/12/2020): 2750MM Senior Unsecured Notes, Price at Issuance 100.
2. Pacific Gas & Electric Co. (USD) FLT% 11/15/2021 (11/12/2020): 1450MM First Lien Notes, Price at Issuance 100. 3. Procter & Gamble Co. (USD) FLT% 11/16/2070 (11/12/2020): 197MM Senior Unsecured Notes, Price at Issuance 100. 4. Principal Life Global Fund II (USD) 1.625% 11/19/2030 144A (11/12/2020): 300MM Secured Notes, Price at Issuance 99.972, Yielding 1.63%. 5. Equitable Financial Life (USD) 1.75% 11/15/2030 144A (11/12/2020): 300MM Secured Notes, Price at Issuance 99.745, Yielding 1.78%. 6. Equitable Financial Life (USD) 0.5% 11/17/2023 144A (11/12/2020): 500MM Secured Notes, Price at Issuance 99.86, Yielding .55%. 7. JPMorgan Chase & Co. (USD) VAR% 11/19/2031 (11/12/2020): 1400MM Senior Unsecured Notes, Price at Issuance 100. 8. JPMorgan Chase & Co. (USD) VAR% 11/19/2041 (11/12/2020): 1600MM Senior Unsecured Notes. 9. Saputo Inc. (CAD) 1.415% 6/19/2026 (11/12/2020): 350MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.42%. 10. Canadian Natural Resources LTD (CAD) 1.45% 11/16/2023 (11/12/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.886, Yielding 1.49%. |
Top Widening Loans | Top Narrowing Loans |
Heidelberger Druckmaschinen AG (EUR) RC 03/27/2023 Compass IV LTD (EUR) TL E+800 05/09/2026 Jo-Ann Stores Inc. (USD) TL2 L+925 05/02/2024 Halcon Resources Corp. (USD) RC L+375 05/27/2021 Imagina Media Audiovisual SL (EUR) TLB E+450 06/28/2025 |
IMG Worldwide Inc. (USD) TLB2 12/31/2049 Aimbridge Hospitality LLC (USD) TLB L+375 02/01/2026 StandardAero (USD) TL L+350 04/08/2026 EG Group (EUR) TL E+775 03/23/2026 SnapAV (USD) TL L+475 08/04/2024 |
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 14 bps (basis points), as of 11/13/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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