Analysis

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  • July 15, 2026
    Valens Credit Weekly Insights for July 15, 2026

    Featured Top Idea
    F – Ford Motor Company

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  • July 8, 2026
    Valens Credit Weekly Insights for July 8, 2026

    Featured Top Idea
    XYZ – Block, Inc.
    Action: Buy 2031 3.500% Bonds CUSIP: 852234AM5 (5.614% YTW, 4.833% iYTW)...

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  • July 1, 2026
    Valens Credit Weekly Insights for July 1, 2026

    Featured Top Idea
    APP – AppLovin Corporation
    Action: Buy 2031 5.375% Bonds CUSIP: 03831WAC2 (5.096% YTW, 4.233% iYTW)...

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  • June 24, 2026
    Valens Credit Weekly Insights for June 24, 2026

    Featured Top Idea
    CIEN  – Ciena Corporation
    Action: Buy 2030 4.000% Bonds, CUSIP: 171779AL5 (5.507% YTW, 4.677% iYTW)...

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  • June 23, 2026
    TEAM – Base Case iCDS 17bps, Negative Case iCDS 53bps, 2029 5.250% Bond YTW of 4.962%, iYTW of 4.300%, Baa2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

    TEAM – Base Case iCDS 17bps

    Negative Case iCDS 53bps, 2029 5.250% Bond YTW of 4.962%, iYTW of 4.300%

    Baa2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens

    Low Refinancing Need...

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  • June 23, 2026
    CRWD – Base Case iCDS 7bps, Negative Case iCDS 26bps, 2029 3.000% Bond YTW of 5.014%, iYTW of 4.288%, Baa2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

    CRWD – Base Case iCDS 7bps

    Negative Case iCDS 26bps, 2029 3.000% Bond YTW of 5.014%, iYTW of 4.288%

    Baa2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens

    Low Refinancing Need...

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  • June 22, 2026
    XYZ – Base Case iCDS 62bps, Negative Case iCDS 110bps, 2031 3.500% Bond YTW of 5.614%, iYTW of 4.833%, Ba1 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens, Low Refinancing Need

    XYZ – Base Case iCDS 62bps

    Negative Case iCDS 110bps, 2031 3.500% Bond YTW of 5.614%, iYTW of 4.833%

    Ba1 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens

    Low Refinancing Need...

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  • June 22, 2026
    CIEN – Base Case iCDS 38bps, Negative Case iCDS 83bps, 2030 4.000% Bond YTW of 5.507%, iYTW of 4.677%, Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

    CIEN – Base Case iCDS 38bps

    Negative Case iCDS 83bps, 2030 4.000% Bond YTW of 5.507%, iYTW of 4.677%

    Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens

    Low Refinancing Need...

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  • June 22, 2026
    APP – Base Case iCDS 2bps, Negative Case iCDS 4bps, 2031 5.375% Bond YTW of 5.096%, iYTW of 4.233%, Baa1 Rating from Moody’s, IG2+ (equivalent to Aa1) Rating from Valens, Low Refinancing Nee

    APP – Base Case iCDS 2bps

    Negative Case iCDS 4bps, 2031 5.375% Bond YTW of 5.096%, iYTW of 4.233%

    Baa1 Rating from Moody’s, IG2+ (equivalent to Aa1) Rating from Valens

    Low Refinancing Nee...

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  • June 17, 2026
    Valens Credit Weekly Insights for June 17, 2026

    Featured Top Idea
    CNC – Centene Corporation
    . Action: Buy 2031 2.500% Bonds CUSIP: 15135BAX9 (5.634% YTW, 4.959% iYTW)...

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  • June 10, 2026
    Valens Credit Weekly Insights for June 10, 2026

    Featured Top Idea
    RCL – Royal Caribbean Cruises Ltd.
    Action: Buy 2032 6.250% Bonds CUSIP: 780153BU5 (5.428% YTW, 4.134% iYTW)...

