The Latest from Credit News

  • June 27, 2022
    TRIP – No Traded CDS, Base Case iCDS 134bps, Negative Case iCDS 188bps, 2025 7.000% Bond YTW of 8.066%, iYTW of 4.696%, B1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

    TRIP – No Traded CDS, Base Case iCDS 134bps

    Negative Case iCDS 188bps, 2025 7.000% Bond YTW of 8.066%

    iYTW of 4.696%, B1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens

    Low Refinancing Need...

    Read More

  • June 22, 2022
    Valens Credit Weekly Insights for June 22, 2022

    Featured Top Idea
    HOLX – Hologic, Inc.
    Action: Buy 2028 4.625% Bonds, CUSIP: 436440AM3 (5.919% YTW, 4.769% iYTW)
    Buy 2029 3.250% Bonds, CUSIP: 436440AP6 (6.213% YTW, 4.933% iYTW)...

    Read More

  • June 17, 2022
    HOLX – Base Case iCDS 127bps, Negative Case iCDS 241bps, 2028 4.625% Bond YTW of 5.919%, iYTW of 4.769%, Ba1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens, Low Refinancing Need

    HOLX – Base Case iCDS 127bps

    Negative Case iCDS 241bps, 2028 4.625% Bond YTW of 5.919%, iYTW of 4.769%

    Ba1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens

    Low Refinancing Need...

    Read More

  • June 15, 2022
    Valens Credit Weekly Insights for June 15, 2022

    Featured Top Idea
    GM – General Motors Company
    Action: Buy 2027 6.800% Bonds CUSIP: 37045VAU4 (5.206% YTW, 3.796% iYTW)
    Buy 2028 5.000% Bonds CUSIP: 37045VAS9 (5.496% YTW, 4.103% iYTW)...

    Read More

  • June 8, 2022
    Valens Credit Weekly Insights for June 8, 2022

    Featured Top Idea
    CC – The Chemours Company

    Read More

  • June 3, 2022
    CC – CDS 267bps, Base Case iCDS 138bps, Negative Case iCDS 203bps, 2027 5.375% Bond YTW of 6.223%, iYTW of 4.133%, Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

    CC – CDS 267bps, Base Case iCDS 138bps

    Negative Case iCDS 203bps, 2027 5.375% Bond YTW of 6.223%, iYTW of 4.133%

    Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens

    Low Refinancing Need...

    Read More

  • June 1, 2022
    Valens Credit Weekly Insights for June 1, 2022

    ...Read More

  • May 25, 2022
    Valens Credit Weekly Insights for May 25, 2022

    Featured Top Idea
    CPE – Callon Petroleum Company
    Trade: Buy 2026 6.375% Bonds, CUSIP: 13123XAZ5 (8.343% YTW, 4.443% iYTW)
    Trade: Buy 2028 8.000% Bonds, CUSIP: 13123XBD3 (7.643% YTW, 4.423% iYTW)...

    Read More

  • May 25, 2022
    UBER – CDS 423bps, Base Case iCDS 54bps, Negative Case iCDS 71bps, 2025 7.500% Bond YTW of 7.417%, iYTW of 3.457%, B1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

    UBER – CDS 423bps, Base Case iCDS 54bps

    Negative Case iCDS 71bps, 2025 7.500% Bond YTW of 7.417%, iYTW of 3.457%

    B1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens

    Low Refinancing Need...

    Read More

  • May 23, 2022
    CPE – No Traded CDS, Base Case iCDS 149bps, Negative Case iCDS 235bps, 2028 8.000% Bond YTW of 7.643%, iYTW of 4.423%, B2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

    CPE – No Traded CDS, Base Case iCDS 149bps

    Negative Case iCDS 235bps, 2028 8.000% Bond YTW of 7.643%, iYTW of 4.423%

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

    Low Refinancing Need...

    Read More

  • May 20, 2022
    SKT – No Traded CDS, Base Case iCDS 364bps, Negative Case iCDS 431bps, 2027 3.875% Bond YTW of 4.708%, iYTW of 6.508%, Baa3 Rating from Moody’s, HY1 (equivalent to Ba2) Rating from Valens, High Refinancing Need

    ...Read More

  • May 18, 2022
    Valens Credit Weekly Insights for May 18, 2022

    Featured Top Idea
    HES – Hess Corporation
    Trade: Buy 2027 4.300% Bonds CUSIP: 42809HAG2 (4.524% YTW, 3.696% iYTW)...

