SPRINT NEWTEL, T-MOBILE AND DISH’s bonds were noticibly active due to Sprint and T-Mobile reaching an agreement with DISH to buy wireless assets. Since Dish would become a 4th major carrier, the sentiment strongly indicates the deal will go through. Among the bonds traded: Sprint Nextel Corp. (USD) 7.875% 9/15/2023, Sprint Capital Corporation (USD) 8.75% 3/15/2032, Sprint Capital Corporation (USD) 6.875% 11/15/2028, Sprint Corp. (USD) 7.125% 6/15/2024, Dish DBS Corp. (USD) 7.75% 7/1/2026, Dish DBS Corp. (USD) 5.875% 11/15/2024, T-Mobile USA Inc. (USD) 4.75% 2/1/2028. ADI proprietary index data showed a net yield increment for High yield versus high-grade 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|
|Teva Pharmaceuticals Fin BV 6.75% 3/1/2028
Sprint Nextel Corp. 7.875% 9/15/2023
Pacific Gas & Electric Co. 6.05% 3/1/2034
|Industry Returns Tracker|
|New Issues||Forward Calendar|
1. COSAN FINANCE LTD (USD) 5.5% 9/20/2029 144A (07/24/2019):750MM Senior Unsecured Notes, Price at Issuance 99.987, Yielding 5.5%.
2. Citgo Holding Inc. (USD) 9.25% 8/1/2024 144A (07/24/2019):1370MM Secured Notes, Price at Issuance 100, Yielding 9.25%.
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)
Atmos Energy Corp. (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 18 bp (basis points), as of 07/25/19
- Net positive capital flows into high-yield ETFs & mutual funds
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