| 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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 |
Additional Commentary
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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