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Valens Credit Weekly Insights for March 22, 2017

March 21, 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 2017 03 22

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

vcwi 2 2017 03 22

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

vcwi 3 2017 03 22</>

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

vcwi 4 2017 03 22

Highlighted Top Ideas
AMD
– Advanced Micro Devices, Inc.
FCX – Freeport-McMoRan Inc.
MGM – MGM Resorts International

Other Recent Analyses
Healthcare
AGN – Allergan plc
Information Technology
TWTR – Twitter, Inc.

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.

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