• 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

• Convertibles: GDS prices lone deal of week, dominates trading; Exact Sciences, Alder see comebacks
• Emerging markets: Secondary notably weaker, but Turkey improves; Petrobras drops; calendar builds
• High Yield: Callon prices upsized deal; Mark Andy, Cimpress on the road; California Resources eyed
• High-grade volume light; L3 Technologies, Dominion Energy, BB&T price; Freeport LNG eyes deal
• Preferreds: Primary market active with $900 million of new deals; MetLife, Gladstone tap market

• American Woodmark repays $40 million, aims to repay $120 million more
• Antolin extends maturities five years; leverage may drop below 2x
• Nationstar plans incremental debt issuance after upcoming acquisition
• Sutherland assumes leverage will ‘creep up’ from $300 million of debt

• Convertibles: Primary prices $2 billion of new paper; deals come cheap; secondary performance mixed
• Emerging markets: Latvia brings dual tranches; Israel Chemicals, Peru’s Hunt Oil price benchmarks
• High Yield: New deal volume light pre-holiday; Ithaca pulls offering; funds add $261 million
• Investment-grade market: Bulk of supply prints mid-week; Vodafone sells $11.5 billion notes
• Preferreds: Primary market active with $990 million in new deals; Unum, Citizens Financial price

• American Axle targets 2x, refis $400 million, to redeem $100 million
• Bristow boasts of liquidity, pays off 2019 bank debt, gets new ABL
• HC2 focuses on lowering cost of debt, trying to get below 7% coupon
• IHS Markit secures $1.86 billion committed debt funding to buy Ipreo
• Natural Resource works towards 3x goal; Blackstone, GoldenTree help
• Navient is focused on paying off upcoming maturities, may issue debt
• NextEra Energy plans new debt for $6.48 billion Gulf Power purchase
• nVent Electric’s leverage ratio positioned within ideal range at 2.2x
• Pentair to use $2 billion of cash to do buybacks; leverage low at 1x
• Pioneer Energy watches debt, looks to refinance $300 million bonds
• Spanish Broadcasting still focused on 12½% senior secured notes refi
• Tenet Healthcare to retire $500 million of debt; 5x leverage targeted
• Uniti boasts ‘well-staggered’ maturities, slight floating rate debt
• Wabtec secures pledge for bridge financing in GE Transportation deal
• Windstream tackles debt maturities, expects to refi, extend bank debt

• Convertibles: Primary market sees heaviest supply year to date, prices $3.1 billion in eight deals
• Emerging markets: Pemex prices euro multi tranches; South Africa brings dollar deals; Turkey drops
• High-grade market: Supply front-loaded over week; Keurig, Bank of America, American Express price
• High-yield: Issuers price $3.84 billion in nine deals on week; more supply expected late Friday
• Preferreds: Primary market muted with $87 million new deal; Bank of America, Oaktree Capital active

• Altice intends to wait until 2019 to refinance for ‘attractive rates’
• Calumet returns to ‘traditional’ balance sheet with refinancing
• Campbell Soup intends to repay, refinance debt via ‘robust’ cash flow
• Concordia skips payments on some debt; $2.4 billion debt cut planned
• Eagle Point gets ‘lowest cost of funds’ ever from recent notes issue
• Enbridge: Transaction is credit positive, simplifies debt structure
• Jeld-Wen could use cash flow for leverage reduction rather than M&A
• PulteGroup sees higher rating as ‘challenge’ but aims for high grade
• Windstream weighs second lien potential exchange for 2020 maturities
• Zoetis to use existing cash, new debt for $2 billion Abaxis purchase

• Convertibles: Primary prices $1.38 billion over six deals; AXA, Nabors Industries in demand
• Emerging markets: Issuance quiets; Ghana prices $2 billion of notes; Argentina, Turkey underperform
• High Yield: Primary market prices $4.55 billion in five deals; new paper strong in initial trading
• Investment-grade market: Supply heavy; Kellogg, General Dynamics, HSBC, GlaxoSmithKline price
• Preferreds: Primary market active with $1.53 billion in new deals; secondary trends downward

• AES reduces debt, expects to have investment-grade ratings by 2020
• Canadian Tire will use cash and debt combination to buy Helly Hansen
• DISH pays $1 billion maturity, keeps eye on leverage, free cash flow
• Jagged Peak amends credit facility, pays it off with funds from bonds
• Kosmos Energy is ‘in no hurry’ to refinance high-yield senior notes
• MEG Energy uses $1.25 billion asset sale proceeds to pay down debt
• Pilgrim’s Pride refis bond with add-on to notes; bond to be redeemed
• Revlon adds $41.5 million to credit facility after end of quarter
• Sempra debt, equity-linked bonds for Oncor purchase oversubscribed
• Sutherland sells $90 million debt at lower price than previous notes
• Valeant cuts debt by $6.9 billion since 2016; ‘more work to be done’

