The Issuance & Ratings Monitor will be a Friday publication recapping the prior five trading days changes in the corporate bond space.
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1 Issuance & Ratings Monitor j a n n e y corporat e credit M a r c h 7, 2014 The Issuance & Ratings Monitor will be a Friday publication recapping the prior five trading days changes in the corporate bond space. Jody Lurie Corporate Credit Analyst jlurie@janney.com See page 5 for important information regarding certifications, our ratings system as well as other disclaimers. Issuance & Ratings Page 1 Week of February 28 March 6 Public corporate new issuance came in at $70.0B for the week versus the $42.1B last week, as the largest week for issuance in 2014 year-to-date. Investment grade credit spreads are over 3 basis points and high yield over 15 basis points tight of year-end 2013, with both investment grade and high yield spreads hitting new 7-year tights during the week. New Issues: Investment Grade Date Issuer Cpn Maturity Spread Size +Tsy ($MM) Moody's S&P 6-Mar Axis Specialty Finance 5.150% Apr bps 250 Baa1 A- 6-Mar Axis Specialty Finance 2.650% Apr bps 250 Baa1 A- 6-Mar CF Industries 5.150% Mar bps 750 Baa2 BBB- 6-Mar CF Industries 5.375% Mar bps 750 Baa2 BBB- 6-Mar General Electric 3.375% Mar bps 750 Aa3 AA+ 6-Mar General Electric 4.500% Mar bps 2,250 Aa3 AA+ 6-Mar Nextera Energy 2.700% Sep bps 350 Baa1 A- 5-Mar AT&T FRN Mar A3 A- 5-Mar AT&T 3.900% Mar bps 1,000 A3 A- 5-Mar AT&T 2.300% Mar bps 1,100 A3 A- 5-Mar Commonwlth Bk Austr 2.250% Mar bps 1,250 Aa2 AA- 5-Mar Commonwlth Bk Austr 1.125% Mar bps 1,250 Aa2 AA- 5-Mar Ford Motor Credit FRN Mar Baa3 BBB- 5-Mar Ford Motor Credit 2.375% Mar bps 1,100 Baa3 BBB- 5-Mar Hospitality Prop Trust 4.650% Mar bps 350 Baa2 BBB- 5-Mar HSBC Holdings 5.250% Mar bps 1,500 A3 A+ 5-Mar HSBC Holdings 4.250% Mar bps 2,000 A3 A+ 5-Mar JPMorgan Chase VAR PERPETUAL - 1,000 A3 BBB 5-Mar McKesson FRN Sep Baa2 BBB+ 5-Mar McKesson 1.292% Mar bps 700 Baa2 BBB+ 5-Mar McKesson 4.883% Mar bps 800 Baa2 BBB+ 5-Mar McKesson 3.796% Mar bps 1,100 Baa2 BBB+ 5-Mar McKesson 2.284% Mar bps 1,100 Baa2 BBB+ 5-Mar Oekb Oest Kontrollbank 1.625% Mar bps 1,250 Aaa AA+ 5-Mar PPL Capital Funding 3.950% Mar bps 350 Baa3 BBB 5-Mar PPL Capital Funding 5.000% Mar bps 400 Baa3 BBB 5-Mar Texas Instruments 0.875% Mar bps 250 A1 A+ 5-Mar Texas Instruments 2.750% Mar bps 250 A1 A+ Source: Janney Fixed Income Strategy; FINRA TRACE
2 5-Mar Tucson Electric Power 5.000% Mar bps 150 Baa1 BBB 5-Mar Xilinx 2.125% Mar bps 500 A3 A- 5-Mar Xilinx 3.000% Mar bps 500 A3 A- 4-Mar Aetna 2.200% Mar bps 375 Baa2 A- 4-Mar Aetna 4.750% Mar bps 375 Baa2 A- 4-Mar Air Lease 3.875% Apr bps 500 NR BBB- 4-Mar Burlingtn Nrth Santa Fe 3.750% Apr bps 500 A3 BBB+ 4-Mar Burlingtn Nrth Santa Fe 4.900% Apr bps 1,000 A3 BBB+ 4-Mar Citigroup 1.350% Mar bps 1,000 Baa2 A- 4-Mar Citigroup FRN Mar ,000 Baa2 A- 4-Mar Coca-Cola FRN Sep ,000 Aa3 AA- 4-Mar Gilead Sciences 2.050% Apr bps 500 Baa1 A- 4-Mar Gilead Sciences 3.700% Apr bps 1,750 Baa1 A- 4-Mar Gilead Sciences 4.800% Apr bps 1,750 Baa1 A- 4-Mar Nstar Electric 4.400% Mar bps 300 A2 A- 4-Mar Pitney Bowes 4.625% Mar bps 500 Baa2 BBB 4-Mar Potash-Saskatchewan 3.625% Mar bps 750 A3 A- 4-Mar Royal Bank of Canada FRN Mar Aa3 AA- 4-Mar Royal Bank of Canada 2.150% Mar bps 1,000 Aa3 AA- 4-Mar Viacom 2.200% Apr bps 400 Baa2 BBB 4-Mar Viacom 3.875% Apr bps 550 Baa2 BBB 4-Mar Viacom 5.250% Apr bps 550 Baa2 BBB 3-Mar Cons Edison Co of NY 4.450% Mar bps 850 A2 A- 3-Mar Duke Energy Progress