
North American Bond Research – October 6, 2020
Posted on October 6, 2020
HIGH YIELD BOND RESEARCH
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October 6, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Pacific Gas & Electric Co. 4.95% 7/1/2050 T-Mobile USA Inc. 3.875% 4/15/2030 144A Vale Overseas LTD 3.75% 7/8/2030 Delta Airlines 7.375% 1/15/2026 Petrobras Global Finance BV 6.85% 6/5/2115 Broadcom LTD 4.7% 4/15/2025 HCA Inc. 3.5% 9/1/2030 Broadcom LTD 4.3% 11/15/2032 Western Midstream Operating, LP 4.05% 2/1/2030 Centene Corp. 3% 10/15/2030 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. AMN Healthcare Inc. (USD) 4% 4/15/2029 144A (10/05/2020): 350MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4%.
2. AMN Healthcare Inc. (USD) 4% 4/15/2029 Reg S (10/05/2020): 350MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4%. |
1. American Residential Services: $470MM TLB (B1/B)
2. Array Residential Services: $575MM TLB (B1/B+) 3. Fly Leasing LTD: $180MM TLB (Ba3/BBB-) 4. Maravai Lifesciences: $750MM credit facilities: $150MM revolver; $600MM TLB 5. Pae Holding Corp.: $890MM TLB (B2/B) 6. Quirch Foods LLC: $675MM credit facilities: $475MM TLB; $200MM revolver 7. Vander-Bend Manufacturing Inc.: $197.5MM credit facilities: $20MM revolver; $177.5MM TLB 8. Wheelabrator Technologies Inc.: $1.3965B TLB 9. Vander-Bend Manufacturing Inc.: $197.5MM credit facilities: $20MM revolver; $177.5MM TLB 10. Wheelabrator Technologies Inc.: $1.3965B TLB |
Top Widening Loans | Top Narrowing Loans |
Wittur (EUR) TL E+850 09/19/2027 Acetow (EUR) TLB L+475 05/31/2023 Aruba Investments Inc. (EUR) TLB E+425 07/01/2025 EG Group (USD) TLB L+400 02/06/2025 Casmar Holdings Australia PTY LTD (USD) TLB L+450 12/07/2023 |
Ball Corp. (USD) TLA L+150 03/21/2024 Greenway Health LLC (USD) TL L+375 02/16/2024 Distributed Power Inc. (USD) TLB L+325 11/02/2025 Alorica (USD) TL L+375 06/30/2022 Carrols Restaurant Group (USD) TLB1 L+625 04/30/2026 |
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 10/06/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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October 6, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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CVS Health Corp. 5.05% 3/25/2048 Gilead Sciences Inc. 2.8% 10/1/2050 Alphabet Inc. 2.05% 8/15/2050 General Electric Co. 4.35% 5/1/2050 Pacific Gas & Electric Co. 4.95% 7/1/2050 Boeing Co. 5.805% 5/1/2050 Boeing Co. 5.15% 5/1/2030 Pacific Gas & Electric Co. 2.5% 2/1/2031 Bank of America Corp. 1.898% 7/23/2031 CVS Health Corp. 4.3% 3/25/2028 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. Crombie REIT (CAD) 2.686% 3/31/2028 (10/05/2020): 150MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.69%.
2. Hydro One Inc. (CAD) 0.71% 1/16/2023 (10/05/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.98, Yielding .72%. 3. General Mills Inc. (USD) 6.41% 10/15/2022 (10/05/2020): 100MM Unsecured Notes, Price at Issuance 111.299, Yielding .78%. 4. Leidos Inc. (USD) 2.3% 2/15/2031 144A (10/05/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.517, Yielding 2.35%. 5. Protective Life Global Funding (USD) 0.631% 10/13/2023 144A (10/05/2020): 500MM Secured Notes, Price at Issuance 100, Yielding .63%. 6. Everest Reinsurance Holdings Inc. (USD) 3.5% 10/15/2050 (10/05/2020): 1000MM Senior Unsecured Notes, Price at Issuance 98.844, Yielding 3.56%. 7. Leidos Inc. (USD) 2.3% 2/15/2031 Reg S (10/05/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.517, Yielding 2.35%. 8. Protective Life Global Funding (USD) 0.631% 10/13/2023 Reg S (10/05/2020): 500MM Secured Notes, Price at Issuance 100, Yielding .63%. 9. WEC Energy Group Inc. (USD) 1.375% 10/15/2027 (10/05/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.92, Yielding 1.39%. 10. WEC Energy Group Inc. (USD) 1.8% 10/15/2030 (10/05/2020): 450MM Senior Unsecured Notes, Price at Issuance 99.909, Yielding 1.81%. |
Top Widening Loans | Top Narrowing Loans |
Wittur (EUR) TL E+850 09/19/2027 Acetow (EUR) TLB L+475 05/31/2023 Aruba Investments Inc. (EUR) TLB E+425 07/01/2025 EG Group (USD) TLB L+400 02/06/2025 Casmar Holdings Australia PTY LTD (USD) TLB L+450 12/07/2023 |
Ball Corp. (USD) TLA L+150 03/21/2024 Greenway Health LLC (USD) TL L+375 02/16/2024 Distributed Power Inc. (USD) TLB L+325 11/02/2025 Alorica (USD) TL L+375 06/30/2022 Carrols Restaurant Group (USD) TLB1 L+625 04/30/2026 |
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 10/06/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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