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25 September 2017

North America Momentum Monitor

25 September 2017

Momentum Monitor

OVERVIEW

The Debtwire Momentum Monitor provides bond pricing information on actively traded bonds that fall

within our coverage universe. By tracking price and volume activity, the weekly report serves as a data tool for

subscribers to anticipate future shifts and identify areas of opportunity. This edition tracks activities for the

period from 18 September through 22 September.

The report classifies trading activity into five bond groups:

1) Top 20 Gainers/Decliners

2) Bonds with Unusual Volume and Large Price Changes

3) Bonds with Reversing Positive Trends

4) Bonds with Reversing Negative Trends

5) Top 20 Bonds with Unusual Volume

6) Distressed Universe Joiners/Quitters

In addition to the PDF file, a comprehensive list of instruments can be found in the Momentum Monitor Excel

spreadsheet. The Excel file also contains tabs that categorize Debtwire NA bond coverage into four universes

based on trading price ranges of <70, 70-80 (excluding 80), 80-90 and >90.

METHODOLOGY *Using data provided by Markit and Capital IQ, the Momentum Monitor includes prices based on the last trade of the most recent trading date, irrespective of the size

of the trade. The most recent trading date is defined as the date on which the most recently available data within the last 30 days was obtained from Markit, ordinarily on the Friday prior to the report-publishing date.

1-Week % Change: % change between the price recorded one day prior to the report publishing date and the price recorded 7 calendar days prior

4-Week % Change: % change between the price recorded one day prior to the report publishing date and the price recorded 28 calendar days prior

12-Week % Change: % change between the price recorded one day prior to the report publishing date and the price recorded 84 calendar days prior

52-Week % Change: % change between the price recorded one day prior to the report publishing date and the price recorded 365 calendar days prio r

Tim Hynes Head of North America Research +1 212 574 7878 Tim.Hynes@acuris.com

Seth Crystall Senior Analyst +1 646 378 3105 Seth.Crystall@acuris.com

Rong Ren Analyst +1 646 412 5318 Rong.Ren@acuris.com

25 September 2017

Momentum Monitor

WEEKLY COMMENTARY

Last week, the Federal Open Market Committee met, and as expected, announced that it would maintain its target range for the federal funds rate at 1.00%-1.25%. The FOMC further stated that in October, it will initiate the process of normalizing its balance sheet by selling securities. Again, this news had been previously telegraphed to the markets. The bigger question for investors seems to be, “Will the FOMC raise interest rates at its December meeting?”

In light of the FOMC announcement, the recovery from Hurricanes Harvey and Irma (with Hurricane Maria still churning in the Atlantic), and the ongoing rhetoric between President Trump and North Korean leader Kim Jong-un, the Dow Jones Industrial Average and the S&P 500 rose 0.4% and 0.1%, respectively, while the NASDAQ lost 0.3%. The 10-year US treasury yields rose to 2.26% from 2.2% during the prior week. This week, the Graham-Cassidy healthcare bill to repeal and replace the Affordable Care Act should come to the floor of the Senate. The bill continues to get tweaked as the GOP attempts to win enough support for its passage. With Senators Paul, McCain and Collins currently voicing their opposition, the next few days could be quite interesting.

The US Energy Information Administration (EIA) last week reported that domestic crude oil inventories rose by 4.6 million barrels for the week ended 15 September, which was above analysts’ forecasts. US crude production increased to 9.51 million barrels per day from 9.353 million barrels a day during the prior week. The EIA also announced that gasoline stockpiles declined by 2.1 million barrels, and distillate stockpiles fell by 5.7 million barrels.

Oil prices continued their move higher through the end of the week, as Nymex WTI and Brent crude oil prices rose 1.5% and 2.2%, respectively, while Nymex natural gas dropped 2.1%. Traders and investors are still hopeful for a possible production cut extension from the Organization of the Petroleum Exporting Countries (OPEC). The Baker Hughes US oil rig count fell by five to 744, suggesting an upcoming decline in US oil production, but the natural gas rig count increased by four to 190 rigs. By comparison, one year ago this week, there were 418 oil rigs and 92 natural gas rigs.

The EIA reported that domestic supplies of natural gas rose by 97 billion cubic feet for the week ended 15 September. Total inventory stands at 3.408 trillion cubic feet, a decline of 136 billion cubic feet YoY, but 67 billion cubic feet above the five-year average.

For the metals market, copper prices slipped 0.2%, ending the week at USD 2.94 per pound, and the price of gold fell 2.1% to USD 1,298 per ounce.

In this week’s Momentum Monitor, oil exploration and production company Cobalt International Energy grabbed the top two spots on our list of the Top 20 Decliners, as its USD 787m 3.125% convertible notes due 2024 and its USD 619m 2.625% convertible notes due 2019 plummeted 23.3% and 18.8%, respectively, on weekly trading volumes of USD 12.7m and USD 13.2m, respectively. The two

issues also hit our list of Bonds with Unusual Volume and Large Price Changes as their weekly volumes represented over 2.1 times and 1.4 times their respective 52-week average trading volumes.

Taking the No. 3 position on our list of the Top 20 Decliners is cloud solutions firm Synchronoss Technologies’ USD 230m 0.75% convertible notes due 2019, which declined 9.5% on USD 15.9m of trading volume. Last week, Debtwire editorial reported that an ad hoc group of lenders planned a call to discuss its next steps following the disclosure that Siris Capital backed out of pursuing an all-cash acquisition of the company, but would consider a potential transaction in other forms.

Also noteworthy on the list of Top 20 Decliners are three issues each of telecom network communications provider Windstream and communications infrastructure REIT Uniti Group, as well as specialty pet supplies and services retailer PetSmart. Two issues each of beauty care company Revlon Consumer Products and healthcare services provider Community Health Systems also hit the list.

Windstream has come under attack by a bondholder group regarding the 2015 spinoff of its fiber and copper networks to Uniti. The three Windstream notes dropped in a range between 7.3% and 9.1%, while the three Uniti notes fell between 3.5% and 6.2%. As reported by Debtwire editorial, a bondholder group claimed that the spin-off was done illicitly, and breached the bond indenture’s asset sale covenant. Debtwire ’s sister company, XTract Research, published a report last week stating that Windstream’s “asset sale covenant clearly permits Windstream to repay the revolver with asset sale proceeds.” We suspect there will be more to come on this issue in the coming weeks.

Concerning PetSmart, according to Debtwire editorial, the company’s capital structure took a hit after the announcement of 2Q17 results, in which there was confusion about gross margins. After a clarification by management, debt security prices rebounded. Last week, S&P lowered its ratings on the company’s senior secured debt to ‘B’ from ‘B+’, and to ‘CCC+’ from ‘B-’ for its unsecured notes, due to concerns about future performance.

Energy names, for the second consecutive week, dominated this week’s Top 20 Gainers, with 11 issues hitting the list after 16 issues hit the list last week, as crude oil prices continued to move higher. Some of the issuers with strong price movements included oil and gas exploration and production companies California Resources, Denbury Resources, Jones Energy and EP Energy, as well as offshore helicopter provider Bristow Group.

25 September 2017

Momentum Monitor

WEEKLY COMMENTARY

Topping our list of Top 20 Gainers is aerospace and defense propulsion and power systems provider Aerojet Rocketdyne’s USD 300m 2.25% convertible notes due 2023, which gained 15.2% on USD 25.5m of trading volume. We note that the company’s stock price surged 19.6% during 15 September-22 September. Recent tensions between the US and North Korea, as well as the announced acquisition of Orbital ATK by Northrop Grumman, has highlighted a number of defense contractors for possible acquisition. These notes also hit our list of Bonds with Unusual Volume and Large Price Changes as their weekly volumes represented over 2.5 times their 52-week average trading volumes.

