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...
Read MoreThe Latest from Weeklies News
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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 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 26, 2025 -
March 19, 2025
Featured Top Idea
PBF – PBF Energy CorporationAction: Close Trade: 2028 6.000% Bonds CUSIP: 69318FAJ7 (7.161% YTW, 6.947% iYTW) 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 12, 2025 -
February 26, 2025
Featured Top Idea
NRG – NRG Energy, Inc.Action: Buy 2028 5.750% Bonds CUSIP: 629377CE0 (5.785% YTW, 4.531% iYTW)
Buy 2029 3.375% Bonds CUSIP: 629377CQ3 (5.825% YTW, 4.679% iYTW)
Buy 2029 5.250% Bonds CUSIP: 629377CH3 (6.016% YTW, 4.679% iYTW)
Buy 2031 3.625% Bonds CUSIP: 629377CR1 (6.135% YTW, 4.679% iYTW)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.... -
February 26, 2025
Featured Top Idea
NRG – NRG Energy, Inc.Action: Buy 2028 5.750% Bonds CUSIP: 629377CE0 (5.785% YTW, 4.531% iYTW)
Buy 2029 3.375% Bonds CUSIP: 629377CQ3 (5.825% YTW, 4.679% iYTW)
Buy 2029 5.250% Bonds CUSIP: 629377CH3 (6.016% YTW, 4.679% iYTW)
Buy 2031 3.625% Bonds CUSIP: 629377CR1 (6.135% YTW, 4.679% iYTW)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.... -
February 19, 2025
Featured Top Idea
Read More
HLX – Helix Energy Solutions Group
Action: Buy 2029 9.750% Bond CUSIP: 42330PAL1 (7.348% YTW, 6.527% iYTW)... -
February 5, 2025
Featured Top Idea
CIEN – Ciena CorporationAction: Buy 2030 4.000% Bonds, CUSIP: 171779AL5 (5.713% YTW, 5.221% iYTW) 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.... -
February 5, 2025
Featured Top Idea
CIEN – Ciena CorporationAction: Buy 2030 4.000% Bonds, CUSIP: 171779AL5 (5.713% YTW, 5.221% iYTW) 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.... -
January 29, 2025
Featured Top Idea
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PARA – Paramount Global
Action: Close Trade: 2028 3.700% Bonds CUSIP: 124857AX1
Close Trade: 2029 4.200% Bonds CUSIP: 124857AZ6
Close Trade: 2031 4.950% Bonds CUSIP: 92556HAB3... -
January 22, 2025
Featured Top Idea
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BRBR – BellRing Brands, Inc.
Action: Buy 2030 7.000% Bonds, CUSIP: 07831CAA1 (5.995% YTW, 5.092% iYTW)... -
January 15, 2025
Featured Top Idea
ZIP – ZipRecruiter, Inc.Action: Close Trade 2030 5.000% Bonds CUSIP: 98980BAA1 (7.046% YTW, 7.762% iYTW)
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Aggregate Credit Market and Credit Fundamental Review
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.... -
January 8, 2025
Featured Top Idea
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AMKR – Amkor Technology, Inc.
Action: 2027 6.625% Bonds CUSIP: 031652BK5 (5.032% YTW, 4.939% iYTW)... -
December 27, 2024
Featured Top Idea
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SQ – Block, Inc.
Action: Buy 2031 3.500% Bonds CUSIP: 852234AM5 (5.320% YTW, 4.794% iYTW)... -
December 18, 2024
Featured Top Idea
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UBER – Uber Technologies, Inc.
Action: Buy 2028 6.250% Bonds, CUSIP: 90353TAG5 (5.043% YTW, 4.542% iYTW)
Buy 2029 4.500% Bonds, CUSIP: 90353TAK6 (5.123% YTW, 4.285% iYTW)
Buy 2030 4.300% Bonds, CUSIP: 90353TAN0 (5.005% YTW, 4.285% iYTW)... -
December 4, 2024
Featured Top Idea
MOH – Molina Healthcare, Inc.Action: Close Trade 2028 4.375% Bonds CUSIP: 60855RAJ9 (5.735% YTW, 5.407% iYTW)...
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November 27, 2024
Featured Top Idea
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MU – Micron Technology, Inc.
Action: Buy 2029 6.750% Bonds CUSIP: 595112BV4 (5.042% YTW, 4.397% iYTW)
Buy 2030 4.663% Bonds CUSIP: 595112BQ5 (5.051% YTW, 4.176% iYTW)
Buy 2031 5.300% Bonds CUSIP: 595112CD3 (5.137% YTW, 4.233% iYTW)...
