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.

– 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