Falling to the No. 2 spot on our list of Top 20 Gainers is commercial vehicle supplier Meritor’s USD 140m 7.875% convertible notes due 2026, which jumped 12.2% on USD 24m of trading volume. In last week’s Momentum Monitor, these notes rose 9% on USD 15.5m of trading volume. The company recently announced the sale of its interest in the Meritor WABCO joint venture for USD 250m, with the allocation of proceeds for debt repayment, funding strategic investments and common share repurchases. Also, the company priced USD 325m convertible notes due 2037, with the use of proceeds to purchase, redeem or repay a portion of the company’s 4% convertible notes due 2027 and the 7.875% convertible notes due 2026. The latter also hit our list of Bonds with Unusual Volume and Large Price Changes, as their weekly volumes represented over 10 times their 52-week average trading volume.

Breaking into the top three of the Top 20 Gainers list is home security company Monitronics International’s USD 585m 9.125% senior unsecured notes due 2020. As reported by Debtwire editorial, the company disclosed a partnership with Alphabet-owned Nest Labs, which boosted refinancing prospects as Monitronics will act as the sole provider of professional monitoring services for Nest, raising investor sentiment that the company will be successful in new customer acquisition.

The number of issues on our Bonds with Reversing Negative Trends list this week is 87, an increase of 16 from 71 during the prior week. Of the issuers on the list, six have three or more entries: retailer Macy’s; energy-related firms SM Energy and Sunoco Logistics Partners; automotive finance firm General Motors Financial; power generator Calpine and fertilizer firm CF Industries.

There are 93 issues on our list of Bonds with Reversing Positive Trends this week, a decrease of 32 from 125 in the prior week. Of the issuers on the list, there were four with three or more entries: health services companies Community Health Systems and Tenet Healthcare; energy-related firm Sabine

Pass Liquefaction and aircraft leasing company AerCap Holdings (Ireland Capital Holdings NV and International Lease Finance).

For our list of the Top 20 Bonds with Unusual Volume , we highlight security products and solutions firm Allegion’s USD 300mm 5.875 notes due 2023, with USD 42.2m of trading volume. This represented almost 13 times its 52-week average trading volume. The company proposed a public offering of senior notes, and would use net proceeds to redeem in full its 5.75% notes due 2021 and these 5.875% notes due 2023, as well as use funds to repay borrowings under its senior revolving credit facility.

We also highlight, from our list of Top 20 Bonds with Unusual Volume , offshore driller Pride International‘s USD 300m 7.875% notes due 2040, which had weekly trading volume of USD 28.6m, representing almost seven times its 52-week average trading volume.

There are three issues on our list of Distressed Universe Joiners, which features issues in which the price has fallen below USD 80, technically moving them into the distressed universe. The three issuers are telecom network communications provider Windstream, oil and natural gas exploration and development firm Comstock Resources, and specialty pet supplies and services retailer PetSmart.

On this week’s list of Distressed Universe Quitters, there are two issues that moved to high yield from distressed: offshore driller Noble Holding International and musical instrument manufacturer Gibson Brands. Debtwire Research recently published an Exclusive Earnings Report on Gibson.

25 September 2017

Momentum Monitor

TOP 20 DECLINERS*

Company Name Sector Cusip Coupon (%) Maturity Outstanding

Amount (m)

Price

1 Week Cumulative

Trading Volume

YTM 1W %Δ

(Sorted by)

4W %Δ

12W %Δ

52W %Δ

COBALT INTL ENERGY INC Energy 19075FAB2 3.125 5/15/24 787 16.50 12,700,000 N/A -23.26% -35.29% -18.52% -57.42%

COBALT INTL ENERGY INC Energy 19075FAA4 2.625 12/1/19 619 19.50 13,245,000 N/A -18.75% -37.10% -21.21% -57.32%

Synchronoss Tech Inc Technology 87157BAA1 0.750 8/15/19 230 85.13 15,909,000 N/A -9.50% -9.62% -8.53% -20.06%

Windstream Hldgs Inc Telecommunications Services

97381WAT1 7.750 10/1/21 809 70.96 64,055,000 18.27% -9.10% -7.47% -24.61% -29.13%

Windstream Services LLC Telecommunications Services

97381WAZ7 6.375 8/1/23 586 67.88 12,493,000 14.76% -8.86% -11.06% -17.91% -24.69%

Windstream Hldgs Inc Telecommunications Services

97381WAN4 7.750 10/15/20 700 79.63 56,616,000 16.51% -7.26% -7.66% -21.11% -22.02%

UNITI GROUP LP Financials 20341WAE5 7.125 12/15/24 400 85.94 33,290,000 9.89% -6.21% -6.51% -13.39% N/A

UNITI GROUP LP Financials 20341WAD7 8.250 10/15/23 1,110 90.06 90,239,000 10.51% -5.82% -5.88% -12.88% -14.12%

Hot Topic Inc Consumer

Services 441339AA6 9.250 6/15/21 355 86.61 10,855,000 13.98% -3.65% -5.11% -10.48% -19.00%

UNITI GROUP LP Financials 20341WAA3 6.000 4/15/23 550 95.88 15,930,000 6.91% -3.52% -3.82% -7.84% -7.59%

Revlon Consumer Prods Corp Consumer

Goods 761519BF3 6.250 8/1/24 450 77.06 13,157,000 11.12% -3.37% -3.93% -11.55% N/A

PETsMART Inc Consumer

Services 716768AC0 5.875 6/1/25 1,350 87.94 23,060,125 8.01% -3.03% -2.02% -9.01% N/A

CHS Cmnty Health Sys Inc Healthcare 12543DAQ3 7.125 7/15/20 1,200 91.77 29,324,000 10.58% -2.63% -2.11% -5.79% 0.33%

ARGOS MERGER SUB INC Consumer

Services 04021LAA8 7.125 3/15/23 1,900 78.88 24,222,000 12.58% -2.57% -4.68% -11.69% -25.31%

CHS Cmnty Health Sys Inc Healthcare 12543DAV2 6.875 2/1/22 3,000 80.01 42,816,000 13.03% -2.57% -4.39% -8.55% -4.41%

Revlon Consumer Prods Corp Consumer

Goods 761519BD8 5.750 2/15/21 500 87.38 59,172,000 10.25% -2.54% -2.78% -5.28% -14.85%

Kindred Healthcare Inc Healthcare 494580AF0 8.750 1/15/23 600 93.34 28,365,000 10.41% -2.51% -4.14% -11.31% -7.12%

PETsMART Inc Consumer

Services 716768AD8 8.875 6/1/25 650 80.25 12,939,000 13.01% -2.43% -4.48% -13.13% N/A

Liberty Media Corp Consumer

Services 530610AD6 1.750 9/30/46 750 118.42 17,240,000 N/A -2.20% -5.28% 4.01% 11.09%

HEXION INC Basic Materials 428302AA1 6.625 4/15/20 1,550 89.13 18,336,000 11.67% -2.06% -2.30% -2.79% 2.08%

*Top 20 movers only include bonds with one-week cumulative trading volumes higher than USD 10m and a price of more than 10 cents on the dollar.

The list identifies bond trading levels that declined the most during the past week.

