• Convertibles: Primary market prices $1.07 billion in five deals; secondary trading mixed
• Emerging markets: Busy primary market as Asia, Middle East price deals; Lat-Am calendar grows
• High Yield: Market prices $4.45 billion bonds; secondary market ‘on fire’; fund flows increase
• Investment-grade market: Bank, financial supply heavy; Morgan Stanley, JPMorgan, Goldman price
• Preferreds: Primary market prices $510 million of new deals during week; AT&T trial eyed

• Baker Hughes to focus on prioritizing cash, free cash flow generation
• Cleveland-Cliffs improves balance sheet, sells convertibles and debt
• Crown Holdings to use cash flow to de-lever after Signode acquisition
• GATX is keeping its balance sheet in ‘real good shape,’ CEO reports
• Johnston Press reviews financing options for bonds, cancels revolver
• National Rural prepays $325 million notes, sells $150 million notes
• Omnicom Group reports ‘solid’ debt ratios at the end of first quarter
• United Airlines uses balance sheet to purchase aircraft off leases
• Valmont sees ‘manageable leverage,’ ‘solid’ cash flow in first quarter
• Yara International reports debt rose to $500 million in last quarter

• Convertibles: Primary quiet; secondary trading volume low; Transocean convertibles in focus
• Emerging markets: Panama, Egypt, Saudi Arabia, Qatar, Uruguay and Montenegro price; Russia weakens
• High Yield: Primary market prices $2.92 billion; energy sector outperforms; Sprint climbs
• High-grade bond supply thin; C.H. Robinson, EPR, Toyota, BMO price; new issues remain firm
• Preferreds: OFS Capital prices $43.75 million $25-par seven-year notes; primary generally quiet

• Amyris convertibles holders convey wish to convert; leverage to fall
• Approach cuts debt by $127.1 million, plans to keep paying down debt
• Callon has ‘phenomenal’ access to capital; credit facility amended
• Delta Air Lines may sell bonds, ‘comfortable’ re current debt status
• Layne Christensen gets loan to refi $70 million of 4¼% notes due 2018
• Legacy to ‘tackle’ debt maturities after cutting leverage two turns
• Mylan to cut leverage to 3.5x, pay some 2018, 2019 debt with EBITDA
• Stolt-Nielsen concentrates on cutting debt from $2.45 billion level
• Whiting has no short-term debt coming due, working on balance sheet

• Convertibles: New paper breaks convert trading volume lull; Gannett, Pure Storage expand on debuts
• Emerging Markets: Buenos Aires Province, Metinvest, Turkcell price; calendar grows; Qatar mandates
• High Yield: Primary market prices $3.76 billion, new deals trade up; funds lose $573 million
• Investment Grade: General Mills, Charter, Dollar Tree, BMW, GM Financial lead volume; roadshows underway
• Preferreds: Enbridge prices $525 million $25-par notes

• Acuity Brands may increase borrowings, leverage for share repurchases
• Conn’s trims outstanding debt, lowers annual interest expense by 19%
• Greenbrier touts ‘strong’ balance sheet with debt at ‘historic lows’
• Lamb Weston reports leverage ratio of 3.4x, below 3.5x to 4x target
• Lennar aims to cut leverage, retire debt via ‘significant cash flow’
• Transcontinental to use term loans, cash in $1.32 billion acquisition

• Convertibles: Primary quiet ahead of holiday; last week’s deals slow to trade; Tesla weakens
• Emerging markets: New Vrio 10-year notes slip in secondary trade; Bahrain prices $1 billion sukuk
• High yield: Primary market prices $3.32 billion in new dollar deals; more on tap; secondary mixed
• Investment-grade market: ABB, Bell Canada, Citizens Bank, Allstate, CRH, Mylan price notes
• Preferreds: Primary market prices $631.2 million in preferred stock in holiday week

• ACCO within reach of targeted leverage range after being over-levered
• American Axle focuses on debt management, lowering its leverage ratio
• Concho ratings, balance sheet won’t change post all-stock acquisition
• Dana aspires to get to investment-grade ratings through deleveraging
• Dollarama pays off higher-coupon debt via C$300 million floaters sale
• Israel’s Partner Communications cuts debt by NIS 620 million in 2017
• McCormick will pay down debt in 2018 using expected strong cash flow
• Stornoway Diamond draws down C$80 million of loan, repays C$9 million
• Unisys revises ABL facility to fund growth, issues $440 million notes

