Analysis

The Latest from Credit News


June 27, 2019
ADNT Valens Credit Analysis – 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

– 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

June 27, 2019
Valens Credit Weekly Insights for June 26, 2019

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

June 20, 2019
Valens Credit Weekly Insights for June 19, 2019

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

June 19, 2019
TDG Valens Credit Analysis – 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

– 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

June 17, 2019
MTW Valens Credit Analysis – 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 Nee

– 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

June 14, 2019
X Valens Credit Analysis – 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

– 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

June 13, 2019
Valens Credit Weekly Insights for June 12, 2019

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

June 6, 2019
Valens Credit Weekly Insights for June 5, 2019

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

June 5, 2019
GTT Valens Credit Analysis – No Traded CDS, Base Case iCDS 484bps, 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

– 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

May 30, 2019
Valens Credit Weekly Insights for May 29, 2019

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

May 23, 2019
Valens Credit Weekly Insights for May 22, 2019

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

May 16, 2019
Valens Credit Weekly Insights for May 16, 2019

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

May 10, 2019
RAD Valens Credit Analysis – CDS 1404bps, Base Case iCDS 523bps, Negative Case iCDS 1111bps, 2023 6.125% Bond YTW of 10.860%, iYTW of 7.470%, B3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens, High Refinancing Need
CDS 1404bps, Base Case iCDS 523bps
–Negative Case iCDS 1111bps, 2023 6.125% Bond YTW of 10.860%, iYTW of 7.470%
–B3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens
–High Refinancing Need
May 9, 2019
Valens Credit Weekly Insights for May 8, 2019

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

May 2, 2019
Valens Credit Weekly Insights for May 1, 2019

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

April 30, 2019
AMD Valens Credit Analysis – CDS 93bps, Base Case iCDS 66bps, Negative Case iCDS 126bps, 2024 7.000% Bond YTW of 3.119%, iYTW of 3.079%, Ba3 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens, Low Refinancing Need
CDS 93bps, Base Case iCDS 66bps
–Negative Case iCDS 126bps, 2024 7.000% Bond YTW of 3.119%, iYTW of 3.079%
–Ba3 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens
–Low Refinancing Need
April 26, 2019
AER Valens Credit Analysis – CDS 84bps, Base Case iCDS 258bps, Negative Case iCDS 368bps, 2024 4.875% Bond YTW of 3.825%, iYTW of 4.995%, BBB- Rating from S&P, HY2 (equivalent to B) Rating from Valens, High Refinancing Need
CDS 84bps, Base Case iCDS 258bps
–Negative Case iCDS 368bps, 2024 4.875% Bond YTW of 3.825%, iYTW of 4.995%
–BBB- Rating from S&P, HY2 (equivalent to B) Rating from Valens
–High Refinancing Need
April 25, 2019
Valens Credit Weekly Insights for April 24, 2019

Highlighted Top Ideas BZH – Beazer Homes USA, Inc., DF – Dean Foods Company, DNR – Denbury Resources Inc.

April 18, 2019
Valens Credit Weekly Insights for April 17, 2019

Highlighted Top Ideas AVP – Avon Products, Inc., DISH – DISH Network Corporation, TWTR – Twitter, Inc. Other Recent OC – Owens Corning, AMKR – Amkor Technology, Inc.

April 17, 2019
BZH Valens Credit Analysis – CDS 394bps, Base Case iCDS 644bps, Negative Case iCDS 857bps, 2025 6.750% Bond YTW of 7.763%, iYTW of 8.853%, B3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens, High Refinancing Need
CDS 394bps, Base Case iCDS 644bps
Negative Case iCDS 857bps, 2025 6.750% Bond YTW of 7.763%, iYTW of 8.853%
B3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens
High Refinancing Need