
North American Bond Research – September 10, 2020
Posted on September 10, 2020
HIGH YIELD BOND RESEARCH
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September 10, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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T-Mobile USA Inc. 3.875% 4/15/2030 144A Pacific Gas & Electric Co. 4% 12/1/2046 Ford Motor Co. 5.291% 12/8/2046 Vale Overseas LTD 3.75% 7/8/2030 HCA Inc. 4.75% 5/1/2023 Apache Corp. 4.875% 11/15/2027 Nabors Industries LTD 4.625% 9/15/2021 (1) Pacific Gas & Electric Co. 4.95% 7/1/2050 Broadcom LTD 4.11% 9/15/2028 TreeHouse Foods Inc. 4% 9/1/2028 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. Weekley Homes LLC (USD) 4.875% 9/15/2028 144A (09/09/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.88%.
2. Weekley Homes LLC (USD) 4.875% 9/15/2028 Reg S (09/09/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.88%. 3. Quicken Loans Inc. (USD) 3.875% 3/1/2031 144A (09/09/2020): 1250MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.88%. 4. Quicken Loans Inc. (USD) 3.875% 3/1/2031 Reg S (09/09/2020): 1250MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.88%. 5. Quicken Loans Inc. (USD) 3.625% 3/1/2029 144A (09/09/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.63%. 6. Quicken Loans Inc. (USD) 3.625% 3/1/2029 Reg S (09/09/2020): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3.63%. 7. US Concrete Inc. (USD) 5.125% 3/1/2029 144A (09/09/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.13%. 8. US Concrete Inc. (USD) 5.125% 3/1/2029 Reg S (09/09/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.13%. 9. Ken Garff Automotive LLC (USD) 4.875% 9/15/2028 144A (09/09/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.88%. 10. Ken Garff Automotive LLC (USD) 4.875% 9/15/2028 Reg S (09/09/2020): 400MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.88%. |
1. MAG Aerospace: $290.7MM TL (B3/B)
2. RCN Grande: $1.19B TLB 3. Avianca : $1.3B DIP DD TLB 4. CJ Foods Inc.: $285MM TLB 5. MAG Aerospace: $290.7MM TL (B3/B) 6. CJ Foods Inc.: $285MM TLB 7. Milano Acquisition Corp.: $3.2B of term loans: $2.4B covenant-lite TLB (B2/B+); $800MM privately placed TL 8. Avianca : $1.3B DIP DD TLB 9. MAG Aerospace: $290.7MM TL (B3/B) 10. Avianca : $1.3B DIP DD TLB |
Top Widening Loans | Top Narrowing Loans |
Casper Bidco (EUR) TL E+850 07/30/2027 Samsonite IP Holdings SARL (USD) TLA L+150 04/19/2023 United Site Services Inc (USD) TL2 L+775 08/25/2025 BCA Marketplace PLC (GBP) TL L+825 09/04/2027 Jazz Securities LTD (USD) TLA 06/07/2023 |
Distributed Power Inc. (USD) TLB L+325 11/02/2025 Valeo Foods Group LTD (EUR) TLB E+450 08/27/2027 WestJet Airlines LTD (USD) TL L+300 12/11/2026 Tacala LLC (USD) TLB L+350 02/05/2027 DigiCert Inc. (USD) TL2 10/16/2027 |
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 14 bp (basis points), as of 09/10/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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September 10, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Valero Energy Corp. 2.85% 4/15/2025 Shell Intl Finance BV 2.75% 4/6/2030 Verizon Communications Inc. 4.522% 9/15/2048 Apple Inc. 2.55% 8/20/2060 Dollar Tree Stores Inc. 3.7% 5/15/2023 CVS Health Corp. 1.75% 8/21/2030 Citigroup Inc. 3.106% 4/8/2026 Oracle Corp. 3.6% 4/1/2050 Alphabet Inc. 2.25% 8/15/2060 Molson Coors Brewing Co. 2.1% 7/15/2021 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. O’Reilly Automotive Inc. (USD) 1.75% 3/15/2031 (09/09/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.544, Yielding 1.8%.
2. Schlumberger Finance Canada (USD) 1.4% 9/17/2025 (09/09/2020): 500MM Senior Unsecured Notes, Price at Issuance 99.88, Yielding 1.42%. 3. DNB Bank ASA (USD) 1.127% 9/16/2026 144A (09/09/2020): 1000MM Senior Non Preferred Notes, Price at Issuance 100, Yielding 1.13%. 4. Life Storage Inc. (USD) 2.2% 10/15/2030 (09/09/2020): 400MM Senior Unsecured Notes, Price at Issuance 99.524, Yielding 2.25%. 5. Duke Energy Corp. (USD) 0.9% 9/15/2025 (09/09/2020): 650MM Senior Unsecured Notes, Price at Issuance 99.951, Yielding .91%. 6. Fresenius Medical Care US Finance Inc. (USD) 2.375% 2/16/2031 144A (09/09/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.699, Yielding 2.41%. 7. Fresenius Medical Care US Finance Inc. (USD) 2.375% 2/16/2031 Reg S (09/09/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.699, Yielding 2.41%. 8. Masco Corp. (USD) 2% 10/1/2030 (09/09/2020): 300MM Senior Unsecured Notes, Price at Issuance 99.927, Yielding 2.01%. 9. Toronto-Dominion Bank (USD) 0.45% 9/11/2023 (09/09/2020): 1250MM Senior Unsecured Notes, Price at Issuance 99.857, Yielding .5%. 10. JPMorgan Chase & Co. (USD) VAR% 9/16/2024 (09/09/2020): 1000MM Senior Unsecured Notes, Price at Issuance 100. |
Top Widening Loans | Top Narrowing Loans |
Casper Bidco (EUR) TL E+850 07/30/2027 Samsonite IP Holdings SARL (USD) TLA L+150 04/19/2023 United Site Services Inc (USD) TL2 L+775 08/25/2025 BCA Marketplace PLC (GBP) TL L+825 09/04/2027 Jazz Securities LTD (USD) TLA 06/07/2023 |
Distributed Power Inc. (USD) TLB L+325 11/02/2025 Valeo Foods Group LTD (EUR) TLB E+450 08/27/2027 WestJet Airlines LTD (USD) TL L+300 12/11/2026 Tacala LLC (USD) TLB L+350 02/05/2027 DigiCert Inc. (USD) TL2 10/16/2027 |
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 14 bp (basis points), as of 09/10/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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