North American High Yield Bond Research – April 3, 2019Posted on April 3, 2019
|Key Gainers and Losers||Volume Leaders|
|Staples Inc. 8.5% 9/15/2025 144A
Tesla Motors Inc. 5.3% 8/15/2025 144A
|Industry Returns Tracker|
|New Issues||Forward Calendar|
|1. Rockies Express Pipeline LLC (USD) 4.95% 7/15/2029 (04/03/2019): 550MM Senior Unsecured Notes, Price at Issuance 99.826, Yielding 4.97%.||1. ADT Inc.: $2.75B, Expected Q2 2019
2. Twinset Spa: ¬170M 5 year senior secured floating-rate notes, Expected Q1 2019
Sable Intl. Finance. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 3/29/19, with a net inflow of $0.589B, year-to-date $10.6B flowed into high-yield.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Hertz Corp. (5Y Sen USD XR14)
Hovnanian Enterprises Inc. (5Y Sen USD MR14)
|SuperValu Inc. (5Y Sen USD XR14)
San Miguel Corp. (5Y Sen USD CR14)
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Crossamerica Partners LP, Ryman Healthcare Group, FLIR Systems Inc., Kirby Corp.
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 19 bp (basis points), as of 04/03/19
- Net positive capital flows into high-yield ETFs & mutual funds
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