• Convertibles: RH postpones offering, outstanding issues mixed; Clovis rebounds; Tesaro up on buyout
• Emerging markets: New deals trickle through; secondary stabilizes; China-U.S. trade in focus
• High yield: Prospects for new deals diminish; energy losses continue; funds lose $829 million
• High-grade supply declines amid volatility, market closures; NXP, Caterpillar, Moody’s print
• Preferreds: Primary space quiet during week amid a downward-trending secondary market

• Aflac could access Japanese debt markets in 2019; leverage stays low
• Conn's makes ‘progress’ on deleveraging, improves capital structure
• HD Supply fixes coupon on 75% of debt and conducts debt refis in Q3
• Hovnanian Enterprises ends Q4 with more liquidity than targeted range
• Pacific Drilling consolidates debt, emerges with new structure in Q3
• Signet to exceed target leverage range of 3x to 3.5x in fiscal 2019
• Vail Resorts states that balance sheet ‘remains very strong’

• Convertibles: Primary market prices $1.88 billion; iQIYI, DexCom, Liberty Media, EFII enter market
• Emerging markets: Ukraine, Russia down after seizure of Ukrainian ships; Russia prices notes
• High Yield: Domestic primary prices $350 million; McDermott rebounds; funds lose $1.2 billion
• High-grade supply beats forecasts; Home Depot, ConEd, JPMorgan, Dow Chemical tap primary market
• Preferreds: Primary space sees $665 million in new deals amid weakening secondary market

• Algeco to use divestiture proceeds to repay ABL debt and cut leverage
• Alimentation Couche-Tard repays close to C$1 billion on its revolver
• American Woodmark’s ‘strong’ free cash flow brings leverage to 2.65x
• Atkore prioritizes leverage reduction, hopes for low twos long-term
• Diana Shipping repays bank debt with more debt; CEO is ‘pleased’ with debt sale
• Ferroglobe focuses on cutting leverage after negative cash flow in Q3
• MTS Systems borrows under revolver to fund $80 million E2M purchase
• PVH intends to pay down approximately $200 million of debt in 2018
• Scotiabank executives say interest rates will increase again in 2019
• Titan Machinery ‘confident’ in ability to repay convertibles due 2019

• Convertibles: Volatility takes its toll; Post withdraws; KBR weakens; Tesla hits magic number
• Emerging markets: Spreads widen amid market volatility; Abu Dhabi’s Senaat plans new sukuk
• High Yield: Primary market dormant; Atlantica Yield withdraws; credit spreads blowout; energy struggles
• Investment-grade market: Takeda prices $5.5 billion; week’s supply thin; bonds mostly soften
• Preferreds: Primary space quiet in holiday week; secondary continues downward trend

• Baltic Horizon: Bank scandal, rising rates led to fund selling bonds
• George Weston sees better financial position, ‘strong’ balance sheet
• Hormel repays short-term debt from recent Columbus acquisition in Q4
• Metro de-levers via free cash flow; leverage stands at targeted 2.5x
• Spectrum intends to use $2.9 billion of proceeds to de-lever to 3.5x
• Star Bulk entertains long-term goal of de-levering company completely

• Convertibles: KBR, Wayfair, HC2 price; Great Ajax brings add-on; Ribbon withdraws; Gogo on tap
• Emerging markets: Nigeria prices triple-tranche deal; Naftogaz, Engenium postpone; spreads widen
• High yield: LifePoint, HC2, Vantage, Avation price; Atlantica Yield on tap; secondary ‘sloppy’
• High-grade market: Takeda on tap; DowDuPont prices $12.7 billion offering; new bonds soften
• Preferreds: Primary space hums along with $150 million in new deals; secondary moves lower

• Aramark cuts debt by $600 million in Q4; more debt reduction planned
• Centric lenders waive financial covenants, put off interest payments
• Gladstone mitigates impact of rising rates via fixed-rate debt issue
• Gran Colombia reduces debt, becomes working capital positive in Q3
• Hillenbrand repays $120 million debt; balance sheet ‘in great shape’
• Matthews cuts debt by $65.8 million via ‘strong’ operating cash flow
• Navios repays $20.2 million debt in Q3; no major debt due until 2020
• Platinum Eagle plans debt financing to fund $1.4 billion acquisition
• Suburban Propane reduces debt by $19 million; leverage down to 4.36x
• Tyson to close acquisition sooner, will pay down debt, keep IG rating
• Viacom to keep reducing debt; S&P reaffirms company’s credit ratings

• Convertibles: Primary market prices $210 million; convertibles see large moves post-earnings
• Emerging markets: Kazakhstan, Turkey, Baidu, Suzano, Tocumen price; Naftagaz, RusHydro plan deals
• High yield: Mednax prices; HC2 Holdings, LifePoint on tap; pipeline thin; funds add $1.04 billion
• High-grade market: Volkswagen, Shell, Santander, Barclays, MPLX lead supply; high-grade flows rise
• Preferreds: Primary space relatively tame with $133 million in new deals; secondary higher

• Ambac benefits after AMPS tender offer helps de-lever balance sheet
• Clearway weighs $283 million of convertibles to meet financing needs
• Kinross Gold is advancing C$300 million project financing for Tasiast
• Oasis to conduct financing in early 2019 to fund project acquisitions
• Pattern Energy may draw on revolver, issue hybrids for acquisitions
• Watts Water repays debt using bulk of $121 million repatriated cash
• WestRock will focus on cutting debt; balance sheet ‘is in good shape’

