AMCX – Base Case iCDS 660bps
Negative Case iCDS 741bps, 2029 4.250% Bond YTW of 12.342%, iYTW of 10.567%
B2 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens
Moderate Refinancing Need...
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June 4, 2025
Featured Top Idea
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MU – Micron Technology, Inc.
Action: Buy 2029 6.750% Bonds CUSIP: 595112BV4 (5.120% YTW, 4.253% iYTW)
Buy 2030 4.663% Bonds CUSIP: 595112BQ5 (5.182% YTW, 4.372% iYTW)
Buy 2031 5.300% Bonds CUSIP: 595112CD3 (5.286% YTW, 4.372% iYTW)... -
June 2, 2025
ON – Base Case iCDS 65bps
Negative Case iCDS 92bps 2028 3.875% Bond YTW of 5.581%, iYTW of 4.600%
Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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May 28, 2025
Featured Top Idea
CRS – Carpenter Technology CorporationAction: Buy 2030 7.625% Bonds CUSIP: 144285AM5 (5.816% YTW, 4.759% iYTW)...
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May 23, 2025
AR – Base Case CDS 112bps, Base Case iCDS 90bps
Negative Case iCDS 98bps, 2029 7.625% Bond YTW of 5.640%, iYTW of 4.875%
Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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May 23, 2025
WMS – Base Case iCDS 107bps
Negative Case iCDS 128bps, 2030 6.375% Bond YTW of 5.840%, iYTW of 5.045%
Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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May 21, 2025
Featured Top Idea
SWKS – Skyworks Solutions, Inc.Action: Buy 2031 3.000% Bonds, CUSIP: 83088MAL6 (6.455% YTW, 4.891% iYTW)...
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May 20, 2025
MU – Base Case CDS 82bps, Base Case iCDS 26bps
Negative Case iCDS 40bps, 2029 6.750% Bond YTW of 5.120%, iYTW of 4.253%
Baa3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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May 14, 2025
Featured Top Idea
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CIEN – Ciena Corporation
Action: Buy 2030 4.000% Bonds, CUSIP: 171779AL5 (5.820% YTW, 4.990% iYTW)... -
May 9, 2025
CRS – CDS 156bps, iCDS 92bps,
Negative Case iCDS 133bps, 2030 7.625% Bond YTW of 5.816%, iYTW of 4.759%,
Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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May 7, 2025
Featured Top Idea
NRG – NRG Energy IncAction: Buy 2028 5.750% Bonds CUSIP: 629377CE0 (5.849% YTW, 4.322% iYTW)
Buy 2029 3.375% Bonds CUSIP: 629377CQ3 (5.711% YTW, 4.309% iYTW)
Buy 2029 5.250% Bonds CUSIP: 629377CH3 (5.856%YTW, 4.309% iYTW)
Buy 2031 3.625% Bonds CUSIP: 629377CR1 (5.886% YTW, 4.309% iYTW)...
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April 30, 2025
Featured Top Idea
F – Ford Motor CompanyAction: Buy 2028 6.625% Bonds CUSIP: 345370BY5 (6.267% YTW, 5.019% iYTW)
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Buy 2030 9.625% Bonds CUSIP: 345370CX6 (6.788% YTW, 5.134% iYTW)
Buy 2031 7.450% Bonds CUSIP: 345370CA6 (6.814% YTW, 5.311% iYTW)... -
April 23, 2025
Featured Top Idea
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UBER – Uber Technologies, Inc.
Action: Close Trade: 2028 6.250% Bonds, CUSIP: 90353TAG5
2029 4.500% Bonds, CUSIP: 90353TAK6
2030 4.300% Bonds, CUSIP: 90353TAN0... -
April 21, 2025
SWKS – Base Case iCDS 74bps,
Negative Case iCDS 103bps, 2031 3.000% Bond YTW of 6.455%, iYTW of 4.891%,
Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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April 21, 2025
F – Base Case iCDS 116bps,
Negative Case iCDS 223bps, 2031 7.450% Bond YTW of 6.814%, iYTW of 5.311%,
Ba1 Rating from Moody’s, IG4+ (equivalent to Baa2) Rating from Valens,
Low Refinancing Need...
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April 16, 2025
Featured Top Idea
HLX – Helix Energy Solutions GroupAction: Buy 2029 9.750% Bond CUSIP: 42330PAL1 (7.967% YTW, 5.892% iYTW) Aggregate Credit Market and Credit Fundamental Review
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Since the Fed started communicating plans to aggressively raise rates in the face of inflationary pressures, the Fed has changed from a dovish benefit to cost to borrow, to a hawkish headwind. After the recent ~250bps rise in the risk-free rate from 2021 lows, aggregate corporate cost to borrow has risen to levels that are at the high end of the prior bull market. They are nowhere near levels that signal a freeze or panic but are high enough to put pressure on corporates borrowing for growth. The newly elevated cost to borrow for corporates may make refinancing decisions and growth investment decisions tougher. This is why it is important that corporations have such healthy financial statements currently.... -
April 15, 2025
HLX – Base Case iCDS 211bps,
Negative Case iCDS 246bps, 2029 9.750% Bond YTW of 7.967%, iYTW of 5.892%,
Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need
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April 2, 2025
Featured Top Idea
BA – The Boeing CompanyAction: Close Trade: 2028 3.250% Bonds, CUSIP: 097023DB8
2028 3.250% Bonds, CUSIP: 097023BX2
2028 3.450% Bonds, CUSIP: 097023CA1
2029 3.200% Bonds, CUSIP: 097023CD5
2029 6.298% Bonds, CUSIP: 097023DQ5
2030 2.950% Bonds, CUSIP: 097023CN3
2030 2.950% Bonds, CUSIP: 097023CN3
2031 6.388% Bonds, CUSIP: 097023DK8
Aggregate Credit Market and Credit Fundamental Review
Read More
Since the Fed started communicating plans to aggressively raise rates in the face of inflationary pressures, the Fed has changed from a dovish benefit to cost to borrow, to a hawkish headwind. After the recent ~250bps rise in the risk-free rate from 2021 lows, aggregate corporate cost to borrow has risen to levels that are at the high end of the prior bull market. They are nowhere near levels that signal a freeze or panic but are high enough to put pressure on corporates borrowing for growth. The newly elevated cost to borrow for corporates may make refinancing decisions and growth investment decisions tougher. This is why it is important that corporations have such healthy financial statements currently.... -
March 31, 2025
HOLX – Base Case iCDS 94bps,
Negative Case iCDS 130bps, 2028 4.625% Bond YTW of 5.300%, iYTW of 4.983%,
Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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