• Convertibles: Primary prices $300 million in two deals, new paper well received; Tesla ‘talk of the town’
• Emerging Markets: Turkey’s financial woes accelerate; EM currencies weaken also; primary market quiet
• High-grade supply strong; Ford, Lloyds among issuers; Elanco, United Technologies eye deals
• High-yield: Primary sees active week, prices $8.75 billion in 10 deals; Verscend on deck
• Preferreds: Primary market sees $1.2 billion in new deals as the secondary trends lower

• Algonquin is ‘pleased’ with July boost in credit ratings from Fitch
• Azure Power touts ‘strong’ liquidity, range of options to fund growth
• BioScrip ‘confident’ it will record $75 million of EBITDA for 2018
• Goodrich gets boost in borrowing base, aims to refi second-lien notes
• Herc keeps paying down debt, redeems 7½% notes, 7¾% notes in July
• International Petroleum pays down $100 million of acquisition debt
• Match de-levers using ‘significant’ cash generated in second quarter
• Meredith to cut debt by $1 billion, expects $1 billion EBITDA in 2020
• Northern Oil tackles debt levels in Q2, equitizing $77 million bonds
• Overseas Shipholding working to refi $380 million term loan due 2019
• SeaWorld aims for $475 million annual adjusted EBITDA by end of 2020

• Convertibles: Primary prices $100 million; GDS Holdings tanks on short-seller report, then recovers
• Emerging markets: Eskom’s new 10-year dollar bonds trade higher; Sands China, Aruba tap market
• High-grade supply thins; August forecast light; Norfolk Southern, American Express, Ryder price
• High-yield market: Primary prices $2.87 billion over five deals; forward calendar grows
• Preferreds: Primary market sees $395 million of new deals; secondary trading trends lower

• AerCap reports ‘attractive pricing’ on $2.8 billion debt facilities
• Allison repays $25 million of long-term debt during second quarter
• Atlantic Power sees lower EBITDA in Q2, intends to keep reducing debt
• Booz Allen secures more ‘flexibility and liquidity’ via revamped loan
• Bunge debt swells in first half of year; leverage to fall by year-end
• Charter repays $2 billion of debt, sells $1.5 billion of notes in Q2
• Chesapeake eyes asset sale to cut debt; refi of secured debt possible
• First Data uses free cash flow, divestiture proceeds to repay debt
• Intelsat sells new debt to pay off notes, creates Intelsat Envision
• Macquarie to sell Bayonne Energy Center, use funds to diminish debt
• MasTec leadership expects to de-lever ‘significantly’ by end of year
• NRG Energy issues convertible debt, repays notes, aims for 3x ratio
• Phoenix Investment Advisers’ long/short strategy outperforms market benchmarks
• Post’s new deal to cut leverage to 5.5x, buys back $149 million notes
• Seaspan reports working capital deficit, eyes investment-grade rating

• Convertibles: Primary quiet; SAExploration prices $50 million; NXP lower on swap; Pacira expands
• Emerging markets: Prices firmer as inflows return, currencies stabilize; Bulgarian Energy prices
• High-grade supply steady; Fifth Third, Berkshire Hathaway Energy, RBC, SunTrust tap market
• High-Yield market: Primary sees $1.7 billion in new deals from Bruin E&P, Ashtead, Party City
• Preferreds: Primary market sees $1.2 billion in new deals; secondary trends lower

• Air Canada amasses cash, liquidity in bid to reduce leverage to 1.2x
• American Airlines lowers debt by $1.3 billion, pays $500 million note
• Avangrid augments liquidity with expanded revolver, intercompany loan
• Freeport-McMoRan cuts debt to $7.3 billion over course of 18 months
• Navient sells $500 million notes, eliminates $1.3 billion debt in Q2
• Owens-Illinois keeps deleveraging, extends, expands credit agreement
• Spectrum Brands plans to use ‘high’ liquidity to refi, pay down debt

• Convertibles: Issuers tap primary for $605 million in four deals; secondary trading mixed
• Emerging markets: EM primary quiet as secondary firms; Angola’s 2048 notes edge up after add-on
• High Yield market: Altice France, Magnolia price; Bruin, Comstock eyed; PlyGem paper skyrockets
• Investment-grade market: Bank supply heavy; JPMorgan, Wells Fargo, Citigroup, Bank of America price
• Preferreds: Primary market sees $1.25 billion in new deals as secondary market remains negative

• Convertibles: Primary prices $2.3 billion in two deals; Palo Alto, Sempra in focus; Depomed expands
• Emerging markets: LatAm sees first new issue in three weeks; Turkey, crude notch spreads wider
• High Yield market: Domestic primary prices $2.45 billion; new paper in focus in secondary
• High-grade supply stays light; BMO, Toyota, American Honda, Sumitomo Mitsui, TD Bank price
• Preferreds: Primary market sees second week with no new deals; AT&T, Farmland Partners active

• Aker Solutions has ‘healthy’ liquidity,’ ‘strong’ financial position
• Alimentation Couche-Tard increases deleveraging using free cash flow
• AngioDynamics sees better balance sheet, ‘consistent’ free cash flow
• Delta pays secured debt via $1.6 billion notes, sells tax-exempt bond
• Emmis cuts its credit facility debt using funds from $60 million sale
• PepsiCo could generate ‘strong’ free cash flow of $6 billion for 2018
• Saratoga Investment reports ‘strong’ liquidity, will cut debt further

