• Convertibles market: Evolent Health prices, expands on debut; Caesars drops dollar-neutral
• Emerging markets: Tunisia on tap; Turkey, Panama price; ProCredit, Cochrane pull planned deals
• High-grade volume thin over week, falls short of forecasts; Conagra, FedEx, Wells Fargo price
• High-yield market: Uber prices $2 billion private placement; Nine Energy, JBS price; Hexion eyed
• Preferreds: Primary sees lighter week with $77.5 million in two new deals amid a rising secondary

• BofA execs: ‘People have to refinance their bonds... borrow more money’
• Comerica CEO believes loans will stabilize, increase compared to Q3
• Danaher has ‘tremendous’ capacity, balance sheet is in ‘good shape’
• Kaiser Aluminum enjoys ‘strong’ balance sheet, cash flow generation
• Omnicom enjoys ‘very strong’ balance sheet, liquidity, ‘solid’ ratios
• SunTrust sees ‘momentum’ in capital markets, adjusts to rising rates
• U.S. Bancorp: Loan growth will recover when companies’ cash dwindles
• United Rentals in ‘great position’ with $568 million free cash flow

• Convertibles: Equity sell-off eyed; Granite Point Mortgage, JPMorgan, Karyopharm, Verastem price
• Emerging markets: Debt struggles amid global equity rout; Millicom prices despite volatility
• High yield: Primary sees short week with $750 million in dollar deals; Recordati sells €1.3 billion
• Investment-grade market: KfW sells $4 billion; FHLBank, Ontario, Sumitomo Mitsui price notes
• Preferreds: Primary space sees another three deals worth $309 million; secondary under pressure

• DDR sees four years of no ‘significant’ maturities; 6x ratio targeted
• Delta Air cuts net debt by $700 million, strengthening balance sheet
• J.M. Smucker committed to paying down debt, lowering leverage ratio
• JPMorgan Chase: Don’t be startled by rising interest rates, maybe 4%
• Levi Strauss gets funds at high-grade rate via ‘strong’ balance sheet
• Walgreens generates record free cash flow of $6.9 billion in FY 2018

• Convertibles: Primary sees $825 million in three deals; Tilray called year’s most interesting deal
• EM primary fires up; but higher rates hit secondary; Gulf International, Octal pull deals
• High yield: Primary prices $4.25 billion in seven new deals, two add-ons; funds add $1.39 billion
• High-grade primary market busy throughout week, led by Comcast’s $27 billion megadeal
• Preferreds: Primary space sees $325 million in three deals amid negative secondary movement

• Calumet trims debt, boosts liquidity, weighs refinancing of 2021 debt
• Constellation will prioritize de-levering after investment in Canopy
• Lamb Weston expects debt to rise due to seasonality, planned purchase
• Stolt-Nielsen cuts debt by $61 million, pays $20 million of revolver

• Convertibles: CenterPoint Energy prices, trades flat; Liberty Media expands, Pandora contracts
• Emerging markets: Argentina gets boost from IMF deal changes; MENA firmer; Turkey improves
• High yield: Primary prices $3.68 billion for week; Envision accelerates timing; Refinitiv weakens
• High-grade supply thins on rate hike; RBS, ING, Tyson, Best Buy, Standard Chartered tap market
• Preferred primary takes breather; financial names dominate trading focus; JPMorgan improves

• Asanko repays ‘fairly expensive’ debt using funds from Gold Fields
• Ascena to continue paying down debt, is ‘comfortable’ with liquidity
• Conagra ‘committed’ to investment-grade rating, targets 3.5x leverage
• Ecolab management targets about 2x net debt to adjusted EBITDA ratio
• H.B. Fuller pays $41 million debt, aims to pay $170 million this year
• IHS Markit aims to get below 3x leverage from 3.5x by end of Q3 2019
• Omnova sets new leverage target, taps debt for €28.5 million purchase
• Rite Aid pays off notes, term loans, cuts debt to about $3.4 billion
• Vail Resorts has ‘strong’ balance sheet, net leverage ratio of 1.8x
• Victory plans cash, stock, $215 million of debt for Harvest purchase

• Convertibles: Splunk prices new tranches for $1.85 billion; Tesla improves; Micron 3% active
• Emerging markets: Suzano, Cyprus, Saudi Electricity, Sasol, DP World among issuers in busy primary
• High yield: Refinitiv, AkzoNobel, Gaming & Leisure lead primary market; deals top $10.5 billion
• High-grade issuance tally beats forecasts; Nestle, Toyota, Nissan, Ford, Wells Fargo Bank price
• Preferreds: Primary posts $2.9 billion in new deals led by GM Financial, JPMorgan, State Street

• Amicus gets $150 million debt facility to buy gene therapy programs
• Blackstone touts ‘fortress’ balance sheet, low-cost, long-dated debt
• BorgWarner intends to generate $1 billion of free cash flow by 2023
• Dycom reports no near-term debt maturities, liquidity of $425 million
• Emcor Group avoids high leverage, works to manage its balance sheet
• Mueller cuts leverage below 1x, repays $35 million in restructuring
• Steelcase completes two acquisitions using cash, credit facility debt

• Convertibles: International Flavors, DocuSign tap primary market for combined $1.25 billion
• Emerging markets: EM debt better after Turkey’s interest rate hike; Gulf countries’ primary strong
• High yield: Primary prices $1.65 billion in three deals; three more on tap; funds lose $862 million
• High-grade primary active; TD Bank, Societe Generale, Hewlett Packard, AbbVie price notes
• Preferreds: Primary market sees $1.1 billion in new deals amid active secondary space

