
North American Bond Research – November 14, 2019
Posted on November 14, 2019
HIGH YIELD BOND RESEARCH
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November 14, 2019
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||
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Intelsat Luxembourg SA 8.125% 6/1/2023 Fibria Overseas Finance LTD 5.5% 1/17/2027 Antero Resources Corp. 5.625% 6/1/2023 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Wolverine Escrow LLC (USD) 9% 11/15/2026 144A (11/13/2019): 900MM Secured Notes, Price at Issuance 9, Yielding 103.04%.
2. Outfront Media Capital LLC (USD) 4.625% 3/15/2030 Reg S (11/13/2019): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.63%. 3. Cascades Inc. (USD) 5.125% 1/15/2026 144A (11/13/2019): 350MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.13%. |
1. Qmax Financial Holdings Inc.: $225MM, Expected 4th Quarter 2019
2. Presidio Inc.: $1.775B high yield bonds, Expected 4th Quarter 2019 |
Wolverine Ecrow 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 XR14) |
Ghana, Republic of (5Y Sen USD CR14) Road King Infrastructure LTD (5Y Sen USD MR14) San Miguel Corp. (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 34 bp (basis points), as of 11/14/19
- Net positive capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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November 14, 2019
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||
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Abbvie Inc. 4.25% 11/21/2049 144A FirstEnergy Corp. 3.9% 7/15/2027 Amazon.com Inc. 4.05% 8/22/2047 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. BNP Paribas (USD) 2.819% 11/19/2025 Reg S (11/13/2019): 2000MM Senior Non Preferred Notes, Price at Issuance 100, Yielding 2.82%.
2. L3Harris Tech Inc. (USD) 2.9% 12/15/2029 (11/13/2019): 400MM Senior Unsecured Notes, Price at Issuance 99.731, Yielding 2.93%. 3. FS KKR Capital Corp. (USD) 4.125% 2/1/2025 (11/13/2019): 425MM Senior Unsecured Notes, Price at Issuance 99.153, Yielding 4.31%. |
Nationwide Financial ServiceThe 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) Weatherford International LTD (5Y Sen USD XR14) Hertz Corp. (5Y Sen USD XR14) |
Ghana, Republic of (5Y Sen USD CR14) Export Credit Bank of Turkey (5Y Sen USD CR14) San Miguel Corp. (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 34 bp (basis points), as of 11/14/19
- Net positive capital flows into high-yield ETFs & mutual funds
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