
North American Bond Research – November 20, 2019
Posted on November 20, 2019
HIGH YIELD BOND RESEARCH
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November 20, 2019
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Bond Markets
Key Gainers and Losers |
Volume Leaders |
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Abbvie Inc. 4.25% 11/21/2049 144A Nationwide Financial Services Inc. 3.9% 11/30/2049 144A Vodafone Group PLC FLT% 1/16/2024 |
Industry Returns Tracker |
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New Issues |
Forward Calendar |
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1. MSCI Inc. (USD) 4% 11/15/2029 (11/19/2019): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4%.
2. Banque Fed du Credit Mutuel (USD) 2.375% 11/21/2024 Reg S (11/19/2019): 500MM Senior Preferred Security, Price at Issuance 99.63, Yielding 2.45%. 3. Albemarle Corp. (USD) FLT% 11/15/2022 144A (11/19/2019): 200MM Senior Unsecured Notes, Price at Issuance 100. |
1. LIONSGATE: $3.6 billion bond and bank financing. Expected 3rd Quarter 2016.
2. CALLON PETROLEUM CO.: $350 million senior notes due 2024. Expected 3rd Quarter 2016. 3. FERRO CORP: $200 million offering senior notes due 2016, expected week of July 21, 2008. |
Additional Commentary
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) Weatherford International LTD (5Y Sen USD XR14) Hertz Corp. (5Y Sen USD MR14) |
Ghana, Republic of (5Y Sen USD CR14) Road King Infrastructure LTD (5Y Sen USD CR14) SuperValu Inc. (5Y Sen USD MR14) |
Loans and Credit Market Overview
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 11/20/19
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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November 20, 2019
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Key Gainers and Losers |
Volume Leaders |
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Abbvie Inc. 4.25% 11/21/2049 144A Microsoft Corp. 2.375% 5/1/2023 IBM Corp. 2.85% 5/13/2022 |
Industry Returns Tracker |
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New Issues |
New Issues [Continued] |
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1. MSCI Inc. (USD) 4% 11/15/2029 (11/19/2019): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4%.
2. First National Financial Corp. (CAD) 3.582% 11/25/2024 (11/19/2019): 200MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.58%. 3. Albermarle Corp. (USD) 3.45% 11/15/2029 144A (11/19/2019): 300MM Senior Unsecured Notes, Price at Issuance 99.716, Yielding 3.48%. |
Additional Commentary
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 MR14) |
Ghana, Republic of (5Y Sen USD CR14) Road King Infrastructure LTD (5Y Sen USD CR14) SuperValu Inc. (5Y Sen USD MR14) |
Loans and Credit Market Overview
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 11/20/19
- Net positive capital flows into high-yield ETFs & mutual funds
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