September 7, 2017

Valens Credit Weekly Insights for September 6, 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
AMDAdvanced Micro Devices, Inc.
GMGeneral Motors Company
MGM – MGM Resorts International

Other Recent Analyses
Healthcare
UHSUniversal Health Services, Inc.
Industrials
DALDelta Air Lines, Inc.

Quantitative Credit Outlier Report Review
CHK 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.

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