Highlighted Top Ideas AN – AutoNation, Inc., CVI – CVR Energy, Inc., RIG – Transocean Ltd.

Highlighted Top Ideas DBD – Diebold Nixdorf, Incorporated, MGM – MGM Resorts International, WYND – Wyndham Destinations, Inc., 

Highlighted Top Ideas ADNT – Adient plc, AMAG – AMAG Pharmaceuticals, Inc., HCA – HCA Healthcare, Inc.

– No Traded CDS, Base Case iCDS 242bps

– Negative Case iCDS 719bps, 2024 3.500% Bond YTW of 7.656%, iYTW of 2.246%

– B2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens

– Low Refinancing Need

Highlighted Top Ideas DAL – Delta Air Lines, Inc., TDG – TransDigm Group Incorporated, TMUS – T-Mobile US, Inc.

Highlighted Top Ideas EXPE – Expedia Group, Inc., MTW – The Manitowoc Company, Inc., X – United States Steel Corporation

– CDS 166bps, Base Case iCDS 227bps

– Negative Case iCDS 280bps, 2024 6.500% Bond YTW of 6.299%, iYTW of 4.539%

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

– Low Refinancing Need

– No Traded CDS, Base Case iCDS 330bps

– Negative Case iCDS 795bps, 2026 9.000% Bond YTW of 9.296%, iYTW of 5.216%

– B2 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens

– Low Refinancing Need

– CDS 615bps, Base Case iCDS 270bps

– Negative Case iCDS 729bps, 2025 6.875% Bond YTW of 8.649%, iYTW of 4.659%

– B1 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens

– Moderate Refinancing Need

Highlighted Top Ideas AXL – American Axle & Manufacturing Holdings, Inc., GTT – GTT Communications, Inc. MCK – McKesson Corporation 

Highlighted Top Ideas RFP – Resolute Forest Products Inc., SKT – Tanger Factory Outlet Centers, Inc., UNT – Unit Corporation

– No Traded CDS, Base Case iCDS 484bp

– Negative Case iCDS 614bps, 2024 7.875% Bond YTW of 12.010%, iYTW of 6.900%

– B2 Rating from Moody’s, XO- (equivalent to Ba1) Rating from Valens

– High Refinancing Need

Highlighted Top Ideas CAR – Avis Budget Group, Inc., CSTM – Constellium N.V., LB – L Brands, Inc.

Highlighted Top Ideas FCX – Freeport-McMoRan Inc., LEN – Lennar Corporation, URI – United Rentals, Inc.

Highlighted Top Ideas CVS – CVS Health Corporation, LEE – Lee Enterprises, Incorporated, RAD – Rite Aid Corporation

Highlighted Top Ideas AMD – Advanced Micro Devices, Inc., BBY – Best Buy Co., Inc., SUM – Summit Materials, Inc.

Highlighted Top Ideas AER – AerCap Holdings N.V., JCP – J. C. Penney Company, Inc., UIS – Unisys Corporation