FRN Mar Aa2 A 3-Mar Duke Energy Progress 4.375% Mar bps 400 Aa2 A 3-Mar JB Hunt Transport 2.400% Mar bps 250 Baa1 BBB+ 3-Mar JB Hunt Transport 3.850% Mar bps 250 Baa1 BBB+ 3-Mar Public Service Colorado 4.300% Mar bps 300 A1 A 3-Mar Rogers Communications 5.000% Mar bps 750 Baa1 BBB+ Spreads widened on Monday: investment grade by 3 basis points and high yield by 6 basis points. After the geopolitical fears in Ukraine subsided, however, spreads reached new tights for investment grade and high yield spreads tightened to just above Friday s tight. Firms opted to issue debt this week, having just finished 4Q earnings season and still having a few weeks before 1Q earnings ends. The tightness of spreads and impending nonfarm payrolls release today signalled firms not to wait. New Issues: High Yield Issuance & Ratings Page 2 Date Issuer Cpn Maturity Spread Size +Tsy ($MM) Moody's S&P 6-Mar RR Donnelley 6.000% Apr bps 400 Ba3 BB- 5-Mar ADT 4.125% Apr bps 500 Ba2 BB- 4-Mar Access Midstream 4.875% Mar bps 750 Ba2 BB 4-Mar AES 5.500% Mar bps 750 Ba3 BB- 4-Mar Tesoro 5.125% Apr Ba2 BB+ 3-Mar HCA 3.750% Mar bps 1,500 Ba3 BB 3-Mar HCA 5.000% Mar bps 2,000 Ba3 BB 3-Mar Rimon 2.623% Jun NR NR Source: Janney Fixed Income Strategy; FINRA TRACE
3 28-Feb Pernix Therapeutics 8.000% Feb NR NR 28-Feb Tesla Motors 0.250% Mar NR NR 28-Feb Tesla Motors 1.250% Mar ,200 NR NR Inflows into investment grade funds for the week ending March 5 totaled $2.5B, per Lipper, whereas inflows into high yield funds reached $560MM, continuing the positive flow from last week as investors favored corporates over alternatives. Nevertheless, flows into domestic equities came in at $2.8B for the week. A few weaker credits edged towards bankruptcy. While current credit conditions make issuing high yield debt easier, persistent operating softness is putting pressure on some companies. Ratings Changes: Investment Grade Moody s, S&P, and Fitch Company Date Rtg Agency Curr Prior Industry Name Type Rtg Rtg Type AbbVie Inc 4-Mar Outlook Moody's POS Large Pharma BBVA 4-Mar Issuer Moody's Baa2 Baa3 Banks BBVA 4-Mar Outlook Moody's POS Banks Banco Santander 4-Mar Issuer Moody's Baa1 Baa2 Retail Banking Bank of Queensland 5-Mar Issuer Moody's A3 Baa1 Retail Banking Computer Sciences 3-Mar LT Foreign Issuer S&P BBB+ BBB Commercial IT Svcs Devon Energy 3-Mar Snr Unsec Debt Moody's Baa1 Baa1*- Crude Oil Product Dun & Bradstreet 3-Mar LT Foreign Issuer S&P BBB*- BBB Credit Agencies Hartford Fin l Svcs Gp 6-Mar Outlook Moody's POS P&C Insurance Hartford Life Insurance 6-Mar Snr Unsec Debt Moody's Baa3 Baa1 Insurance ING US 6-Mar Outlook Fitch POS Life Insurance JB Hunt Transport Svcs 28-Feb Snr Unsec Debt Moody's Baa1 Baa2 Intermodal Svcs MasterCard 3-Mar Issuer Moody's A2 A3 Transaction Process McKesson 5-Mar Snr Unsec Debt Moody's Baa2 Baa2*- Pharma/Distribution McKesson 5-Mar Outlook Moody's NEG Pharma/Distribution McKesson 5-Mar LT Foreign Issuer S&P BBB+ A-*- Pharma/Distribution PPG Industries 3-Mar LT Foreign Issuer S&P A- BBB+ Paints & Coatings Tyco Electronics 3-Mar Snr Unsec Debt Moody's Baa1 Baa2 Indust Machine Mfg UIL Holdings 4-Mar Outlook Moody's NEG Utility Networks Vodafone Group 4-Mar LT Issuer Default Fitch A- A-*- Wireless Providers Vodafone Group 4-Mar Outlook Fitch NEG Wireless Providers Western Union 4-Mar LT Foreign Issuer S&P BBB BBB+ Transaction Process Ratings Changes: High Yield Moody s, S&P, and Fitch Issuance & Ratings Page 3 Company Date Rtg Agency Curr Prior Industry Name Type Rtg Rtg Type Alion Science & Tech 6-Mar