• Alphabet boosts high-grade supply; AstraZeneca, Block, BP, ServiceNow price; inflows decline
• Convertibles: Bloom Energy prices; Livongo, Teladoc sell off on merger; Carnival skyrockets on buyback
• High Yield: Primary market on fire, prices $16.525 billion in 23 tranches; the 3-handle returns
• Preferreds: Preferred primary sees about $2.71 billion of new issuance

• Caesars expects $2.8 billion of liquidity at year end after debt sale
• TripAdvisor revenues gradually increase; company has enough liquidity

• Convertibles: Primary silent; earnings eyed; FireEye, Turning Point, Vocera active; Teladoc up
• High-grade supply picks up; AT&T prices $11 billion; Kinder Morgan, FedEx print notes
• High-yield market: Primary prices $5.86 billion in eight tranches; new paper in demand
• Preferreds: Preferred primary ramps up with $1.4 billion of new issues amid secondary rise

• BlackRock Capital reports ‘strong’ liquidity after reducing revolver
• Boeing: No need to raise more capital; debt cutback to be a priority
• Centene keeps $1.1 billion of cash; CEO: Pandemic may last into 2021
• Hasbro guards cash, liquidity before holiday surge in working capital
• MGM Resorts seeks to add to liquidity after several notes sales in Q2
• Starbucks to cut leverage; $3 billion debt helps mitigate 38% drop in revenues

• Convertibles: LendingTree, Limelight price, skyrocket on debut; OPKO notes surge higher
• High yield: Primary prices $4.54 billion in eight tranches; funds add $3.9 billion for week
• High-grade market: FLIR Systems, Lennox, Black Sea, Toyota Motor Credit active in primary
• Preferreds: Preferred primary gets $63 million in two new deals as secondary holds firm

• American Airlines eyes $1.2 billion debt; $3.6 billion raised in Q2
• Lennox expects good cash flow, touts balance sheet amid uncertainty
• Murphy USA: $1 billion of total debt by year-end; liquidity is strong
• United Airlines raises $16.1 billion liquidity, aims for $18 billion
• Verizon gets leverage to targeted range at 2x; credit metrics rally

• Convertibles: Colony upsizes, expands; Norwegian Cruise Line, Trip.com/Huazhu, Atlantica price
• High yield: Domestic primary market gets about $4.96 billion in new paper
• High-grade volume slows; Mars, MUFG, Hewlett Packard, UDR, U.S. Bancorp, Owl Rock price
• Preferreds: Preferred primary has $54 million in new issuance as secondary rises

• Ally Financial touts strong balance sheet, $43.6 billion of liquidity
• Bank of America CEO observes a decrease in panic borrowing during Q2
• BlackRock gets lowest interest rate in its debt stack for April notes
• Delta boosts liquidity, but revenues decline 91% quarter over quarter
• JPMorgan Chase sees record number of debt issuances in second quarter
• Morgan Stanley reports record levels of bonds sold; activity may slow

• Convertibles: Pacira BioSciences prices, expands on debut; Maxeon offering ‘unprecedented’
• High-grade corporate, SSA issuers in primary; Mizuho, Nomura, Expedia price; inflows rise
• High-yield primary prices $6.4 billion in eight dollar tranches; Avantor, Charter lead issuance
• Preferreds: Preferred primary gets single $150 million deal; secondary space improves

• Carnival boosts liquidity to navigate pandemic through late next year
• Saratoga has good liquidity from bond sale; company weathers Covid-19

• Convertibles: II-VI prices mandatory offering; second-quarter new deal volume highest on record
• High yield: thyssenkrupp megadeal leads primary market activity; Occidental notes improve
• High-grade market: Takeda, Sumitomo Mitsui, Equitable Financial, Societe Generale, Mondelez price
• Preferreds: Preferred primary market gets about $607 million of new issuance

• Constellation Brands sells new debt to pay $700 million debt due 2020
• Lindsay has a strong balance sheet, enough liquidity during Covid-19

• Convertibles: Primary prices $6.05 billion in seven deals; American Airlines convertibles crash
• High yield: June junk issuance breaks all-time record; Mileage Plus, American Airlines price
• High-grade supply slows; Abbott, UniCredit, Total, Intuit price; Takeda on tap; inflows rise
• Preferreds: Preferred primary space sees $150 million of new deals

• Darden borrows $750 million in Q4, repays borrowings by quarter-end
• Mallinckrodt guards liquidity as it faces revolver, bonds due in 2022
• Marriott Vacations eyes debt markets, has enough flexibility to wait
• Rite Aid aims to improve debt maturity profile through exchange offer

• Convertibles: Primary slows its pace; Allegheny Technologies, GSK exchangeables, CryoLife price
• High-grade issuers continue heavy deal pace; Pacific Gas, Upjohn, T-Mobile price; inflows dip
• High-yield primary floodgates open; 23 issuers price $17.14 billion through Thursday
• Preferreds: Preferred primary market sees about $2 billion in new issuance

• AT&T gets ‘attractive interest rates for long periods’ in debt sales
• Fox mulls capital returns, M&A for best return on balance sheet cash
• Hasbro aims for 2x to 2.5x leverage ratio within the next four years
• Jabil ends Q3 with $4.5 billion of liquidity, lifts credit facilities
• Kroger sees great sales from virus shutdown, weighs options for cash
• Six Flags focuses on deleveraging after boosting liquidity with bonds
• Xilinx has strong financials, good liquidity during Covid-19 pandemic

• Convertibles: Primary’s record-setting pace continues, prices $5.98 billion over 10 deals
• High yield: Primary prices $8.95 billion in 14 junk-rated tranches; secondary weakens
• High-grade supply slows; GE, Equinix, Phillips 66, HP, TD Bank price; inflows remain high
• Preferreds: Preferred primary space hums with $2.18 billion in new issuance during week

• Cedar Fair aims for leverage below 5x short-term, below 4x long-term
• Clarivate sells ordinary shares in bid to get leverage down to 3x
• Constellium aims for 2.5x, has good liquidity despite sluggish European recovery
• MSCI management touts ‘great outcome’ of $1 billion notes offering
• PVH gets waiver on leverage, interest covenants and issues more debt

• Amazon.com, Credit Suisse, Southwest Airlines, Crown Castle tap primary market; inflows soar
• Convertibles: Primary prices $4.9 billion in six deals; new paper expands
• Junk primary prices $11.83 billion in 17 tranches; secondary ‘on fire’; funds add $5.75 billion
• Preferreds: Primary preferred space sees about $1.67 billion in new deals

• Baytex Energy refinances debt, will keep deleveraging after pandemic
• Becton Dickinson uses convertibles proceeds to keep paying down debt
• Campbell Soup to keep cutting debt with funds from $1 billion notes
• Coty to delever to 4.5x following KKR partnership, convertibles sale
• Marriott boosts liquidity through debt sales to mitigate virus impact
• Mednax to use divestiture proceeds to reduce debt, keep leverage low
• Michaels draws $600 million on revolver, then pays back $300 million