25 September 2017

Momentum Monitor

TOP 20 GAINERS*

Company Name Sector Cusip Coupon (%) Maturity Outstanding

Amount (m)

Price

1 Week Cumulative

Trading Volume

YTM 1W %Δ

(Sorted by)

4W %Δ

12W %Δ

52W %Δ

Aerojet Rocketdyne Hldgs Inc Industrials 007800AA3 2.250 12/15/23 300 145.06 25,548,000 N/A 15.19% 16.49% 37.66% N/A

Meritor Inc Consumer

Goods 59001KAC4 7.875 3/1/26 140 232.00 24,000,000 N/A 12.15% 28.35% 37.18% 72.17%

MONITRONICS Intl INC Industrials 609453AG0 9.125 4/1/20 585 89.62 36,754,000 14.17% 8.31% 3.99% -6.01% N/A

CA RES CORP Energy 13057QAG2 8.000 12/15/22 2,250 62.88 120,068,000 19.68% 7.39% 17.94% -1.18% -2.33%

Bristow Group Inc Energy 110394AE3 6.250 10/15/22 402 67.88 18,847,000 15.69% 6.68% 7.08% 5.64% -9.05%

Denbury Res Inc Energy 247916AD1 5.500 5/1/22 773 51.13 44,499,000 23.41% 5.68% 3.70% -10.19% -25.58%

Jones Energy Hldgs LLC Energy 48019TAB0 6.750 4/1/22 430 77.63 25,422,000 13.53% 5.43% 7.74% 9.62% -8.41%

Impax Labs Inc Healthcare 45256BAE1 2.000 6/15/22 600 92.84 19,043,000 N/A 4.02% 7.40% 8.10% 3.43%

Genworth Fin Inc Financials 37247DAG1 0.000 11/15/66 600 46.88 11,545,000 N/A 3.88% 10.13% 23.36% 5.04%

Sprint Cap Corp Telecommunications Services

852060AT9 8.750 3/15/32 1,998 127.13 49,510,000 5.93% 3.72% 3.94% 0.67% N/A

iHeartCommunications Inc Consumer

Services 184502BG6 9.000 3/1/21 1,750 71.63 29,050,000 21.00% 3.62% -3.06% -4.92% -3.54%

Natl Cinemedia LLC Consumer

Services 63530QAH2 5.750 8/15/26 250 93.42 15,402,000 6.74% 3.41% 1.48% -4.07% N/A

EP Energy Energy 268787AF5 8.000 2/15/25 1,000 74.91 36,625,000 13.46% 3.14% 10.66% 1.18% N/A

iHeartCommunications Inc Consumer

Services 45174HAA5 9.000 9/15/22 1,000 71.01 18,695,000 18.08% 3.10% -2.89% -4.87% -2.81%

Nabors Inds Inc Energy 62957HAA3 0.750 1/15/24 575 79.19 21,960,000 4.59% 3.09% 5.51% -1.01% N/A

CENOVUS ENERGY INC Energy 15135UAF6 6.750 11/15/39 1,400 114.16 18,451,000 5.62% 3.08% 6.13% 8.37% 7.06%

MEG Energy Corp Energy 552704AB4 6.375 1/30/23 800 86.91 15,484,000 9.56% 3.05% 9.32% 11.55% 15.64%

SM Energy Co Energy 78454LAL4 5.625 6/1/25 500 94.38 14,032,000 6.57% 2.86% 3.34% 4.52% 0.59%

Noble Hldg Intl Ltd Energy 65504LAL1 8.700 4/1/45 400 81.38 10,464,000 10.83% 2.81% 13.81% 12.82% 15.34%

Pride Intl LLC Energy 74153QAJ1 7.875 8/15/40 300 83.17 28,615,000 9.72% 2.76% 8.19% -1.72% 13.73%

*Top 20 movers only include bonds with one-week cumulative trading volumes higher than USD 10m and a price of more than 10 cents on the dollar.

The list identifies bond trading levels that Increased the most during the past week

25 September 2017

Momentum Monitor

BONDS WITH UNUSUAL VOLUME AND LARGE PRICE CHANGES*

Company Name Sector Cusip Coupon (%) Maturity Outstanding

Amount (m)

Price

1 Week Cumulative

Trading Volume

YTM 1W %Δ

(Sorted by)

4W %Δ

12W %Δ

52W %Δ

1 wk vol/ 52-wks ave.

vol

Meritor Inc Consumer

Goods 59001KAC4 7.875 3/1/26 140 232.00 24,000,000 N/A 12.15% 28.35% 37.18% 72.17% 1,053.93%

Aerojet Rocketdyne Hldgs Inc

Industrials 007800AA3 2.250 12/15/23 300 145.06 25,548,000 N/A 15.19% 16.49% 37.66% N/A 254.37%

COBALT INTL ENERGY INC Energy 19075FAB2 3.125 5/15/24 787 16.50 12,700,000 N/A -23.26% -35.29% -18.52% -57.42% 212.72%

COBALT INTL ENERGY INC Energy 19075FAA4 2.625 12/1/19 619 19.50 13,245,000 N/A -18.75% -37.10% -21.21% -57.32% 143.91%

*The bonds on the list have minimum +/-10% price changes, minimum 100% of one-week volume/52-week average volume, with a price over 10 cents on the dollar and minimum one-week cumulative trading

volume of 10 million.

The list identifies bonds in which trading activity over the past week indicates burgeoning momentum. Our criteria ropes in bonds that traded with volumes that were above their 52-week averages. Further, price movement for the week needs to be at least a +/-10% one-week difference.

25 September 2017

Momentum Monitor

*The list includes bonds in the Debtwire universe that showed a 52-week price decrease, but 12-, four- and one-week price increases.

This list identifies bonds that increased consistently in recent weeks, despite experiencing an overall price decrease over the past 52 weeks, indicating reversals in the bonds’ long-term price trend.

BONDS WITH REVERSING NEGATIVE TREND*

Company Name Sector Cusip Coupon (%) Maturity Outstanding

amount (m)

Price

1 Week Cumulative

Trading Volume

YTM 1W %Δ

4W %Δ

12W %Δ

52W %Δ

CA RES CORP Energy 13057QAD9 5.500 9/15/21 149 51.10 968,000 25.95% 8.29% 11.09% 2.20% -1.49%

Bristow Group Inc Energy 110394AE3 6.250 10/15/22 402 67.88 18,847,000 15.69% 6.68% 7.08% 5.64% -9.05%

TRU TAJ LLC Financials 87266LAA7 12.000 8/15/21 583 94.63 104,354,000 13.82% 6.17% 0.02% 1.61% -5.88%

Hornbeck Offshore Svcs Inc Industrials 440543AL0 5.875 4/1/20 375 62.61 1,766,000 27.42% 5.78% 7.71% 8.17% -0.92%

Jones Energy Hldgs LLC Energy 48019TAB0 6.750 4/1/22 430 77.63 25,422,000 13.53% 5.43% 7.74% 9.62% -8.41%

DRILL RIGS HLDGS INC Energy 262049AA7 6.500 10/1/17 460 29.63 2,000,000 0.00% 5.33% 23.44% 3.49% -8.93%

AIR MED MERGER SUB CORP Industrials 00913CAA7 6.375 5/15/23 370 95.25 910,000 7.42% 3.41% 1.06% 0.04% -1.80%

CF Inds Inc Basic Materials 12527GAF0 5.150 3/15/34 750 99.42 9,110,000 5.20% 2.58% 6.19% 6.85% -1.72%

CF Inds Inc Basic Materials 12527GAD5 4.950 6/1/43 750 91.32 8,276,000 5.59% 2.58% 4.93% 5.58% -2.41%

SM Energy Co Energy 78454LAN0 6.750 9/15/26 500 98.88 4,170,000 6.92% 2.44% 3.11% 3.36% -1.85%

Claire s Stores Inc Consumer

Services 179584AM9 9.000 3/15/19 1,125 57.48 31,850,000 54.70% 2.41% 13.73% 13.18% -1.27%

HEXION INC Basic Materials 099599AH5 9.200 3/15/21 74 59.70 45,000 28.12% 2.05% 3.30% 1.19% -8.85%

CF Inds Inc Basic Materials 12527GAE3 5.375 3/15/44 750 95.00 2,364,000 5.74% 1.92% 4.16% 5.57% -2.93%

SM Energy Co Energy 78454LAK6 6.125 11/15/22 562 99.63 4,965,000 6.21% 1.75% 4.27% 4.44% -0.25%

