February 22, 2017

Valens Credit Weekly Insights for February 22, 2017


Each week, the Valens Credit team highlights our most interesting insights from across our tools and our analysis. This week’s interesting insights include:

Credit and Market Mispricings

Most Compelling Credit v Equity Market Mispricings
AVP, BLDR, CYH, HOV, NAV

vcwi 1 2016 02 22

Most Compelling Credit Rating Dislocations
ATW, BLDR, EXPE, GM, R, TWTR, UIS, VRX, X, YRCW

vcwi 2 2016 02 22

Most Compelling CDS Market Mispricings
AVP, CHK, CYH, FTR, HOV, JCP, MNI, VRX, X, YRCW

vcwi 3 2016 02 22

Most Compelling Bond Market Mispricings
AMD, ATW, AVP, CHK, CYH, MDR, NAV, PKD, VRX, X

vcwi 4 2016 02 22

Highlighted Top Ideas
DNR – Denbury Resources Inc.
NFX – Newfield Exploration Co.
TMUS – T-Mobile US, Inc.

Other Recent Analyses
Healthcare
CYH – Community Health Systems, Inc.
LH – Laboratory Corp. of America Holdings.

Quantitative Credit Outlier Report Review
VRX  and X top our quantitative outlier report this week.

Aggregate Credit Market and Credit Fundamental Review
IG markets are currently fairly valued, as are HY markets. However, even after XO CDS has normalized in the last several months, it remains substantially above XO iCDS levels. This indicates that the XO market is overstating credit risk.

Click here to view the report in its entirety.

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