Featured Top Idea
HES – Hess Corporation
Trade: Buy 2024 3.500% Bonds CUSIP: 42809HAF4 (1.479% YTW, 0.719% iYTW)
Trade: Buy 2026 5.625% Bonds CUSIP: 42809HAG2 (2.236% YTW, 1.226% iYTW)
The Latest from Credit News
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May 12, 2021
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May 10, 2021
No Traded CDS, Base Case iCDS 242bps
2027 7.875% Bond YTW of 4.838%, iYTW of 3.248%
B2 (Moody’s), IG4+ (Baa1) Valens Rating
Low Refi Need
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May 6, 2021
CDS 117bps, Base Case iCDS 39bps
Negative Case iCDS 150bps, 2026 5.625% Bond YTW of 2.236%, iYTW of 1.226%
Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Moderate Refinancing Need
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May 5, 2021
Featured Top Idea
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MU – Micron Technology, Inc.
Trade: Buy 2027 4.185% Bonds CUSIP: 595112BP7 (1.951% YTW, 1.151% iYTW) -
May 3, 2021
No Traded CDS, Base Case iCDS 210bps,
Negative Case iCDS 508bps, 2026 5.875% Bond YTW of 2.971%, iYTW of 6.231%
B2 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens
High Refinancing Need
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May 3, 2021
No Traded CDS, Base Case iCDS 26bps
Negative Case iCDS 100bps, 2027 4.185% Bond YTW of 1.951%, iYTW of 1.151%
B1 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens
Low Refinancing Need
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April 28, 2021
Featured Top Idea
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F – Ford Motor Company
Buy 2025 9.000% Bonds CUSIP: 345370CW8 (2.994% YTW, 1.494% iYTW)
Buy 2026 4.346% Bonds CUSIP: 345370CR9 (3.175% YTW, 1.425% iYTW) -
April 23, 2021
CDS 227bps, Base Case iCDS 62bps
Negative Case iCDS 82bps, 2025 9.000% Bond YTW of 2.994%, iYTW of 1.494%
Ba2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need
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April 21, 2021
Featured Top Idea
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GATX – GATX Corporation
Trade: Sell 2026 3.250% Bonds CUSIP: 361448AY9 (1.695% YTW, 2.525% iYTW)
Trade: Sell 2027 3.850% Bonds CUSIP: 361448AZ6 (1.990% YTW, 3.900% iYTW) -
April 16, 2021
CDS 181bps, Base Case iCDS 165bps
Negative Case iCDS 181bps, 2026 3.250% Bond YTW of 1.695%
iYTW of 2.525%, Baa2 Rating from Moody’s, HY2 (equivalent to B2) Rating from Valens
High Refinancing Need
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April 14, 2021 -
April 12, 2021
No Traded CDS, Base Case iCDS 200bps
Negative Case iCDS 276bps, 2027 6.750% Bond YTW of 4.019%
iYTW of 2.879%, B1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need
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April 7, 2021 -
April 5, 2021
No Traded CDS, Base Case iCDS 169bps
Negative Case iCDS 262bps, 2026 5.875% Bond YTW of 4.027%
iYTW of 2.507%, Ba1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need
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March 31, 2021
Featured Top Idea
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BA – The Boeing Company
Trade: Buy 2026 2.750% Bonds CUSIP: 097023DA0 (2.127% YTW, 0.927% iYTW)
Trade: Buy 2026 2.196% Bonds CUSIP: 097023DG7 (2.370% YTW, 0.920% iYTW)
Trade: Buy 2026 3.100% Bonds CUSIP: 097023CH6 (2.132% YTW, 0.932% iYTW)
Trade: Buy 2026 2.250% Bonds CUSIP: 097023BR5 (2.200% YTW, 0.930% iYTW)
Trade: Buy 2027 2.700% Bonds CUSIP: 097023CM5 (2.377% YTW, 0.927% iYTW)
Trade: Buy 2027 5.040% Bonds CUSIP: 097023CU7 (2.516% YTW, 0.926% iYTW)
Trade: Buy 2028 3.250% Bonds CUSIP: 097023DB8 (2.680% YTW, 1.400% iYTW) -
March 29, 2021
No Traded CDS, Base Case iCDS 119bps
Negative Case iCDS 252bps, 2025 5.750% Bond YTW of 5.293%
iYTW of 2.023%, Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need
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March 25, 2021
CDS 109bps, Base Case iCDS 7bps
Negative Case iCDS 18bps, 2026 2.196% Bond YTW of 2.370%
iYTW of 0.920%, Baa2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need
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March 24, 2021 -
March 22, 2021
No Traded CDS, Base Case iCDS 158bps
Negative Case iCDS 314bps, 2024 3.500% Bond YTW of 3.273%
iYTW of 1.953%, Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need
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March 18, 2021
CDS 409bps, Base Case iCDS 127bps
Negative Case iCDS 308bps, 2026 6.250% Bond YTW of 6.547%
iYTW of 2.117%, Caa2 Rating from Moody’s, HY1 (equivalent to Ba2) Rating from Valens
Moderate Refinancing Need
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