...Read More
The Latest from
-
November 27, 2023
UBER – CDS 133bps, Base Case iCDS 48bps,
Negative Case iCDS 59bps, 2027 7.500% Bond YTW of 6.646%, iYTW of 4.918%,
Ba3 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens,
Low Refinancing Need...
Read More -
November 22, 2023
Featured Top Idea
Read More
DINO – HF Sinclair Corporation
Action: Buy 2027 6.375% Bonds CUSIP: 435765AJ1(7.024% YTW, 5.924% iYTW)
Buy 2030 4.500% Bonds CUSIP: 023551AF1(6.932% YTW, 5.882% iYTW)... -
November 20, 2023
MTCH – Base Case iCDS 221bps, Negative Case iCDS 295bps
2027 5.000% Bond YTW of 6.875%, iYTW of 6.895%, Ba2 Rating from Moody’s
IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
Read More -
November 20, 2023
CC – Base Case CDS 355bps, Base Case iCDS 180bps
Negative Case iCDS 312bps, 2028 5.750% Bond YTW of 9.084%, iYTW of 6.454%
Ba3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens
Low Refinancing Need...
Read More -
November 16, 2023
- More And More Signals Point Towards A Slowdown. The Fed’s efforts to slow lending continue to push management teams to be more cautious. Uniform earnings growth continues to decelerate. Profits are forecast to decline, and multiple signals for investment show decelerating management confidence.
- Corporate Credit Metrics Are Showing Signs Of Growing Stress. Credit availability is lacking, and corporations and individual consumers are starting to show pressure from credit tightening. Credit issues highlight the risk of a recession growing.
- After the recent strong bounce-back rally, the market is back towards neutral sentiment levels.
- Monthly inflections:
- Credit (55% of macro outlook): Negative (no change)
- Earnings Growth (30%): Negative (no change)
- Momentum/Sentiment (10%): Neutral (no change)
- Valuations (5%): Negative (no change)
- Timetable Recommendation: 40% Equity/60% Bond Split for 5-10 Year Money and 22 Month Dollar Cost Averaging....
-
November 15, 2023
Featured Top Idea
Read More
TDG – TransDigm Group Incorporated
Action: Buy 2027 7.500% Bonds, CUSIP: 893647BH9 (7.536% YTW, 6.396% iYTW)
Buy 2027 5.500% Bonds, CUSIP: 893647BL0 (7.010% YTW, 6.470% iYTW)...