• Convertibles: Primary market prices $3.33 billion in seven deals; secondary performance mixed
• High yield: Twelve issuers price $9.03 billion in junk-rated deals; funds see record inflow
• Investment-grade market: Financial supply ramps up; Wells Fargo, Citi, Santander, HSBC price
• Preferreds: Primary preferred market busy with $2.33 billion of new issuance

• Booz Allen’s strong balance sheet protects company during Covid-19
• Canopy Growth cuts cash burn, keeps strong balance sheet during virus
• Uber Technologies reports spike in demand for deliveries during Covid

• Convertibles: Primary prices $5.84 billion over 11 deals; new paper trades up
• High grade: Pfizer, JPMorgan, Comcast, AT&T lead deal supply; flows rise; credit spreads firm
• High yield: 20 issuers tap primary and price a cumulative $10.4 billion; new deals trade up
• Preferreds: Brighthouse, Truist, Comerica, First Horizon, others sell preferreds; Fortress offers add-on

• Advance Auto improves liquidity, but top line declines ‘meaningfully’
• AIG to use recently raised liquidity to address 2020, 2021 maturities
• Delta debt issue gets good response; $10 billion raised in 90 days
• Edgewell can support higher leverage than current 1.9x, CFO says
• Ryder bond issue provides liquidity for operations, 2020 maturities
• TJX has sufficient liquidity after revolver draw, senior notes sale

• Convertibles: Primary’s record-setting pace continues; $7.84 billion in 15 deals price during week
• High yield: Primary sees $11.5 billion in 20 dollar-denominated tranches; secondary trading mixed
• Investment-grade market: Disney, PayPal, ViacomCBS, UnitedHealth, Lockheed Martin pack primary
• Preferreds: Preferred primary market gets $1.47 billion in issuance as secondary dips

• Cleveland-Cliffs boosts liquidity via notes, ABL tranche; cuts debt
• Nutrien repays bridge debt with note funds, has strong balance sheet
• VF tackles crisis through improved liquidity, fortress balance sheet

• Convertibles primary sees most active week of the year, prices $4.29 billion in eight deals
• High-grade issuers flood primary; Apple, Broadcom, GE, Chevron lead supply; inflows increase
• High-yield primary prices $8.75 billion in 14 tranches; fallen angel Kraft Heinz leads new deals
• Preferred primary sees new deals from OceanFirst Financial, Wintrust; secondary market active

• Adient focuses on liquidity amid Covid-19, will later pay down debt
• Bristol-Myers Squibb now on track for 1.5x leverage by year-end 2023
• Cedar Fair has enough liquidity through 2021 after notes sale, revolver expansion
• GOL Linhas Aereas has R$4.2 billion in total liquidity in Q1 report
• GTT keeps high liquidity during Covid-19, draws $55 million on revolver
• Murphy Oil faces crisis with good liquidity, no near-term maturities
• Performance Food sells debt, equity, draws bank debt amid uncertainty
• Sally Beauty decreases debt in Q2, holds cash in abundance of caution
• Weyerhaeuser draws, issues debt to boost liquidity during uncertainty

• Convertibles: Primary logs busiest week year to date, prices $4 billion in seven deals
• High-grade supply surges; Air Products, Coca-Cola, Boeing price notes; inflows increase
• High-yield primary rounds out most active April in five years with $3.25 billion in junk deals
• Preferreds: Preferred primary market sees $2.62 billion in new deals as secondary rises

• CNX buys back $79 million 5 7/8% notes due 2022; revolver decreased
• Exxon Mobil lifts cash balance via debt sales amid low prices, virus
• General Electric to focus on liquidity, debt reduction during virus
• Hasbro reports good financial position; Q2 will see impact from virus
• Iridium aims for 4.4x leverage by end of year; finances in good shape
• Molina Healthcare touts good liquidity despite operations disruption
• MSCI has strong capital position after February refinancing of notes
• Six Flags focuses on debt reduction, conserving cash during Covid-19

• Convertibles: Primary prices $2.46 billion in five deals; secondary performance mixed
• High-yield bond primary market on fire during week; 21 issuers bring deals; Ford notes flounder
• Investment-grade market: Cargill, Campbell Soup, Bank of America, Wells Fargo price; inflows down
• Preferreds: African Asset Finance, MTBC tap primary market; secondary pushes higher

