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Valens Credit Weekly Insights for April 17, 2019

April 18, 2019

Credit and Market Mispricings

Most Compelling Credit v Equity Market Mispricings
AVP, CYH, DISH, HTZ, UIS

Most Compelling Credit Rating Dislocations
AMD, BLDR, BZH, KBH, LEN, MTW, NAV, RIG, X, YRCW

Most Compelling CDS Market Mispricings
CHK, CYH, DF, DISH, DNR, ESV, HTZ, JCP, RAD, X

Most Compelling Bond Market Mispricings
AVP, CHK, CVI, CYH, DBD, DF, DISH, DNR, JCP, R  

Highlighted Top Ideas
AVP– Avon Products, Inc.
DISH – DISH Network Corporation
TWTR – Twitter, Inc.

Other Recent Analyses
Industrials
OC – Owens Corning
Information Technology
AMKR – Amkor Technology, Inc.


Aggregate Credit Market and Credit Fundamental Review 
JCP tops our quantitative outlier report this week.

IG markets are currently fairly valued. XO and HY markets have also moved to fairly valued levels, with CDS converging towards iCDS levels. Overall, cost of borrowing have reversed their trend higher through 2018 so far in 2019, as both the risk free rate and corporate spreads (CDS levels) have tightened.  Lower cost for borrowing is favorable for refinancing and borrowing for new credit creation.

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