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  • June 5, 2026
    RCL – Base Case CDS 83bps, Base Case iCDS 19bps, Negative Case iCDS 51bps, 2032 6.250% Bond YTW of 5.428%, iYTW of 4.134%, Baa2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

    RCL – Base Case CDS 83bps

    Base Case iCDS 19bps, Negative Case iCDS 51bps, 2032 6.250% Bond YTW of 5.428%, iYTW of 4.134%

    Baa2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens

    Low Refinancing Need...

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  • June 5, 2026
    WDAY – Base Case iCDS 38bps, Negative Case iCDS 54bps, 2032 3.800% Bond YTW of 5.225%, iYTW of 4.527%, Baa1 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens, Low Refinancing Need

    WDAY – Base Case iCDS 38bps

    Negative Case iCDS 54bps, 2032 3.800% Bond YTW of 5.225%, iYTW of 4.527%

     Baa1 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens

    Low Refinancing Need...

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  • June 5, 2026
    CNC – Base Case CDS 121bps, Base Case iCDS 88bps, Negative Case iCDS 118bps, 2031 2.500% Bond YTW of 5.634%, iYTW of 4.959%, Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

    CNC – Base Case CDS 121bps

    Base Case iCDS 88bps, Negative Case iCDS 118bps, 2031 2.500% Bond YTW of 5.634%, iYTW of 4.959%

    Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens

    Low Refinancing Need...

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  • June 3, 2026
    Valens Credit Weekly Insights for June 3, 2026

    Featured Top Idea
    MOH – Molina Healthcare, Inc.

    • Action: Buy 2030 9.625% Bonds CUSIP: 345370CX6 (5.318% YTW, 4.742% iYTW)
    Buy 2031 7.450% Bonds CUSIP: 345370CA6 (5.648% YTW, 4.794% iYTW)
    Buy 2032 3.250% Bonds CUSIP: 345370DA5 (5.686% YTW, 4.742% iYTW)
    Buy 2032 6.100% Bonds CUSIP: 345370DB3 (5.606% YTW, 4.742% iYTW)
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  • May 27, 2026
    Valens Credit Weekly Insights for May 27, 2026

    Featured Top Idea
    COIN – Coinbase Global, Inc.
    Action: Buy 2031 3.625% Bonds CUSIP: 19260QAD9 (6.206% YTW, 4.618% iYTW)...

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  • May 25, 2026
    ON – Base Case iCDS 45bps, Negative Case iCDS 60bps 2028 3.875% Bond YTW of 5.171%, iYTW of 4.392%, Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

    ON – Base Case iCDS 45bps,

    Negative Case iCDS 60bps 2028 3.875% Bond YTW of 5.171%, iYTW of 4.392%,

    Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

    Low Refinancing Need...

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  • May 25, 2026
    COIN – Base Case CDS 166bps, Base Case iCDS 53bps, Negative Case iCDS 192bps, 2031 3.625% Bond YTW of 6.206%, iYTW of 4.618%, B1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

    COIN – Base Case CDS 166bps, Base Case iCDS 53bps,

    Negative Case iCDS 192bps, 2031 3.625% Bond YTW of 6.206%, iYTW of 4.618%,

    B1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

    Low Refinancing Need...

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  • May 13, 2026
    Valens Credit Weekly Insights for May 13, 2026

    Featured Top Idea
    KSS – Kohl’s Corporation

    • Action: Buy 2031 6.500% Bonds CUSIP: 60855RAN0 (6.390% YTW, 5.458% iYTW)
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  • May 7, 2026
    KSS – Base Case CDS 572bps, Base Case iCDS 274bps, Negative Case iCDS 348bps, 2031 5.125% Bond YTW of 9.133%, iYTW of 6.635%, B2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

    KSS – Base Case CDS 572bps, Base Case iCDS 274bps,

    Negative Case iCDS 348bps, 2031 5.125% Bond YTW of 9.133%, iYTW of 6.635%,

    B2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

    Low Refinancing Need...

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    Action: Buy 2031 5.125% Bonds CUSIP: 500255AX2 (9.133% YTW, 6.635% iYTW)