
North American Bond Research – November 20, 2020
Posted on November 20, 2020
HIGH YIELD BOND RESEARCH
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November 20, 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 Vale Overseas LTD 6.25% 8/10/2026 PG&E Corp. 5.25% 7/1/2030 MGM Resorts Intl 6% 3/15/2023 Ball Corp. 2.875% 8/15/2030 Broadcom LTD 3.459% 9/15/2026 L Brands Inc. 6.875% 11/1/2035 Chubb INA Hldgs Inc. 1.375% 9/15/2030 PBF Hldg Co. LLC 7.25% 6/15/2025 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. AES Corp. (USD) 1.375% 1/15/2026 144A (11/19/2020): 800MM Senior Unsecured Notes, Price at Issuance 99.945, Yielding 1.39%.
2. Sinclair Television Group Inc. (USD) 4.125% 12/1/2030 144A (11/19/2020): 750MM Secured Notes, Price at Issuance 100, Yielding 4.13%. 3. Sinclair Television Group Inc. (USD) 4.125% 12/1/2030 Reg S (11/19/2020): 750MM Secured Notes, Price at Issuance 100, Yielding 4.13%. 4. Frontier Communications Corp. (USD) 5% 5/1/2028 Reg S (11/19/2020): 1550MM First Lien Notes, Price at Issuance 100, Yielding 5%. 5. Frontier Communications Corp. (USD) 6.75% 5/1/2029 Reg S (11/19/2020): 1000MM Second Lien Notes, Price at Issuance 100, Yielding 6.75%. 6. AES Corp. (USD) 2.45% 1/15/2031 144A (11/19/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.962, Yielding 2.45%. 7. AES Corp. (USD) 2.45% 1/15/2031 Reg S (11/19/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.962, Yielding 2.45%. 8. AES Corp. (USD) 1.375% 1/15/2026 Reg S (11/19/2020): 800MM Senior Unsecured Notes, Price at Issuance 99.945, Yielding 1.39%. 9. MPT Operating Partnership LP (USD) 3.5% 3/15/2031 (11/19/2020): 1300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.5%. 10. Frontier Communications Corp. (USD) 5% 5/1/2028 144A (11/19/2020): 1550MM First Lien Notes, Price at Issuance 100, Yielding 5%. |
1. Adtalem: $1.4B credit facilities: $400MM revolver; $1B TLB
2. Astoria Energy LLC: $800MM TLB (Ba3) 3. Railworks: $280MM credit facilities: $230MM TLB; $50MM revolver 4. American Public Education Inc.: $195MM credit facilities: $20MM revolver; $175MM TLB 5. Amentum Holdings LLC: $980MM TL (B1/B) 6. Smartbear: $565MM credit facilities: $50MM revolver (B2/B-); $385MM TL (B2/B-); $130MM TL 7. Potters Industries LLC: $465MM credit facilities: $75MM revolver; $390MM TL 8. Railworks: $280MM credit facilities: $230MM TLB; $50MM revolver 9. Smartbear: $565MM credit facilities: $50MM revolver (B2/B-); $385MM TL (B2/B-); $130MM TL 10. Amentum Holdings LLC: $980MM TL (B1/B) |
Top Widening Loans | Top Narrowing Loans |
Jo-Ann Stores Inc. (USD) TL2 L+925 05/02/2024 nThrive Inc. (USD) TLB L+450 10/20/2022 GGP Inc. (USD) TLA2 L+250 08/24/2023 GGP Inc. (USD) TLB L+250 08/24/2025 Neovia Logistics International Holdings (USD) TL L+650 05/08/2024 |
Parques Reunidos (EUR) RC 09/27/2026 Compass IV LTD (EUR) TL E+800 05/09/2026 Buzz Merger Sub LTD (USD) TLB L+275 01/29/2027 CSM Bakery (USD) TL L+1000 02/04/2022 Goodpack LTD (USD) TL L+700 09/09/2024 |
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 16 bps (basis points), as of 11/20/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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November 20, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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JPMorgan Chase & Co. VAR% 11/19/2031 Morgan Stanley VAR% 2/13/2032 Verizon Communications Inc. 3% 11/20/2060 Eastman Chemical Co. 3.6% 8/15/2022 Deutsche Bank AG of New York VAR% 11/24/2026 AT&T Inc. 4.125% 2/17/2026 Charter Communications Operating LLC 3.7% 4/1/2051 Pacific Gas & Electric Co. 4.55% 7/1/2030 Conagra Brands Inc. 4.6% 11/1/2025 AT&T Inc. 3.3% 2/1/2052 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. AES Corp. (USD) 1.375% 1/15/2026 144A (11/19/2020): 800MM Senior Unsecured Notes, Price at Issuance 99.945, Yielding 1.39%.
2. Charter Communications Operating LLC (USD) 2.3% 2/1/2032 (11/19/2020): 1000MM Secured Notes, Price at Issuance 99.786, Yielding 2.32%. 3. Charter Communications Operating LLC (USD) 3.85% 4/1/2061 (11/19/2020): 1350MM Secured Notes, Price at Issuance 99.882, Yielding 3.86%. 4. Goldman Sachs BDC Inc. (USD) 2.875% 1/15/2026 (11/19/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.717, Yielding 2.93%. 5. Massachusetts Electric Co. (USD) 1.729% 11/24/2030 144A (11/19/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.73%. 6. AES Corp. (USD) 2.45% 1/15/2031 144A (11/19/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.962, Yielding 2.45%. 7. Massachusetts Electric Co. (USD) 1.729% 11/24/2030 Reg S (11/19/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.73%. 8. Presidio Hldg Inc. (USD) 4.875% 2/1/2027 (11/19/2020): 125MM First Lien Notes, Price at Issuance 104, Yielding 4.14%. 9. AES Corp. (USD) 2.45% 1/15/2031 Reg S (11/19/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.962, Yielding 2.45%. 10. AES Corp. (USD) 1.375% 1/15/2026 Reg S (11/19/2020): 800MM Senior Unsecured Notes, Price at Issuance 99.945, Yielding 1.39%. |
Top Widening Loans | Top Narrowing Loans |
Jo-Ann Stores Inc. (USD) TL2 L+925 05/02/2024 nThrive Inc. (USD) TLB L+450 10/20/2022 GGP Inc. (USD) TLA2 L+250 08/24/2023 GGP Inc. (USD) TLB L+250 08/24/2025 |
Parques Reunidos (EUR) RC 09/27/2026 Compass IV LTD (EUR) TL E+800 05/09/2026 Buzz Merger Sub LTD (USD) TLB L+275 01/29/2027 CSM Bakery (USD) TL L+1000 02/04/2022 Goodpack LTD (USD) TL L+700 09/09/2024 |
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 16 bps (basis points), as of 11/20/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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