• Convertibles space takes a break during holiday; Zillow active; Aegean Marine recovery eyed
• Emerging markets: Spreads tighten as holiday-shortened week curbs volume; Lietuvos Energija prices
• High Yield: Domestic primary dormant; Wind Tre skyrockets; McClatchy improves; funds post outflows
• High-grade issuers skip holiday week; primary quiet; Walmart flat; Charter, Bayer notes trade
• Preferreds: Primary market quiet with no new deals; secondary market better; redemptions eyed

• Acuity Brands increases flexibility through new revolver, term loan
• Stolt-Nielsen keeps cutting debt, uses revolver to pay March maturity
• Theratechnologies’ convertibles lift cash position to C$65 million

• Convertibles: Primary wraps active month of issuance, sees $2.73 billion of new paper during week
• Emerging markets: Secondary weaker as market focuses on yuan, Argentine peso slide; primary quiet
• High-grade primary market activity thins; Crown Castle, Freeport LNG, Penske, Charter price notes
• High-yield: Primary active; Thursday marks busiest day of year; new paper in focus in secondary
• Preferreds: Primary market sees $415 million in mostly small deals as secondary trends upward

• Akamai adds ‘firepower’ via convertible notes, gets new revolver
• Atlas Air predicts $285 million free cash flow; leverage to improve
• Brunswick to use committed debt financing, cash on hand for purchase
• Carnival sees leverage ratio rising to 1.9x by end of the year
• General Mills says free cash flow grew 28% this year to $2.2 billion
• Greenbrier boasts ‘robust’ balance sheet, $985 million liquidity
• IHS Markit stalls share buybacks to de-lever; credit ratings improve
• Lennar pays $1.1 billion of debt; excess cash expected at year end
• Sempra to cut debt, aims to de-risk balance sheet, remain high-grade
• Walgreens recounts ‘strong’ cash flow, $1.9 billion free cash flow

• Convertibles: Primary prices $1.54 billion in four deals, secondary performance mixed
• Emerging Markets: Improvement follows sharp selloff; Frontera, Bulgarian Energy, Srpska price deals
• High-Yield: New issue activity muted; Energizer, TDC price; PHI volatile; $232 million exits funds
• Investment Grade: Bayer, Walmart deals dominate primary; supply tops $40 billion; fund inflows decline
• Preferreds: Primary market hums along with $535 million in new issues amid secondary market decline

• AXA completes strategic sale of debt, keeps ‘strong capital position’
• California Resources to simplify balance sheet, bring leverage down
• Centennial strives for lowest net debt to total cap within industry
• Entergy parent, utility may sell debt; credit metrics could improve
• Enviva Partners awaits 3% to 4% EBITDA growth through cost reductions
• GameStop intends to refi 2019 notes this year, keeps eye on debt load
• Kroger says Home Chef merger, increased borrowings to lift leverage
• Murphy Oil looks to lift company’s split-rating to investment-grade
• NextEra Energy CEO reports convertibles are performing ‘quite nicely’
• Targa Resources may become investment-grade, but it’s not a priority
• WillScot plans revolver, may use debt, equity, convertibles for Modular Space acquisition

• Convertibles: Primary prices $1.68 billion, C$500 million in new deals; secondary trading mixed
• Emerging markets: Argentina underperforms; Vivo Energy pulls deal; Frontera, Ecobank eye deals
• High Yield: Primary market activity touch and go; $2.61 billion prices in five deals; funds add
• High-grade market: JPMorgan, Sanofi, UnitedHealth, Deutsche Telekom, Concho price; Bayer on tap
• Preferreds: Primary market sees jump in activity with more than $1 billion in new issues

• CIT aims to keep shaving $3.9 billion debt, refinancing and extending

• Convertibles: Primary prices $2.36 billion in five deals, including $1 billion from Twitter
• Emerging markets: Croatia outperforms CEE new issue trio; new Enel Chile adds; secondary cautious
• High Yield: Domestic primary prices $2.5 billion in five deals; funds see $2.42 billion outflow
• High-grade market: Volume heavy, beats syndicate forecasts; Kraft, Union Pacific, TD Bank price
• Preferreds: Primary market sees $390 million in deals via First Republic, Cowen; secondary active

• California Resources keeps cutting debt, watching for opportunities
• Carriage Services fixes balance sheet ‘error’ to improve flexibility
• Conduent awaits $400 million to $500 million of cash to cut debt
• Corporate Office leverage falls swiftly in six years, to drop more
• Dell Technologies uses ‘strong’ cash flow to repay $3.1 billion debt
• Engility aims for 3x to 4x leverage, pays down $100 million per year
• Government Properties says ratings outlook, leverage ratio to improve
• Hovnanian calls 8% notes, will repay term loan, may refi some notes
• Kimco takes steps to cut exposure to rising interest rate environment
• L Brands ‘comfortable’ re liquidity, cash position, capital structure
• Microchip Technology leverage up to 4.7x after Microsemi purchase
• QTS could raise $200 million capital; leverage stays at 6x for now
• SM Energy may call bonds, revamp revolver; debt ratio to fall to 2.5x
• Taylor Morrison to use revolver, opportunistic note sale to buy AV
• Weingarten reduces leverage ratio to 5.1x, will keep paying down debt
• Wyndham Destinations aims for 2.25x to 3x leverage in two years