• Convertibles: Synaptics’ new issue does well; Teladoc prices; STMicroelectronics brings mega-deal
• Emerging Markets: New deal pace is average; oil slide hits some; Argentina’s 100-year bond gains
• High Yield: Intelsat Jackson megadeal leads week’s steady new issuance, Charter pulls out
• High-grade deal volume thin; FirstEnergy, Jackson Life, Reckitt Benckiser price; Kroger mixed
• Preferreds: SCE Trust prices upsized deal tight to talk; Compass brings first preferred offering

• Apollo Investment has access to $2.3 billion, may refinance long notes
• Clearwater aims to pay down $300 million line of credit, cut leverage
• Europcar plans bridge financing, equity raise for Goldcar acquisition
• Houghton Mifflin Harcourt ‘comfortable’ with current amount of debt
• Infor may weigh refi of HoldCo unsecured bonds and 5¾% secured notes
• NextEra places convertibles; leverage may rise on subsidiary rating
• PerkinElmer taps undrawn revolver for $1.3 billion EuroImmun purchase
• S&P: Junk default outlook improves, but restaurant/retail worsens
• Sysco invests in its business, pays dividends before paying down debt
• Uniti to keep target leverage ratio of 5.7x for ‘foreseeable future’
• Yum! Brands aims to reduce risk, keep flexible with capital structure

• Convertibles: Trading thins as Fed meets; Tesla gains early in week but loses ground; Ctrip falters
• Emerging markets: Issuance steady despite Fed rate hike, lower oil prices; Turkey prices again
• High-grade deal volume thins, supply strong to start week; BMO, UniCredit, Apple, Brighthouse price
• High-yield market: Yum! Brands leads more low-key primary week; Brand Energy, BevMo price
• Preferreds: Validus deal prices, trades over par; FOMC rate decision eyed; NGL Energy lists

• AMN Healthcare boasts ‘strong balance sheet,’ may use it to pay debt
• BakerCorp ‘highly levered,’ but won’t tackle debt levels immediately
• Belden has 2x leverage, below targeted 3x, and could deploy more debt
• Casella expects 3x leverage ratio by 2019, won’t go lower than that
• Catalent says bond, bank-debt deals improve capital structure, aims at 3.5 times leverage ratio
• Church & Dwight ‘under-levered’ with 1.4x net debt to EBITDA ratio
• Cogent Communications generating excess cash, naturally de-levering, repaying shareholders
• Hamilton Lane debt to EBITDA level cut to 1x after term loan paydown
• MasTec CFO notes de-levering, efficient working capital management
• SS&C repays debt ‘in a hurry,’ going to 3.7x from 5.4x in two years

• Convertibles: Liberty Expedia prices rich; BlackRock Capital does well; Invacare ‘bounces’
• Emerging markets: Week ends on a down beat; Ivory Coast places $1.25 billion, €625 million of notes
• High-grade primary volume thins; AstraZeneca, Citibank, Coach, KfW price; credit spreads ease
• High-yield market: Tenet four-part behemoth, Nokia megadeal lead busier primary week
• Preferreds: NGL Energy, Oxford Lane, Maiden Holdings bring new issues; recent deals hit the NYSE

• Community Health Systems touts recent bond, bank deals, divestiture in managing debt
• Equinix comfortable with balance sheet, eyes eventual investment grade
• Ferrellgas to focus on debt reduction, yearns for colder winters
• Valeant CEO says debt paydown gives company ‘runway’ for turnaround
• Valeant seeks to cut, but not eliminate, debt from capital structure

• Convertible bonds: Ensco falls on Atwood merger; NXP adds; Palo Alto Networks convertibles improve
• Emerging markets quiet in holiday-shortened week; Venezuela outperforms; Eastern Europe sees deals
• High grade: eBay, Goldman, Cardinal Health, Disney, Moody’s tap primary market; UniCredit eyes deal
• High-yield market: Consolidated Energy floaters, Hertz price in sharply slower holiday week
• Preferreds: DDR prices upsized $25-par issue; First Republic Bank, CIT Group tap market

• Convertibles: PRA, LendingTree gain on issue; new ServiceNow slips below par; mandatories stay active
• Emerging Markets: Middle East primary active ahead of Ramadan; holidays mute the secondary
• High-yield market: NOVA, PetSmart megadeals, Chesapeake, KAR lead sharply busier primary week
• Investment-grade issuers flood primary market; Becton Dickinson’s $9.68 billion deal leads supply
• Preferreds: New deals come from Public Storage, B. Riley, Colony NorthStar; Capitala lists

• Caleres plans to repay revolving credit facility in full by year-end
• China’s 21Vianet EBITDA declines from 2016, but beats guidance by 18%
• HealthSouth aims to continue cutting leverage, but might temporarily raise it for acquisitions
• Lionsgate expects to de-lever quickly to lower end of targeted range
• NGL touts recent credit facility, notes deals, targets 3-to-5 times leverage ratio
• Nomad Foods expects €14 million annualized savings from refinancing
• Switzerland’s Sunrise Communications sells tower unit, most of proceeds to go to de-leveraging

• Convertibles: Deal flow slows to a drip week over week; Atlas Air does well; RealPage comes cheap
• Emerging markets: Brazil sees late-week relief rally; Petrobras prices $4 billion add-ons
• High-grade market: Issuers flood market at start of week; Wells Fargo, HSBC, ANZ price
• High-yield market: Cheniere megadeal leads less busy primary week; Intelsat firms on exchange terms
• Preferreds: Concerns about Trump take focus over trading; GasLog deal lists on NYSE; GSEs weaken

