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Valens Credit Weekly Insights for November 15, 2017

November 16, 2017

Credit and Market Mispricings

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

Most Compelling Credit Rating Dislocations
AMD, BLDR, CHK, EXPE, JCP, MNI, R, UIS, X, YRCW

Most Compelling CDS Market Mispricings
AVP, CHK, CYH, ESV, FTR, JCP, MNI, PKD, UIS, SVU

Most Compelling Bond Market Mispricings
AMD, AVP, BLDR, CHK, CYH, FTR, JCP, MNI, PKD, SVU

Highlighted Top Ideas
AMAG
– AMAG Pharmaceuticals, Inc.
CSTM – Constellium N.V.
CYH – Community Health Systems, Inc.

Other Recent Analyses
Energy
MEG:CAN – MEG Energy Corp.
Industrials
URI – United Rentals, Inc.

Quantitative Credit Outlier Report Review
CYH tops 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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