
North American Bond Research – November 8, 2019
Posted on November 8, 2019
HIGH YIELD BOND RESEARCH
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November 8, 2019
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||
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Albertsons Companies Inc. 4.625% 1/15/2027 144A Party City Hldgs Inc. 6.625% 8/1/2026 144A Steel Dynamics 5.125% 10/1/2021 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Albertsons Companies Inc. (USD) 4.625% 1/15/2027 Reg S (11/07/2019): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.63%.
2. CIT Group Inc. (USD) VAR% 11/13/2029 (11/07/2019): 100MM Subordinated Notes, Price at Issuance 100. |
1. Qmax Financial Holdings Inc.: $225MM, Expected 4th Quarter 2019
2. Presidio Inc.: $1.775B high yield bonds, 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) |
Rite Aid Corp. (5Y Sen USD MR14) Hertz Corp. (5Y Sen USD CR14) Controladora Mabe SA de CV (5Y Sen USD CR14) |
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 36 bp (basis points), as of 11/07/19
- Net positive capital flows into high-yield ETFs & mutual funds
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INVESTMENT GRADE BOND RESEARCH
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November 8, 2019
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Key Gainers and Losers | Volume Leaders | ||||||||||||
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CVS Health Corp. 5.05% 3/25/2048 Dowdupont Inc. 5.419% 11/15/2048 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Patterson-Uti Energy Inc. (USD) 5.15% 11/15/2029 (11/07/2019): 99MM Senior Unsecured Notes, Price at Issuance 99.784, Yielding 5.18%.
2. Cards II TR (CAD) 2.427% 11/15/2024 (11/08/2019): 750MM Secured Notes, Price at Issuance 100, Yielding 2.43%. |
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) |
Rite Aid Corp. (5Y Sen USD MR14) Weatherford International LTD (5Y Sen USD XR14) Hovnanian Enterprises Inc. (5Y Sen USD MR14) |
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 36 bp (basis points), as of 11/07/19
- Net positive capital flows into high-yield ETFs & mutual funds
Copyright 2019 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
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