CNC – Base Case CDS 166ps,
Base Case iCDS 70bps, Negative Case iCDS 80bps, 2027 4.250% Bond YTW of 6.101%, iYTW of 5.071%,
Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
Read MoreCNC – Base Case CDS 166ps,
Base Case iCDS 70bps, Negative Case iCDS 80bps, 2027 4.250% Bond YTW of 6.101%, iYTW of 5.071%,
Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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MTCH – The Chemours Company
Action: Close Trade 2027 5.000% Bonds CUSIP: 57665RAG1...
AMKR – Base Case iCDS 122bps,
Negative Case iCDS 196bps, 2027 6.625% Bond YTW of 6.771%, iYTW of 5.581%,
Ba3 Rating from Moody’s, IG4+ (equivalent to Baa2) Rating from Valens,
Low Refinancing Need...
Read MoreMTCH – Base Case iCDS 184bps,
Negative Case iCDS 259bps, 2027 5.000% Bond YTW of 6.536%, iYTW of 6.156%,
Ba2 Rating from Moody’s, IG3- (equivalent to A3) Rating from Valens,
Low Refinancing Need...
Read MoreCIEN – Base Case iCDS 120bps,
Negative Case iCDS 176bps, 2030 4.000% Bond YTW of 6.422%, iYTW of 5.392%,
Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
Read MoreUBER – CDS 158bps, Base Case iCDS 50bps,
Negative Case iCDS 64bps, 2027 7.500% Bond YTW of 6.519%, iYTW of 4.605%,
Ba3 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens,
Low Refinancing Need...
Read MoreCC – Traded CDS 255bps, Base Case iCDS 157bps,
Negative Case iCDS 266bps, 2028 5.750% Bond YTW of 7.737%, iYTW of 5.716%,
Ba3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens,
Low Refinancing Need...
Read MoreFeatured Top Idea
QRVO – Qorvo, Inc.
Action: Buy 2029 4.375% Bonds CUSIP: 74736KAH4 (5.990% YTW, 5.210% iYTW)...
HOLX – Base Case iCDS 83bps,
Negative Case iCDS 123bps, 2028 4.625% Bond YTW of 6.079%, iYTW of 5.069%,
Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
Read MoreFCX – Base Case CDS 126bps, Base Case iCDS 65bps,
Negative Case iCDS 91bps, 2028 4.125% Bond YTW of 5.392%, iYTW of 4.842%,
Baa3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
Read MoreFeatured Top Idea
FCX – Freeport-McMoRan Inc.
Action: Buy 2027 5.000% Bonds CUSIP: 35671DCC7 (5.709% YTW, 4.809% iYTW)
Buy 2028 4.125% Bonds CUSIP: 35671DCE3 (5.392% YTW, 4.842% iYTW)
Buy 2028 4.375% Bonds CUSIP: 35671DCG8 (5.637% YTW, 4.817% iYTW)
Buy 2029 5.250% Bonds CUSIP: 35671DCD5 (5.544% YTW, 4.754% iYTW)
Buy 2030 4.250% Bonds CUSIP: 35671DCF0 (5.682% YTW, 4.602% iYTW)...
FL – Base Case iCDS 176bps,
Negative Case iCDS 209bps, 2029 4.000% Bond YTW of 9.076%, iYTW of 5.906%,
Ba1 Rating from Moody’s, HY1 (equivalent to Ba2) Rating from Valens,
Low Refinancing Need...
Read MoreFeatured Top Idea
MU – Micron Technology, Inc.
Action: Buy 2027 4.185% Bonds CUSIP: 595112BP7 (5.395% YTW, 4.389% iYTW)
Buy 2028 5.375% Bonds CUSIP: 595112CA9 (5.508% YTW, 4.468% iYTW)
Buy 2029 5.327% Bonds CUSIP: 595112BN2 (5.457% YTW, 4.464% iYTW)
Buy 2029 6.750% Bonds CUSIP: 595112BV4 (5.781% YTW, 4.452% iYTW)
Buy 2030 4.663% Bonds CUSIP: 595112BV4 (5.614% YTW, 4.251% iYTW)...
MU – Base Case CDS 106bps, Base Case iCDS 46bps,
Negative Case iCDS 85bps, 2027 4.185% Bond YTW of 5.395%, iYTW of 4.389%,
Baa3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
Read MoreBA – Base Case CDS 86bps, Base Case iCDS 14bps,
Negative Case iCDS 25bps, 2028 3.250% Bond YTW of 5.273%, iYTW of 4.141%,
Baa2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens,
Low Refinancing Need...
Read MoreFeatured Top Idea
MOH – Molina Healthcare, Inc.
Action: Buy 2028 4.375% Bonds CUSIP: 60855RAJ9 (6.496% YTW, 4.816% iYTW)...
Featured Top Idea
DVN – Devon Energy Corporation
Action: Buy 2027 5.250% Bonds CUSIP: 25179MBD4 (5.832% YTW, 4.612% iYTW)
Buy 2028 5.875% Bonds CUSIP: 25179MBE2 (5.938% YTW, 4.168% iYTW)
Buy 2030 4.500% Bonds CUSIP: 25179MBF9 (5.687% YTW, 3.887% iYTW)...
Featured Top Idea
TEX – Terex Corporation
Action: Buy 2029 5.000% Bonds CUSIP: 880779BA0 (6.679% YTW, 5.799% iYTW)...
DVN – Base Case CDS 130bps, Base Case iCDS 48bps,
Negative Case iCDS 62bps, 2027 5.250% Bond YTW of 5.832%, iYTW of 4.612%,
Baa2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
Read MoreMOH – Base Case CDS 194bps, Base Case iCDS 85bps,
Negative Case iCDS 130bps, 2028 4.375% Bond YTW of 6.496%, iYTW of 4.816%,
Ba3 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens,
Low Refinancing Need...
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