The Latest from Credit News

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  November 6, 2024

  Valens Credit Weekly Insights for November 6, 2024

  

  Featured Top Idea
  BA – The Boeing Company
  Action: Buy 2028 3.250% Bonds CUSIP: 097023DB8 (5.320% YTW, 4.812% iYTW)
  Buy 2028 3.250% Bonds, CUSIP: 097023BX2 (5.428% YTW, 4.812% iYTW)
  Buy 2028 3.450% Bonds, CUSIP: 097023CA1 (5.506% YTW, 4.812% iYTW)
  Buy 2029 3.200% Bonds, CUSIP: 097023CD5 (5.475% YTW, 4.812% iYTW)
  Buy 2029 6.298% Bonds, CUSIP: 097023DQ5 (5.225% YTW, 4.732% iYTW)
  Buy 2030 2.950% Bonds, CUSIP: 097023CN3 (5.611% YTW, 4.812% iYTW)
  Buy 2030 5.150% Bonds, CUSIP: 097023CY9 (5.420% YTW, 4.812% iYTW)
  Buy 2031 6.388% Bonds, CUSIP: 097023DK8 (5.490% YTW, 4.900% iYTW)...

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  November 6, 2024

  AR – Base Case CDS 121bps, Base Case iCDS 106bps, Negative Case iCDS 119bps, 2029 7.625% Bond YTW of 6.135%, iYTW of 5.167%, Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

  

  AR – Base Case CDS 121bps, Base Case iCDS 106bps,

  Negative Case iCDS 119bps, 2029 7.625% Bond YTW of 6.135%, iYTW of 5.167%,

  Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

  Low Refinancing Need...

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  November 5, 2024

  KSS – Base Case CDS 493bps, Base Case iCDS 279bps, Negative Case iCDS 322bps, 2029 7.250% Bond YTW of 7.163%, iYTW of 6.895%, Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

  

  KSS – Base Case CDS 493bps, Base Case iCDS 279bps,

  Negative Case iCDS 322bps, 2029 7.250% Bond YTW of 7.163%, iYTW of 6.895%,

  Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

  Low Refinancing Need...

  Read More

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  October 30, 2024

  Valens Credit Weekly Insights for October 30, 2024

  

  Featured Top Idea
  PBF – PBF Energy Inc.
  Action: Buy 2028 6.000% Bonds CUSIP: 69318FAJ7 (6.854% YTW, 5.794% iYTW)...

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  October 28, 2024

  BA – Base Case CDS 129bps, Base Case iCDS 75bps, Negative Case iCDS 134bps, 2029 6.298% Bond YTW of 5.225%, iYTW of 4.732%, Baa3 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens, Low Refinancing Need

  

  BA – Base Case CDS 129bps, Base Case iCDS 75bps

  Negative Case iCDS 134bps, 2029 6.298% Bond YTW of 5.225%, iYTW of 4.732%

  Baa3 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens

  Low Refinancing Need...

  Read More

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  October 23, 2024

  Valens Credit Weekly Insights for October 16, 2024

  

  Featured Top Idea
  NRG – NRG Energy, Inc.

  Action: Buy 2028 5.750% Bonds CUSIP: 629377CE0 (5.756% YTW, 4.185% iYTW)
  Buy 2029 3.375% Bonds CUSIP: 629377CQ3 (5.442% YTW, 4.173% iYTW)
  Buy 2029 5.250% Bonds CUSIP: 629377CH3 (5.519% YTW, 4.173% iYTW)
  Buy 2031 3.625% Bonds CUSIP: 629377CR1 (5.562% YTW, 4.341% iYTW)...

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  October 16, 2024

  Valens Credit Weekly Insights for October 16, 2024

  

  Featured Top Idea
  CRWD – CrowdStrike Holdings, Inc.
  Action: Buy 2029 3.000% Bonds CUSIP: 22788CAA3 (4.856% YTW, 3.723% iYTW)...

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  October 9, 2024

  Valens Credit Weekly Insights for October 9, 2024

  

  Featured Top Idea
  AMKR – Amkor Technology, Inc.
  Action: Buy 2027 6.625% Bonds CUSIP: 031652BK5 (5.533% YTW, 4.423% iYTW)...

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  October 4, 2024

  CRWD – Base Case iCDS 19bps, Negative Case iCDS 36bps, 2029 3.000% Bond YTW of 4.856%, iYTW of 3.723%, Baa2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

  

  CRWD – Base Case iCDS 19bps,

  Negative Case iCDS 36bps, 2029 3.000% Bond YTW of 4.856%, iYTW of 3.723%,

  Baa2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

  Low Refinancing Need...