• Convertibles: Primary market prices $1.19 billion in new convertible notes as pace picks up
• Emerging markets: Primary slower; ADCB, MHP, Globalworth, Sigma price; Bahrain, Metinvest on tap
• High-grade market: Anheuser-Busch’s $10 billion deal lifts primary action; AIG, Unilever tap market
• High-yield market: Capital markets turmoil mutes dollar new issue activity; Europe stays active
• Preferreds: Primary prices $540 million of preferred stock, $175 million of baby bonds

• AGT Food & Ingredients revamps debt, issues $190 million preferreds
• Darden replaces higher-coupon debt with 4.55% notes in third quarter
• DynCorp cuts debt ‘significantly,’ repays $54.9 million of term loan
• Fidelity to use ‘modest’ debt financing for $1.2 billion acquisition
• Infor ‘comfortable’ with cash, to de-lever further, refis loans in Q3
• Nomad Foods improves balance sheet, extending debt maturities to 2024
• TPG plans $300 million bond, $500 million revolver to create Magnolia

• Convertibles: Primary market prices $1.48 billion in convertibles; new paper dominates trading
• Emerging markets: Unigel pulls deal amid ‘soft’ LatAm market; Gazprom, Ivory Coast price
• High-yield market: Valeant prices $1.5 billion eight-year notes; Guitar Center sells $635 million
• Investment-grade market: Supply thins; Campbell Soup, Toyota, McDonald’s print; pipeline builds
• Preferreds: Primary market prices $335 million; several recent deals ‘significantly under water’

• Aircastle changes capital structure, may take on more debt to be IG
• Altice leaders hope to de-lever half a turn to 4x net debt to EBITDA
• American Midstream repays revolver debt with proceeds from 8½% notes
• Bellatrix won’t take on more debt, mulls options on upcoming maturity
• Century Aluminum considers refinancing as bond call date approaches
• Fluidigm committed to cutting cash burn, generates cash during 2017
• Great Elm refinances Full Circle notes, cutting coupons 175 bps
• Quebecor cuts leverage to 2.5x from 7x over course of ‘many years’
• Quorum Health keeps paying secured debt with hospital sale proceeds
• Resolute Energy eyes markets, plans refi of bonds with upcoming call
• SAExploration expects ‘long-term upside’ from loan changes, note swap
• Syniverse revamps credit facility, repays notes, to repay more notes
• Tenet Healthcare’s management makes debt reduction ‘a high priority’
• Teva’s upsized bond sale goes ‘very well’; pricing on low end of talk

• Convertibles: Primary market prices $1.21 billion in new deals; Dermira, Cobalt converts tank
• Emerging markets primary remains active; Senegal brings dual-currency deal; Paraguay prices
• High Yield: Teva leads parade of upsized, tight-pricing deals; Buena Vista Gaming yields 14.43%
• Investment Grade: Primary market busy; CVS prices $40 billion; big surge in activity on Thursday
• Preferreds: Primary market prices $2.55 billion in new preferreds, $200 million in baby bonds

• Argentina’s Cablevision repays $400 million debt, expects to pay more
• Calumet cuts leverage to two-year low 4.5 times, eyes lower target, calls high-coupon debt, extends revolver
• Concordia forgoes payments on almost all its unsecured debt during Q4
• Eagle Bulk has ‘ample liquidity’ following December debt refinancing
• Foresight Energy touts March ’17 refinancing deal, eyes dropping leverage to 2.5 times from current 4.05 times
• International Game Technology plans to continue deleveraging in 2018
• KCAP: CLO market ‘extremely active;’ company cuts $74 million of debt
• Nuverra sees liquidity ‘dramatically improved’ following Chapter 11
• Tempur Sealy to keep paying down debt; ratio to be higher than target
• Welltower touts low leverage, good balance sheet after ‘serious work’
• WildHorse keeps leverage low; revolver borrowing base could increase

