Featured Top Idea
MU – Micron Technology, Inc.
Trade: Buy 2027 4.185% Bonds CUSIP: 595112BP7 (1.617% YTW, 1.057% iYTW)...
The Latest from Credit News
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July 21, 2021
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July 14, 2021
Featured Top Idea
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OTEX – Open Text Corporation
Trade: Avoid 2026 5.875% Bonds CUSIP: 683715AB2 (1.867% YTW, 2.397% iYTW)
Trade: Avoid 2028 3.875% Bonds CUSIP: 683715AC0 (3.322% YTW, 4.082% iYTW)... -
July 7, 2021
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REGI – Renewable Energy Group, Inc.
Action: Trade: Buy 2028 5.875% Bonds CUSIP: U7600QAA6 (4.894% YTW, 2.914% iYTW)... -
July 2, 2021
REGI – No Traded CDS, Base Case iCDS 167bps
Negative Case iCDS 238bps, 2028 5.875% Bond YTW of 4.894%
iYTW of 22.914%, B1 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens
Low Refinancing Need...
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June 30, 2021
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BA – The Boeing Company
Trade: Buy 2025 7.250% Bonds CUSIP: 097023AM7 (1.915% YTW, 1.155% iYTW)... -
June 29, 2021
PPC – No Traded CDS, Base Case iCDS 119bps
Negative Case iCDS 495bps, 2027 5.875% Bond YTW of 2.799%
iYTW of 2.839%, Ba3 Rating from Moody’s, HY1 (equivalent to Ba2) Rating from Valens
Low Refinancing Need...
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June 25, 2021
CDS 108, Base Case iCDS 14bps, Negative Case iCDS 29bps
2026 2.196% Bond YTW of 1.747%, iYTW of 0.987%
Baa2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
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June 23, 2021
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TWTR – Twitter, Inc.
Action: Trade: Buy 2027 3.875% Bonds, CUSIP: 90184LAG7 (2.887% YTW, 1.217% iYTW)... -
June 18, 2021
No Traded CDS, Base Case iCDS 156bps
Negative Case iCDS 278bps, 2024 3.500% Bond YTW of 1.934%
iYTW of 1.864%, Ba1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
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June 17, 2021
No CDS, Base Case iCDS 44bps, Negative Case iCDS 55bps
2027 3.875% Bond YTW of 2.887%, iYTW of 1.217%
Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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June 16, 2021
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AAL – American Airlines Group Inc.
Trade: Buy 2025 3.750% Bonds, CUSIP: 02376RAE2 (6.023% YTW, 2.633% iYTW)
Trade: Buy 2025 11.750% Bonds, CUSIP: 023771S58 (4.693% YTW, 2.513% iYTW)... -
June 14, 2021
CDS 627bps, Base Case iCDS 185bps
Negative Case iCDS 222bps, 2025 3.750% Bond YTW of 6.023%
iYTW of 2.633%, B2 Rating from Moody’s, XO- (equivalent to Ba1) Rating from Valens
Moderate Refinancing Need...
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June 9, 2021
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HP – Helmerich & Payne, Inc.
Action: Avoid 2025 4.650% Bonds, CUSIP: 423452AC5 (1.676% YTW, 3.406% iYTW)... -
June 7, 2021
HP – No CDS, Base Case iCDS 257bps
Negative Case iCDS 311bps, 2025 4.650% Bond YTW of 1.676%
iYTW of 3.406%, Baa1 Rating from Moody’s, HY2 (equivalent to B2) Rating from Valens
Low Refinancing Need...
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June 2, 2021
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MTDR – Matador Resources Company
Trade: Buy 2026 5.875% Bonds CUSIP: 576485AD8 (6.231% YTW, 2.971% iYTW)... -
May 26, 2021
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UBER – Uber Technologies, Inc.
Trade: Buy 2025 7.500% Bonds, CUSIP: U9029YAD2 (3.314% YTW, 1.244% iYTW)
Trade: Buy 2026 8.000% Bonds, CUSIP: U9029YAB6 (3.621% YTW, 1.241% iYTW)
Trade: Buy 2027 7.500% Bonds, CUSIP: U9029YAC4 (4.102% YTW, 1.242% iYTW)
Trade: Buy 2028 6.250% Bonds, CUSIP: U9029YAF7 (4.190% YTW, 2.050% iYTW)... -
May 25, 2021
KTOS – No CDS, Base Case iCDS 97bps
Negative Case iCDS 140bps, 2025 6.500% Bond YTW of 3.964%
iYTW of 1.804%, B1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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May 24, 2021
GPS – 155bps CDS, Base Case iCDS 67bps
Negative Case iCDS 127bps, 2025 8.625% Bond YTW of 2.393%
iYTW of 1.493%, Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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May 21, 2021
No Traded CDS, Base Case iCDS 42bps
Negative Case iCDS 47bps, 2026 8.000% Bond YTW of 3.621%
iYTW of 1.241%, B2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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May 20, 2021
CDS 232bps, Base Case iCDS 127bps
Negative Case iCDS 201bps, 2026 3.375% Bond YTW of 2.306%
iYTW of 2.086%, Ba2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
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