HOLX – Base Case iCDS 71bps
Negative Case iCDS 97bps, 2028 4.625% Bond YTW of 6.269%, iYTW of 5.119%
Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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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...
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November 22, 2023
Featured Top Idea
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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
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...
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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...
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November 15, 2023
Featured Top Idea
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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)... -
November 13, 2023
FCX – Base Case CDS 153bps, Base Case iCDS 72bps,
Negative Case iCDS 105bps, 2028 4.125% Bond YTW of 6.287%, iYTW of 5.257%,
Baa3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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November 13, 2023
QRVO – Base Case iCDS 113bps,
Negative Case iCDS 176bps, 2029 4.375% Bond YTW of 6.747%, iYTW of 5.667%,
Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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November 13, 2023
DINO – Base Case iCDS 127bps,
Negative Case iCDS 177bps, 2027 6.375% Bond YTW of 7.024%, iYTW of 5.924%,
Baa3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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November 10, 2023
SQ – Base Case iCDS 87bps,
Negative Case iCDS 171bps, 2027 0.250% Bond YTW of 7.710%, iYTW of 5.697%,
Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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November 10, 2023
TDG – No CDS, Base Case iCDS 157bps,
Negative Case iCDS 186bps, 2027 7.500% Bond YTW of 7.536%, iYTW of 6.396%,
B1 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens,
High Refinancing Need...
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November 8, 2023
Featured Top Idea
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MU – Micron Technology, Inc.
Action: Buy 2027 4.185% Bonds CUSIP: 595112BP7 (6.378% YTW, 5.138% iYTW)
Buy 2028 5.375% Bonds CUSIP: 595112CA9 (6.442% YTW, 5.202% iYTW)
Buy 2029 5.327% Bonds CUSIP: 595112BN2 (6.436% YTW, 5.196% iYTW)
Buy 2029 6.750% Bonds CUSIP: 595112BV4 (6.591% YTW, 5.351% iYTW)
Buy 2030 4.663% Bonds CUSIP: 595112BV4 (6.647% YTW, 5.407% iYTW)... -
November 8, 2023
Featured Top Idea
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AMKR – Amkor Technology
Action: Buy 2027 6.625% Bonds CUSIP: 031652BK5 (6.926% YTW, 5.896% iYTW)... -
November 1, 2023
Featured Top Idea
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TEX – Terex Corporation
Action: Buy 2029 5.000% Bonds CUSIP: 880779BA0 (7.596% YTW, 6.386% iYTW)... -
October 31, 2023
BA – Base Case CDS 103bps, Base Case iCDS 16bps
Negative Case iCDS 27bps, 2028 3.250% Bond YTW of 6.173%, iYTW of 4.955%
Baa2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
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October 31, 2023
MU – Base Case CDS 164bps, Base Case iCDS 41bps
Negative Case iCDS 65bps, 2028 5.375% Bond YTW of 6.3442%, iYTW of 5.202%
Baa3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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October 25, 2023
Featured Top Idea
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DVN – Devon Energy Corporation
Action: Buy 2027 5.250% Bonds CUSIP: 25179MBD4 (6.392% YTW, 5.392% iYTW)
Buy 2028 5.875% Bonds CUSIP: 25179MBE2 (6.341% YTW, 5.211% iYTW)
Buy 2030 4.500% Bonds CUSIP: 25179MBF9 (6.655% YTW, 5.365% iYTW)... -
October 24, 2023
ROST – Base Case iCDS 48bps,
Negative Case iCDS 54bps, 2027 4.700% Bond YTW of 5.922%, iYTW of 5.199%,
A2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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October 24, 2023
TEX – Traded CDS 237bps, Base Case iCDS 152bps,
Negative Case 352bps, 2029 5.000% Bond YTW of 7.596%, iYTW of 6.386%,
Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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October 24, 2023
UAA – Base Case CDS 262bps, Base Case iCDS 146bps,
Negative Case iCDS 209bps, 2026 3.250% Bond YTW of 7.044%, iYTW of 6.297%,
Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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