
North American Bond Research – November 17, 2020
Posted on November 17, 2020
HIGH YIELD BOND RESEARCH
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November 17, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Pacific Gas & Electric Co. 4.55% 7/1/2030 Pacific Gas & Electric Co. 4.95% 7/1/2050 Federated Retail Hldg 6.375% 3/15/2037 Macy’s Retail Hldg Inc. 5.125% 1/15/2042 Nabors Industries Inc. 5.75% 2/1/2025 Crown Americas LLC 4.75% 2/1/2026 T-Mobile USA Inc. 6% 3/1/2023 Hilton Domestic Operating Co. 4.875% 1/15/2030 Ford Motor Credit Co. 3.81% 1/9/2024 General Motors Co. 4% 4/1/2025 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Hilton Domestic Operating Co. (USD) 4% 5/1/2031 Reg S (11/16/2020): 1100MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4%.
2. Hilton Domestic Operating Co. (USD) 3.75% 5/1/2029 Reg S (11/16/2020): 800MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.75%. 3. Rackspace Technology Global Inc. (USD) 5.375% 12/1/2028 Reg S (11/16/2020): 550MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.38%. 4. Meritor Inc. (USD) 4.5% 12/15/2028 144A (11/16/2020): 275MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.5%. 5. GFL Environmental Inc. (USD) 4% 8/1/2028 144A (11/16/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.171, Yielding 4.13%. 6. Hilton Domestic Operating Co. (USD) 4% 5/1/2031 144A (11/16/2020): 1100MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4%. 7. Hilton Domestic Operating Co. (USD) 3.75% 5/1/2029 144A (11/16/2020): 800MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.75%. 8. Rackspace Technology Global Inc. (USD) 5.375% 12/1/2028 144A (11/16/2020): 550MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.38%. 9. Meritor Inc. (USD) 4.5% 12/15/2028 Reg S (11/16/2020): 275MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.5%. 10. GFL Environmental Inc. (USD) 4% 8/1/2028 Reg S (11/16/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.171, Yielding 4.13%. |
1. Amentum Holdings LLC: $980MM TL (B1/B)
2. Adtalem: $1.4B credit facilities: $400MM revolver; $1B TLB 3. Covis Group SARL: $485MM bank debt: $460MM secured TL; $25MM revolver 4. Mattress Firm: $550MM (B1/B+) 5. Symplr Software Inc.: $930MM TLs: $680MM TL, $250MM TL 6. American Public Education Inc.: $195MM credit facilities: $20MM revolver; $175MM TLB 7. Smyrna Rady: $515MM senior secured notes (B1/) 8. Tervita: $500MM senior secured notes (B3/CCC+) 9. Tenneco: $500MM senior secured notes (Ba3/B) 10. Aston Martin: $840MM senior secured notes (Caa2/CCC) |
Top Widening Loans | Top Narrowing Loans |
Halcon Resources Corp. (USD) RC L+375 05/27/2021 Hurtigruten Group AS (EUR) TLC E+800 06/16/2023 Melissa & Doug LLC (USD) TL L+350 06/19/2024 Tritech Software Systems (USD) TL L+375 08/29/2025 ASP Chromaflo Intermediate Holdings Inc. (USD) TL L+800 11/18/2024 |
Concordia International (EUR) TL E+525 09/06/2024 Imagina Media Audiovisual SL (EUR) TLB E+450 06/28/2025 Imagina Media Audiovisual SL (EUR) TLB2 L+450 06/22/2025 Imagina Media Audiovisual SL (USD) TLA2 E+400 06/22/2025 Worldwide Express (USD) TL L+400 02/03/2024 |
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 11/17/2020
- Net negative capital flows into high-yield ETFs & mutual funds
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