• Convertibles: Deal flow steady for week; Redwood Trust prices cheap; Great Ajax brings add-on
• Emerging markets: Jamaica prices $869 million of notes; bid returns to secondary market
• High-yield market: Staples megadeal, H&E Equipment, Trinseo, AES price as primary action slows
• Investment-grade market: Philip Morris, Apple, Lear, VMware lead active week of bond issuance
• Preferreds: Arch Capital prices upsized issue; AGNC comes at tight end of talk; Ashford taps market

• Awilco Drilling ends Q2 with $93.9 million of cash, cuts debt to $85 million
• Correction: Venezuela, PDVSA debt stabilization due to reduced selling
• India’s Azure Power gets low coupon, good ratings for July green bond
• QEP maintains ‘robust’ cash balance; $1.8 billion credit facility is undrawn; first bonds due next year
• Whiting is ‘strongly positioned’ regarding liquidity, debt maturities

• Convertibles: BioMarin’s new deal busy; Blackstone brings add-on; Radius Health enters market
• Emerging markets: Spreads wider amid mounting U.S.-North Korea tension; Cerro del Aguila prices
• High-grade supply heavy; Duke Energy, Kraft Heinz, British American Tobacco, Thermo Fisher price
• High-yield market: Restaurant Brands, Tesla megadeals, plus Dynegy, Parexel, Triumph price
• Preferreds: Kimco brings cumulative issue; KCAP offers baby bonds; Invesco Mortgage taps market

• Concordia has $301.8 million of cash to meet needs for the year
• DCP Midstream plans to further cut leverage, strengthen balance sheet
• Fresenius may raise leverage by 70 basis points for NxStage purchase
• Gray Television may pay down term loan, leverage could fall below 5x
• JC Penney pays $300 million debt in Q2, $500 million in 2017 to date
• Kratos CEO ‘very comfortable’ with balance sheet; debt refi planned
• Macy's cuts debt by about $550 million in the first half of the year
• Mallinckrodt cuts $53.9 million debt in Q2 with ‘fantastic’ cash flow
• Navios Maritime Acquisition has no ‘significant’ maturity until 2021
• Nexeo plans to pay down debt after $58 million Ultra Chem acquisition
• Pinnacle Entertainment cut debt by $26 million in Q2, additional paydown in July; eyes building ‘dry powder’
• Quebecor ‘proud’ of lower leverage, has ample liquidity to pay debt
• Tronox ends Q2 with $484 million of liquidity, anticipates capital structure refinancing by mid-October
• Valeant says will achieve $5 billion debt-reduction goal ahead of scheduled February 2018 target

• Convertibles: Intercept slips despite earnings beat; Innoviva prices new issue; Illumina firms
• Emerging markets: Iraq prices first bond in a decade; Venezuela see-saws as default fears flare
• High-grade market: Ford, Comcast, Verizon, GM, Capital One tap primary; credit spreads steady
• High-yield market starts August with a surge; Charter brings $1.5 billion; Hertz drops in trading
• Preferreds: Primary sees new deals out of Public Storage, Eagle Point, Digital Realty; GSEs in play

• Bristow sees big drop in liquidity during Q1 2018, recovery expected
• Brookfield refi leaves it with 90% fixed-rate debt, strong liquidity
• Cott repays C$725 million 6¾%, 10% notes in quarter, cash flow grows
• Discovery gets committed funds from Goldman Sachs to acquire Scripps
• Global Ship Lease still seeks ways to refinance 10% notes due 2019
• Healthcare Trust prices notes at spreads comparable to larger peers
• iHeart ends Q2 with $20.4 billion of debt; confident of extending receivables facility before year-end maturity
• Koppers pays $31.6 million debt to garner net leverage ratio of 3.5x
• LabCorp to keep leverage post bonds, loans for Chiltern purchase
• MEG Energy keeps deleveraging; liquidity ‘strong’ after Q2, CEO says
• Owens-Illinois sells Venezuela arbitration award rights, will use proceeds for revolver paydown
• Peabody pursues $500 million of debt cuts, gross debt of $1.4 billion
• Post uses remaining cash from acquisition to redeem notes, more debt reductions possible
• Rowan extinguishes $36 million debt in Q2, $163 million year-to-date

• Convertibles: WebMD jumps on KKR buyout; Novavax gyrates on trial results; Team prices new deal
• Emerging markets: Codelco, Bank of Bogota price deals; Iraq, Vedanta on tap; Venezuela eyed
• High-yield market: Primary issuance continues with NGPL, Ashton, Vivint; hospital sector hurting
• Investment-grade market: Primary bulks up; AT&T prices mammoth $22.5 billion bonds; Cox, PNC print
• Preferreds: Annaly deal comes massively upsized; Valley adds fixed-to-floating coupon; GSEs gyrate

• American Tower uses note sales to bring leverage ratio down to 4.5x
• Arconic cuts debt to $6.8 billion, has $1.8 billion cash at end of Q2
• Calpine keeps paying down debt despite possible plan to sell company
• Charter extends weighted average debt maturity to 11½ years
• CIT plans to continue paying down debt after $5.8 billion reduction
• Freeport-McMoRan keeps paying down debt after $9.5 billion reduction
• Intelsat confident on addressing upcoming bond, loan maturities
• Outokumpu uses solid cash flow in Q2 to cut net debt to €1.24 billion
• Owens Corning’s $600 million 30-year bond sale sets company record
• Scientific Games to revamp loan as part of bid to decrease leverage
• Sensata cuts $515 million of net debt in 18 months, eyes 3x leverage
• Silgan will use free cash flow to return to targeted leverage range
• Teekay Offshore to de-lever significantly from Brookfield transaction
• U.S. Steel will be ‘opportunistic’ and ‘ready to go’ on refinancing debt; trade situation not a factor
• Weatherford hopes to cut net debt in half by 2019, fix balance sheet
• Welltower generates cash in Q2 which was used to radically lower debt