LT Foreign Issuer S&P CC CCC+ Aero & Defense Alion Science & Tech 6-Mar Outlook S&P NEG Aero & Defense Avis Budget Gp 6-Mar LT Foreign Issuer S&P B+ *+ B+ Vehicle Rental Caesars Entertnmt Op 3-Mar LT Corp Family Moody's Caa2*- Caa2 Casino Hotels Caesars Entertnmt Op 5-Mar LT Foreign Issuer S&P CCC+*- CCC+ Casino Hotels CONSOL Energy 3-Mar LT Foreign Issuer S&P BB BB * Coal Mining DDR 4-Mar Outlook S&P POS Shopping Cntr REIT Delta Air Lines 3-Mar LT Issuer Default Fitch BB- B+ Airlines Source: Janney FISR; Moody s; S&P; Fitch; * in ratings chart denotes ratings under review
4 Delta Air Lines 3-Mar Outlook Fitch POS Airlines Forest Oil 5-Mar LT Corp Family Moody's B3 B2 Oil & Gas E&P Forest Oil 5-Mar Outlook Moody's NEG Oil & Gas E&P Forest Oil 28-Feb LT Foreign Issuer S&P B- B+ Oil & Gas E&P Forest Oil 28-Feb Outlook S&P NEG Oil & Gas E&P Goodyear Tire & Rubber 5-Mar Outlook S&P POS Tire Mfg Lennar 4-Mar Outlook S&P POS Homebuilding NII Holdings 3-Mar LT Corp Family Moody's Caa1 B3 Wireless Telecom NII Holdings 3-Mar Outlook Moody's NEG Wireless Telecom NII Holdings 3-Mar LT Foreign Issuer S&P CCC CCC+ Wireless Telecom NII Holdings 3-Mar Outlook S&P NEG Wireless Telecom PHI 5-Mar LT Foreign Issuer S&P BB- B+ Oilfield Svcs RadioShack 5-Mar LT Corp Family Moody's Caa2 Caa1 Electronics Stores RadioShack 5-Mar Outlook Moody's NEG Electronics Stores Spirit AeroSystems 4-Mar LT Corp Family Moody's Ba2 Ba2*- Aircraft Parts Mfg Spirit AeroSystems 4-Mar Outlook Moody's NEG Aircraft Parts Mfg Spirit AeroSystems 4-Mar LT Foreign Issuer S&P BB- BB Aircraft Parts Mfg Springleaf Finance 5-Mar Outlook S&P POS Consumer Finance Travelport Holdings 5-Mar LT Foreign Issuer S&P SD CCC+ Other Fin l Svcs Issuance & Ratings Page 4 Source: Janney FISR; Moody s; S&P; Fitch; * in ratings chart denotes ratings under review
5 Analyst Certification I, Jody Lurie, the Primarily Responsible Analyst for this report, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and all of the subject sectors, industries, securities, and issuers. No part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. Janney Montgomery Scott LLC ( Janney ) Debt Research Disclosure Legend Janney may seek compensation for investment banking services for any company listed in this report in the next 3 months. The research analyst is compensated based on, in part, Janney s profitability, which includes its investment banking revenues. Additional information available upon request. Definition of Issuer/Company Outlooks Janney FIS employs a rating system which considers the company, but not any specific debt or equity securities of the company and is not making a recommendation with regard to any specific debt securities of the company. Outlooks reflect our opinion about how credit factors of the company may affect its credit rating(s). Positive: Janney FIS believes there are factors which point towards improving issuer or sector credit quality which may result in potential credit ratings upgrades Stable: Janney FIS believes there are factors which point towards stable issuer or sector credit quality which are unlikely to result in either potential credit ratings upgrades or downgrades. Cautious: Janney FIS believes there are factors which introduce the potential for declines in issuer or sector credit quality that may result in potential credit ratings downgrades. Negative: Janney FIS believes there are factors which point towards weakening in issuer credit quality that will likely result in credit ratings downgrades. Definition of Sector/Industry