Claire s Stores Inc Consumer

Services 179584AP2 6.125 3/15/20 210 53.97 8,050,000 35.68% 1.35% 17.96% 16.00% -1.43%

Macy s Retail Hldgs Inc Consumer

Services 55616XAJ6 4.300 2/15/43 250 80.99 3,327,000 5.73% 1.18% 0.84% 4.60% -3.89%

Reynolds Amern Inc Consumer

Goods 761713AZ9 6.150 9/15/43 550 126.02 26,755,000 4.45% 1.14% 0.92% 0.00% -4.89%

Macy s Retail Hldgs Inc Consumer

Services 55616XAB3 6.790 7/15/27 250 107.90 7,906,000 5.72% 1.09% 0.02% 1.18% -3.97%

Nine West Hldgs Inc Consumer

Goods 48020UAA6 6.875 3/15/19 28 16.17 888,000 198.18% 1.04% 3.19% 7.78% -7.62%

SM Energy Co Energy 78454LAD2 6.500 11/15/21 349 100.63 1,355,000 6.32% 1.01% 2.74% 2.55% -0.68%

25 September 2017

Momentum Monitor

*The list includes bonds in the Debtwire universe that showed a 52-week price decrease, but 12-, four- and one-week price increases.

This list identifies bonds that increased consistently in recent weeks, despite experiencing an overall price decrease over the past 52 weeks, indicating reversals in the bonds’ long-term price trend.

BONDS WITH REVERSING NEGATIVE TREND*

Company Name Sector Cusip Coupon (%) Maturity Outstanding

amount (m)

Price

1 Week Cumulative

Trading Volume

YTM 1W %Δ

4W %Δ

12W %Δ

52W %Δ

BIOSCRIP INC Healthcare 09069NAF5 8.875 2/15/21 200 92.23 1,203,000 11.71% 0.90% 1.49% 2.05% -1.22%

MCGRAWHILL GLOB ED HLDGS LLC

Consumer Services

580638AC8 7.875 5/15/24 400 97.75 7,141,000 8.32% 0.90% 1.87% 0.51% -9.19%

Gulfport Energy Corp Energy 402635AE6 6.625 5/1/23 350 101.87 4,188,000 6.22% 0.86% 1.60% 0.98% -0.74%

Subn Propane Partners LP Utilities 864486AJ4 5.750 3/1/25 250 99.75 2,124,000 5.79% 0.83% 0.92% 0.20% -1.58%

Nabors Inds Inc Energy 629568BB1 5.100 9/15/23 349 95.78 9,166,000 5.95% 0.83% 2.98% 1.94% -0.64%

QEP RES INC Energy 74733VAC4 5.250 5/1/23 650 97.56 17,961,250 5.76% 0.71% 2.30% 2.53% -0.70%

Rite Aid Corp Consumer

Services 767754CG7 6.750 6/15/21 810 104.12 47,263,000 5.51% 0.66% 0.72% 0.99% -1.54%

OWENS & MINOR INC Healthcare 690732AD4 3.875 9/15/21 275 103.19 515,000 3.01% 0.65% 0.50% 1.04% -0.25%

Qwest Corp Telecommunica

tions Services 912920AG0 7.125 11/15/43 250 99.60 3,053,000 7.16% 0.61% 0.53% 0.45% -0.69%

Sunoco Logistics Partners Operations LP

Energy 86765BAQ2 5.350 5/15/45 800 99.86 8,080,000 5.36% 0.60% 0.17% 0.68% -0.47%

Orbital ATK Inc Industrials 68557NAA1 5.250 10/1/21 300 103.56 9,753,000 4.27% 0.59% 0.46% 0.26% -0.62%

VRX Escrow Corp Healthcare 91831AAC5 6.125 4/15/25 3,250 85.88 18,350,000 8.72% 0.59% 1.70% 1.10% -0.65%

Covanta Hldg Corp Industrials 22282EAF9 5.875 3/1/24 400 100.31 4,056,000 5.82% 0.53% 0.19% 2.23% -1.00%

Sunoco Logistics Partners Operations LP

Energy 86765BAS8 5.950 12/1/25 400 113.49 2,175,000 4.00% 0.48% 0.64% 0.82% -1.58%

Macy s Retail Hldgs Inc Consumer

Services 55616XAG2 5.125 1/15/42 250 90.02 5,089,000 5.90% 0.44% 1.01% 4.58% -4.43%

Discovery Comms LLC Consumer

Services 25470DAF6 3.300 5/15/22 500 101.84 6,780,000 2.87% 0.44% 0.60% 1.30% -0.65%

HORIZON PHARMA INVT LTD

Healthcare 44052TAB7 2.500 3/15/22 400 90.14 3,366,000 0.00% 0.43% 0.72% 4.36% -9.27%

Calpine Corp Utilities 131347CK0 5.250 6/1/26 625 99.81 6,622,000 5.28% 0.41% 1.59% 1.28% -1.89%

Mednax Inc Healthcare 58502BAA4 5.250 12/1/23 750 104.63 8,101,000 4.39% 0.41% 1.21% 1.21% -0.48%

Univision Comms Inc Consumer

Services 914906AS1 5.125 2/15/25 1,479 100.94 14,794,000 4.97% 0.37% 0.62% 1.76% -0.58%

25 September 2017

Momentum Monitor

*The list includes bonds in the Debtwire universe that showed a 52-week price decrease, but 12-, four- and one-week price increases.

This list identifies bonds that increased consistently in recent weeks, despite experiencing an overall price decrease over the past 52 weeks, indicating reversals in the bonds’ long-term price trend.

BONDS WITH REVERSING NEGATIVE TREND*

Company Name Sector Cusip Coupon (%) Maturity Outstanding

amount (m)

Price

1 Week Cumulative

Trading Volume

YTM 1W %Δ

4W %Δ

12W %Δ

52W %Δ

Kraft Heinz Foods Co Consumer

Goods 42307TAG3 6.750 3/15/32 437 128.13 19,334,000 4.15% 0.37% 0.41% 1.63% -2.28%

Macy s Retail Hldgs Inc Consumer

Services 55616XAL1 3.625 6/1/24 500 96.21 6,414,000 4.28% 0.36% 1.43% 4.51% -4.94%

PulteGroup Inc Consumer

Goods 745867AV3 4.250 3/1/21 700 104.48 2,762,000 2.87% 0.36% 0.90% 0.07% -0.45%

Amerigas Partners LP Utilities 030981AH7 5.625 5/20/24 675 105.11 2,732,000 4.72% 0.34% 0.95% 1.53% -1.14%

ENERGY TRANSFER LP Energy 29273RAX7 4.150 10/1/20 1,050 104.48 2,508,000 2.51% 0.34% 0.10% 0.51% -0.18%

CF Inds Inc Basic Materials 12527GAB9 7.125 5/1/20 800 111.21 4,941,000 2.63% 0.32% 0.87% 0.59% -3.50%

Hess Corp Energy 42809HAG2 4.300 4/1/27 1,000 99.04 16,484,000 4.42% 0.31% 1.38% 1.26% -1.08%

1011778 BC UNLIMITED LIABILITY CO

Consumer Services

68245XAB5 4.625 1/15/22 1,250 102.63 6,776,000 3.95% 0.31% 0.18% 0.06% -1.20%

Ferrellgas Partners L P Utilities 315295AE5 8.625 6/15/20 182 95.79 2,169,000 10.43% 0.30% 7.25% 1.01% -3.86%

ArcelorMittal Basic Materials 03938LAU8 6.000 3/1/21 756 109.98 2,921,000 2.92% 0.28% 0.45% 1.59% -0.39%

PDC Energy Inc Energy 69327RAC5 7.750 10/15/22 500 104.46 3,655,000 6.69% 0.26% 0.37% 0.16% -2.26%

