Highlighted Top: GM – General Motors Company, MTW – The Manitowoc Company, Inc., X – United States Steel Corporation
Highlighted Top: AXL– American Axle & Manufacturing Holdings, Inc., UNT – Unit Corporation, RFP – Resolute Forest Products Inc.
– CDS 741bps, Base Case iCDS 380bps
– Negative Case iCDS 987bps, 2025 6.875% Bond YTW of 9.599%
Highlighted Top: AER – AerCap Holdings N.V. , CAR – Avis Budget Group, Inc. , CVS – CVS Health Corporation
Highlighted Top: AMD – Advanced Micro Devices, Inc., DISH – DISH Network Corporation, OC – Owens Corning
– CDS 59bps, Base Case iCDS 55bps
– Negative Case iCDS 106bps, 2024 7.000% Bond YTW of 6.082%
– CDS 431bps, Base Case iCDS 128bps
– Negative Case iCDS 189bps, 2024 5.875% Bond YTW of 6.627%
Highlighted Top: AN – AutoNation, Inc., MGM – MGM Resorts International, RIG – Transocean Ltd.
– CDS 661bps, Base Case iCDS 191bps
– Negative Case iCDS 213bps, 2024 5.875% Bond YTW of 5.499%
– CDS 121bps, Base Case iCDS 118bps
– Negative Case iCDS 144bps, 2024 5.375% Bond YTW of 4.480%
Highlighted Top: HCA – HCA Healthcare, Inc., R – Ryder System, Inc., TMUS – T-Mobile US, Inc.
Highlighted Top: MCK – McKesson Corporation, MTOR – Meritor, Inc., SKT – Tanger Factory Outlet Centers, Inc.
Highlighted Top: CSTM – Constellium SE, FCX – Freeport-McMoRan Inc., MDR – McDermott International, Inc.
– No Traded CDS, Base Case iCDS 620bps
– Negative Case iCDS 1183bps, 2024 10.625% Bond YTW of 21.100%, iYTW of 7.610%
– B- Rating from S&P, XO- (equivalent to BB+) Rating from Valens
– High Refinancing Need
Highlighted Top AER – AerCap Holdings N.V., DOOR – Masonite International Corporation, UIS – Unisys Corporation
Highlighted Top Ideas DNR – Denbury Resources Inc., IEP – Icahn Enterprises L.P., JCP – J. C. Penney Company, Inc.
Highlighted Top Ideas AMKR – Amkor Technology, Inc., AVP – Avon Products, Inc., BZH – Beazer Homes USA, Inc.
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.
