
North American Bond Research – October 28, 2020
Posted on October 28, 2020
HIGH YIELD BOND RESEARCH
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October 28, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Pacific Gas & Electric Co. 4.95% 7/1/2050 Cenovus Energy Inc. 5.375% 7/15/2025 CNH Industrial Capital LLC 3.875% 10/15/2021 Petrobras Global Finance BV 7.375% 1/17/2027 Cheniere Corpus Christi Hldgs LLC 5.125% 6/30/2027 Crown Castle Intl Corp. 5.25% 1/15/2023 HCA Inc. 3.5% 9/1/2030 Diamondback Energy Inc. 3.5% 12/1/2029 Community Health Systems Inc. 6.25% 3/31/2023 BED Bath & Beyond Inc. 5.165% 8/1/2044 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Cars.Com Inc. (USD) 6.375% 11/1/2028 144A (10/27/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.38%.
2. Cars.Com Inc. (USD) 6.375% 11/1/2028 Reg S (10/27/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6.38%. 3. MPH Acquisition Holdings LLC (USD) 5.75% 11/1/2028 Reg S (10/27/2020): 1300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.75%. 4. MPH Acquisition Holdings LLC (USD) 5.75% 11/1/2028 144A (10/27/2020): 1300MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.75%. |
1. Les Schwab Tire Centers: $1.575MM TLB (B2/B)
2. Highline Aftermarket Acquisition LLC: $735MM TL (B2/B) 3. Imperva: $147MM TL 4. J.D. Power: $100MM incremental TL 5. E2 Open: $600MM credit facilities: $75MM revolver; $525MM TLB 6. CNT Holdings I Corp.: $1.405B credit facilities: $110MM revolver (B2/B); $980MM TLB (B2/B); $315MM TL (Caa2/CCC+) 7. Amentum: $980MM TL (B1/B) 8. Academy Ltd.: $400MM TL (B2/B) 9. Trugreen LP: $1.425MM TLs: $1.15B TL (B1/B); $275MM (Caa1/CCC+) 10. Highland Holdings: $500MM senior secured PIK (/BB+) |
Top Widening Loans | Top Narrowing Loans |
Mattress Firm (USD) TL EXIT 11/21/2022 OVH Groupe (EUR) TLB E+325 11/29/2026 Rover (USD) TLB2 L+350 11/01/2024 Averys SA (EUR) TLB E+825 09/25/2026 Archroma Global Services (USD) TLB2 L+425 07/11/2024 |
Tacala LLC (USD) TLB L+350 02/05/2027 BioClinica Inc. (USD) TL L+825 10/06/2024 Dubois Chemicals Inc. (USD) TL L+450 09/30/2026 Sandvine Corp. (USD) TL 10/15/2026 Dental Corp. (USD) TL L+375 06/06/2025 |
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 10/28/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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October 28, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Boeing Co. 5.805% 5/1/2050 General Electric Co. 4.35% 5/1/2050 GE Capital Intl. Funding Co. 4.418% 11/15/2035 Boeing Co. 5.15% 5/1/2030 Vodafone Group PLC 4.25% 9/17/2050 Walt Disney Co. 2.65% 1/13/2031 Energy Transfer Operating, LP 5% 5/15/2050 Boeing Co. 4.875% 5/1/2025 Deutsche Bank AG VAR% 9/18/2024 Boeing Co. 4.508% 5/1/2023 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Acuity Brands Inc. (USD) 2.15% 12/15/2030 (10/27/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.737, Yielding 2.18%.
2. Genuine Parts Co. (USD) 1.875% 11/1/2030 (10/27/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.069, Yielding 1.98%. 3. Berkshire Hathaway Energy Co. (USD) 1.65% 5/15/2031 144A (10/27/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.73, Yielding 1.68%. 4. Berkshire Hathaway Energy Co. (USD) 2.85% 5/15/2051 144A (10/27/2020): 1500MM Senior Unsecured Notes, Price at Issuance 99.877, Yielding 2.86%. 5. Procter & Gamble Co. (USD) 1.2% 10/29/2030 (10/27/2020): 1250MM Senior Unsecured Notes, Price at Issuance 99.55, Yielding 1.25%. 6. Tractor Supply Co. (USD) 1.75% 11/1/2030 (10/27/2020): 650MM Senior Unsecured Notes, Price at Issuance 98.874, Yielding 1.87%. 7. Berkshire Hathaway Energy Co. (USD) 1.65% 5/15/2031 Reg S (10/27/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.73, Yielding 1.68%. 8. Berkshire Hathaway Energy Co. (USD) 2.85% 5/15/2051 Reg S (10/27/2020): 1500MM Senior Unsecured Notes, Price at Issuance 99.877, Yielding 2.86%. 9. Procter & Gamble Co. (USD) 0.55% 10/29/2025 (10/27/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.838, Yielding .58%. 10. Banc of California NA (USD) VAR% 10/30/2030 (10/27/2020): 85MM Subordinated Notes, Price at Issuance 100. |
Top Widening Loans | Top Narrowing Loans |
Mattress Firm (USD) TL EXIT 11/21/2022 OVH Groupe (EUR) TLB E+325 11/29/2026 Rover (USD) TLB2 L+350 11/01/2024 Averys SA (EUR) TLB E+825 09/25/2026 Archroma Global Services (USD) TLB2 L+425 07/11/2024 |
Tacala LLC (USD) TLB L+350 02/05/2027 BioClinica Inc. (USD) TL L+825 10/06/2024 Dubois Chemicals Inc. (USD) TL L+450 09/30/2026 Sandvine Corp. (USD) TL 10/15/2026 Dental Corp. (USD) TL L+375 06/06/2025 |
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 10/28/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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