• Convertibles: Primary prices $3.63 billion; highest volume week for new deals year to date
• Emerging markets: New deal volume slows; Asia busier; investors pull away from EM funds
• High-grade market: Daimler, Oneok, Sherwin-Williams, CenterPoint, Exxon, UPS price; inflows up
• High-yield market: Tenet prices $4.2 billion notes; WeWork jumps on IPO; funds add $346 million
• Preferreds: Primary market sees $375 million in new deals as secondary trading improves

• Advance Auto Parts executives are ‘pleased’ with 2.1x leverage ratio
• Change Healthcare aims to reduce leverage by about half-turn per year
• CIT Group plans $850 million of notes, subordinated debt, preferreds
• Target Hospitality ends Q2 with leverage ratio within targeted range

• Convertibles: Primary prices $3.09 billion in highest volume week for issuance year to date
• Emerging markets: Primary volume, risk appetite drop; Sinopac prices triple trancher; Korea active
• High-grade market: Occidental Petroleum, Global Payments, BMW, CVS, McDonald’s in primary market
• High-yield market: NCR prices; oil patch sells off; Rayonier tanks; funds see record outflow
• Preferred market: Primary attracts $500 million of deals amid volatile secondary trading

• Aramark reduces leverage by 0.5x, cuts net debt by $672 million
• Clearway Energy refinances $196 million of debt in first half of 2019
• Diamond Offshore to use revolver for near-term liquidity during 2020
• EP Energy uses up RBL facility, may use grace period to pay interest, appoints special committee for balance sheet
• Extended Stay America aims to keep leverage ratio between 3.5x and 4x
• Gogo refinances $690 million senior notes, eyes $30 million revolver
• Howard Hughes reports ‘strong’ financing via $250 million term loan
• Tyson to tackle $1 billion debt due in Q4 with cash flows, liquidity
• Vista Outdoor lowers debt by $157 million in Q1, to keep cutting debt

• Convertibles: Earnings dominate secondary; Pluralsight, RingCentral, Whiting Petroleum in focus
• Emerging markets: Oman prices $3 billion of notes in two tranches; GEMS Education, JBS price
• High yield: July largest month for new deal volume in recent history; August off to active start
• High-grade market: Boeing, Las Vegas Sands, Honeywell, SoCal Edison price; funds see outflows
• Preferreds: Primary space sees $1.2 billion in new deals as volatility hits secondary market

• Bank of America, BB&T, U.S. Bancorp, Scotia among issuers; UnitedHealth sells $5.5 billion
• Convertibles: Eagle Bulk notes surge; Turning Point eyed; Tesla in focus, contracts post-earnings
• Emerging markets: Mexico sells $3 billion of notes; Oman, EP Infrastructure, India issues price
• High yield: Primary prices $3.5 billion in four new deals, one add-on; paper gains in secondary
• Preferreds: Primary space hums with $4.4 billion in new deals as secondary shows volatility

• Convertibles: Repligen, Senseonics, GOL Linhas add-on price; new deals skyrocket in secondary
• Emerging markets: Panama prices $2 billion; Perusahaan Listrik Negara brings $1.4 billion
• High Yield: Primary marks record new deal volume of 2019, prices $6.73 billion in single session
• High-grade market: Financials focus of supply; Bank of America, Morgan Stanley price; inflows up
• Preferred market: Ready Capital sells $50 million $25-par notes; bank, real estate preferreds mixed

• Callon Petroleum to raise leverage for acquisition, return to 2x by year-end 2020

• Convertibles: Tesla gives back gains; Nio rises then falls; Qudian jumps; Uniti below par
• Emerging Markets: Melco prices upsized $600 million eight-year notes; Romania prices €2 billion notes
• High yield: Primary prices $3.16 billion in seven tranches; Sinclair megadeal on tap
• High-grade wakes; Sumitomo Mitsui, Total, Mizuho, Panasonic, Mitsubishi price; inflows dip
• Preferreds: Primary space dormant as secondary market improves

• Alimentation Couche-Tard brings adjusted leverage ratio down to 2.29x
• Castellum issues $2.3 billion of debt, cancels $1.9 billion of debt
• Delta Air Lines has 1.7x leverage ratio, on low end of targeted range
• Emmis refis credit facility debt, sells assets to cut remaining debt
• General Mills prioritizes debt reduction to reach 3.5x leverage ratio
• Hillenbrand gets bridge facility for acquisition, intends to delever

• Convertibles: Trading volume light; China-based convertibles eyed; Tesla surges; SolarCity jumps
• Emerging Markets: Saudi Arabia, Turkey price new notes; Chinese issuers active during holiday week
• High yield: CSC Holdings prices, gains; Altice Luxembourg weakens; Coty, Chemours trade down
• High-grade corporates shut out over holiday week; primary thin; Panasonic starts roadshow
• Preferreds: Secondary market shifts up early in the week; primary space quiet

• Acuity to refinance $350 million notes using funds from term loan
• Stolt-Nielsen to use new facilities to repay current debt maturities

• Convertibles: Primary market prices $1.2 billion in four deals; new paper in focus, trades up
• Emerging markets: Sri Lanka sells $2 billion in two parts; CSN sells $175 million tap; Weibo prices
• High yield: Primary market on fire, prices $10.66 billion in 18 deals; secondary performance mixed
• High-grade supply thins, reaches $10 billion; Enterprise, Honda, Toyota, Charter, BMO price
• Preferreds: Primary space hums along with $485 million in new deals as secondary dips

• Convertibles: Primary prices $955 million; YY expands, Green Plains trades down; Change on tap
• Emerging markets: Serbia prices €1 billion 10-year notes; ChemChina taps market for $2.3 billion
• High yield: Primary prices $6.14 billion over eight deals; Multi-Color struggles; secondary ‘on fire’
• High-grade market: Deal volume slows on Fed watch; Hyundai, Moller-Maersk, ERP, HCP price
• Preferreds: Primary market gets $2.96 billion in new deals amid active secondary trading

• Darden grows cash and equivalents to $457 million, lifts dividend 17%
• Mallinckrodt strategizes ways to refinance $700 million debt due 2020
• NextEra secures long-term liquidity; maintains strong balance sheet
• Pfizer to use mostly debt, some cash to buy Array for $11.4 billion
• Vector weighs its options in regards to convertibles due April 2020

• 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