Resources

Valens Credit Weekly Insights for June 28, 2017

June 28, 2017

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

Credit and Market Mispricings

Most Compelling Credit v Equity Market Mispricings
AVPBLDRCYHHOVNAV

Most Compelling Credit Rating Dislocations
AMD, CHK, DNR, EXPE, JCP, R, UIS, VRX, X, YRCW

Most Compelling CDS Market Mispricings
AKSAVPCHKFTRJCPMNIUISRIGVRXX

Most Compelling Bond Market Mispricings
AMDATWAVPCHKCYHFTRGMEMDRPKDX

Highlighted Top Ideas
CHK – Chesapeake Energy Corporation
VRX – Valeant Pharmaceuticals International, Inc.
WU – The Western Union Company

Other Recent Analyses
Industrials
OC – Owens Corning
Materials
MLM – Martin Marietta Materials, Inc.

Quantitative Credit Outlier Report Review
CHK and VRX 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.

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