Spirit AeroSystems Inc Industrials 85205TAF7 5.250 3/15/22 300 104.41 340,000 4.16% 0.26% 0.30% 0.19% -0.85%

Macy s Retail Hldgs Inc Consumer

Services 55616XAM9 4.500 12/15/34 550 87.08 13,683,000 5.69% 0.25% 0.60% 4.15% -6.69%

Tempur Sealy Intl Inc Consumer

Goods 88023UAD3 5.625 10/15/23 449 105.36 9,251,000 4.60% 0.24% 1.07% 1.31% -0.67%

Radian Gp Inc Financials 750236AR2 5.500 6/1/19 300 105.75 16,000 2.00% 0.24% 0.71% 0.36% -0.24%

ZF North America Cap Inc Industrials 98877DAB1 4.500 4/29/22 1,000 105.54 8,515,000 3.19% 0.23% 0.51% 0.20% -0.43%

CommScope Inc Technology 203372AM9 5.500 6/15/24 650 105.06 4,185,000 4.61% 0.21% 1.22% 0.75% -0.41%

Regency Energy Partners LP Energy 75886AAK4 5.750 9/1/20 400 108.66 60,000 2.66% 0.20% 0.05% 0.26% -0.45%

GTE FL Inc Telecommunica

tions Services 362333AH9 6.860 2/1/28 300 81.57 3,262,000 9.72% 0.18% 2.16% 4.19% -16.25%

Kinder Morgan Engy Partners L P

Energy 494550BT2 3.500 3/1/21 750 102.62 11,471,000 2.66% 0.16% 0.02% 1.03% -0.64%

25 September 2017

Momentum Monitor

*The list includes bonds in the Debtwire universe that showed a 52-week price decrease, but 12-, four- and one-week price increases.

This list identifies bonds that increased consistently in recent weeks, despite experiencing an overall price decrease over the past 52 weeks, indicating reversals in the bonds’ long-term price trend.

BONDS WITH REVERSING NEGATIVE TREND*

Company Name Sector Cusip Coupon (%) Maturity Outstanding

amount (m)

Price

1 Week Cumulative

Trading Volume

YTM 1W %Δ

4W %Δ

12W %Δ

52W %Δ

Gen Mtrs Finl Co Inc Financials 37045XAY2 3.200 7/13/20 1,500 102.07 44,064,000 2.41% 0.15% 0.03% 0.10% -0.23%

Graphic Packaging Intl Inc Industrials 38869PAK0 4.750 4/15/21 425 105.85 1,750,000 3.00% 0.15% 0.45% 0.22% -1.76%

Macy s Retail Hldgs Inc Consumer

Services 55616XAK3 4.375 9/1/23 400 100.85 5,065,000 4.21% 0.14% 0.36% 2.46% -5.17%

LKQ Corp Consumer

Goods 501889AB5 4.750 5/15/23 600 102.83 3,807,000 4.18% 0.14% 0.23% 0.48% -0.23%

Amerigas Partners LP Utilities 030981AJ3 5.875 8/20/26 675 103.52 1,364,000 5.37% 0.14% 1.43% 0.75% -2.77%

Gen Mtrs Finl Co Inc Financials 37045XBF2 4.200 3/1/21 1,500 105.05 10,118,000 2.61% 0.13% 0.06% 0.23% -0.99%

Calpine Corp Utilities 131347CC8 5.875 1/15/24 490 103.59 7,551,000 5.20% 0.13% 1.13% 0.13% -2.16%

Sonic Automotive Inc Consumer

Services 83545GAX0 5.000 5/15/23 300 97.91 864,000 5.43% 0.12% 0.15% 2.40% -1.72%

STERIGENICSNORDION HLDGS LLC

Industrials 85917DAA2 6.500 5/15/23 450 104.25 920,000 5.61% 0.12% 0.56% 1.09% -0.52%

CROWNROCK LP Energy 228701AE8 7.750 2/15/23 350 106.77 2,213,000 6.25% 0.11% 0.52% 0.73% -0.04%

Gen Mtrs Finl Co Inc Financials 37045XBM7 3.200 7/6/21 2,000 101.54 17,737,000 2.76% 0.11% 0.02% 0.27% -0.05%

Aleris Intl Inc Basic Materials 014477AQ6 7.875 11/1/20 440 99.36 2,292,000 8.11% 0.11% 0.89% 5.28% -2.23%

Rent A Ctr Inc Consumer

Services 76009NAH3 6.625 11/15/20 293 95.00 8,499,000 8.47% 0.10% 1.72% 1.12% -0.65%

Sally Hldgs LLC Consumer

Services 79546VAK2 5.500 11/1/23 200 102.32 343,000 5.05% 0.09% 0.44% 0.32% -3.41%

Gen Mtrs Finl Co Inc Financials 37045XAZ9 4.300 7/13/25 800 103.43 21,088,000 3.77% 0.09% 0.50% 1.22% -0.24%

Vista Outdoor Inc Consumer

Goods 928377AB6 5.875 10/1/23 350 103.19 5,689,000 5.25% 0.06% 0.77% 0.30% -1.90%

Calpine Corp Utilities 131347CA2 6.000 1/15/22 750 103.50 9,000,000 5.08% 0.06% 0.24% 0.06% -1.55%

Warner Music Group Inc Consumer

Services 92933BAF1 5.625 4/15/22 248 104.30 2,000,000 4.57% 0.06% 0.05% 0.12% -0.01%

Gen Mtrs Finl Co Inc Financials 37045XBJ4 2.400 5/9/19 1,400 100.49 4,920,000 2.09% 0.06% 0.03% 0.39% -0.04%

TEGNA Inc Consumer

Services 364725BE0 6.375 10/15/23 650 106.55 5,428,000 5.10% 0.06% 0.38% 0.65% -0.88%

25 September 2017

Momentum Monitor

*The list includes bonds in the Debtwire universe that showed a 52-week price decrease, but 12-, four- and one-week price increases.

This list identifies bonds that increased consistently in recent weeks, despite experiencing an overall price decrease over the past 52 weeks, indicating reversals in the bonds’ long-term price trend.

BONDS WITH REVERSING NEGATIVE TREND*

Company Name Sector Cusip Coupon (%) Maturity Outstanding

amount (m)

Price

1 Week Cumulative

Trading Volume

YTM 1W %Δ

4W %Δ

12W %Δ

52W %Δ

Arconic Inc Basic Materials 013817AU5 6.150 8/15/20 1,000 109.68 7,831,000 2.64% 0.05% 0.37% 1.45% -0.18%

Clean Hbrs Inc Industrials 184496AJ6 5.250 8/1/20 400 101.72 1,252,000 4.60% 0.03% 0.15% 0.21% -1.17%

WOLVERINE WORLD WIDE INC

Consumer Goods

978097AD5 5.000 9/1/26 250 99.81 450,000 5.03% 0.03% 0.15% 0.95% -0.28%

Speedway Motorsports Inc Consumer

Services 847788AT3 5.125 2/1/23 200 102.83 268,000 4.52% 0.02% 0.47% 0.60% -0.11%

Clear Channel Worldwide Hldgs Inc

Consumer Services

18451QAM0 6.500 11/15/22 1,989 103.45 11,718,000 5.71% 0.01% 0.56% 0.73% -0.91%

Sunoco Logistics Partners Operations LP

Energy 86765BAN9 4.250 4/1/24 500 103.17 5,897,000 3.70% 0.01% 0.08% 0.66% -0.76%

DDR Corp Financials 23317HAA0 4.625 7/15/22 450 106.27 6,770,000 3.21% 0.00% 0.22% 1.39% -2.45%

25 September 2017

Momentum Monitor

*The list includes bonds in the Debtwire universe that showed a 52-week price increase, but 12-, four- and one-week price decreases.

This list identifies bonds that decreased consistently in recent weeks, despite experiencing an overall price increase over the past 52 weeks, indicating reversals in the bonds’ long-term price trend.