• Convertibles: Primary market prices $475 million in two deals; earnings activate secondary
• Emerging markets: Sell-off hits as dollar gains; Angola prices $3 billion; LatAm deals on hold
• High Yield: Primary market prices $4.19 billion; new deals in focus; funds add $526 million
• Investment-grade market: Heavy supply at front, back ends of week; Daimler, Ford, Lloyds price
• Preferreds: Primary market quiet as it waits for CAI International’s $55.73 million pricing

• Carlyle: Market environment is grim with more volatility, high prices
• Cheniere plans to settle credit facilities changes in next few weeks
• EOG to use operations cash to cut debt by $3 billion to $3.4 billion
• KLX to sell Aerospace business to Boeing; company also plans spinoff
• Marathon to take on debt to fund $35.6 billion Andeavor acquisition
• Parsley increases revolver borrowing base fourfold over three years
• Prologis to refinance DCT debt for lower cost after acquisition
• Resource Capital boosts capital structure via new issue, redemptions
• Venator aims for $350 million net debt ‘within the next few years’

• Convertibles: Primary prices $1.45 billion, launches $750 million; Aceto tanks; Citrix active
• Emerging markets: Latin America’s primary busy; pricings tight to talk; secondary subdued
• High-Yield: Domestic primary market prices $3.94 billion; new paper in focus; American Tire tanks
• Investment-grade market: Bank, financial supply continues; Bacardi, Sabal tap primary market
• Preferreds: Primary market prices $125 million of new deals during week from Hercules, Sutherland

• First Quantum plans ‘smaller’ bond sales, hopes to de-lever ‘quickly’
• Freeport-McMoRan cut debt to $8 billion from $20 billion in two years
• Iridium repays debt via 10¾% notes, pushes principal payments to 2024
• REC sells $110 million debt, retires $112 million in first quarter
• Scorpio Tankers plans to raise $334 million to pay off existing debt
• Sensata to grow free cash flow 30%, now has ‘healthy balance sheet’
• Tenneco will use $250 million in synergies, free cash flow to pay down debt quickly

• Convertibles: Primary market prices $1.07 billion in five deals; secondary trading mixed
• Emerging markets: Busy primary market as Asia, Middle East price deals; Lat-Am calendar grows
• High Yield: Market prices $4.45 billion bonds; secondary market ‘on fire’; fund flows increase
• Investment-grade market: Bank, financial supply heavy; Morgan Stanley, JPMorgan, Goldman price
• Preferreds: Primary market prices $510 million of new deals during week; AT&T trial eyed

• Baker Hughes to focus on prioritizing cash, free cash flow generation
• Cleveland-Cliffs improves balance sheet, sells convertibles and debt
• Crown Holdings to use cash flow to de-lever after Signode acquisition
• GATX is keeping its balance sheet in ‘real good shape,’ CEO reports
• Johnston Press reviews financing options for bonds, cancels revolver
• National Rural prepays $325 million notes, sells $150 million notes
• Omnicom Group reports ‘solid’ debt ratios at the end of first quarter
• United Airlines uses balance sheet to purchase aircraft off leases
• Valmont sees ‘manageable leverage,’ ‘solid’ cash flow in first quarter
• Yara International reports debt rose to $500 million in last quarter

• Convertibles: Primary quiet; secondary trading volume low; Transocean convertibles in focus
• Emerging markets: Panama, Egypt, Saudi Arabia, Qatar, Uruguay and Montenegro price; Russia weakens
• High Yield: Primary market prices $2.92 billion; energy sector outperforms; Sprint climbs
• High-grade bond supply thin; C.H. Robinson, EPR, Toyota, BMO price; new issues remain firm
• Preferreds: OFS Capital prices $43.75 million $25-par seven-year notes; primary generally quiet

• Amyris convertibles holders convey wish to convert; leverage to fall
• Approach cuts debt by $127.1 million, plans to keep paying down debt
• Callon has ‘phenomenal’ access to capital; credit facility amended
• Delta Air Lines may sell bonds, ‘comfortable’ re current debt status
• Layne Christensen gets loan to refi $70 million of 4¼% notes due 2018
• Legacy to ‘tackle’ debt maturities after cutting leverage two turns
• Mylan to cut leverage to 3.5x, pay some 2018, 2019 debt with EBITDA
• Stolt-Nielsen concentrates on cutting debt from $2.45 billion level
• Whiting has no short-term debt coming due, working on balance sheet