
North American Bond Research – November 19, 2019
Posted on November 19, 2019
HIGH YIELD BOND RESEARCH
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November 19, 2019
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Key Gainers and Losers | Volume Leaders | |||||||||||||||
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Intelsat Luxembourg SA 8.125% 6/1/2023 Intelsat Jackson Hldg SA 8.5% 10/15/2024 144A Intelsat Connect Finance 9.5% 2/15/2023 144A Intelsat Jackson Hldg SA 9.75% 7/15/2025 144A |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Univar Inc. (USD) 5.125% 12/1/2027 Reg S (11/18/2019): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.13%.
2. Boyd Gaming Corp. (USD) 4.75% 12/1/2027 144A (11/18/2019): 1000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.75%. 3. Mattel Inc. (USD) 5.875% 12/15/2027 Reg S (11/19/2019): 600MM Senior Unsecured Notes, Price at Issuance 99.203, Yielding 6%. |
1. Qmax Financial Holdings Inc.: $225MM, Expected 4th Quarter 2019
2. DDM Holding AG: ¬100MM, Expected Q4 2019 3. Alpha Auto Group: $225MM notes, Expected 4th Quarter 2019 |
Wolverine Ecrow The most recent data showed a money flowed out of ETF/mutual funds for the week ended 11/15/2019, with a net outflow of $240 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 MR14) Hovnanian Enterprises Inc. (5Y Sen USD XR14) |
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 35 bp (basis points), as of 11/19/19
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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November 19, 2019
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||
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Abbvie Inc. 4.25% 11/21/2049 144A Abbvie Inc. 2.6% 11/21/2024 144A AT&T Inc. 4.55% 3/9/2049 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Laboratory Corp. of America Holdings (USD) 2.95% 12/1/2029 (11/18/2019): 650MM Senior Unsecured Notes, Price at Issuance 99.741, Yielding 2.98%.
2. American Honda Finance Corp. (USD) 1.95% 5/20/2022 (11/18/2019): 600MM Senior Unsecured Notes, Price at Issuance 99.966, Yielding 1.96%. 3. Arizona Public Service (USD) 3.5% 12/1/2049 (11/18/2019): 300MM Senior Unsecured Notes, Price at Issuance 99.944, Yielding 3.5%. |
Nationwide Financial Service. The most recent data showed a money flowed out of ETF/mutual funds for the week ended 11/15/2019, with a net outflow of $240 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 MR14) Hertz Corp. (5Y Sen USD CR14) |
Ghana, Republic of (5Y Sen USD CR14) Road King Infrastructure LTD (5Y Sen USD MR14) SuperValu Inc. (5Y Sen USD MR14) |
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 35 bp (basis points), as of 11/19/19
- Net positive capital flows into high-yield ETFs & mutual funds
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