BONDS WITH REVERSING POSITIVE TREND*

Company Name Sector Cusip Coupon (%) Maturity Outstanding

amount (m)

Price

1 Week Cumulative

Trading Volume

YTM 1W %Δ

4W %Δ

12W %Δ

52W %Δ

CHS Cmnty Health Sys Inc Healthcare 12543DAQ3 7.125 7/15/20 1,200 91.77 29,324,000. 10.58% -2.63% -2.11% -5.79% 0.33%

Tenet Healthcare Corp Healthcare 88033GAV2 6.875 11/15/31 430 88.25 2,870,000. 8.30% -2.58% -3.11% -4.34% 7.47%

Nine West Hldgs Inc Consumer

Goods 65442LAA0 8.250 3/15/19 367 18.15 1,000,000. 186.46% -2.24% -6.94% -27.42% 5.86%

HEXION INC Basic Materials 428302AA1 6.625 4/15/20 1,550 89.13 18,336,000. 11.67% -2.06% -2.30% -2.79% 2.08%

Eletson Hldgs Inc Industrials 28620QAA1 9.625 1/15/22 300 80.36 1,050,000. 16.11% -1.46% -2.55% -3.20% 11.03%

OPE KAG FIN SUB INC Industrials 67109EAA6 7.875 7/31/23 405 101.56 11,410,000. 7.54% -1.30% -2.23% -3.33% 6.91%

ASTON ESCROW CORP Industrials 04624RAA6 9.500 8/15/21 440 66.25 1,000,000. 23.11% -1.12% -1.49% -3.32% 35.38%

SABINE PASS LIQUEFACTION LLC

Energy 785592AH9 6.250 3/15/22 995 112.19 30,765,000. 3.29% -0.88% -1.06% -1.43% 2.57%

BOMBARDIER INC. Industrials 097751BJ9 6.000 10/15/22 1,200 100.06 18,114,000. 5.98% -0.82% -1.90% -0.23% 13.38%

KerrMcGee Corp Energy 492386AK3 7.125 10/15/27 150 115.28 260,000. 5.16% -0.77% -1.08% -2.11% 1.96%

Clear Channel Worldwide Hldgs Inc

Consumer Services

18451QAG3 7.625 3/15/20 275 98.38 1,745,000. 8.36% -0.76% -0.51% -0.76% 1.94%

CHS Cmnty Health Sys Inc Healthcare 12543DAL4 8.000 11/15/19 1,925 98.38 10,118,000. 8.84% -0.70% -0.84% -2.54% 2.14%

j2 Glob Inc Technology 48123VAC6 3.250 6/15/29 403 122.44 6,200,000. N/A -0.66% -0.32% -10.25% 4.17%

Masco Corp Consumer

Goods 574599AT3 7.750 8/1/29 235 134.01 115,000. 4.10% -0.62% -0.35% -0.31% 11.56%

KB HOME Consumer

Goods 48666KAS8 1.375 2/1/19 230 101.44 47,000. N/A -0.55% -2.35% -4.87% 4.98%

REGIONALCARE HOSP PARTNERS HLDGS INC

Healthcare 75915QAC2 8.250 5/1/23 800 105.72 10,225,000. 7.00% -0.54% -0.15% -2.03% 3.27%

Tenet Healthcare Corp Healthcare 88033GCE8 8.125 4/1/22 2,799 102.33 51,106,000. 7.51% -0.53% -2.66% -3.86% 1.89%

NOVELIS CORP Basic Materials 670001AC0 5.875 9/30/26 1,500 101.46 22,679,000. 5.66% -0.53% -1.79% -1.79% 0.46%

Tenet Healthcare Corp Healthcare 88033GCN8 6.750 6/15/23 1,898 96.38 41,144,000. 7.54% -0.52% -2.19% -3.56% 3.40%

NuStar Logistics LP Energy 67059TAD7 6.750 2/1/21 300 108.56 4,799,000. 3.99% -0.48% -0.63% -0.76% 0.75%

25 September 2017

Momentum Monitor

*The list includes bonds in the Debtwire universe that showed a 52-week price increase, but 12-, four- and one-week price decreases.

This list identifies bonds that decreased consistently in recent weeks, despite experiencing an overall price increase over the past 52 weeks, indicating reversals in the bonds’ long-term price trend.

BONDS WITH REVERSING POSITIVE TREND*

Company Name Sector Cusip Coupon (%) Maturity Outstanding

amount (m)

Price

1 Week Cumulative

Trading Volume

YTM 1W %Δ

4W %Δ

12W %Δ

52W %Δ

Infor Software Parent LLC Technology 45672WAA9 7.125 5/1/21 750 102.03 6,222,000. 6.48% -0.47% -0.05% -1.18% 5.12%

Taylor Morrison Cmntys Inc Consumer

Goods 877249AD4 5.625 3/1/24 350 104.38 2,088,000. 4.82% -0.44% -1.61% -0.60% 1.40%

Urban One Inc Consumer

Services 75040PAQ1 9.250 2/15/20 335 95.33 1,959,000. 11.53% -0.44% -1.78% -1.59% 1.38%

Seagate HDD Cayman Technology 81180WAH4 4.750 6/1/23 990 100.69 20,102,000. 4.61% -0.43% -0.06% -3.30% 2.61%

Anadarko Hldg Co Energy 907834AG0 7.150 5/15/28 235 116.45 80,000. 5.12% -0.42% -2.39% -1.52% 1.77%

TMX FIN LLC Financials 87261NAG5 8.500 9/15/18 665 92.86 5,848,000. 16.77% -0.41% -0.52% -2.50% 21.00%

24 HOUR HLDGS III LLC Consumer

Services 90132BAA5 8.000 6/1/22 500 93.00 2,250,000. 9.90% -0.40% -0.40% -0.13% 13.07%

KRATON Polymers LLC Basic Materials 50077DAC8 10.500 4/15/23 440 115.06 1,380,000. 7.16% -0.35% -0.56% -1.13% 2.94%

Tenet Healthcare Corp Healthcare 88033GBW9 6.750 2/1/20 300 103.95 5,015,000. 4.94% -0.35% -0.35% -0.44% 4.98%

CHS Cmnty Health Sys Inc Healthcare 12543DAU4 5.125 8/1/21 1,000 99.63 11,502,000. 5.23% -0.33% -0.21% -1.93% 2.71%

Mattamy Group Corp Consumer

Goods 57701RAA0 6.500 11/15/20 450 102.00 6,490,000. 5.79% -0.30% -0.18% -0.66% 2.38%

Eldorado Resorts Inc Consumer

Services 28470RAC6 7.000 8/1/23 375 107.88 4,911,000. 5.41% -0.28% -0.56% -0.43% 0.94%

R R Donnelley & Sons Co Industrials 257867AW1 7.625 6/15/20 238 108.38 183,000. 4.32% -0.27% -0.65% -3.02% 0.02%

Seagate HDD Cayman Technology 81180WAR2 4.875 6/1/27 700 94.13 22,762,000. 5.67% -0.26% -0.20% -6.05% 7.11%

CEC ENTMT INC Consumer

Services 125137AB5 8.000 2/15/22 255 104.44 106,000. 6.81% -0.26% -0.19% -0.06% 4.35%

Komatsu Mng Corp Industrials 481165AJ7 5.125 10/15/21 500 110.63 392,000. 2.36% -0.26% -0.21% -0.71% 1.38%

SABINE PASS LIQUEFACTION LLC

Energy 785592AE6 5.625 2/1/21 1,992 108.24 38,340,000. 3.02% -0.25% -0.32% -0.76% 1.75%

Live Nation Entmt Inc Consumer

Services 538034AG4 5.375 6/15/22 250 103.94 3,248,000. 4.44% -0.25% -0.18% -0.16% 0.19%

Centy Alum Co Basic Materials 156431AK4 7.500 6/1/21 250 102.75 9,020,000. 6.64% -0.24% -0.05% -0.20% 11.53%

AerCap Ireland Cap Ltd Industrials 00772BAR2 3.950 2/1/22 1,000 104.12 3,630,000. 2.91% -0.22% -0.20% -0.19% 1.74%

25 September 2017

Momentum Monitor

*The list includes bonds in the Debtwire universe that showed a 52-week price increase, but 12-, four- and one-week price decreases.

