• Convertibles: Primary prices $2.3 billion; Vonage, Zynga, Dominion expand in secondary trading
• Emerging markets: Korea, Indonesia, Croatia, Ukraine price sovereign bonds; Serbia plans euro note
• High Yield: Primary prices $4.66 billion; new paper bid up in secondary; funds add $1.72 billion
• High-grade volume surges; Fiserv, Wells Fargo, American Tower, others price; inflows up
• Preferreds: Primary space active with $2.25 billion in new deals as secondary market slides

• Chico’s has ‘strong’ balance sheet; leaders await good free cash flow
• Comstock to use bank debt, convertible preferreds for Covey Park buy
• Dollarama forgoes share repurchases to focus on maintaining leverage
• HD Supply reduces net debt to adjusted EBITDA to 2.4x from 2.6x in Q1
• Maxim returns ‘strong’ cash flow to investors via dividends, buybacks
• Nomad Foods to use €700 million cash for future growth opportunities
• SM Energy aims to get leverage below 2x; debt reduction planned in Q3
• SPX Flow to use divestiture funds to cut leverage to 1x-1.5x range
• TTM pays down almost $145 million of $600 million acquisition debt

• Convertibles: Primary prices $1.25 billion over four deals; demand for new paper strong
• Emerging markets: Primary quiet; trade concerns spur flows into hard currency; Mexico, Pemex drop
• High Yield primary sees $4.83 billion in seven deals; Neiman Marcus tanks; funds lose $3.22 billion
• High-grade supply heavy; Home Depot, Vistra, John Deere, HCA, Parker-Hannifin, TD Bank tap market
• Preferreds: Primary market gets $1.1 billion in new deals during week as secondary improves

• Akorn battles high leverage, will address debt in Q3; ABL on horizon
• Charles River Labs aims to keep leverage below 3x, but may go higher
• Ferroglobe net leverage to decline after asset sales, debt reduction
• Greif intends to return to target leverage range within three years
• Hovnanian to grow cash to repay debt, keeps eye on future maturities
• Infineon plans to use bank debt, cash on hand, equity for acquisition
• Lamar Advertising execs are ‘comfortable’ with 3.7x leverage ratio
• Navistar repays convertibles; gets new revolver at lower cost in Q2
• RadNet typically seeks to maintain pro forma leverage at or below 4x
• Tenet Healthcare aims to reduce leverage below 5x via earnings growth
• Unit aims to end year with same debt load it had at beginning of year

• Convertibles: InterDigital, MFA Financial, Enphase Energy notes price; Palo Alto expands
• Emerging markets: Guatemala, Hong Kong price; Flex inks $450 million notes; Magnitogorsk on tap
• High yield: CNO Financial, GoDaddy price; Teva sells off; Frontier gains; funds see outflows
• High-grade supply thin over holiday week; MasterCard, energy issuers price; outflows jump
• Preferreds: Primary space quiet in holiday-shortened week as secondary trading improves

• American Woodmark pays $120 million of debt, intends to pay down more
• Booz Allen touts ‘attractive’ rates on $400 million term loan A draw
• Canadian Solar pays off all convertibles; repays Chinese bank loan
• Cigna plans to spend $9.2 billion on debt repayment in 2019 and 2020
• Columbus McKinnon repays $65 million of debt, to pay $65 million more
• Navios swaps preferreds for notes, cash, extends loan, buys back debt

• Convertibles: IAC prices $1 billion two-tranche offering; Veoneer upsizes; Tesla in focus
• Emerging markets: China Huarong prices $1.9 billion three-tranche deal; Novolipetsk, Suzano print
• High Yield: Primary prices $3.91 billion and €1.3 billion in 12 tranches; secondary trading mixed
• High-grade market: Wells Fargo, Bank of America, Goldman, Oncor, NRG, Cargill, BP Capital price
• Preferreds: Primary market sees $870 million in new deals; secondary volatile ahead of holiday

• Advance Auto leverage falls to 2.1x after $300 million debt buyback
• Analog Devices repays $250 million of debt during the second quarter
• J.C. Penney draws on ABL facility to fund some working capital needs
• Mednax expects ‘meaningful’ cash flow this year, will pay down debt
• Medtronic execs ‘pleased’ with €7 billion debt restructuring in Q4
• Target management ‘pleased’ with ‘attractively’ priced 10-year notes

• Convertibles: Avantor prices $900 million convertible preferreds; Weatherford down on bankruptcy
• Emerging markets: Kenya sells $2.1 billion seven-, 12-year bonds; Russia’s RZD Capital prices
• High yield: Primary prices $3.15 billion in six deals; new paper trades up; funds see big outflow
• High-grade supply led by Waste Management, American Express, HSBC, Citibank; inflows decline
• Preferreds: Primary market gets $600 million in new deals; secondary trading trends higher

• May 16

• Convertibles: Intercept prices $200 million; Tesla comes in; j2 Global expands; Infinera contracts
• Emerging markets: China’s AIIB sells $2.5 billion green bond; Dubai’s Majid Al-Futtaim prices
• High Yield: Primary prices $11.25 billion, largest week for new deal volume in 10 months
• High-grade bond issuance surges on Bristol-Myers, IBM deals; corporate inflows rise; spreads soften
• Preferreds: Federal Agricultural Mortgage, Tectonic Financial price preferred stock during week

