SOVEREIGN YIELD CURVES in Europe were mixed to lower. The UK curve was lower. Canada and United States sovereign curve was higher. Brexit the new prime minister is still on everyone’s mind. S&P -0.62%, DOW -0.25, NASDAQ
SPRINT NEWTEL, T-MOBILE AND DISH’s bonds were noticibly active due to Sprint and T-Mobile reaching an agreement with DISH to buy wireless assets. Since Dish would become a 4th major carrier, the sentiment strongly indicates the deal will go through. Among the bonds traded: Sprint Nextel Corp. (USD) 7.875% 9/15/2023, Sprint Capital Corporation (USD) 8.75% 3/15/2032, Sprint Capital Corporation (USD) 6.875% 11/15/2028, Sprint Corp. (USD) 7.125% 6/15/2024, Dish DBS Corp. (USD) 7.75% 7/1/2026, Dish DBS Corp. (USD) 5.875% 11/15/2024, T-Mobile USA Inc. (USD) 4.75% 2/1/2028. 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|
|AT&T Inc. 4.5% 3/9/2048
CVS Health Corp. 5.125% 7/20/2045
CVS Health Corp. 4.3% 3/25/2028
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. Boston Gas Co. (USD) 3.001% 8/1/2029 144A (07/24/2019):500MM Senior Unsecured Notes, Price at Issuance 100, Yielding 3%.
2. Constellation Brands Inc. (USD) 3.15% 8/1/2029 (07/24/2019):800MM Senior Unsecured Notes, Price at Issuance 99.957, Yielding 3.15%.
|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)
|Road King Infrastructure LTD (5Y Sen USD CR14)|
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 18 bp (basis points), as of 07/25/19
- Net positive capital flows into high-yield ETFs & mutual funds
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