Featured Top Idea: CCS – Century Communities, Inc.
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April 14, 2021
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April 12, 2021
No Traded CDS, Base Case iCDS 200bps
Negative Case iCDS 276bps, 2027 6.750% Bond YTW of 4.019%
iYTW of 2.879%, B1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need
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April 7, 2021 -
April 5, 2021
No Traded CDS, Base Case iCDS 169bps
Negative Case iCDS 262bps, 2026 5.875% Bond YTW of 4.027%
iYTW of 2.507%, Ba1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need
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March 31, 2021
Featured Top Idea
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BA – The Boeing Company
Trade: Buy 2026 2.750% Bonds CUSIP: 097023DA0 (2.127% YTW, 0.927% iYTW)
Trade: Buy 2026 2.196% Bonds CUSIP: 097023DG7 (2.370% YTW, 0.920% iYTW)
Trade: Buy 2026 3.100% Bonds CUSIP: 097023CH6 (2.132% YTW, 0.932% iYTW)
Trade: Buy 2026 2.250% Bonds CUSIP: 097023BR5 (2.200% YTW, 0.930% iYTW)
Trade: Buy 2027 2.700% Bonds CUSIP: 097023CM5 (2.377% YTW, 0.927% iYTW)
Trade: Buy 2027 5.040% Bonds CUSIP: 097023CU7 (2.516% YTW, 0.926% iYTW)
Trade: Buy 2028 3.250% Bonds CUSIP: 097023DB8 (2.680% YTW, 1.400% iYTW) -
March 29, 2021
No Traded CDS, Base Case iCDS 119bps
Negative Case iCDS 252bps, 2025 5.750% Bond YTW of 5.293%
iYTW of 2.023%, Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need
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March 25, 2021
CDS 109bps, Base Case iCDS 7bps
Negative Case iCDS 18bps, 2026 2.196% Bond YTW of 2.370%
iYTW of 0.920%, Baa2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need
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March 24, 2021 -
March 22, 2021
No Traded CDS, Base Case iCDS 158bps
Negative Case iCDS 314bps, 2024 3.500% Bond YTW of 3.273%
iYTW of 1.953%, Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need
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March 18, 2021
CDS 409bps, Base Case iCDS 127bps
Negative Case iCDS 308bps, 2026 6.250% Bond YTW of 6.547%
iYTW of 2.117%, Caa2 Rating from Moody’s, HY1 (equivalent to Ba2) Rating from Valens
Moderate Refinancing Need
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March 17, 2021 -
March 16, 2021
CDS 235bps, Base Case iCDS 226bps
Negative Case iCDS 323bps, 2026 6.750% Bond YTW of 5.518%
iYTW of 3.078%, Ba2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need
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March 15, 2021
No Traded CDS, Base Case iCDS 61bps
Negative Case iCDS 71bps, 2026 8.000% Bond YTW of 4.278%
iYTW of 1.598%, Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need
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March 12, 2021
KTOS – No Traded CDS, Base Case iCDS 116bps
Negative Case iCDS 158bps, 2025 6.500% Bond YTW of 4.730%, iYTW of 2.020%
B1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need
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March 10, 2021
Featured Top Idea
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VREX – Varex Imaging Corporation
Trade: Buy 2027 7.875% Bonds, CUSIP: 92214XAC0 (6.284% YTW, 3.454% iYTW) -
March 9, 2021
DAL – No Traded CDS, Base Case iCDS 279bps, Negative Case iCDS 422bps
Negative Case iCDS 422bps, 2026 3.125% Bond YTW of 2.421%, iYTW of 3.471%
Baa3 Rating from Moody’s, HY2 (equivalent to B2) Rating from Valens, High Refinancing Need
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March 9, 2021
HCA – CDS 115bps, Base Case iCDS 72bps
Negative Case iCDS 100bps, 2026 5.875% Bond YTW of 2.332%, iYTW of 1.732%
Ba1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens, Low Refinancing Need
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March 8, 2021
AMKR – CDS 134 BPS, Base Case iCDS 119bps
2027 6.625% Bond YTW of 2.855%, iYTW of 1.865%
Ba3 (Moody’s), IG4+ (Baa1) Valens Rating, Low Refi Need
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March 8, 2021
SKT – No Traded CDS, Base Case iCDS 279bps, Negative Case iCDS 422bps
2026 3.125% Bond YTW of 2.421%, iYTW of 3.471%
Baa3 Rating from Moody’s, HY2 (equivalent to B2) Rating from Valens, High Refinancing Need
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March 4, 2021
CNC – CDS 130bps, Base Case iCDS 97bps, Negative Case iCDS 117bps
Negative Case iCDS 117bps, 2026 5.375% Bond YTW of 2.804%
iYTW of 1.164%, Ba1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need
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