The document provides an analysis of Valeant (VRX) bonds, focusing on those with more restrictive liens covenants. It discusses the potential attractiveness of these bonds if taken out prior to maturity, the yield-to-most likely (YTML) compared to yield-to-worst (YTW), and the impact of leverage and competition on VRX's financial outlook. The document also highlights risks related to operational stability, market trends, and asset sales.
doj/DataSet10/EFTA01385388.pdf
{"title":"HY Corporate Credit - Valeant Bonds Analysis","key_people":["VRX Management"],"document_date":"2018-01-03","document_type":"financial","key_organizations":["Valeant","Deutsche Bank Securities Inc."]}