SOVEREIGN BENCHMARKS yields in Europe, Canada and United States were even to higher. The UK yield curve were sharply lower again as Boris Johnson was assuming role as Prime Minister. Boris Johnson has vowed to get Brexit done this fall and investors are noticeably worried that it may be done in a destructive manor. S&P -0.62%, DOW -0.25,
TENET HEALTHCARE CORP bonds were among the most active traded in the corporate bond world due the fact that it plans to spinoff its Conifer Unit as a standalone unit. The spin-off would value the unit at over $2 billion. This spinoff would be completely tax-free. Tenet Healthcare Corp. (6.75) 0% 6/15/2023, Tenet Healthcare Corp. (USD) 8.125% 4/1/2022, Tenet Healthcare Corp. (USD) 5.125% 5/1/2025, Tenet Healthcare Corp. (USD) 7% 8/1/2025, all traded combined more than $60 million. Tenet’s stock was up almost %15. ADI proprietary index data showed a net yield increment for high-grade versus high-yield bonds. High-grade edged out high-yield. Among high-yield bonds showing topmost price gains at appreciable volumes traded, Southern California Gas (USD) 4.125% 6/1/2048 made analysts' 'Conviction Buy' lists. (See the chart for Southern California Gas (USD) 4.125% 6/1/2048 below.) Pierre Robert
|Key Gainers and Losers||Volume Leaders|
|GE Capital Intl. Funding Co. 4.418% 11/15/2035
United Technologies Corp. 4.125% 11/16/2028
Bank of Montreal 1.9% 8/27/2021
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. Hanwha Energy Corp. (USD) 2.375% 7/30/2022 144A (07/23/2019): 300MM Senior Unsecured Notes, Price at Issuance 99.692, Yielding 2.48%.
2. UnitedHealth Group Inc. (USD) 3.875% 8/15/2059 (07/23/2019):1250MM Senior Unsecured Notes, Price at Issuance 99.112, Yielding 3.92%.
3. UnitedHealth Group Inc. (USD) 2.375% 8/15/2024 (07/23/2019):750MM Senior Unsecured Notes, Price at Issuance 99.975, Yielding 2.38%.
|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)
Hovnanian Enterprises Inc. (5Y Sen USD MR14)
|Road King Infrastructure LTD (5Y Sen USD CR14)
SuperValu Inc. (5Y Sen USD MR14)
Loans and Credit Market Overview
Deals recently freed for secondary trading, notable secondary activity:
- NGPL Pipeco LLC, Whatabrands LLC,Electricite de France, STAG Industrial Inc.
- TED spread held below 23 bp (basis points), as of 07/24/19
- Net positive capital flows into high-yield ETFs & mutual funds
Copyright 2019 Advantage Data Inc. All Rights Reserved. http://www.advantagedata.com
Information in this document should not be regarded as an offer to sell or solicitation of an offer to buy bonds or any financial instruments referred to herein. All information provided in this document is believed to be accurate. However, Advantage Data and its sources make no warranties, either express or implied, as to any matter whatsoever, including but not limited to warranties of merchantability or fitness for a particular purpose. Opinions in this document are subject to change without notice. Electronic redistribution, photocopying and any other electronic or mechanical reproduction is strictly prohibited without prior written permission from Advantage Data Inc.