High Yield Bond Research - October 18 2019

Posted by Pierre Robert on Oct 18, 2019 4:53:55 PM
STOCKS AND BONDS FELL. CONCERNS AROUND IMPEACHMENT, BREXIT AND TURKEY INVASION OF SYRIA. DOW 30 -0.95%, NASDAQ -0.83%, SP 500 -0.39%
ORACLE CO-CEO HAS PASSED AWAY AT 62. Oracle CO-CEO Mark Hurd dies at 62. VERY SURPRISING! PIERRE ROBERT
Key Gainers and Losers Volume Leaders
+   Teva Pharmaceutical Industries LTD 3.15% 10/1/2026 + 0.3%
  Freeport McMoRan Copper & Gold Inc. 5.45% 3/15/2043 + 1.1%
-   Antero Resources Corp. 5% 3/1/2025 -8.7%
  Pacific Gas & Electric Co. 6.05% 3/1/2034 -0.1%
Antero Resources Corp.   5% 3/1/2025
Antero Resources Finance Corp.   5.375% 11/1/2021
Industry Returns Tracker
Industry Past Day Past Week Past Month Past Quarter YTD Past Year
Agriculture, Forestry, Fishing -0.03% 0.31% 1.38% 3.34% 18.31% 17.92%
Mining 0.05% 0.57% -4.00% -3.16% 4.49% -1.19%
Construction 0.10% 0.42% 1.13% 3.38% 14.74% 12.68%
Manufacturing 0.07% 0.56% 0.33% 1.80% 11.26% 8.74%
Transportion, Communication, Electric/Gas 0.05% 0.27% 0.41% 2.28% 13.47% 10.27%
Wholesale 0.02% 0.32% 0.20% 1.50% 12.00% 9.27%
Retail 0.09% 0.73% 0.58% 2.07% 14.79% 12.06%
Finance, Insurance, Real-Estate 0.15% 0.46% 0.43% 2.31% 12.85% 10.51%
Services 0.09% 0.55% 0.50% 2.61% 12.85% 10.53%
Public Administration 0.02% 0.22% 0.89% 2.47% 13.36% 15.58%
Energy 0.00% 0.36% -3.06% -2.35% 5.88% 0.37%
 
Total returns (non-annualized) by rating, market weighted.

unnamed - 2019-10-18T123821.113

New Issues Forward Calendar

1. Ziggo (USD) 4.875% 1/15/2030 144A (10/17/2019): 500MM Secured Notes, Price at Issuance 100, Yielding 4.88%.



(None Current 10/18/2019)

 

1. Qmax Financial Holdings Inc.: $225MM, Expected 4th Quarter 2019

2. Presidio Inc.: $1.775B high yield bonds, Expected 4th Quarter 2019

Additional Commentary


NEW ISSUANCE WATCH: on 10/11/19 participants welcome a $300M new corporate-bond offering by
Truckpro Inc. The most recent data showed a money flowed out of highyoutflow ETF/mutual funds for the week ended 9/27/2019, with a net outflow of $258 million.
 
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)
Ghana, Republic of (5Y Sen USD CR14)
Cable & Wireless Communication (5Y Sen USD CR14)

unnamed - 2019-09-09T165353.966

Loans and Credit Market Overview


SYNDICATED LOANS HIGHLIGHTS:

Deals recently freed for secondary trading, 
notable secondary activity: 
  • Live Nation Entertainment Inc., Berry Plastics Corp., Raytheon Co., Shearer's Foods Inc.
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 30 bp (basis points), as of 10/18/19
  • Net positive capital flows into high-yield ETFs & mutual funds 

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Topics: Investment Grade, Loans, Analytics, bonds, junk bonds, bond market, market analytics, New Issues, News, Syndicated Bonds, syndicated, research, market update


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