• Convertibles: Primary dormant; Weatherford, Clovis, AMAG notes sink post-earnings; Akamai eyed
• Emerging markets: Nogaholding, Mubadala notes doing well; Chile’s ENAP prices $680 million deal
• High yield: Three deals price, two postpone; HC2 widens; RegionalCare on tap; funds see outlfow
• Investment-grade supply climbs; Schwab, Black & Decker, American Express among issuers
• Preferreds: Primary space rolls along with $650 million in three new deals; secondary declines

• Belden sees fruit of refinancing as interest expense declines by 25%
• Chesapeake revises revolver, sells bonds, calls second lien notes
• Community Health plans to use cash from divestitures to decrease debt
• Gartner repays $252 million of debt in Q3; debt stands at $2.2 billion
• IBM gets $20 billion bridge loan to purchase Red Hat for $34 billion
• Israel’s Teva is using majority of cash flow to reduce leverage to 3x
• MKS to use committed term loan debt, cash for $1 billion acquisition
• ON Semiconductor uses $65 million to pay down debt in third quarter
• Seaspan redeems, issues preferreds, gets $150 million revolver, repays $250 million of debt
• Sensata Technologies intends to keep its leverage in 2.5x to 3x range

• Convertibles: Tesla talk of the town amid earnings; tech names gain as volatility roils stocks
• Emerging markets: Spreads widen as equities slide; Ukraine, Oman, Tunisia price; Brazil outperforms
• High yield: United Rentals, Netflix, Transocean price; GFL pulls offering; forward calendar grows
• High-grade supply dwindles, misses forecasts; Constellation, KeyCorp, SunTrust among issuers
• Preferreds: Citizens Financial prices; preferreds mostly soften; new issues mixed in secondary

• Brown & Brown to take on $600 million of 4.75% debt for acquisition
• Gardner Denver keeps cutting debt: $152 million in Q3; more to come
• Halliburton repays $2 billion of debt, with $400 million repaid in Q3
• Kirby says debt cuts are a ‘top priority;’ debt is now $1.38 billion
• KLX Energy to issue notes to buy Motley, boost cash on balance sheet
• PolyOne generates ‘tremendous’ free cash flow, expects $200 million
• Xerox has no debt due until March, boosts cash flow by $157 million

• Convertibles market: Evolent Health prices, expands on debut; Caesars drops dollar-neutral
• Emerging markets: Tunisia on tap; Turkey, Panama price; ProCredit, Cochrane pull planned deals
• High-grade volume thin over week, falls short of forecasts; Conagra, FedEx, Wells Fargo price
• High-yield market: Uber prices $2 billion private placement; Nine Energy, JBS price; Hexion eyed
• Preferreds: Primary sees lighter week with $77.5 million in two new deals amid a rising secondary

• BofA execs: ‘People have to refinance their bonds... borrow more money’
• Comerica CEO believes loans will stabilize, increase compared to Q3
• Danaher has ‘tremendous’ capacity, balance sheet is in ‘good shape’
• Kaiser Aluminum enjoys ‘strong’ balance sheet, cash flow generation
• Omnicom enjoys ‘very strong’ balance sheet, liquidity, ‘solid’ ratios
• SunTrust sees ‘momentum’ in capital markets, adjusts to rising rates
• U.S. Bancorp: Loan growth will recover when companies’ cash dwindles
• United Rentals in ‘great position’ with $568 million free cash flow

• Convertibles: Equity sell-off eyed; Granite Point Mortgage, JPMorgan, Karyopharm, Verastem price
• Emerging markets: Debt struggles amid global equity rout; Millicom prices despite volatility
• High yield: Primary sees short week with $750 million in dollar deals; Recordati sells €1.3 billion
• Investment-grade market: KfW sells $4 billion; FHLBank, Ontario, Sumitomo Mitsui price notes
• Preferreds: Primary space sees another three deals worth $309 million; secondary under pressure

• DDR sees four years of no ‘significant’ maturities; 6x ratio targeted
• Delta Air cuts net debt by $700 million, strengthening balance sheet
• J.M. Smucker committed to paying down debt, lowering leverage ratio
• JPMorgan Chase: Don’t be startled by rising interest rates, maybe 4%
• Levi Strauss gets funds at high-grade rate via ‘strong’ balance sheet
• Walgreens generates record free cash flow of $6.9 billion in FY 2018

• Convertibles: Primary sees $825 million in three deals; Tilray called year’s most interesting deal
• EM primary fires up; but higher rates hit secondary; Gulf International, Octal pull deals
• High yield: Primary prices $4.25 billion in seven new deals, two add-ons; funds add $1.39 billion
• High-grade primary market busy throughout week, led by Comcast’s $27 billion megadeal
• Preferreds: Primary space sees $325 million in three deals amid negative secondary movement

• Calumet trims debt, boosts liquidity, weighs refinancing of 2021 debt
• Constellation will prioritize de-levering after investment in Canopy
• Lamb Weston expects debt to rise due to seasonality, planned purchase
• Stolt-Nielsen cuts debt by $61 million, pays $20 million of revolver