UBER – CDS 195bps, Base Case iCDS 56bps
Negative Case iCDS 71bps, 2027 7.500% Bond YTW of 5.947%, iYTW of 4.053%
Ba3 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
Read MoreUBER – CDS 195bps, Base Case iCDS 56bps
Negative Case iCDS 71bps, 2027 7.500% Bond YTW of 5.947%, iYTW of 4.053%
Ba3 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
Read MoreFeatured Top Idea
UBER – Uber Technologies, Inc.
Action: Buy 2026 8.000% Bonds, CUSIP: 90353TAC4 (6.196% YTW, 4.176% iYTW)
Buy 2027 7.500% Bonds, CUSIP: 90353TAE0 (5.947% YTW, 4.053% iYTW)
Buy 2028 6.250% Bonds, CUSIP: 90353TAG5 (5.902% YTW, 3.940% iYTW)
Buy 2029 4.500% Bonds, CUSIP: 90353TAK6 (5.864% YTW, 3.928% iYTW)...
FL – Base Case iCDS 166bps, Negative Case iCDS 222bps,
2029 4.000% Bond YTW of 7.209%, iYTW of 5.309%,
Ba1 Rating from S&P, XO (equivalent to Baa3) Rating from Valens,
Low Refinancing Need...
Read MoreCC – Traded CDS 363bps, Base Case iCDS 172bps
Negative Case iCDS 291bps, 2028 5.750% Bond YTW of 8.024%, iYTW of 5.184%
Ba3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens
Low Refinancing Need...
Read MoreFCX – Base Case CDS 157bps, Base Case iCDS 68bps,
Negative Case iCDS 97bps, 2028 4.125% Bond YTW of 5.329%, iYTW of 4.019%,
Baa3 Rating from S&P, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
Read MoreIn 1993, Quaker Oats bought Snapple for $1.7 billion… about $1 billion higher than what most thought the company was “worth” on Wall Street. Following its previous success with Gatorade, Quaker must have thought it could replicate the formula, leveraging its expertise with supermarkets and retailers to generate great rewards for investors.
However, its efforts failed to materialize. Quaker Oats sold Snapple just a few years later for only $300 million, a massive loss in equity value....
Read MoreFeatured Top Idea
HOLX – Hologic, Inc.
Action: Buy 2028 4.625% Bonds, CUSIP: 436440AM3 (5.407% YTW, 4.407% iYTW)
Buy 2029 3.250% Bonds, CUSIP: 436440AP6 (5.427% YTW, 4.437% iYTW)...
BA – Base Case CDS 116bps, Base Case iCDS 14bps,
Negative Case iCDS 26bps, 2028 3.250% Bond YTW of 4.977%, iYTW of 3.580%,
Baa2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens,
Low Refinancing Need...
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