
North American Bond Research – September 22, 2020
Posted on September 22, 2020
HIGH YIELD BOND RESEARCH
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September 22, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Petrobras Global Finance BV 8.75% 5/23/2026 Newfield Exploration Co. 5.375% 1/1/2026 T-Mobile USA Inc. 3.5% 4/15/2025 144A HCA Inc. 3.5% 9/1/2030 Chubb INA Hldgs Inc. 1.375% 9/15/2030 T-Mobile USA Inc. 3.875% 4/15/2030 144A Sprint Corp. 7.625% 3/1/2026 Pacific Gas & Electric Co. 4.75% 2/15/2044 Methanex Corp. 5.125% 10/15/2027 T-Mobile USA Inc. 3.75% 4/15/2027 144A |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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1. PM General Purchaser LLC (USD) 9.5% 10/1/2028 144A (09/21/2020): 600MM Secured Notes, Price at Issuance 100, Yielding 9.5%.
2. PM General Purchaser LLC (USD) 9.5% 10/1/2028 Reg S (09/21/2020): 600MM Secured Notes, Price at Issuance 100, Yielding 9.5%. |
1. Omnitracs LLC: $355MM TLs: $160MM TL (B2/B-); $195MM TL (Caa2/CCC)
2. Vander-Bend Manufacturing Inc.: $197.5MM credit facilities: $20MM revolver; $177.5MM TLB 3. MAG Aerospace: $290.7MM TL (B3/B) 4. EFS Cogen Holdings LLC: $1.05B credit facilities: $100MM revolver (Ba2/BB-); $950MM TLB (Ba3/BB-) 5. ECI Software Solutions: $990MM TLs: $710MM TL (B2/B-); $280MM TL (Caa2/CCC) 6. Amwins Group Inc.: $100MM TLB (Ba3/B+) 7. Allegro Microsystems Inc.: $325MM TL 8. Michaels Cos Inc.: $1.62B TLB (B+) 9. Allegro Microsystems Inc.: $325MM TL 10. Amwins Group Inc.: $100MM TLB (Ba3/B+) |
Top Widening Loans | Top Narrowing Loans |
Vistra Group LTD (USD) TL2 L+725 10/26/2023 SSH Group Hldg Inc. (USD) TL2 L+825 07/30/2026 Advantage Sales & Marketing Inc. (USD) TL2 L+650 07/25/2022 Garrett Motion (USD) TLB L+250 09/27/2025 Garrett Motion (EUR) TLB E+350 09/27/2025 |
Dubois Chemicals Inc. (USD) TL L+450 09/30/2026 Cvent Inc. (USD) TL L+375 11/02/2024 Duravant LLC (USD) TL L+325 07/25/2024 NSO Group (USD) TL L+700 03/03/2025 Sandvine Corp. (USD) TL 10/15/2026 |
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 bp (basis points), as of 09/21/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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September 22, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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HSBC Hldg PLC VAR% 9/22/2028 Boeing Co. 5.15% 5/1/2030 Oracle Corp. 3.85% 4/1/2060 Wal-Mart Stores Inc. 3.7% 6/26/2028 Dupont de Nemours Inc. 2.169% 5/1/2023 Boeing Co. 5.93% 5/1/2060 Johnson & Johnson 2.45% 9/1/2060 Emerson Electric Co. 0.875% 10/15/2026 Morgan Stanley FLT% 1/20/2022 GE Capital Intl. Funding Co. 4.418% 11/15/2035 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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1. CU Inc. (CAD) 2.609% 9/28/2050 (09/21/2020): 150MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.61%. |
Top Widening Loans | Top Narrowing Loans |
Vistra Group LTD (USD) TL2 L+725 10/26/2023 SSH Group Hldg Inc. (USD) TL2 L+825 07/30/2026 Advantage Sales & Marketing Inc. (USD) TL2 L+650 07/25/2022 Garrett Motion (USD) TLB L+250 09/27/2025 Garrett Motion (EUR) TLB E+350 09/27/2025 |
Dubois Chemicals Inc. (USD) TL L+450 09/30/2026 Cvent Inc. (USD) TL L+375 11/02/2024 Duravant LLC (USD) TL L+325 07/25/2024 NSO Group (USD) TL L+700 03/03/2025 Sandvine Corp. (USD) TL 10/15/2026 |
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 bp (basis points), as of 09/22/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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