
North American Bond Research – October 19, 2020
Posted on October 19, 2020
HIGH YIELD BOND RESEARCH
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October 19, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Vale Overseas LTD 6.25% 8/10/2026 T-Mobile USA Inc. 3.875% 4/15/2030 144A Pacific Gas & Electric Co. 4.75% 2/15/2044 Pacific Gas & Electric Co. 4.95% 7/1/2050 T-Mobile USA Inc. 3.5% 4/15/2025 144A Ally Financial Inc. 4.625% 5/19/2022 Sprint Capital Corp. 6.875% 11/15/2028 Ford Motor Co. 9.625% 4/22/2030 Broadcom LTD 4.3% 11/15/2032 Diamondback Energy Inc. 3.5% 12/1/2029 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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(None Current 10/19/2020)
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1. Weber-Stephen Products LLC: $1.5B credit facilities: $300MM revolver; $1.2MM TLB
2. Virtusa Corp.: $725MM credit facilities: $125MM revolver; $600MM TL 3. Vander-Bend Manufacturing Inc.: $197.5MM credit facilities: $20MM revolver; $177.5MM TLB 4. Quirch Foods LLC: $675MM credit facilities: $475MM TLB; $200MM revolver 5. E2 Open: $600MM credit facilities: $75MM revolver; $525MM TLB 6. Adtalem: $1.4B credit facilities: $400MM revolver; $1B TLB 7. Covis Group SARL: $485MM credit facilities: $460MM TL; $25MM revolver 8. Cincinnati Bell Inc.: $1.6B credit facilities: $250MM revolver; $1.35B TL 9. Adevinta: $500MM TLB (BB-/BB+) 10. Virtusa Corp.: $725MM credit facilities: $125MM revolver; $600MM TL |
Top Widening Loans | Top Narrowing Loans |
Alliance Healthcare Services Inc. (USD) TL L+450 10/24/2023 CSM Bakery (USD) TL L+1000 02/04/2022 API Technologies Corp. (USD) TL L+425 05/09/2026 Wittur (EUR) TL E+850 09/19/2027 Samsonite IP Holdings SARL (USD) TLA L+150 04/19/2023 |
Rayonier AM Products Inc. (USD) TLA L+375 11/17/2022 CPV Shore LLC (USD) TLB L+375 12/27/2025 Cvent Inc. (USD) TL L+375 11/02/2024 Fortress Merger Sub Inc. (USD) TL L+400 10/21/2023 Mitel Networks Corp. (USD) TL L+450 11/30/2025 |
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 13 bps (basis points), as of 10/19/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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October 19, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Sanofi-Aventis 4% 3/29/2021 Lowe’s Companies Inc. 1.7% 10/15/2030 Bank of America Corp. 4.083% 3/20/2051 Suzano Austria GmbH 3.75% 1/15/2031 Lowe’s Companies Inc. 3% 10/15/2050 SYSCO Corp. 6.6% 4/1/2050 PNC Bank NA 2.625% 2/17/2022 General Motors Co. 5.95% 4/1/2049 General Electric Co. 4.35% 5/1/2050 General Motors Co. 5.4% 4/1/2048 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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(None Current 10/19/2020)
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Top Widening Loans | Top Narrowing Loans |
Alliance Healthcare Services Inc. (USD) TL L+450 10/24/2023 CSM Bakery (USD) TL L+1000 02/04/2022 API Technologies Corp. (USD) TL L+425 05/09/2026 Wittur (EUR) TL E+850 09/19/2027 Samsonite IP Holdings SARL (USD) TLA L+150 04/19/2023 |
Rayonier AM Products Inc. (USD) TLA L+375 11/17/2022 CPV Shore LLC (USD) TLB L+375 12/27/2025 Cvent Inc. (USD) TL L+375 11/02/2024 Fortress Merger Sub Inc. (USD) TL L+400 10/21/2023 Mitel Networks Corp. (USD) TL L+450 11/30/2025 |
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 13 bps (basis points), as of 10/19/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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