Resources

Valens Credit Weekly Insights for June 19, 2019

June 19, 2019

Credit and Market Mispricings

Most Compelling Credit v Equity Market Mispricings
AVPCYHDISHHTZUIS

Most Compelling Credit Rating Dislocations
AMDBHCBZHCSTMEXPEKBHLENMTWRIGYRCW 

Most Compelling CDS Market Mispricings
AERCHKDISHGTHTZMTORRRIGUISX 

Most Compelling Bond Market Mispricings
ADNTANCHKDISHGTTMDRMGMRRADX

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

Quantitative Credit Outlier Report Review
TCG:GBR tops our quantitative outlier report this week.


Aggregate Credit Market and Credit Fundamental Review
IG and XO markets are currently fairly valued. HY markets have seen CDS move wider than iCDS again recently. 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 mostly tightened. Lower cost for borrowing is favorable for refinancing and borrowing for new credit creation.

You don’t have access to the Valens Research Premium Application.

To get access to our best content including the highly regarded Conviction Long List and Market Phase Cycle macro newsletter, please contact our Client Relations Team at 630-841-0683 or email client.relations@valens-research.com.

Please fill out the fields below so that our client relations team can contact you

Or contact our Client Relationship Team at 630-841-0683