• Bausch Health retires $158 million debt in Q1, plans to boost EBITDA
• Darling Ingredients gets better coupon, tenor after refi of 5 3/8% notes
• E.W. Scripps expects 5x leverage in 2019, then in low fours by 2020
• Era Group could potentially allocate capital to help pay down debt
• Garrett reports no significant near-term maturities, aims to de-lever
• Gogo gets better terms on debt through two-part refinancing effort
• Hertz plans to refinance notes due 2020, maybe 7 3/8% notes due 2021
• Revlon weighs refi of debt, evaluates market, asks banks about rates
• US Foods lowers debt to $3.3 billion, decrease of $63 million, in Q1

• Convertibles: Tesla convertible issue talk of the town; outstanding notes expand; PROS prices
• Emerging markets: Saudi Telecom sells $1.25 billion sukuk; Marfrig, SQM and Celulosa Arauco price
• High-grade volume surges, JPMorgan, Boeing, Ford, Starbucks, Eni among issuers; inflows slow
• High-yield market: Issuers price $4.93 billion, €2.37 billion over eight deals during week
• Preferreds: Primary market hums along with $337 million in new deals; secondary higher

• Apergy pays $25 million of term loan in bid to cut leverage to 1.5x
• Carter’s extends debt maturity profile via February debt refinancing
• Extended Stay America says Q1 leverage ratio is within targeted range
• First Quantum gets access to ‘diverse range of capital markets’ in Q1
• Neenah Paper to pay down debt with surplus cash; debt may be prepaid
• Parker-Hannifin will use a variety of debt to fund Lord acquisition
• Quad/Graphics says leverage will rise, then return to targeted range
• Restaurant Brands continues to de-lever, gets ratings boost from S&P
• Virtu weighs refinancing $500 million 6¾ bonds, aims to reduce debt
• Vistra to repay $800 million notes, expects 2.5x ratio by end of 2020

• Convertibles: Guess? prices $275 million, expands on debut; Twitter, Tesla in focus on earnings
• Emerging markets: Cyprus, ICBC, CICC tap market; Car and Philippines join forward calendar
• High yield: Primary prices $3.92 billion, including Netflix’s $2 billion equivalent megadeal
• High-grade volume thins; Kimberly-Clark, RBC, Cantor, Omers among issuers; Bristol-Myers eyed
• Preferreds: Primary market generates $1 billion in new deals; secondary trading volatile

• Alliance could pay off up to $2.4 billion debt, lower leverage to 1.7x
• Boston Scientific to pay off $1 billion of debt, cut leverage to 2.5x
• Covanta Holding management says company to keep deleveraging in 2020
• Lithia Motors reports 2.1x leverage ratio, on low end of ideal range
• LKQ pays down $60 million under credit facilities with free cash flow
• Moog management says leverage will drop below targeted range in 2019
• NextEra repays acquisition bridge loans through long-term financings
• Range targets leverage ratio below 2x, pays off $48 million debt in Q1
• Steel Dynamics aims to keep company’s net leverage between 2x and 3x
• Waste Management has not set terms for acquisition bank debt, notes

• Convertibles: Aqua America, Aphria price; Electronics for Imaging contracts; Ionis expands
• Emerging markets: America Movil, First Abu Dhabi, Melco, price; Etesa conducts roadshow
• High Yield: Primary prices $2.6 billion in five deals; Adient on tap; Mineral Resources gains
• High-grade bond issuers pack supply into short week; BofA, Citigroup, JPMorgan, Walmart price
• Preferreds: Energy Transfer prices $700 million; financial preferred stocks active; indexes mixed

• Abbott Labs repays $10 billion of debt since 2017; more to be repaid
• Ally Financial may access markets, keeps an eye on interest-rate risk
• Comerica to issue notes this year to replace $350 million maturity
• OrganiGram plans C$140 million term loan, revolver with Canadian bank
• Publicis Groupe gets bridge loan for $4.4 billion Epsilon acquisition
• United Rentals reports good balance sheet and debt maturity schedule

• Convertibles: PAR Technology prices $70 million, expands on debut; Ctrip.com notes active
• Emerging markets: Primary heats up; Saudi Aramco prices $12 billion; LatAm, Africa see deals
• High yield: Primary prices $3.98 billion in three deals; Mineral Resources on tap for Friday
• High-grade supply thins; Toyota, Avolon lead week’s deal volume; corporate inflows rise
• Preferreds: Primary market brings one small new deal as broader secondary trading seesaws

• California Resources to pursue all options to improve balance sheet
• Chaparral plans to pay down debt to at or below 2.5x using liquidity
• Chevron to take on debt for acquisition, pay it down via asset sales
• Delta Air continues refinancing high-cost debt, scheduled maturities
• Denbury to keep focusing on leverage reduction; ratio stands at 4.2x
• Oglethorpe lowered weighted average interest rate over 1% since 2007
• Principal Financial may sell $500 million of debt to fund acquisition
• Rite Aid pushed debt maturities out to 2023 with new credit facility
• SM Energy to pay down callable debt, lower leverage ratio to below 2x
• Unit Corp. is focused on reducing debt, cutting leverage down to 1x
• W&T consolidates debt to improve balance sheet, sees good liquidity