This daily credit research report provides updates on the Analyst Focus List, specifically removing a swap recommendation, and summarizes strong Q1 results for Michaels. It also includes sector commentary on US Utilities credit spreads.
Key Takeaways
- 1.Removal of the Scripps 3.875% Secured Notes / Sinclair Term Loan swap recommendation from the Analyst Focus List due to trade compression.
- 2.Michaels (MIK) posted a solid 1Q beat with revenues of $1.13bn (+10.7%) and SSS +10.3%.
- 3.Utilities sector credit spreads remain tight; Utilities are trading 1bp through to the JULI index.
Table of Contents
- Feature
- Strategy & Sector Commentary
- Important Disclosures
- Explanation of Credit Research Valuation Methodology, Ratings and Risk to Ratings
- Other Disclosures
- Legal Entities Disclosures and Country-/Region-Specific Disclosures
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Authors
Tarek HamidAvi SteinerCarla CasellaKevin L Kwan
Securities
Scripps 3.875% Secured Notes due 2029Sinclair S+330bps First Lien Second Out Term Loan B6 due 2029MIK
Themes
AI Capex
Regions
North AmericaUnited States