Ratings Overweight: Janney FIS expects the target asset class or sector to outperform the comparable benchmark (below) in its asset class in terms of total return. Marketweight: Janney FIS expects the target asset class or sector to perform in line with the comparable benchmark (below) in its asset class in terms of total return. Underweight: Janney FIS expects the target asset class or sector to underperform the comparable benchmark (below) in its asset class in terms of total return. Janney FIS Outlooks Distribution as of 03/07/2014 IB Serv./Past 12 Mos. Outlook Count Percent Count Percent Positive Stable Cautious Negative Benchmarks Asset Classes: Janney FIS ratings for domestic fixed income asset classes including Treasuries, Agencies, Mortgages, Investment Grade Credit, High Yield Credit, and Municipals employ the Barclay s U.S. Aggregate Bond Market Index as a benchmark. Treasuries: Janney FIS ratings employ the Barclay s U.S. Treasury Index as a benchmark. Agencies: Janney FIS ratings employ the Barclay s U.S. Agency Index as a benchmark. Mortgages: Janney FIS ratings employ the Barclay s U.S. MBS Index as a benchmark. Investment Grade Credit: Janney FIS ratings employ the Barclay s U.S. Credit Index as a benchmark. High Yield Credit: Janney FIS ratings for employ Barclay s U.S. Corporate High Yield Index as a benchmark. Municipals: Janney FIS ratings employ the Barclay s Municipal Bond Index as a benchmark. Disclaimer Janney or its affiliates may from time to time have a proprietary position in the various debt obligations of the issuers mentioned in this publication. Unless otherwise noted, market data is from Bloomberg, Barclays, and Janney Fixed Income Strategy & Research (Janney FIS). This report is the intellectual property of Janney Montgomery Scott LLC (Janney) and may not be reproduced, distributed, or published by any person for any purpose without Janney s express prior written consent. This report has been prepared by Janney and is to be used for informational purposes only. In no event should it be construed as a solicitation or offer to purchase or sell a security. The information presented herein is taken from sources believed to be reliable, but is not guaranteed by Janney as to accuracy or completeness. Any issue named or rates mentioned are used for illustrative purposes only, and may not represent the specific features or securities available at a given time. Preliminary Official Statements, Final Official Statements, or Prospectuses for any new issues mentioned herein are available upon request. The value of and income from investments may vary because of changes in interest rates, foreign exchange rates, securities prices, market indexes, as well as operational or financial conditions of issuers or other factors. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized. We have no obligation to tell you when opinions or information contained in Janney FIS publications change. Janney Fixed Income Strategy does not provide individually tailored investment advice and this document has been prepared without regard to the circumstances and objectives of those who receive it. The appropriateness of an investment or strategy will depend on an investor s circumstances and objectives. For investment advice specific to your individual situation, or for additional information on this or other topics, please contact your Janney Financial Consultant and/or your tax or legal advisor. Issuance & Ratings Page 5
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