
North American Bond Research – November 6, 2020
Posted on November 6, 2020
HIGH YIELD BOND RESEARCH
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November 6, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Teva Pharmaceutical Industries LTD 3.15% 10/1/2026 Occidental Petroleum Corp. 2.9% 8/15/2024 Continental Resources Inc. 4.375% 1/15/2028 Ball Corp. 2.875% 8/15/2030 Pacific Gas & Electric Co. 3.45% 7/1/2025 Dish DBS Corp. 5.875% 11/15/2024 Chubb INA Hldgs Inc. 1.375% 9/15/2030 Micron Technology Inc. 4.975% 2/6/2026 Oasis Petroleum Inc. 6.875% 3/15/2022 (1) Apache Corp. 4.375% 10/15/2028 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Antero Midstream Partners LP (USD) 7.875% 5/15/2026 144A (11/05/2020): 550MM Senior Unsecured Notes, Price at Issuance 100, Yielding 7.88%.
2. Antero Midstream Partners LP (USD) 7.875% 5/15/2026 Reg S (11/05/2020): 550MM Senior Unsecured Notes, Price at Issuance 100, Yielding 7.88%. |
1. American Public Education Inc.: $195MM credit facilities: $20MM revolver; $175MM TLB
2. Amentum Holdings LLC: $980MM TL (B1/B) 3. Adtalem: $1.4B credit facilities: $400MM revolver; $1B TLB 4. Greystone Select Financial: $400MM TLB (Ba2/B+/BB-) 5. Amentum Holdings LLC: $980MM TL (B1/B) 6. Adtalem: $1.4B credit facilities: $400MM revolver; $1B TLB 7. J.D. Power: $100MM incremental TL 8. Motorcity: $275MM TLB (Ba3/BB) 9. Les Schwab Tire Centers: $1.575MM TLB (B2/B) 10. Greystone Select Financial: $400MM TLB (Ba2/B+/BB-) |
Top Widening Loans | Top Narrowing Loans |
CPV Shore LLC (USD) TLB L+375 12/27/2025 Penn Virginia Holding Corp. (USD) RC L+325 05/07/2024 Casper Bidco (EUR) TL E+850 07/30/2027 Endo Luxembourg Finance I Co. Sarl (USD) TLB L+425 04/27/2024 Promotora de Informaciones SA (EUR) TL3 E+400 12/31/2022 |
Playa Resorts Holding BV (USD) TLB L+325 04/27/2024 Quorum Health Corp. (USD) TL EXIT L+825 04/29/2025 Tutor Perini Corp. (USD) TLB L+475 08/14/2027 Bay Club Co. (USD) TL2 L+775 09/05/2026 Bay Club Co. (USD) TL L+375 09/05/2025 |
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 11/06/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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November 6, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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GE Capital Intl. Funding Co. 4.418% 11/15/2035 Bristol-Myers Squibb Co. 4.25% 10/26/2049 NextEra Energy Capital Holding Inc. 3.2% 2/25/2022 AT&T Inc. 1.65% 2/1/2028 Intel Corp. 4.75% 3/25/2050 MPLX LP 2.65% 8/15/2030 Lowe’s Companies Inc. 3% 10/15/2050 HCA Inc. 5.25% 6/15/2049 Boeing Co. 5.805% 5/1/2050 American Intl Group Inc. 4.75% 4/1/2048 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Waste Management Inc. (USD) 0.75% 11/15/2025 (11/05/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.829, Yielding .78%.
2. Waste Management Inc. (USD) 1.15% 3/15/2028 (11/05/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.937, Yielding 1.16%. 3. Waste Management Inc. (USD) 2.5% 11/15/2050 (11/05/2020): 500MM Senior Unsecured Notes, Price at Issuance 98.998, Yielding 2.55%. 4. Waste Management Inc. (USD) 1.5% 3/15/2031 (11/05/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.763, Yielding 1.52%. 5. Hyundai Capital America (USD) 1.15% 11/10/2022 (11/06/2020): 500MM Senior Unsecured Notes. |
Top Widening Loans | Top Narrowing Loans |
CPV Shore LLC (USD) TLB L+375 12/27/2025 Penn Virginia Holding Corp. (USD) RC L+325 05/07/2024 Casper Bidco (EUR) TL E+850 07/30/2027 Endo Luxembourg Finance I Co. Sarl (USD) TLB L+425 04/27/2024 Promotora de Informaciones SA (EUR) TL3 E+400 12/31/2022 |
Playa Resorts Holding BV (USD) TLB L+325 04/27/2024 Quorum Health Corp. (USD) TL EXIT L+825 04/29/2025 Tutor Perini Corp. (USD) TLB L+475 08/14/2027 Bay Club Co. (USD) TL2 L+775 09/05/2026 Bay Club Co. (USD) TL L+375 09/05/2025 |
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 11/06/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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