
North American Bond Research – November 5, 2019
Posted on November 5, 2019
HIGH YIELD BOND RESEARCH
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November 5, 2019
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Key Gainers and Losers | Volume Leaders | ||||||||||||
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Pacific Gas & Electric Co. 3.95% 12/1/2047 Chemours Co. LLC 7% 5/15/2025 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Silgan Holdings Inc. (USD) 4.125% 2/1/2028 Reg S (11/04/2019): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.13%.
2. CHS/Community Health Systems Inc. (USD) 8% 3/15/2026 (11/04/2019): 500MM First Lien Notes, Price at Issuance 100, Yielding 8%. |
1. DDM Holding AG: ¬100MM, Expected Q4 2019
2. Presidio Inc.: $1.775B high yield bonds, Expected 4th Quarter 2019 3. Alpha Auto Group: $225MM notes, Expected 4th Quarter 2019 |
MSCI Inc. 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) |
Hertz Corp. (5Y Sen USD XR14) Hovnanian Enterprises Inc. (5Y Sen USD MR14) |
Cable & Wireless Communication (5Y Sen USD CR14) 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 38 bp (basis points), as of 11/05/19
- Net positive capital flows into high-yield ETFs & mutual funds
Copyright 2019 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
INVESTMENT GRADE BOND RESEARCH
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November 5, 2019
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Key Gainers and Losers | Volume Leaders | ||||||||||||
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Southern Copper Corp. 5.875% 4/23/2045 BB&T Corp. 3.05% 6/20/2022 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Nordstrom Inc. (USD) 4.375% 4/1/2030 (11/04/2019): 500MM Senior Unsecured Notes, Price at Issuance 99.888, Yielding 4.39%.
2. Commonwealth Edison (ComEd) (USD) 3.2% 11/15/2049 (11/04/2019): 300MM Secured Notes, Price at Issuance 99.217, Yielding 3.24%. |
Xcel Energy Inc.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) |
Hertz Corp. (5Y Sen USD XR14) Hovnanian Enterprises Inc. (5Y Sen USD MR14) |
Cable & Wireless Communication (5Y Sen USD CR14) 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 38 bp (basis points), as of 11/05/19
- Net positive capital flows into high-yield ETFs & mutual funds
Copyright 2019 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.
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