|Key Gainers and Losers||Volume Leaders|
|Ally Financial Inc. 4.125% 3/30/2020
Oasis Petroleum Inc. 6.875% 1/15/2023
|Industry Returns Tracker|
|New Issues||Forward Calendar|
1. United Rentals Inc. (USD) 3.875% 11/15/2027 (10/21/2019): 750MM Second Lien Notes, Price at Issuance 100, Yielding 3.88%.
2. Netflix Inc. (USD) 4.875% 6/15/2030 Reg S (10/22/2019): 1000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 4.88%.
1. Calpine Corp.: $1.4B bonds, Expected Q4 2019
Netflix 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 XR14)
Weatherford International LTD (5Y Sen USD MR14)
|SuperValu Inc. (5Y Sen USD MR14)
Atmos Energy Corp. (5Y Sen USD MR14)
Loans and Credit Market Overview
Deals recently freed for secondary trading, notable secondary activity:
- McDermott International Inc., Live Nation Entertainment Inc., Berry Plastics Corp.
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 28 bp (basis points), as of 10/22/19
- Net positive capital flows into high-yield ETFs & mutual funds
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