TENET HEALTHCARE CORP bonds were among the most active traded in the corporate bond world due the fact that it plans to spin off its Conifer Unit as a standalone unit. The spin-off would value the unit at over $2 billion. This spin-off would be completely tax-free. Tenet Healthcare Corp. (6.75) 0% 6/15/2023, Tenet Healthcare Corp. (USD) 8.125% 4/1/2022, Tenet Healthcare Corp. (USD) 5.125% 5/1/2025, Tenet Healthcare Corp. (USD) 7% 8/1/2025, all traded combined more than $60 million. Tenet’s stock was up almost %15. ADI proprietary index data showed a net yield increment for High Grade versus high-yield bonds. High-grade edged out High-yield. 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|
|Sprint Nextel Corp. 7.875% 9/15/2023
Pacific Gas & Electric Co. 6.05% 3/1/2034
Tenet Healthcare Corp. 0% 6/15/2023
|Industry Returns Tracker|
|New Issues||Forward Calendar|
1. JBS Investments GmbH (USD) 5.75% 7/30/2028 144A (07/23/2019): 750MM Senior Unsecured Notes, Price at Issuance 100, Yielding 5.75%.
2. Five Point Op Co. LP (USD) 7.875% 11/15/2025 (07/23/2019):125MM Senior Unsecured Notes, Price at Issuance 100, Yielding 7.88%.
1. Sinclair Broadcast Group Inc.: $2.55B, seven-year senior secured notes; $2.325B eight year senior unsecured notes
|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 23 bp (basis points), as of 07/24/19
- Net positive capital flows into high-yield ETFs & mutual funds
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