• B&G Foods details financing process, leverage targets after debt sale
• CalAtlantic says convertibles are misunderstood, foresees big impact
• CF Industries waiting for better macro environment to repay debt load
• Cumulus Media seeks to address debt levels without impacting business
• JBS to reduce leverage, pay down $350 million debt in coming quarters
• Just Energy reduces leverage to 1.8x, now to focus on company growth
• Thermo Fisher to take on $5.2 billion of debt for Patheon acquisition
• Timken to use strong free cash flow to fund growth, not debt buybacks
• USG cut debt by $1 billion in 2016, has no maturities for eight years

• Convertibles: Deal flow slows to a drip week over week; Atlas Air does well; RealPage comes cheap
• Emerging markets: Brazil sees late-week relief rally; Petrobras prices $4 billion add-ons
• High-grade market: Issuers flood market at start of week; Wells Fargo, HSBC, ANZ price
• High-yield market: Cheniere megadeal leads less busy primary week; Intelsat firms on exchange terms
• Preferreds: Concerns about Trump take focus over trading; GasLog deal lists on NYSE; GSEs weaken

• B&G Foods details financing process, leverage targets after debt sale
• CalAtlantic says convertibles are misunderstood, foresees big impact
• CF Industries waiting for better macro environment to repay debt load
• Cumulus Media seeks to address debt levels without impacting business
• JBS to reduce leverage, pay down $350 million debt in coming quarters
• Just Energy reduces leverage to 1.8x, now to focus on company growth
• Thermo Fisher to take on $5.2 billion of debt for Patheon acquisition
• Timken to use strong free cash flow to fund growth, not debt buybacks
• USG cut debt by $1 billion in 2016, has no maturities for eight years

• Convertibles: Primary sees new deals from Blackstone, AMAG, HubSpot; earnings push paper around
• Emerging markets: Sovereign deals price from Turkey, Sri Lanka, Panama; ACWA, BNDES tap market
• High-yield market: Restaurant Brands, Wynn, GenOn lead busier new-deal week; oil price slide eyed
• Investment-grade bond supply strong; United Technologies, Sherwin-Williams, Apple lead deal action
• Preferreds: Market trends higher amid political, economic news; NuStar lists on NYSE; GSEs in play

• Chesapeake Energy focuses on debt cuts, ‘comfortable’ with liquidity
• CMS weighs program that revamps up to four years’ of debt maturities
• Dynegy to repay $2.1 billion notes without resorting to debt markets
• Fortress plans $75 million revolver, has ‘multiple financing options’
• Hilton lowers debt cost by 25 bps following $9 billion refinancings
• iStar will revamp 4% bonds, reports ‘strong liquidity’ after quarter
• NRG Energy assigns 70% of capital towards debt reduction in late 2017
• Sprint swaps debt for cheaper coupons, plans to cut interest expense
• Terex locks in lowest rates in company’s history for refinanced debt
• WellCare Health Plans ends Q1 with $1.94 billion of cash, untapped $1 billion credit facility

• Convertibles: New deals from Flexion, Neurocrine fare well; FelCor rises; Synchronoss pressured
• Emerging markets: Jordan prices oversubscribed tap of 6 1/8% notes; SoCam prints 6¼% notes
• High-grade bond supply light; DuPont, PepsiCo, American Express tap market; credit spreads firm
• High-yield market: Smallish Garda, Sugarhouse, Bill Barrett, Uniti deals price during slow week
• Preferreds: NuStar sells $25-par preferreds; SunTrust prices $1,000-par issue; recent deals list

• Ashland aims to cut post-acquisition debt with free cash flow
• Becton Dickinson plans notes, loans, maybe convertibles to fund acquisition
• Calpine wraps 30% of fiscal year’s targeted leverage paydown in Q1
• Gannett ends first quarter with $295.5 million of net debt
• Huntsman prepays $100 million of term loan debt, lowers Q1 leverage to 3.3 times from 3.8 times
• LSB to use excess cash to repay debt, pay accrued preferred dividends
• Martin Midstream could retire bonds, has best leverage ratio in years
• RLJ, FelCor to merge, de-lever quickly from 5x; no new debt planned
• Seaspan weighs a variety of markets to cut debt, including 2019 bonds
• Southwestern Energy to have no debt due until 2020, cuts debt further
• Superior Energy Services to cut debt further with free cash flow, asset divestitures
• Tyson gets $4.5 billion bridge financing for AdvancePierre acquisition
• Weatherford wants to lower debt load, revises terms of JPMorgan loan

• Convertibles: Forestar eyed on merger news; DISH in focus; GNC firms on earnings; Great Ajax prices
• Emerging markets: Isbank prices new deal after Turkey vote; PTA Bank adds on; pipeline builds
• High-yield market: Lennar, Laureate lead active post-holiday week; Rite Aid off on merger worries
• Investment-grade market: Financials dominate issuance; JPMorgan, Citigroup, Bank of America price
• Preferreds: Wells Fargo prices $25-par issue; Qwest sells baby bonds; American Homes taps market

• Alliance Data Systems aims to keep leverage ratio under 3 times in 2017, eyes stock buybacks
• Cardinal eyes $4.5 billion notes for acquisition, secures bridge loan
• NCR intends to decrease leverage ratio this year with free cash flow
• NextEra will acquire wind project for $238 million via available debt
• Post to borrow from revolver, may take on term loan to buy Weetabix
• Sallie Mae retires ‘expensive’ preferred for balance sheet efficiency
• Spanish Broadcasting mulls asset sale, financings to tackle default
• Valmont reports $25 million higher cash balance, strong balance sheet