• Convertibles: Primary prices $440 million over three deals; 8x8 expands on debut; Bristow tanks
• Emerging markets: Turkey sells $2 billion sukuk; Turk Telekom joins calendar; Uzbekistan prices
• High yield market: Ascend Learning, Getty Images, Avolon price; McDermott tanks; Diebold soars
• Investment-grade bond supply surges; Altria, AT&T, Union Pacific lead deal volume; inflows decline
• Preferreds: F.N.B.’s new deal highlight of otherwise quiet primary; Quest, financials active

• ACCO Brands pays $62 million debt, borrows $38 million more in 2018
• Avaya plans to fortify its balance sheet, improve cost of capital
• Bombardier eyes debt markets with interest but no immediate urgency
• Brighthouse Financial now has no debt maturities scheduled until 2024
• Canopy Growth’s cash position grows via Constellation cash, note sale
• Colfax may divest; December bank financing closes in February
• Ingersoll-Rand plans to use cash, debt for $1.45 billion acquisition
• Martin Midstream is selling assets in bid to ‘substantially’ de-lever
• Mercer recent notes lift leverage to 2.2x, expected to fall in 2019
• NGL Energy compliance leverage now 2.96x; debt cut by $462.8 million
• OneMain gets leverage to 6.9x, targets 6x this year, touts liquidity

• Convertibles: Primary prices $485 million in two overnight deals; Micron calls 3% notes due 2043
• Emerging markets: Gazprom’s new notes slip below par; Paraguay, CAF price; Eldorado pulls deal
• High-grade bond issuance thins; BofA, Micron, Verizon, BP, Scotiabank lead supply; inflows heavy
• High-yield: Primary market sees high-volume week, prices $7.59 billion; secondary trading mixed
• Preferreds: Week’s new deals total $735 million in primary space as secondary market contracts

• Affiliated Managers keeps reducing leverage, focuses on flexibility
• AmeriGas refinances €1 billion of debt, including 3.25% note due 2025
• Brink’s extends term loan A by five years, expands to $800 million
• Forum prioritizes debt reduction via free cash flow after acquisition
• Gartner sells non-core assets using funds to cut debt by $1 billion
• Goodyear will focus on leverage, balance sheet once earnings improve
• Hi-Crush has ‘strong’ balance sheet, flexibility after transactions
• Match could tap debt markets to pay revolver debt; leverage declines
• Sally Beauty reports high leverage, commits to cut leverage over time
• Spectrum cuts debt by $2.2 billion in January; 3.5x leverage expected
• T-Mobile US delivers record $2.97 billion of adjusted EBITDA for Q4

• Convertibles: Nio convertible tanks on debut; Cleveland-Cliffs expands; Tesla conversion hopes dim
• Emerging markets: Codelco, Ecuador, Suzano, Credito Real price deals; Dubai Investments cancels
• High Yield: Primary prices $5.9 billion; Dun & Bradstreet on deck; TransDigm taps market twice
• High-grade market: Financial supply resumes; UBS, U.S. Bank, U.S. Bancorp, Fifth Third sell notes
• Preferreds: Primary space sees $449.33 million in new deals as secondary continues positive run

• Alliance has good liquidity, low leverage following the end of 2018
• Axalta won’t repay debt unless rates rise, prioritizes cash instead
• Booz Allen eyes draws on $400 million delayed draw part of term loan
• Charter keeps leverage within target, awaits better debt profile soon
• CIT redeems $430 million of debt and reports ‘strong’ capital levels
• Eastman may de-lever $250 million more after paying $316 million debt
• Luby’s will use proceeds from asset sale to reduce its debt balance
• Post Holdings to keep deleveraging, buys back $60 million notes in Q1
• Rexnord lowers leverage to 2.3x, expects to continue paying down debt
• Scotts Miracle-Gro to use free cash flow to de-lever to 3.5x by 2020
• Weatherford aims to keep cutting leverage with free cash flow, EBITDA

• Convertibles: ConMed comes upsized; Arconic contracts on failed buyout; semiconductors active
• Emerging markets: Investors applaud new Colombia notes; Turkey, Asia price as EM largely quiet
• High-grade primary market quiet initially, then surges on new supply from banks, financial sector
• High-yield: Primary market in full force, prices $7 billion in eight deals; forward calendar grows
• Preferreds: Primary space sees $300 million new deal in short week as secondary improves

• Allegheny tackles balance sheet, leverage to improve credit ratings
• American Airlines reduces debt by $760 million; debt to keep dropping
• Comcast suspends stock buybacks to focus on reducing leverage
• D.R. Horton to reduce debt in 2019; subsidiary to tap capital markets
• Lear had ‘significant’ cash generation, strong balance sheet in 2018
• Navient buys back, retires $3 billion debt; $1.4 billion bought in Q4
• Prologis balance sheet grants access to capital at attractive terms