  Read More

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  October 4, 2024

  PARA – Base Case iCDS 45bps, Negative Case iCDS 108bps, 2028 3.375% Bond YTW of 5.201%, iYTW of 3.950%, Baa2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens, Low Refinancing Need

  

  PARA – Base Case iCDS 45bps,

  Negative Case iCDS 108bps, 2028 3.375% Bond YTW of 5.201%, iYTW of 3.950%,

  Baa2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens,

  Low Refinancing Need...

  Read More

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  October 4, 2024

  NRG – CDS 114bps, iCDS 32bps, Negative Case iCDS 40bps, 2028 5.750% Bond YTW of 5.756%, iYTW of 4.185%, Ba1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens, Low Refinancing Need

  

  NRG – CDS 114bps, iCDS 32bps,

  Negative Case iCDS 40bps, 2028 5.750% Bond YTW of 5.756%, iYTW of 4.185%,

  Ba1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens,

  Low Refinancing Need

   ...

  Read More

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  October 2, 2024

  Valens Credit Weekly Insights for October 2, 2024

  

  Featured Top Idea
  SYNA – Synaptics Incorporated
  Action: Close Trade 2029 4.000% Bonds CUSIP: 87157DAG4...

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  September 25, 2024

  Valens Credit Weekly Insights for September 25, 2024

  

  Featured Top Idea
  ZIP – ZipRecruiter, Inc.
  Action: Buy 2030 5.000% Bonds CUSIP: 98980BAA1 (7.172% YTW, 6.634% iYTW)...

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  September 18, 2024

  AMKR – Base Case iCDS 80bps, Negative Case iCDS 109bps, 2027 6.625% Bond YTW of 5.533%, iYTW of 4.423%, Ba2 Rating from Moody’s, IG4+ (equivalent to Baa2) Rating from Valens, Low Refinancing Need

  

  AMKR – Base Case iCDS 80bps,

  Negative Case iCDS 109bps, 2027 6.625% Bond YTW of 5.533%, iYTW of 4.423%,

  Ba2 Rating from Moody’s, IG4+ (equivalent to Baa2) Rating from Valens,

  Low Refinancing Need...

  Read More

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  September 18, 2024

  Valens Credit Weekly Insights for September 18, 2024

  

  Featured Top Idea
  ROST – Ross Stores, Inc.
  Action: Buy 2030 4.800% Bonds, CUSIP: 778296AD5 (4.772% YTW, 4.153% iYTW)...

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  September 17, 2024

  SQ – Base Case iCDS 67bps, Negative Case iCDS 107bps, 2031 3.500% Bond YTW of 5.174%, iYTW of 4.329%, Ba2 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens, Low Refinancing Need

  

  SQ – Base Case iCDS 67bps,

  Negative Case iCDS 107bps, 2031 3.500% Bond YTW of 5.174%, iYTW of 4.329%,

  Ba2 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens,

  Low Refinancing Need...

  Read More

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  September 17, 2024

  SYNA – Base Case iCDS 141bps, Negative Case iCDS 164bps, 2029 4.000% Bond YTW of 5.322%, iYTW of 4.907%, Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

  

  SYNA – Base Case iCDS 141bps,

  Negative Case iCDS 164bps, 2029 4.000% Bond YTW of 5.322%, iYTW of 4.907%,

  Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

  Low Refinancing Need...

  Read More

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  September 11, 2024

  Valens Credit Weekly Insights for September 11, 2024

  

  Featured Top Idea
  OII – Oceaneering International, Inc.
  Action: Buy 2028 6.000% Bonds CUSIP: 675232AB8 (5.742% YTW, 5.133% iYTW)...

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  September 9, 2024

  CNC – Base Case CDS 136bps, Base Case iCDS 72bps, Negative Case iCDS 73bps, 2028 2.450% Bond YTW of 4.783%, iYTW of 4.283%, Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

  

  CNC – Base Case CDS 136bps, Base Case iCDS 72bps,

  Negative Case iCDS 73bps, 2028 2.450% Bond YTW of 4.783%, iYTW of 4.283%,

  Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

  Low Refinancing Need

   ...

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• 

  September 9, 2024

  ON – Base Case iCDS 57bps, Negative Case iCDS 72bps 2028 3.875% Bond YTW of 5.427%, iYTW of 4.110%, Ba1 Rating from Moody’s, IG4+ (equivalent to Baa2) Rating from Valens, Low Refinancing Need

  

  ON – Base Case iCDS 57bps,

  Negative Case iCDS 72bps 2028 3.875% Bond YTW of 5.427%, iYTW of 4.110%,

  Ba1 Rating from Moody’s, IG4+ (equivalent to Baa2) Rating from Valens,

  Low Refinancing Need...

  Read More