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 MoreMU – 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...
Read MoreTEX – CDS 233bps, Base Case iCDS 188bps,
Negative Case 404bps, 2029 5.000% Bond YTW of 6.679%, iYTW of 5.799%,
Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
Read MoreFeatured Top Idea
MUR – Murphy Oil Corporation
Action: Buy 2027 5.875% Bonds CUSIP: 626717AM4 (6.474% YTW, 5.553% iYTW)
Buy 2028 6.375% Bonds CUSIP: 626717AN2 (6.542% YTW, 5.605% iYTW)
Buy 2029 7.050% Bonds CUSIP: 626717AA0 (6.891% YTW, 5.561% iYTW)...
FLR – Traded CDS 135bps, Base Case iCDS 156bps
Negative Case iCDS 215bps, 2028 4.250% Bond YTW of 6.106%, iYTW of 5.514%
Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
Read MoreMUR – Base Case CDS 223bps, Base Case iCDS 160bps
Negative Case iCDS 265bps, 2028 6.375% Bond YTW of 6.542%, iYTW of 5.605%
Ba2 Rating from S&P, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
Read MoreSYNA – Base Case iCDS 180bps,
Negative Case iCDS 286bps, 2029 4.000% Bond YTW of 7.577%, iYTW of 5.697%,
Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
Read MoreFeatured Top Idea
ROST – Ross Stores, Inc.
Action: Buy 2027 4.700% Bonds, CUSIP: 778296AC7 (5.238% YTW, 4.548% iYTW)...
ROST – Base Case iCDS 69bps,
Negative Case 70bps, 2027 4.700% Bond YTW of 5.238%, iYTW of 4.548%,
A2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
Read MoreUAA – Traded CDS 240bps, Base Case iCDS 135bps,
Negative Case iCDS 195bps, 2026 3.250% Bond YTW of 6.109%, iYTW of 5.522%,
Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
Read MoreFeatured Top Idea
UAA – Amkor Technology, Inc.
Action: Buy 2026 3.250% Bonds CUSIP: 904311AA5 (6.109% YTW, 5.522% iYTW)...
Featured Top Idea
X – United States Steel Corporation
Action: Buy 2029 6.625% Bonds, CUSIP: 08949LAB6 (6.886% YTW, 5.766% iYTW)
Buy 2029 6.875% Bonds, CUSIP: 912909AU2 (7.670% YTW, 5.453% iYTW)...
Featured Top Idea
MTDR – Matador Resources Company
Action: Close 2026 5.875% Bonds CUSIP: 576485AE6
Close 2028 6.875% Bonds CUSIP: 576485AF3...
MTDR – Base Case iCDS 251bps,
Negative Case iCDS 339bps, 2026 5.875% Bond YTW of 6.770%, iYTW of 6.510%,
Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
Read MoreSYNA – Base Case iCDS 180bps,
Negative Case iCDS 289bps, 2029 4.000% Bond YTW of 7.409%, iYTW of 5.469%,
Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,
Low Refinancing Need...
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