Featured Top Idea
AR – Antero Resources Corporation
Action: Buy 2030 5.375% Bonds CUSIP: 03674XAS5 (5.023% YTW, 4.421% iYTW)...
Read More-
December 17, 2025
-
December 16, 2025
EAT – Base Case iCDS 116bps
Negative Case iCDS 132bps, 2030 8.250% Bond YTW of 4.506%, iYTW of 4.946%
Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
Read More -
December 11, 2025
WMS – Base Case iCDS 96bps,
Negative Case iCDS 136bps, 2030 6.375% Bond YTW of 5.102%, iYTW of 4.573%,
a1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
Read More -
December 10, 2025
Featured Top Idea
Read More
ON – ON Semiconductor Corporation
Action: Buy 2028 3.875% Bonds CUSIP: 682189AQ8 (4.914% YTW, 4.234% iYTW)... -
December 10, 2025
AR – Base Case CDS 73bps, Base Case iCDS 87bps,
Negative Case iCDS 94bps, 2030 5.375% Bond YTW of 5.023%, iYTW of 4.421%,
Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
Read More -
November 26, 2025
Featured Top Idea
CRS – Carpenter Technology CorporationAction: Buy 2034 5.625% Bonds CUSIP: 144285AN3 (5.520% YTW, 4.424% iYTW)...
Read More -
November 19, 2025
Featured Top Idea
Read More
F – Ford Motor Company
Action: Buy 2028 6.625% Bonds CUSIP: 345370BT6 (4.554% YTW, 4.439% iYTW)
Buy 2030 9.625% Bonds CUSIP: 345370CX6 (5.014% YTW, 4.560% iYTW)
Buy 2031 7.450% Bonds CUSIP: 345370CA6 (5.214% YTW, 4.560% iYTW)
Buy 2032 3.250% Bonds CUSIP: 345370DA5 (5.554% YTW, 4.965% iYTW)
Buy 2032 6.100% Bonds CUSIP: 345370DB3 (5.578% YTW, 4.965% iYTW)... -
November 5, 2025
Featured Top Idea
DFH – Dream Finders Homes Inc.Action: Buy 2028 3.875% Bonds CUSIP: 682189AQ8 (7.054% YTW, 6.094% 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.... -
November 3, 2025
UAA – Base Case CDS 320bps
Base Case iCDS 219bps, Negative Case iCDS 296bps, 2030 7.250% Bond YTW of 7.467%, iYTW of 5.787%
Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
Read More -
October 29, 2025
Featured Top Idea
Read More
HLX – Helix Energy Solutions Group
Action: Buy 2029 9.750% Bond CUSIP: 42330PAL1 (7.325% YTW, 6.215% iYTW)... -
October 28, 2025
DFH – Base Case iCDS 246bps,
Negative Case iCDS 692bps, 2030 6.875% Bond YTW of 7.054%, iYTW of 6.094%,
B1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens,
Low Refinancing Need...
Read More -
October 27, 2025
HLX – Base Case iCDS 263bps,
Negative Case iCDS 456bps, 2029 9.750% Bond YTW of 7.325%, iYTW of 6.215%,
Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
Read More -
October 22, 2025
Featured Top Idea
F – Ford Motor CompanyAction: Buy 2028 6.625% Bonds CUSIP: 345370BT6 (4.554% YTW, 4.439% iYTW)
Read More
Buy 2030 9.625% Bonds CUSIP: 345370CX6 (5.014% YTW, 4.560% iYTW)
Buy 2031 7.450% Bonds CUSIP: 345370CA6 (5.214% YTW, 4.560% iYTW)
Buy 2032 3.250% Bonds CUSIP: 345370DA5 (5.554% YTW, 4.965% iYTW)
Buy 2032 6.100% Bonds CUSIP: 345370DB3 (5.578% YTW, 4.965% iYTW)... -
October 10, 2025
F – Base Case iCDS 84bps,
Negative Case iCDS 174bps, 2031 7.450% Bond YTW of 5.214%, iYTW of 4.560%,
Ba1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens,
Low Refinancing Need...
Read More -
October 8, 2025
Featured Top Idea
Read More
XYZ – Block, Inc.
Action: Buy 2029 3.000% Bonds CUSIP: 22788CAA3 (4.556% YTW, 3.897% iYTW)... -
September 26, 2025
NRG – CDS 93bps, iCDS 177bps
Negative Case iCDS 215bps, 2028 5.750% Bond YTW of 5.372%, iYTW of 5.326%
Ba1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
Read More -
September 24, 2025
Featured Top Idea
CNC – Centene CorporationAction:Close Trade: 2028 2.450% Bonds CUSIP: 15135BAY7
2029 4.625% Bonds CUSIP: 15135BAT8
2030 3.375% Bonds CUSIP: 15135BAU5
2030 3.000% Bonds CUSIP: 15135BAW1
2031 2.500% Bonds CUSIP: 15135BAX9
2031 2.625% Bonds CUSIP: 15135BAZ4Aggregate 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.... -
September 23, 2025
CRWD – Base Case iCDS 26bps
Negative Case iCDS 48bps, 2029 3.000% Bond YTW of 4.556%, iYTW of 3.897%
Baa3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
Read More -
September 23, 2025
XYZ – Base Case iCDS 69bps
Negative Case iCDS 118bps, 2031 3.500% Bond YTW of 4.827%, iYTW of 4.305%
Ba2 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens
Low Refinancing Need...
Read More -
September 17, 2025
Featured Top Idea
Read More
EAT – Brinker International, Inc.
Action: Buy 2030 8.250% Bonds CUSIP: 109641AK6 (5.817% YTW, 4.875% iYTW)...