
North American Bond Research – October 2, 2020
Posted on October 2, 2020
HIGH YIELD BOND RESEARCH
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October 2, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Pacific Gas & Electric Co. 4.95% 7/1/2050 Broadcom LTD 4.3% 11/15/2032 T-Mobile USA Inc. 3.75% 4/15/2027 144A Vale Overseas LTD 3.75% 7/8/2030 T-Mobile USA Inc. 3.875% 4/15/2030 144A Communications Sales & Leasing Inc. 8.25% 10/15/2023 BED Bath & Beyond Inc. 5.165% 8/1/2044 Newfield Exploration Co. 5.375% 1/1/2026 Frontier Communications Corp. 6.86% 2/1/2028 Petrobras Global Finance BV 8.75% 5/23/2026 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Cedar Fair LP (USD) 6.5% 10/1/2028 144A (10/01/2020): 300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.5%.
2. Cedar Fair LP (USD) 6.5% 10/1/2028 Reg S (10/01/2020): 300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.5%. 3. Frontier Communications Corp. (USD) 5.875% 10/15/2027 Reg S (10/01/2020): 1150MM First Lien Notes, Price at Issuance 100, Yielding 5.88%. 4. Central Garden & Pet Co. (USD) 4.125% 10/15/2030 (10/01/2020): 500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.13%. 5. Frontier Communications Corp. (USD) 5.875% 10/15/2027 144A (10/01/2020): 1150MM First Lien Notes, Price at Issuance 100, Yielding 5.88%. |
1. Vander-Bend Manufacturing Inc.: $197.5MM credit facilities: $20MM revolver; $177.5MM TLB
2. Quirch Foods LLC: $675MM credit facilities: $475MM TLB; $200MM revolver 3. Pae Holding Corp.: $890MM TLB (B2/B) 4. Global Medical Response: $1.5B TL (B1/B) 5. Array Residential Services: $575MM TLB (B1/B+) 6. American Residential Services: $470MM TLB (B1/B) 7. Wheelabrator Technologies Inc.: $1.3965B TLB 8. Vander-Bend Manufacturing Inc.: $197.5MM credit facilities: $20MM revolver; $177.5MM TLB 9. Pae Holding Corp.: $890MM TLB (B2/B) 10. Global Medical Response: $1.5B TL (B1/B) |
Top Widening Loans | Top Narrowing Loans |
NCL Corp. LTD (USD) TLA L+150 01/02/2024 BBB Industries LLC (USD) TL2 L+825 08/01/2026 Tritech Software Systems (USD) TL2 L+750 08/31/2026 Mattress Firm (USD) TL EXIT 11/21/2022 Royal Caribbean Cruises LTD (USD) RC L+130 04/05/2024 |
JC Penney Co. Inc. (USD) DD L+1175 11/15/2020 Grosvenor Capital Mgmt Hldg LLP (USD) TLB L+275 03/29/2025 TCW Group (USD) TLB L+175 12/27/2024 EG Group (USD) TLB L+400 02/06/2025 Tacala LLC (USD) TLB L+350 02/05/2027 |
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 15 bps (basis points), as of 10/02/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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October 2, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Boeing Co. 5.805% 5/1/2050 Mondelez Intl Inc. 2.625% 9/4/2050 Suzano Austria GmbH 3.75% 1/15/2031 Caterpillar Financial Services Corp. 2.65% 5/17/2021 Pacific Gas & Electric Co. 4.95% 7/1/2050 Host Hotels & Resorts LP 3.375% 12/15/2029 Broadcom LTD 4.3% 11/15/2032 Citizens Bank NA 2.25% 10/30/2020 Hasbro Inc. 3.55% 11/19/2026 Goldman Sachs Group Inc. VAR% 4/23/2029 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Union Electric Co. (USD) 2.625% 3/15/2051 (10/01/2020): 550MM First Lien Notes, Price at Issuance 99.522, Yielding 2.65%.
2. New England Power Co. (USD) 2.807% 10/6/2050 144A (10/01/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.81%. 3. First Mid Bancshares Inc. (USD) VAR% 10/15/2030 (10/01/2020): 96MM Subordinated Notes, Price at Issuance 100. 4. New England Power Co. (USD) 2.807% 10/6/2050 Reg S (10/01/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.81%. 5. Stantec Inc. (CAD) 2.048% 10/8/2027 (10/01/2020): 300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.05%. 6. Peacehealth Obligated Group (USD) 3.218% 11/15/2050 (10/01/2020): 403MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.22%. 7. Signature Bank New York (USD) VAR% 10/15/2030 (10/01/2020): 375MM Subordinated Notes, Price at Issuance 100. 8. Peacehealth Obligated Group (USD) 1.375% 11/15/2025 (10/01/2020): 338MM Senior Unsecured Notes, Price at Issuance 100, Yielding 1.38%. |
Top Widening Loans | Top Narrowing Loans |
NCL Corp. LTD (USD) TLA L+150 01/02/2024 BBB Industries LLC (USD) TL2 L+825 08/01/2026 Tritech Software Systems (USD) TL2 L+750 08/31/2026 Mattress Firm (USD) TL EXIT 11/21/2022 Royal Caribbean Cruises LTD (USD) RC L+130 04/05/2024 |
JC Penney Co. Inc. (USD) DD L+1175 11/15/2020 Grosvenor Capital Mgmt Hldg LLP (USD) TLB L+275 03/29/2025 TCW Group (USD) TLB L+175 12/27/2024 EG Group (USD) TLB L+400 02/06/2025 Tacala LLC (USD) TLB L+350 02/05/2027 |
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 15 bps (basis points), as of 10/02/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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