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Valens Credit Weekly Insights for August 10, 2016

August 22, 2016

Each week the Valens Credit team highlights our most interesting insights from across our tools and our analysis. This week interesting insights include:

Credit and Market Mispricings

Most Compelling Credit v Equity Market Mispricings
AN, CYH, NAV, SGMS, THC

a1

Most Compelling Credit Rating Dislocations
ATW, DAL, EXPE, GM, TSX:MEG, NYT, R, TWTR, VRX, YRCW

a2

Most Compelling CDS Market Mispricings
AVP, AMD, CHK, HNT, NAV, PKD, RIG, SHLD, UIS, X

a3

Most Compelling Bond Market Mispricings
AKS, AMD, ATW, CHK, MDR, TSX:MEG, NAV, RIG, SGMS, VRX

a4

Highlighted Top Ideas
DF – Dean Foods Company
JCP – J. C. Penney Company, Inc.
NAV – Navistar International Corporation

Other Recent Analyses
Consumer Discretionary
SPLS – Staples, Inc.
Healthcare
AGN – Allergan plc

Quantitative Credit Outlier Report Review
CHK, NAV, and RIG top our quantitative outlier report this week. top our quantitative outlier report this week.

Aggregate Credit Market and Credit Fundamental Review
IG markets are currently fairly valued, as are HY markets. However, even after XO CDS has normalized in the last several months, it remains substantially above XO iCDS levels. This indicates that the XO market is overstating credit risk.

If you are interested in seeing any of the highlighted analyses, please contact the Valens team at valens@valens-securities.com

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