This list identifies bonds that decreased consistently in recent weeks, despite experiencing an overall price increase over the past 52 weeks, indicating reversals in the bonds’ long-term price trend.

BONDS WITH REVERSING POSITIVE TREND*

Company Name Sector Cusip Coupon (%) Maturity Outstanding

amount (m)

Price

1 Week Cumulative

Trading Volume

YTM 1W %Δ

4W %Δ

12W %Δ

52W %Δ

FLY LEASING LTD Industrials 34407DAA7 6.750 12/15/20 375 104.44 2,570,000. 5.23% -0.22% -0.26% -0.29% 1.23%

Teck Res Ltd Energy 878742AX3 2.500 2/1/18 22 99.91 60,000. 2.76% -0.22% -0.22% -0.30% 3.95%

Scientific Games Intl Inc Consumer

Services 80874YAR1 7.000 1/1/22 2,100 106.16 14,003,000. 5.36% -0.20% -0.15% -0.44% 0.33%

Griffon Corp Consumer

Goods 398433AH5 5.250 3/1/22 725 102.12 3,890,000. 4.71% -0.19% -0.25% -0.07% 1.23%

P H Glatfelter Co Basic Materials 377316AM6 5.375 10/15/20 250 101.54 1,700,000. 4.83% -0.19% -0.44% -0.83% 0.04%

Taylor Morrison Cmntys Inc Consumer

Goods 87724LAA3 5.875 4/15/23 350 106.05 1,360,000. 4.63% -0.19% -0.77% -0.66% 1.10%

Permian Res LLC Energy 02563LAD0 8.000 6/15/20 295 101.97 3,180,000. 7.18% -0.17% -0.58% -0.28% 1.84%

Compass Minerals Intl Inc Basic Materials 20451NAE1 4.875 7/15/24 250 98.50 1,000,000. 5.14% -0.16% -0.17% -0.67% 4.10%

DCP MIDSTREAM OPERATING LP

Energy 23311VAC1 2.500 12/1/17 500 100.01 240,000. 2.43% -0.16% -0.16% -0.06% 0.26%

Rain CII Carbon LLC Basic Materials 75079QAA8 8.250 1/15/21 386 103.79 4,000,000. 6.94% -0.16% -0.44% -0.61% 7.27%

K Hovnanian Entpers Inc Consumer

Goods 442488BW1 8.000 11/1/19 236 100.61 1,000,000. 7.67% -0.14% -0.88% -0.94% 64.26%

Reynolds Group Issuer Basic Materials 761735AR0 0.000 7/15/21 750 101.98 5,300,000. N/A -0.14% -0.20% -0.12% 0.08%

Westn Refng Logistics LP Energy 95931TAB6 7.500 2/15/23 300 107.44 3,075,000. 5.87% -0.14% -0.20% -0.64% 4.56%

Ally Finl Inc Financials 02005NBE9 3.250 11/5/18 750 100.83 1,479,000. 2.48% -0.13% -0.13% -0.50% 0.09%

JOSEPH T RYERSON SON INC

Basic Materials 48088LAA5 11.000 5/15/22 650 112.60 2,386,000. 7.71% -0.13% -0.79% -0.64% 2.02%

Hecla Mng Co Basic Materials 422704AD8 6.875 5/1/21 506 103.63 402,000. 5.74% -0.13% -0.05% -0.36% 2.95%

Transocean Inc Energy 893830AS8 6.000 3/15/18 319 101.87 3,675,000. 1.98% -0.13% -0.15% -0.56% 1.80%

Enbridge Engy Partners LP Energy 29250RAK2 8.050 10/1/67 400 99.50 1,552,000. 42.60% -0.13% -0.43% -0.38% 12.27%

AerCap Ireland Cap Ltd Industrials 00772BAM3 5.000 10/1/21 800 107.78 3,743,000. 2.93% -0.12% -0.32% -0.48% 1.09%

K Hovnanian Entpers Inc Consumer

Goods 442488BU5 5.000 11/1/21 142 90.54 40,000. 7.74% -0.12% -0.23% -3.61% 21.94%

25 September 2017

Momentum Monitor

*The list includes bonds in the Debtwire universe that showed a 52-week price increase, but 12-, four- and one-week price decreases.

This list identifies bonds that decreased consistently in recent weeks, despite experiencing an overall price increase over the past 52 weeks, indicating reversals in the bonds’ long-term price trend.

BONDS WITH REVERSING POSITIVE TREND*

Company Name Sector Cusip Coupon (%) Maturity Outstanding

amount (m)

Price

1 Week Cumulative

Trading Volume

YTM 1W %Δ

4W %Δ

12W %Δ

52W %Δ

Owens Corning Industrials 690742AB7 7.000 12/1/36 410 130.69 1,177,000. 4.58% -0.11% -0.43% -2.16% 2.79%

GEO GROUP IN Financials 36159RAK9 5.875 1/15/22 250 104.01 30,000. 4.83% -0.11% -0.05% -0.09% 9.91%

WATERJET HLDGS INC Industrials 94155UAA7 7.625 2/1/20 225 103.47 125,000. 6.01% -0.11% -0.18% -0.55% 1.16%

SABINE PASS LIQUEFACTION LLC

Energy 785592AD8 5.625 4/15/23 1,468 110.81 53,495,000. 3.38% -0.10% -0.27% -0.83% 3.55%

QORVO INC Technology 74736KAB7 6.750 12/1/23 450 109.13 7,965,000. 5.01% -0.08% -0.17% -0.68% 1.00%

AerCap Ireland Cap Ltd Industrials 00772BAF8 4.500 5/15/21 1,100 105.91 15,255,000. 2.78% -0.08% -0.23% -0.18% 1.27%

DPL Inc Utilities 233293AN9 6.750 10/1/19 200 104.98 50,000. 4.15% -0.08% -0.02% -0.13% 0.82%

INTL LEASE FIN CORP Industrials 459745GN9 5.875 8/15/22 750 112.65 4,208,000. 3.07% -0.08% -0.41% -0.34% 1.72%

HCA HLDGS INC Healthcare 40412CAC5 6.250 2/15/21 1,000 107.81 6,375,000. 3.77% -0.08% -0.14% -1.51% 0.47%

Alere Inc. Healthcare 01449JAL9 6.500 6/15/20 425 101.73 1,190,000. 5.80% -0.08% -0.04% -0.07% 1.61%

IRON MTN US HLDGS INC Industrials 46289RAA3 5.375 6/1/26 250 105.14 832,000. 4.65% -0.07% -0.40% -0.39% 4.23%

Air Cda Industrials 008911AZ2 7.750 4/15/21 400 114.00 4,050,000. 3.52% -0.07% -0.44% -0.69% 5.40%

Svc Corp Intl Consumer

Services 817565BU7 8.000 11/15/21 150 118.45 930,000. 3.20% -0.06% 0.00% -0.38% 0.29%

Platform Specialty Prods Corp Basic Materials 72766QAC9 10.375 5/1/21 500 109.50 1,076,000. 7.32% -0.06% -0.21% -1.13% 1.88%

CIT Gp Inc Financials 125581GN2 5.375 5/15/20 750 107.44 7,269,000. 2.44% -0.06% -0.06% -0.31% 0.32%

AerCap Ireland Cap Ltd Industrials 00772BAD3 3.750 5/15/19 1,100 102.44 7,513,000. 2.22% -0.05% -0.19% -0.29% 0.38%

NCR Corp Technology 62886EAS7 6.375 12/15/23 700 106.86 567,000. 5.07% -0.05% -0.09% -0.42% 0.45%

DISH DBS Corp Consumer

Services 25470XAJ4 5.875 7/15/22 1,998 106.83 11,247,000. 4.29% -0.05% -0.48% -0.74% 4.35%

Teck Res Ltd Energy 878742BC8 8.500 6/1/24 600 115.41 2,570,000. 5.69% -0.04% 0.00% -0.19% 0.96%

AK Stl Corp Basic Materials 001546AS9 7.625 10/1/21 406 104.20 1,715,000. 6.42% -0.04% -0.01% -0.16% 8.97%

25 September 2017

Momentum Monitor

*The list includes bonds in the Debtwire universe that showed a 52-week price increase, but 12-, four- and one-week price decreases.

