
North American Bond Research – October 9, 2020
Posted on October 9, 2020
HIGH YIELD BOND RESEARCH
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October 9, 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 4.75% 4/15/2029 Freeport McMoRan Copper & Gold Inc. 5.45% 3/15/2043 Pacific Gas & Electric Co. 4.55% 7/1/2030 General Motors Co. 4.875% 10/2/2023 Cinemark Inc. 4.875% 6/1/2023 Broadcom LTD 4.7% 4/15/2025 Cinemark Inc. 5.125% 12/15/2022 Chubb INA Hldgs Inc. 1.375% 9/15/2030 Steel Dynamics 1.65% 10/15/2027 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Gray Television (USD) 4.75% 10/15/2030 Reg S (10/08/2020): 800MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.75%.
2. Peninsula Pacific Entertainment (USD) 8.5% 11/15/2027 144A (10/08/2020): 475MM Senior Unsecured Notes, Price at Issuance 100, Yielding 8.5%. 3. Cheplapharm Arzneimittel GmbH (USD) 5.5% 1/15/2028 144A (10/08/2020): 500MM Secured Notes, Price at Issuance 100, Yielding 5.5%. 4. Cheplapharm Arzneimittel GmbH (USD) 5.5% 1/15/2028 Reg S (10/08/2020): 500MM Secured Notes, Price at Issuance 100, Yielding 5.5%. 5. Clear Street Capital LLC (USD) 6% 10/15/2025 (10/08/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6%. 6. Brightstar Corp. (USD) 9.75% 10/15/2025 144A (10/08/2020): 420MM Secured Notes, Price at Issuance 100, Yielding 9.75%. 7. Alliant Holdings Intermediate LLC (USD) 4.25% 10/15/2027 144A (10/08/2020): 525MM Secured Notes, Price at Issuance 100, Yielding 4.25%. 8. MGM Resorts International (USD) 4.75% 10/15/2028 (10/08/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.75%. 9. Clear Street Capital LLC (USD) 6% 10/15/2025 (10/08/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6%. 10. Gray Television (USD) 4.75% 10/15/2030 144A (10/08/2020): 800MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.75%. |
1. American Residential Services: $470MM TLB (B1/B)
2. Array Technologies: $575MM TLB (B1/B+) 3. Fly Leasing LTD: $180MM TLB (Ba3/BBB-) 4. Maravai Lifesciences: $750MM credit facilities: $150MM revolver; $600MM TLB 5. Vander-Bend Manufacturing Inc.: $197.5MM credit facilities: $20MM revolver; $177.5MM TLB 6. Pae Holding Corp.: $890MM TLB (B2/B) 7. Quirch Foods LLC: $675MM credit facilities: $475MM TLB; $200MM revolver 8. Wheelabrator Technologies Inc.: $1.3965B TLB 9. Mega Broadband Investments Holdings LLC: $725MM credit facilities: $75MM revolver; $650MM TLB 10. Wheelabrator Technologies Inc.: $1.3965B TLB |
Top Widening Loans | Top Narrowing Loans |
CSM Bakery (USD) TL L+775 05/23/2021 Akorn Inc. (USD) TL L+1250 04/16/2021 API Technologies Corp. (USD) TL L+425 05/09/2026 Owens & Minor Inc. (USD) TLA2 L+350 07/27/2022 Solenis Intl LP (USD) TL2 L+850 06/18/2024 |
Tacala LLC (USD) TLB L+350 02/05/2027 Fortress Merger Sub Inc. (USD) TL L+400 10/21/2023 CPM Holdings Inc. (USD) TL2 L+825 11/16/2026 Philadelphia Energy Solutions (USD) TLA L+625 12/31/2022 Penn Virginia Holding Corp. (USD) RC L+325 05/07/2024 |
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 10/09/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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October 9, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Lowe’s Companies Inc. 1.7% 10/15/2030 Humana Inc. 3.85% 10/1/2024 Lowe’s Companies Inc. 3% 10/15/2050 Enterprise Products Operating LLC 3.2% 2/15/2052 Conagra Brands Inc. 5.4% 11/1/2048 HCA Inc. 5.25% 6/15/2049 Amazon.com Inc. 2.5% 6/3/2050 CVS Health Corp. 5.05% 3/25/2048 Cooperatieve Rabobank U.A. 1.004% 9/24/2026 Reg S Conagra Brands Inc. 1.375% 11/1/2027 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. THE Rockefeller Foundation (USD) 2.492% 10/1/2050 (10/08/2020): 700MM Unsecured Notes, Price at Issuance 100, Yielding 2.49%.
2. Ursa Re LTD (USD) FLT% 12/7/2023 (10/08/2020): 425MM Unsecured Notes, Price at Issuance 100. 3. Ursa Re LTD (USD) FLT% 12/7/2023 (10/08/2020): 350MM Unsecured Notes, Price at Issuance 100. 4. Federal Realty Investment Trust (USD) 1.25% 2/15/2026 (10/08/2020): 400MM Senior Unsecured Notes, Price at Issuance 99.339, Yielding 1.38%. 5. Clear Street Capital LLC (USD) 6% 10/15/2025 (10/08/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6%. 6. THE Independent Order Of Foresters (CAD) VAR% 10/15/2035 (10/08/2020): 250MM Subordinated Notes, Price at Issuance 100. 7. Antofagasta PLC (USD) 2.375% 10/14/2030 (10/08/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.647, Yielding 2.41%. 8. Clear Street Capital LLC (USD) 6% 10/15/2025 (10/08/2020): 50MM Senior Unsecured Notes, Price at Issuance 100, Yielding 6%. 9. ORIGIN BANK (USD) VAR% 11/1/2030 (10/08/2020): 80MM Subordinated Notes, Price at Issuance 100. |
Top Widening Loans | Top Narrowing Loans |
CSM Bakery (USD) TL L+775 05/23/2021 Akorn Inc. (USD) TL L+1250 04/16/2021 API Technologies Corp. (USD) TL L+425 05/09/2026 Owens & Minor Inc. (USD) TLA2 L+350 07/27/2022 Solenis Intl LP (USD) TL2 L+850 06/18/2024 |
Tacala LLC (USD) TLB L+350 02/05/2027 Fortress Merger Sub Inc. (USD) TL L+400 10/21/2023 CPM Holdings Inc. (USD) TL2 L+825 11/16/2026 Philadelphia Energy Solutions (USD) TLA L+625 12/31/2022 Penn Virginia Holding Corp. (USD) RC L+325 05/07/2024 |
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 10/09/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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