A MAJOR LAWSUIT WAS FILED against Walmart, Walgreens, CVS, Rite Aid and other superstores and chain drugstores for their corporate complicity in the opioid epidemic. CVS Health Corp (USD) 4.3% 3/25/2028, Wal-Mart Stores Inc. (USD) 2.85% 6/23/2020, CVS Health Corp (USD) 5.05% 3/25/2048 and CVS Health Corp. (USD) 2.8% 7/20/2020 were among the largest traded bonds by volume over the last several days. ADI proprietary index data showed a net yield increment for High Grade versus high-yield bonds. High-Yield edged out High-Grade. Among high-yield bonds showing topmost price gains at appreciable volumes traded, Southern California Gas (USD) 4.125% 6/1/2048 made analysts' 'Conviction Buy' lists. (See the chart for ADI index above.) Pierre Robert
|Key Gainers and Losers||Volume Leaders|
|Caterpillar Financial Services Corp. 2.1% 1/10/2020
General Electric Co. FLT% PERP (1)
Bank of Nova Scotia 3.3125% 8/31/2085
|Industry Returns Tracker|
|New Issues||Forward Calendar|
1. Tampa Electric Co. (USD) 3.625% 6/15/2050 (07/22/2019): 300MM Senior Unsecured Notes, Price at Issuance 98.774, Yielding 3.69%.
2. FedEx Corp. (USD) 3.1% 8/5/2029 (07/22/2019): 1000MM Senior Unsecured Notes, Price at Issuance 99.666, Yielding 3.14%.
1. LIONSGATE: $3.6 billion bond and bank financing. Expected 3rd Quarter 2016.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Rite Aid Corp. (5Y Sen USD MR14)
Hertz Corp. (5Y Sen USD CR14)
|Road King Infrastructure LTD (5Y Sen USD CR14)
SuperValu Inc. (5Y Sen USD MR14)
Loans and Credit Market Overview
Deals recently freed for secondary trading, notable secondary activity:
- NGPL Pipeco LLC, Whatabrands LLC,Electricite de France, STAG Industrial Inc.
- TED spread held below 22 bp (basis points), as of 07/23/19
- Net positive capital flows into high-yield ETFs & mutual funds
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