Featured Top Idea
UBER – Uber Technologies, Inc.
Action: Buy 2026 8.000% Bonds, CUSIP: 90353TAD2 (6.738% YTW, 4.638% iYTW)
Buy 2027 7.500% Bonds, CUSIP: 90353TAE0 (6.932% YTW, 4.826% iYTW)
Buy 2028 6.250% Bonds, CUSIP: 90353TAG5 (6.614% YTW, 4.614% iYTW)
Buy 2029 4.500% Bonds, CUSIP: 90353TAK6 (6.731% YTW, 4.931% iYTW)...
HES – Base Case CDS 121bps, Base Case iCDS 70bps
Negative Case iCDS 105bps, 2027 4.300% Bond YTW of 5.526%, iYTW of 4.968%
Baa3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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Featured Top Idea
AMKR – Amkor Technology, Inc.
Action: Buy 2027 6.625% Bonds CUSIP: 031652BK5 (7.146% YTW, 5.226% iYTW)...
SYNA – Base Case iCDS 153bps,
Negative Case iCDS 251bps, 2029 4.000% Bond YTW of 6.853%,
iYTW of 5.463%, Ba2 Rating from Moody’s, IG4+ (equivalent to Baa2) Rating from Valens,
Low Refinancing Need...
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SQ – Base Case iCDS 67bps,
Negative Case iCDS 167bps, 2026 2.750% Bond YTW of 6.540%,
iYTW of 5.280%, Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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UBER – CDS 228bps, Base Case iCDS 56bps,
Negative Case iCDS 66bps, 2027 7.500% Bond YTW of 6.932%,
iYTW of 4.826%, Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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PDCE – Base Case iCDS 179bps,
Negative Case iCDS 258bps, 2026 5.750% Bond YTW of 7.348%,
iYTW of 6.298%, Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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CC – Traded CDS 389bps, Base Case iCDS 156bps,
Negative Case iCDS 248bps, 2028 5.750% Bond YTW of 8.420%,
iYTW of 5.720%, Ba3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens,
Low Refinancing Need...
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FCX – Base Case CDS 137bps, Base Case iCDS 65bps,
Negative Case iCDS 99bps, 2027 5.000% Bond YTW of 5.557%, iYTW of 4.667%,
Baa3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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GM – Closed CDS 169bps, Base Case iCDS 103bps,
Negative Case iCDS 180bps, 2028 5.000% Bond YTW of 5.463%, iYTW of 5.034%,
Baa3 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens,
Low Refinancing Need...
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F – Base Case CDS 299bps, Base Case iCDS 97bps,
Negative Case iCDS 130bps, 2026 4.346% Bond YTW of 5.395%, iYTW of 5.302%,
Ba2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens,
Low Refinancing Need...
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Featured Top Idea
GM – General Motors Company
Action: Trade: Buy 2029 5.400% Bonds CUSIP: 37045VAY6 (5.833% YTW, 5.033% iYTW)...
Featured Top Idea
F – Ford Motor Company
Action: Close 2026 7.500% Bonds CUSIP: 345370BP4
Close 2028 6.625% Bonds CUSIP: 345370BY5...
UPWK – Base Case iCDS 131bps,
Negative Case iCDS 157bps, 2026 0.250% Bond YTW of 7.560%,
iYTW of 4.976%,
Low Refinancing Need...
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FL – Base Case iCDS 178bps, Negative Case iCDS 233bps,
2029 4.000% Bond YTW of 6.970%,
iYTW of 5.460%, Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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Featured Top Idea
SQ – Block, Inc.
Action: Buy 2026 2.750% Bonds CUSIP: 852234AN3 (5.754% YTW, 4.694% iYTW)...
SQ – Base Case iCDS 72bps,
Negative Case iCDS 108bps, 2026 2.750% Bond YTW of 5.754%, iYTW of 4.694%,
Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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HOLX – Base Case iCDS 92bps,
Negative Case iCDS 109bps, 2028 4.625% Bond YTW of 5.641%,
iYTW of 4.561%, Ba1 Rating from Moody’s, IG4 (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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UAA – Traded CDS 248bps,
Base Case iCDS 167bps, Negative Case iCDS 270bps, 2026 3.250% Bond YTW of 6.324%,
iYTW of 5.570%, Ba2 Rating from Moody’s, IG4+ (equivalent to Baa2) Rating from Valens,
Low Refinancing Need...
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