| Key Gainers and Losers | Volume Leaders | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
HCA Inc. 5% 3/15/2024 US Steel Corp. 6.875% 8/15/2025 |
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| New Issues | Forward Calendar |
|---|---|
|
1. Photo Hldg Merger Sub, Inc. (USD) 8.5% 10/1/2026 144A (10/01/2019): 785MM First Lien Notes, Price at Issuance 94.371, Yielding 9.62%. 2. Metinvest BV (USD) 7.75% 10/17/2029 144A (10/01/2019): 500MM Senior Unsecured Notes, Price at Issuance 98.629, Yielding 7.95%. |
1. Presidio Inc.: $1.775B high yield bonds, Expected 4th Quarter 2019 |
Additional Commentary
Metinvest BV. 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) |
| Weatherford International LTD (5Y Sen USD XR14) Hertz Corp. (5Y Sen USD CR14) |
SuperValu Inc. (5Y Sen USD XR14) San Miguel Corp. (5Y Sen USD CR14) |
Loans and Credit Market Overview
Deals recently freed for secondary trading, notable secondary activity:
- Raytheon Co., Shearer's Foods Inc., Triumph Group Inc., Seagate Technology, B&G Foods Inc.
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 10/02/19
- Net positive capital flows into high-yield ETFs & mutual funds
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