SKT – No Traded CDS, Base Case iCDS 321bps
Negative Case iCDS 388bps, 2027 3.875% Bond YTW of 5.144%, iYTW of 6.124%
Baa3 Rating from Moody’s, HY1 (equivalent to Ba2) Rating from Valens
High Refinancing Need...
Read MoreSKT – No Traded CDS, Base Case iCDS 321bps
Negative Case iCDS 388bps, 2027 3.875% Bond YTW of 5.144%, iYTW of 6.124%
Baa3 Rating from Moody’s, HY1 (equivalent to Ba2) Rating from Valens
High Refinancing Need...
Read MoreBA – Traded CDS 138bps, Base Case iCDS 15bps
Negative Case iCDS 30bps, 2026 2.250% Bond YTW of 4.475%, iYTW of 3.135%
Baa2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
Read MoreFeatured Top Idea
FCX – Freeport-McMoRan Inc.
Action: Buy 2027 5.000% Bonds CUSIP: 35671DCC7 (5.144% YTW, 3.474% iYTW)
Buy 2028 4.125% Bonds CUSIP: 35671DCE3 (5.294% YTW, 3.254% iYTW)
Buy 2028 4.375% Bonds CUSIP: 35671DCG8 (5.137% YTW, 3.257% iYTW)...
HES – CDS 152bps, Base Case iCDS 65bps
Negative Case iCDS 80bps, 2027 4.300% Bond YTW of 4.642%, iYTW of 3.561%
Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
Read MoreAMKR – Traded CDS 205bps, Base Case iCDS 138bps
Negative Case iCDS 207bps, 2027 6.625% Bond YTW of 6.130%, iYTW of 4.350%
Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
Read MoreFCX – Base Case CDS 228bps, Base Case iCDS 71bps
Negative Case iCDS 127bps, 2027 5.000% Bond YTW of 5.144%, iYTW of 3.474%, 2028 4.125% Bond YTW of 5.294%, iYTW of 3.254%, 2028 4.375% Bond YTW of 5.137%
iYTW of 3.257%, Baa3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
Read MoreCNC – Base Case CDS 229bps, Base Case iCDS 69bps,
Negative Case iCDS 189bps, 2027 4.250% Bond YTW of 4.607%, iYTW of 3.367%, 2028 2.450% Bond YTW of 4.782%,
iYTW of 3.533%, Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...