    Read More

  • May 17, 2022
    HES – CDS 144bps, Base Case iCDS 65bps, Negative Case iCDS 93bps, 2027 4.300% Bond YTW of 4.524%, iYTW of 3.696%, Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

    ...Read More

  • May 16, 2022
    BA – Traded CDS 199bps, Base Case iCDS 13bps, Negative Case iCDS 25bps, 2027 5.040% Bond YTW of 4.888%, iYTW of 3.113%, Baa2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens, Low Refinancing Need

    ...Read More

  • May 13, 2022
    VREX – No Traded CDS, Base Case iCDS 302bps, Negative Case iCDS 422bps, 2027 7.875% Bond YTW of 7.269%, iYTW of 5.959%, B2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

    VREX – No Traded CDS, Base Case iCDS 302bps

    Negative Case iCDS 422bps, 2027 7.875% Bond YTW of 7.269%, iYTW of 5.959%

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

    Low Refinancing Need...

    Read More

  • May 11, 2022
    Valens Credit Weekly Insights for May 11, 2022

    Featured Top Idea
    CNC – Centene Corporation
    Trade: Buy 2027 4.250% Bonds CUSIP: 15135BAR2 (5.050 % YTW, 3.750% iYTW)
    Buy 2028 2.405% Bonds CUSIP: 15135BAY7 (4.807% YTW, 3.733% iYTW)...

    Read More

  • May 10, 2022
    MTDR – No Traded CDS, Base Case iCDS 168bps, Negative Case iCDS 305bps, 2026 5.875% Bond YTW of 6.134%, iYTW of 4.584%, B1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

    MTDR – No Traded CDS, Base Case iCDS 168bps

    Negative Case iCDS 305bps, 2026 5.875% Bond YTW of 6.134%, iYTW of 4.584%

    B1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens

    Low Refinancing Need...

    Read More

  • May 10, 2022
    SITC – Base Case CDS 144bps, Base Case iCDS 307bps, Negative Case iCDS 344bps, 2027 4.700% Bond YTW of 4.669%, iYTW of 6.079%, Baa3 Rating from Moody’s, HY2 (equivalent to B2) Rating from Valens, High Refinancing Need

    SITC – Base Case CDS 144bps, Base Case iCDS 307bps

    Negative Case iCDS 344bps, 2027 4.700% Bond YTW of 4.669%, iYTW of 6.079%

    Baa3 Rating from Moody’s, HY2 (equivalent to B2) Rating from Valens

    High Refinancing Need...

    Read More

  • May 9, 2022
    CNC – Traded CDS 140bps, Base Case iCDS 73bps, Negative Case iCDS 81bps, 2027 4.250% Bond YTW of 5.050%, iYTW of 3.750%, Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

    CNC – Traded CDS 140bps, Base Case iCDS 73bps

    Negative Case iCDS 81bps, 2027 4.250% Bond YTW of 5.050%, iYTW of 3.750%

    Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens

    Low Refinancing Need...

    Read More

  • May 4, 2022
    Valens Credit Weekly Insights for May 4, 2022

    Featured Top Idea
    IAA – IAA, Inc.
    Close Trade: 2027 5.500% Bonds CUSIP: 449253AB9 (5.852% YTW, 5.852% iYTW)...

    Read More

    • Older Posts
    Follow Us
    Sign up for our Investor Essentials Daily
    © 2022 Valens Research. All rights reserved.  Contact Us | Disclaimer | Terms of Use | Privacy Policy

    You don’t have access to the Valens Research Premium Application.

    To get access to our best content including the highly regarded Conviction Long List and Market Phase Cycle macro newsletter, please contact our Client Relations Team at 630-841-0683 or email client.relations@valens-research.com.

    Please fill out the fields below so that our client relations team can contact you

    Or contact our Client Relationship Team at 630-841-0683

    Action: Buy 2027 5.375% Bonds, CUSIP: 163851AE8 (6.233% YTW, 4.133% iYTW)
    Buy 2028 5.750% Bonds, CUSIP: 163851AF5 (6.395% YTW, 4.145% iYTW)