• Ally Financial may opportunistically issue more investment-grade debt
• American Express cuts expenses, boosts cash position during Covid-19
• Coca-Cola reports significant impact on Q2 results, expects better Q3
• Crown withdraws 2020 guidance; unusual global demand is unpredictable
• Halliburton to keep deleveraging in downturn, cuts costs to save cash
• Lithia Motors has strong balance sheet, good cash position in crisis
• Quest may tap high-grade debt markets if it can’t access facilities
• Tullow to use $575 million funds from Uganda assets sale to cut debt
• Union Pacific has $2 billion of cash, may issue more debt if needed
• Verizon touts strong balance sheet and few bond maturities until 2021

• Convertibles: Primary market prices $2.45 billion in six deals; secondary performance mixed
• Emerging markets: Abu Dhabi, Peru price multi-tranche blockbusters; China issuers silent
• High yield: Primary market prices $6.05 billion in 15 tranches; funds see $7.66 billion inflow
• High-grade post-holiday supply strong; Exxon, JPMorgan, Costco price; corporate flows return
• Preferreds: Primary market remains quiet as secondary trading seesaws amid volatility

• Bank of America CEO: March was busiest month ever for IG debt issues
• BlackRock touts liquidity, no near-term debt maturities, 1x leverage
• Dynex Capital grows liquidity to $230 million, to buy back preferreds
• Invacare mulls choices to deal with $61 million debt maturing in 2021
• Rite Aid swaps, extends debt maturities in Q4, will tackle 2023 notes
• Schlumberger will refinance or repay $1 billion bonds due 2020, 2021
• UnitedHealth preserves cash, anticipates returning to normal levels

• Convertibles: Primary prices $2.03 billion in four deals; new paper in focus in secondary
• Emerging markets: Qatar prices $10 billion of notes; Abu Dhabi on tap; Ecuador seeks relief
• High-grade market: Broadcom, Keurig Dr Pepper, Booking lead new supply; credit spreads firm
• High-yield primary market prices $2.98 billion of bonds in six deals; new paper in demand
• Preferreds: Primary market silent amid Covid-19 economic turmoil as secondary sees boost

• APi Group draws $200 million under revolver in ‘abundance of caution’
• Goodfood lifts cash balance via $30 million convertibles sale in Q2

• Convertibles: Primary market returns with deals from Carnival, Nevro; secondary eyes new paper
• Emerging markets: Baidu, AIA Group price $1 billion deals; Israel brings $5 billion of notes
• High-grade supply surges past $110 billion; Oracle, Visa, T-Mobile price; outflows moderate
• High-yield primary market reopens; Yum!, Carnival, TransDigm, Restaurant Brands, Tenet price
• Preferreds: Preferred primary market remains quiet during week as secondary slides

• Conagra Brands cuts debt by $450 million, expects 3.6x leverage ratio
• Constellis wraps debt-for-debt, debt-for-equity exchange with lenders
• Dollarama has good liquidity, revolver recently upped to C$800 million
• Lamb Weston draws $500 million on revolver in ‘abundance of caution’
• Navigator weighs options if it can’t refi $100 million bond due 2021
• PVH draws down $750 million under revolver for financial flexibility

• Convertibles: Secondary firms; high-grade names improve; Dycom, Microchip undertake exchanges
• Emerging markets: Panama prices $2.5 billion of bonds; Ecuador, NMC Health show signs of sickness
• High-grade issuers deluge primary; Wells Fargo, Comcast, NIKE print; fund outflows heavy
• High-yield secondary better; Ford, fallen angels eyed; TransDigm up; funds lose $2.03 billion
• Preferreds: Primary market gets single $150 million deal as secondary trends upward

• Canadian Pacific has good liquidity, balance sheet in uncertain times
• Centrus continues strategy of reducing, restructuring, retiring debt
• Charah boosts liquidity via credit agreement changes, preferreds sale
• IHS Markit plans to keep liquidity levels high, won’t draw down yet
• IntelGenx Technologies considers non-dilutive financing to raise cash
• Pacific Ethanol reaches deal with lenders to defer payments on secured debt
• Steelcase won’t pay down debt, draws on revolver to protect liquidity