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Valens Credit Weekly Insights for September 13, 2017

September 14, 2017

Credit and Market Mispricings

Most Compelling Credit v Equity Market Mispricings
AVP, BLDR, CYH, HOV, NAV

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

Most Compelling CDS Market Mispricings
AVP, CHK, CYH, FTR, JCP, MNI, PKD,UIS, WIN, X

Most Compelling Bond Market Mispricings
AMD, ATW, AVP, CHK, CYH, FTR, MDR, PKD, SVU, X

Highlighted Top Ideas
CVICVR Energy, Inc.
EXPE – Expedia, Inc.
GME – GameStop Corp.

Other Recent Analyses
Consumer Discretionary
RCL – Royal Caribbean Cruises Ltd.
Consumer Staples
CVS – CVS Health Corporation

Quantitative Credit Outlier Report Review
CHK tops 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.

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