• Convertibles: Primary prices $900 million of new deals; Herbalife, Frontier active on company news
• Emerging markets: Tone weakens; MEA spreads wider; Slovenia, Gazprom price; Paraguay on tap
• High-grade bond supply heavy; Bank of America prices $7 billion; CVS eyes up to $45 billion deal
• High-yield primary slows; AES brings megadeal; FMG, Avolon, New Enterprise offerings notable
• Preferreds: Huntington Bancshares prices $500 million; Colony NorthStar, Maiden drop on earnings

• AMAG has ‘high degree’ of flexibility, de-levers by 20% during 2017
• Casella shifts focus from only reducing debt to acquisitions as well
• Dean Foods expects debt to rise in 2018, keeps ‘substantial’ cushion
• Extraction Oil targets 1.5x debt ratio in 2018; liquidity is strong
• Hexion to use funds from possible sales for debt reduction, liquidity
• iStar boasts $660 million of liquidity; company is in ‘solid shape’
• J.C. Penney cuts debt by $600 million in Q4; debt cutback a priority
• Ocwen to acquire PHH for $360 million using $260 million of PHH cash
• TopBuild to use bond and bank debt, cash on hand to fund acquisition
• Valeant cuts debt to $25.5 billion; further debt cuts planned in 2018

• Convertibles: Two new deals bring $500 million to market; existing notes active on earnings reports
• Emerging markets: Kenya seals $2 billion of eurobonds in two tranches; LatAm settles down
• High-yield market: Primary reactivates, but follow-through remains thin; outflows abate
• Investment-grade market: Supply back-loaded over short week; Boeing, BNP, Kinder Morgan price
• Preferreds: 1347 to price new offering; Freddie, Fannie, RAIT preferreds sink, then rebound

• ACI sees lowest leverage ratio in years; strong cash flow to endure
• Cheniere Energy eyes new 2018 debt; settles refis, notes sale in 2017
• Chesapeake Energy plans $3 billion debt cut in 2018; asset sale ahead
• FirstEnergy cuts $1.45 billion of debt; credit metrics high into 2021
• General Mills plans debt, Goldman bridge facility to buy Blue Buffalo
• Huntsman repays $2.61 billion of debt; balance sheet ‘strongest’ ever
• LKQ will sell debt in 2018, pays down $130 million of debt in 2018
• MGM Resorts expects ‘rapidly growing free cash generation’ in future
• Summit Midstream won’t issue debt in 2018; funds enough for expenses
• Sunoco ends Q4 with 5.6x leverage, eyes 4.5x-to-4.57x; touts January bond deal balance sheet impact
• Transocean cut net debt by almost $1 billion in 2017, has around $6 billion total liquidity
• William Lyon Homes to sell debt to help fund RSI Communities purchase

• Convertibles: Iconix convertibles soar; Avadel prices overnight deal; two small preferreds price
• Emerging markets: Egypt, Nigeria tap market for combined $6.5 billion; Russia’s GTLK deal pulled
• High-grade bond supply thins; American Honda, Ingersoll-Rand, Daimler, CSX among issuers
• High-yield market: Primary activity shrinks amid market uncertainty; pipeline seen building
• Preferreds: Newtek baby bond issue in high demand; market mixed amid light trading volume

• Andeavor, subsidiary raise $3.35 billion of capital; debt cuts likely
• Barrick beats debt cut target for 2017, may cut $1.4 billion in 2018
• Bombardier ends 2017 with $3.1 billion of cash, no maturities before 2020, touts cash flow generation
• Compass Minerals aims to focus on balance sheet, cash flow generation
• Dynagas to refi $250 million notes due 2019; notes are trading ‘well’
• First Data plans to use $1.4 billion 2018 free cash flow to cut debt
• GasLog leverage metrics should go down despite increase in gross debt
• LyondellBasell plans to fund A. Schulman acquisition via cash on hand
• Martin Marietta completes its ‘largest bond deal’ ever, may de-lever
• Molina Healthcare cut ’44 convert debt, lowered debt/cap ratio in Q4; entered bridge loan to backstop ’20 converts
• OneMain to sell more unsecured debt in 2018, boosting credit ratings
• Reynolds keeps paying down debt; 4.5x total leverage ratio targeted
• Service Corp. ends Q4 with $1 billion liquidity, cites impact of December bond, bank loan moves
• Sherritt cuts C$1.4 billion debt; Dutch auction tender ends Tuesday
• Terex cuts debt by $600 million, expects $100 million free cash flow