High Yield Bond Research - October 21, 2019

Posted by Pierre Robert on Oct 22, 2019 11:58:38 AM
STOCKS AND BONDS MIXED TO HIGHER. WEIRD PIERRE DELECTO HAS ARRIVED. MITT ROMNEY NOM DE PLUME. GOP CRITICISM OF TRUMP PUSH BACK. DOW 30 +0.17%, NASDAQ  +0.86%, SP 500 +0.65%
 STOCKS AND BONDS HOLD STEADY TO SEE WHERE WE WILL GO.  (See the chart above for ADI bonds above.) Pierre Robert 
Key Gainers and Losers Volume Leaders
+   Teva Pharmaceuticals Fin BV 6.75% 3/1/2028 + 4.0%
  GMAC LLC 8% 11/1/2031 + 0.3%
-   Antero Resources Finance Corp. 5.375% 11/1/2021 -1.0%
  United Rentals Inc. 4.875% 1/15/2028 -0.5%
Teva Pharmaceuticals Fin BV   6.75% 3/1/2028
Antero Resources Corp.   5.125% 12/1/2022
Industry Returns Tracker
Industry Past Day Past Week Past Month Past Quarter YTD Past Year
Agriculture, Forestry, Fishing 0.10% 0.24% 1.59% 3.63% 18.43% 17.70%
Mining -0.15% 0.09% -3.84% -2.54% 4.76% -0.84%
Construction 0.06% 0.50% 1.15% 3.59% 14.69% 12.87%
Manufacturing 0.08% 0.56% 0.40% 1.92% 11.29% 8.94%
Transportion, Communication, Electric/Gas 0.04% 0.32% 0.55% 2.61% 13.50% 10.70%
Wholesale 0.05% 0.32% 0.04% 1.22% 11.48% 8.66%
Retail 0.03% 0.56% 0.40% 1.68% 14.88% 12.04%
Finance, Insurance, Real-Estate 0.09% 0.50% 0.46% 2.39% 12.99% 10.70%
Services 0.04% 0.42% 0.47% 2.67% 12.80% 10.64%
Public Administration 0.02% 0.32% 1.09% 2.57% 13.38% 16.16%
Energy -0.14% 0.01% -2.97% -1.90% 5.82% 0.44%
 
Total returns (non-annualized) by rating, market weighted.

unnamed - 2019-10-22T115701.252

New Issues Forward Calendar



(None Current 10/21/2019)

 

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

2. DDM Holding AG: ¬100MM, Expected Q4 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 MR14)
Ghana, Republic of (5Y Sen USD CR14)
SuperValu Inc. (5Y Sen USD MR14)

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 29 bp (basis points), as of 10/21/19
  • 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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