
North American Bond Research – September 14, 2020
Posted on September 14, 2020
HIGH YIELD BOND RESEARCH
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September 14, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Consolidated Communications Hldg Inc. 6.5% 10/1/2022 Occidental Petroleum Corp. 5.875% 9/1/2025 Occidental Petroleum Corp. 8.875% 7/15/2030 NuStar Logistics LP 5.75% 10/1/2025 CBL & Associates LP 5.25% 12/1/2023 Consol Energy Inc. 5.875% 4/15/2022 (1) T-Mobile USA Inc. 3.75% 4/15/2027 144A Howmet Aerospace Inc. 6.875% 5/1/2025 Occidental Petroleum Corp. 3.5% 8/15/2029 CNH Industrial NV 4.375% 11/6/2020 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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(None Current 09/14/2020)
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1. MAG Aerospace: $290.7MM TL (B3/B)
2. CJ Foods Inc.: $285MM TLB 3. Cablevision Lightpath: $600MM TL (B1/B+) 4. RCN Grande: $1.19B TLB 5. Allegro Microsystems Inc.: $325MM TL 6. RCN Grande: $1.19B TLB 7. MAG Aerospace: $290.7MM TL (B3/B) 8. CJ Foods Inc.: $285MM TLB 9. Cablevision Lightpath: $600MM TL (B1/B+) 10. Avianca : $1.3B DIP DD TLB |
Top Widening Loans | Top Narrowing Loans |
Unifrax Corp. (USD) TL2 L+850 12/14/2026 NCL Corp. LTD (USD) TLA L+150 01/02/2024 Casper Bidco (EUR) TL E+850 07/30/2027 Samsonite IP Holdings SARL (USD) TLA L+150 04/19/2023 New LightSquared LLC (USD) TL PIK L+875 12/07/2020 |
DigiCert Inc. (USD) TL2 10/16/2027 Yak Mat (USD) TLB L+500 07/11/2025 Tecomet Inc. (USD) TL L+350 05/01/2024 Advantage Sales & Marketing Inc. (USD) TL2 L+650 07/25/2022 Stubhub (USD) TLB L+350 02/13/2027 |
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 09/14/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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September 14, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Oracle Corp. 3.6% 4/1/2050 Oracle Corp. 3.85% 4/1/2060 Suzano Austria GmbH 3.75% 1/15/2031 Nvidia Corp. 3.5% 4/1/2050 General Motors Financial Co. Inc. 3.6% 6/21/2030 Wells Fargo Bank NA 2.6% 1/15/2021 CVS Health Corp. 5.05% 3/25/2048 Walt Disney Co. 2.65% 1/13/2031 American Express Co. 3.7% 11/5/2021 Deutsche Bank AG VAR% 9/18/2024 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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(None Current 09/14/2020)
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Top Widening Loans | Top Narrowing Loans |
Unifrax Corp. (USD) TL2 L+850 12/14/2026 NCL Corp. LTD (USD) TLA L+150 01/02/2024 Casper Bidco (EUR) TL E+850 07/30/2027 Samsonite IP Holdings SARL (USD) TLA L+150 04/19/2023 New LightSquared LLC (USD) TL PIK L+875 12/07/2020 |
DigiCert Inc. (USD) TL2 10/16/2027 Yak Mat (USD) TLB L+500 07/11/2025 Tecomet Inc. (USD) TL L+350 05/01/2024 Advantage Sales & Marketing Inc. (USD) TL2 L+650 07/25/2022 Stubhub (USD) TLB L+350 02/13/2027 |
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 09/14/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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