a return was offered for moving out the risk spectrum. As shown below, the Higher Quality names on average have tightened by 61 bps (OAS) while the Mid Quality names have tightened by only 12 bps. This is only partly attributable to outperformance of better quality credits in the broader HY market - the si

ocus on the breakeven oil price needed to keep FCF neutral in a maintenance mode, along with downside asset valuations. Based on the above, in the Mid Quality space, we are positive on WPX Energy (BUY-rated) and Oasis Petroleum (HOLD-rated) as they otter significantly faster growth through FY 19E wi

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Value in Lower Quality oily and select Mid Quality names After a year of major underperformance, we see relative value emerging in the Lower Quality Oily group - excluding BBG, all other names offer

NA 9% CLR 225 240 NA NA 1960 1950 7% NA 0% Npx 0, 144 152 58 61 1120 1225 6% 6% 9% FE 65 68 46 48 1075 1075 4% 1% 0% Mid Quality VAX 108 112 54 61 945 1030 3% 12% 5% Su 114 '22 13 38 825 875 2% ' 0% LA 57 56 NA 26 530 630 2% NA 19% CP.80 49 54 3