• Convertibles: Primary market active; Energizer, Aurora Cannabis price; Ligand notes bludgeoned
• Emerging markets: Uruguay, Mexico price; Credito Real on tap; Turk Eximbank, First Abu Dhabi price
• High-grade market: GM Financial, Fox, Citibank, Wells Fargo, Morgan Stanley price; Experian on tap
• High-yield primary market prices $2.43 billion bonds; Energizer, HCA, DCP Midstream in demand
• Preferreds: Primary space comes alive with about $2 billion of new issues; secondary seesaws

• Avon will continue to use its cash to pay down debt opportunistically
• Carrols Restaurant executives are ‘comfortable’ with leverage level
• Fiserv secures committed bridge financing for $22 billion acquisition
• H.B. Fuller pays $204 million of debt; $200 million planned for 2019
• IHS Markit ‘focused’ on deleveraging to under 3x, repurchasing shares
• Party City execs stress importance of paying down debt in 2019, 2020
• Primo Water leverage drops to 3.4x, 2.5x leverage expected long-term
• Shaw has ‘strong’ balance sheet, 2x leverage ratio after notes sale
• Superior Industries has no near-term maturities, lots of availability
• Synovus Financial could issue $350 million of tier 2 debt instruments

• Convertibles: Colfax prices first new deal of year; secondary market strong; biotechs in focus
• Emerging markets: Saudi Arabia, Israel, Egypt, Philippines, Slovenia price deals; secondary better
• High yield: Targa brings first deal of year; PG&E dominates; energy rally continues; inflows eyed
• High-grade bond volume beats forecasts; Anheuser-Busch, Marsh & McLennan lead deal supply
• Preferreds: Primary space sees rumblings of activity while secondary trading seesaws

• Commercial Metals draws $108 million loan to fund some of acquisition
• Interpublic won’t buy back stock until it pays down some of its debt
• Saratoga Investment may issue baby bonds, take on more debt if needed
• T-Mobile US should see improved cash generation from new customers

• Convertibles: Volatility continues; short-duration notes in focus; Acorda expands; Ensco better bid
• Emerging markets: Israel kicks off 2019’s primary market with planned note; tone improves
• High yield primary dormant; trading thin; California Resources gains; Tesla, Western Digital active
• High-grade bond issuance opens week slowly, picks up with deals from Berkshire Hathaway, others
• Preferreds: Primary space remains quiet so far as secondary starts year with modest gains

• Becton, Dickinson weighs plug-in M&A to help cut leverage to below 3x
• Lamb Weston maintains leverage below 3.5x as it weighs acquisitions

• Convertibles market sees ‘phenomenal’ year for new issuance; prospects for year ahead mixed
• Emerging markets corporate bond issuance expected to decline in year ahead after drop in 2018
• High-yield market: Banks anticipate average issuance in 2019 of $200 billion, slow start in January
• Investment-grade bond supply to decline in 2019 amid reduced funding needs, rise in debt costs
• Preferred stocks on track for gains in new year; floaters, high-yield municipals to get attention

• Convertibles: Benefitfocus prices amid brutal market conditions; Aegean improves; Micron expands
• Emerging markets: Spreads hold in amid light pre-holiday trading; Mexico’s bonds trade in line
• High-grade supply in December lowest in two decades; outflows linger; Oracle, General Mills firm
• High-yield secondary weak; energy sector losses intensify; ETFs sell off; Xerox enters Junkbondland
• Preferreds: Primary space quiet as secondary market sees more losses; Goldman Sachs active

• Axalta plans to reduce leverage in 2019, lowers target ratio to 2.5x
• ConAgra Foods could have a leverage ratio of 3.5x by the end of 2021
• Elanco Animal Health to reduce debt in bid to become investment-grade
• General Mills pays down $500 million of debt, intends to repay more
• Indivior keeps cash of $910 million after repaying $235 million debt
• Navistar is paying down debt, only one maturity scheduled before 2025
• Rent-A-Center foresees 2x ratio in 2019, net debt below $300 million

• Convertibles: Medicines prices $150 million; Neurocrine Biosciences in focus; energy names crushed
• Emerging markets: Bonds lift midweek; Mexico City Airport jumps; primary quiet ahead of year-end
• High Yield primary closed; Frontier weakens; XPO drops; Travelport gains; funds lose $2 billion
• High-grade sees supply; Eversource Energy, UnitedHealth price; outflows continue for third week
• Preferreds: Primary space sees $1.07 billion of new issues; secondary market active, mixed

• Aecom forecasts more than $3.5 billion of free cash flow through 2022
• AltaGas plans to pay down C$3 billion of debt in 2019 via asset sales
• Aramark to de-lever toward 3x leverage ratio by end of fiscal 2021
• Ciena repays, converts all convertible notes, revises term loan in Q4
• Forestar aims to tap capital markets in 2019 to fund long-term growth
• Lee aims to refi debt at better rate, may repay second lien term loan
• Mallinckrodt pays $700 million debt since Q1; more debt cuts planned