• AT&T aims to grow cash flow, get to 2.5x leverage by the end of 2019
• Caesars Entertainment has ‘mixed views’ about how quickly to de-lever
• Carrizo repays debt with asset sale; leverage ratio expected to fall
• Ciena plans to buy back $288 million convertible debt due in October
• ConMed uses cash flow to cut debt, sees EBITDA rising as debt falls
• Danaher repays 75% of acquisition, generates ‘strong’ free cash flow
• Dollarama says ‘comfort zone’ for leverage ranges from 2.7x to 2.75x
• Endo International says ‘good’ cash position expected at end of year
• Hovnanian to use new loan from GSO to pay down another loan due 2019
• Kroger says leverage ratio to stay high for remainder of fiscal 2018
• Science Applications to use $1.05 billion loan for Engility purchase
• Sprint touts ‘strong,’ ‘robust’ balance sheet, better financing terms
• Teva sees slump in profits, rise in debt due to Copaxone competition
• United Rentals to issue new debt, bank debt for BlueLine acquisition
• Weyerhaeuser ‘very well structured’ apropos debt; 96% is fixed rate
• Windstream extends maturities, intends to refi revolver and term loan

• Convertibles: Primary prices $865 million over three deals for week; secondary performance mixed
• Emerging markets: Latvia, Maxima price; Suzano holds off; spreads tighten after rocky week
• High Yield: Primary prices $4.95 billion over four deals; Refinitiv’s $5.5 billion offering on tap
• High-grade caps off busiest volume week since 2016; Cigna, Pfizer, MUFG, HSBC among issuers
• Preferreds: Primary market sees $1.2 billion of new deals; secondary activity trends downward

• ABM ‘pleased’ with deleveraging, awaits free cash flow of $175 million
• Church & Dwight expects its leverage to drop below 2x by mid-2019
• Conn’s continues to deleverage, buying back some outstanding notes
• Dell pays $2.6 billion of debt in Q2, another $600 million after Q2
• HD Supply could refinance 5¾% notes before call date in April 2019
• Mallinckrodt makes debt paydown a priority, with a focus on revolver
• Verizon won’t pass on opportunities despite commitment to deleverage

• Convertibles: Several issuers active as stocks break out; MercadoLibre up then down; Depomed drops
• Emerging markets: Argentina struggles as peso crisis continues; primary builds for Gulf countries
• High Yield: Garrett Motion on tap; Diebold, Eclipse Resources gain; First Quantum, Davita lose
• Investment-grade corporate volume thins; inflows dip; strong bond supply eyed post-holiday
• Preferreds: Primary market sees a dry week as secondary activity sees broad improvement

• BW Offshore plans to de-lever and refinance corporate debt facility
• Ciena to pay $112 million above par for $288 million notes due 2018
• Greif has 2.1x leverage ratio, at low end of target 2x to 2.5x range

• Convertibles: Primary prices $1.3 billion; MercadoLibre contracts, Cree flat on debut; Exact Sciences jumps
• Emerging markets: Poland’s mBank plans new euro deal; LatAm quiet; most EM debt ebbs in thin volume
• High Yield: Primary market dormant; energy names gain; Husky drops; funds add $344 million
• High-grade supply light; American Honda, ABN Amro, NextEra, Bank of America, Nordea price
• Preferreds: Primary market sees one $35 million deal amid volatile secondary space; Qwest in focus

• Analog Devices pays down debt, gets 2x leverage ahead of schedule
• Camposol ‘not sure’ if it plans tender offer for 10½% notes due 2021
• Centennial maintains ‘best-in-class’ balance sheet, low debt levels
• Community Choice ‘very pleased’ with confidence re revolver refi deal
• FLY gets $574.5 million term loan facility, expects leverage to rise
• Hoegh LNG repays $6 million under revolver with ‘steady’ deleveraging
• J.M. Smucker to use proceeds of $315 million divestiture to cut debt
• Ship Finance funds acquisitions via $164 million convertibles issue
• Target generates ‘very healthy’ cash flow through first half of 2018
• Tyson Foods to sell debt for acquisition, plans ‘rapid’ de-levering

• Convertibles: Primary prices $1.09 billion over four deals; Illumina volatility assumptions eyed
• Emerging markets battered by Turkish lira crisis; buyers emerge late in week before selling resumes
• High Yield: Primary remains active, prices $2.49 billion in seven deals; funds add $197 million
• High-grade market: United Technologies prices $11 billion; McDonald’s, AstraZeneca, AT&T print
• Preferreds: Primary market sees $865 million in two new deals as secondary market improves

• Briggs & Stratton sees debt rise, yet reports ‘strong’ balance sheet
• CACI International decreases debt by $169 million in fiscal year 2018
• Canacol sells $320 million of notes to pay off $305 million loan debt
• CDK Global will be within targeted leverage range after acquisition
• Cellcom Israel to boost balance sheet with funds from debenture sale
• Chaparral boosts liquidity, flexibility via $300 million notes issue
• Golden Ocean buys back $9.6 million convertibles, deleverages in Q2
• Intertape replaces credit facility with $600 million facility in Q2
• J.C. Penney uses ABL in Q2, but ends quarter with fewer borrowings
• Performance Food is ‘very comfortable’ with current leverage ratio
• Sysco generates ‘meaningful’ free cash flow of $1.5 billion for 2018