• Convertibles: Crown Castle brings week’s only new issue, does well post-pricing; Tesla stays busy
• Emerging markets: A range of corporate, banking issuers bring deals; YPF prices tighter than talk
• High-grade market: Bank, financial issuers flood primary; Bank of America, JPMorgan, others price
• High-yield market: Issuance continues with DAE, AMC, HD Supply deals; Rite Aid up on deal figures
• Preferreds: Market trends mostly up as bank earnings beat expectations; UMH brings new issue

• BGC Partners plans bonds, term loan, debt for Berkeley Point purchase
• Church & Dwight to use debt in Water Pik buy and pay it down quickly
• Drax debt level, net debt rose in ’17 first half; company still on track for 2 times year-end leverage
• Encana anticipates year-end debt ratio of 2x, ‘significant liquidity’
• H&E to buy Neff with $575 million of notes, $1.25 billion of ABL debt
• Lockheed Martin sees deleveraging on the horizon for near-term debt
• McClatchy: More debt cuts in third quarter, no maturities until 2022
• MGIC won’t sell new debt after debt to capital ratio cut to 22% in Q2
• PPG Industries has ‘very strong’ balance sheet, $1.6 billion of cash
• Synovus to evaluate options as Cabela’s transaction proceeds expected
• United Rentals debt up on bond deal to fund NES purchase; company sees leverage steady around 2.7 times
• West Fraser ends Q2 with C$231 million of cash, no plans to spend it

• Convertibles: Tesla remains active; Citrix slips on CEO news; Vipshop in focus; Twitter steady
• Emerging markets: Indonesia taps euro, dollar markets; new Cencosud slips below par, Qatar gains
• High-grade market: Deal pace strong; Deutsche Bank, Santander, Scotiabank, ANZ, Marathon Oil price
• High-yield market: Primary restarts with add-ons, McLaren and Hovnanian deals; Halcon, NRG paper up
• Preferreds: New issue pipeline pushes out deals from American Homes, TriplePoint and Two Harbors

• Couche-Tard gets new facility for acquisition; balance sheet ‘solid’
• Delta Air Lines Q2 debt up versus 2016 year-end after bond deal but pension liabilities fall
• Entra gains foreign debt investors, ‘comfortable’ with debt position
• First Republic boasts lowest fixed dividend for a bank preferred
• Great Plains and Westar to merge in debt-free, stock for stock deal
• Levi Strauss reduces debt in Q2, at end of ‘aggressive’ debt pay-down
• NRG Energy outlines transformation plan; aims to cut net debt by 67%, drop leverage ratio to 3 times
• PepsiCo produces ‘strong cash flow’ for share repurchases, dividends

• Convertibles: Trading constrained during holiday week; Micron remains weak; Tesla paper in focus
• Emerging Markets: Primary quieted by holiday; secondary weaker; Argentina, Latin America volatile
• High Yield: Dollar primary silent, Europe takes stage; energy issues track crude gyrations
• High-grade supply thin during short holiday week; Sumitomo Mitsui, Bank of Australia price
• Preferreds: Holiday puts a damper on preferred stock trading; Compass, PennyMac list on NYSE

• AK Steel to fund Precision purchase via revolver, then debt, equity
• Carrizo ‘creative’ in financing acquisition, minimizing equity, debt
• Stolt Nielsen debt up in quarter; company sees no refinancing problem

• Convertibles: Bad news for Arconic; Weatherford falters; Spectranetics gets a boost; EZCorp prices
• Emerging Markets: Primary busy, secondary resilient with summer holidays underway and as first half closes
• High Yield: Sirius, Exela megadeals lead week’s stepped-up new issuance ahead of holiday
• High-grade supply thins; CBS, Enbridge, IADB price; Walgreens firms; new bonds tighten
• Preferreds: PennyMac brings week’s only new issue; GSEs in decline; bank capital plans OK’d by Fed

• A. Schulman makes debt reduction a primary goal; debt likely to drop
• Bristow ends fiscal year with $357 million liquidity, hopes to complete GE loan soon
• California Resources keeps tackling debt levels, explores all options
• Callon Petroleum boasts ‘strong financial position,’ low cost of debt
• Denbury to cut debt; debt to EBITDA covenant removed from credit line
• Devon Energy has ‘strong’ finances, no debt coming due, lots of cash
• Enstar sells $350 million of debt, increases revolver by $166 million
• Government Properties may sell notes for $1.4 billion purchase of First Potomac
• Newfield Exploration maintains ‘strong balance sheet,’ plenty of cash
• PDC Energy has $950 million Q1 liquidity, eyes dropping leverage
• Rite Aid, Walgreens scrap merger; Rite Aid to sell stores to Walgreens, pay down debt
• Shaw touts balance sheet flexibility, sees lower leverage soon
• Walgreens eyes new Rite Aid deal with excess cash on balance sheet
• Whiting pays off 42% of debt; position is ‘strong’ despite oil prices

• 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