This list identifies bonds that decreased consistently in recent weeks, despite experiencing an overall price increase over the past 52 weeks, indicating reversals in the bonds’ long-term price trend.

BONDS WITH REVERSING POSITIVE TREND*

Company Name Sector Cusip Coupon (%) Maturity Outstanding

amount (m)

Price

1 Week Cumulative

Trading Volume

YTM 1W %Δ

4W %Δ

12W %Δ

52W %Δ

Gen Mtrs Finl Co Inc Financials 37045XAU0 0.000 4/10/18 300 100.55 4,950,000. N/A -0.03% -0.12% -0.47% 0.19%

Icahn Enterprises LP Industrials 451102BB2 4.875 3/15/19 1,275 100.83 1,246,000. 4.28% -0.03% -0.14% -0.29% 0.71%

TerraForm Glob Oper LLC Utilities 88104UAA1 9.750 8/15/22 810 111.09 3,070,000. 7.02% -0.03% -0.14% -1.03% 7.51%

Boxer Parent Co Inc Technology 103186AA0 9.000 10/15/19 750 100.30 600,000. 8.83% -0.02% -0.01% -0.16% 11.44%

APX GROUP INC Industrials 00213MAB0 6.375 12/1/19 269 102.36 1,025,000. 5.21% -0.02% -0.21% -0.67% 0.72%

Ally Finl Inc Financials 02005NAW0 3.750 11/18/19 800 102.23 2,011,000. 2.67% -0.02% -0.24% -0.24% 0.35%

Gen Mtrs Finl Co Inc Financials 37045XAT3 0.000 1/15/20 250 101.85 25,000. N/A -0.01% -0.11% -0.09% 1.58%

Hughes Satellite Syss Corp Consumer

Services 444454AA0 7.625 6/15/21 900 113.49 3,605,000. 3.71% -0.01% -0.21% -0.34% 6.32%

Berry Plastics Corp Industrials 085790BA0 6.000 10/15/22 400 106.06 7,615,000. 4.64% -0.01% -0.13% -0.70% 0.01%

NISKA GAS STORAGE CANADA ULC

Energy 654677AB9 6.500 4/1/19 575 101.63 45,000. 5.37% -0.01% -0.06% -0.58% 2.78%

Cablevision Sys Corp Consumer

Services 12686CBB4 5.875 9/15/22 649 103.73 9,868,000. 5.02% -0.01% -0.74% -0.30% 13.13%

SABRA HEALTH CARE LTD PARTNERSHIP

Healthcare 78572XAD3 5.375 6/1/23 200 103.66 5,150,000. 4.63% -0.01% -0.56% -0.25% 0.77%

Titan International Consumer

Goods 88830MAH5 6.875 10/1/20 400 103.20 3,510,000. 5.70% 0.00% -0.04% -0.65% 9.07%

25 September 2017

Momentum Monitor

TOP 20 BONDS WITH UNUSUAL VOLUME*

Company Name Sector Cusip Coupon (%) Maturity Outstanding

Amount (m)

Price

1 Week Cumulative

Trading Volume

YTM 1W %Δ

(Sorted by)

4W %Δ

12W %Δ

52W %Δ

1 wk vol/ 52-wks ave.

vol

Barrick Gold Corp Basic

Materials 725906AN1 6.450 10/15/35 200 123.88 20,100,000 4.50% -0.63% 1.09% 3.84% 9.16% 2,922.25%

Meritor Inc Consumer

Goods 043353AH4 4.000 2/15/27 181 114.25 28,317,000 N/A 1.74% 8.36% 10.72% 14.32% 1,766.46%

Kraft Heinz Foods Co Consumer

Goods 42307TAG3 6.750 3/15/32 437 128.13 19,334,000 4.15% 0.37% 0.41% 1.63% -2.28% 1,477.94%

ALLEGION PUB LTD CO Industrials 01748TAA9 5.875 9/15/23 300 107.88 42,248,000 4.36% 0.01% 0.42% 0.23% 0.64% 1,260.98%

Meritor Inc Consumer

Goods 59001KAC4 7.875 3/1/26 140 232.00 24,000,000 N/A 12.15% 28.35% 37.18% 72.17% 1,053.93%

Macy s Inc Consumer

Services 577778BH5 6.700 9/15/28 200 105.40 16,763,000 6.02% -0.33% -1.00% 0.15% -5.83% 1,029.06%

SIRIUS INTL GROUP LTD Financials 964152AB8 0.000 12/31/99 250 100.00 4,065,000 N/A 0.00% 0.00% -0.81% -1.48% 1,020.27%

Vishay Intertechnology Inc Technology 928298AL2 2.250 6/1/42 150 166.75 4,000,000 N/A 1.75% 6.38% 7.97% 26.69% 971.96%

WESTROCK MWV LLC Industrials 582834AP2 7.550 3/1/47 150 140.17 8,218,000 4.94% -2.23% -3.80% 3.97% 5.03% 918.84%

Lear Corp Consumer

Goods 521865AV7 5.375 3/15/24 325 107.02 42,310,000 4.13% 0.27% 0.13% 0.49% 0.22% 864.80%

Rite Aid Corp Consumer

Services 767754AJ3 7.700 2/15/27 295 94.84 35,653,000 8.51% -0.30% -2.54% -6.33% -26.43% 768.02%

Pride Intl LLC Energy 74153QAJ1 7.875 8/15/40 300 83.17 28,615,000 9.72% 2.76% 8.19% -1.72% 13.73% 698.05%

Golden Nugget Escrow Inc Consumer

Services 381131AA9 8.500 12/1/21 295 105.44 9,000,000 6.97% -0.11% -0.37% -0.85% -0.11% 673.81%

Amern Axle & Mfg Inc Consumer

Goods 02406PAK6 7.750 11/15/19 200 109.90 10,150,000 2.93% 0.08% -0.01% -0.29% -3.40% 670.37%

ENOGEX LLC Energy 29348QAB8 6.250 3/15/20 250 106.79 2,000,000 3.36% 0.15% -0.27% -0.34% -1.49% 644.96%

PRISO ACQUISITION CORP

Basic Materials

74273XAA0 9.000 5/15/23 275 106.63 1,800,000 7.53% 0.00% 0.20% 0.12% 9.64% 628.19%

SABRA HEALTH CARE LTD PARTNERSHIP

Healthcare 78572XAD3 5.375 6/1/23 200 103.66 5,150,000 4.63% -0.01% -0.56% -0.25% 0.77% 609.99%

CENOVUS ENERGY INC Energy 15135UAK5 5.200 9/15/43 350 96.80 7,621,000 5.43% 0.86% 4.65% 7.75% 8.96% 600.88%

Claire s Stores Inc Consumer

Services 179584AP2 6.125 3/15/20 210 53.97 8,050,000 35.68% 1.35% 17.96% 16.00% -1.43% 599.94%

ADARKO PETROLEUM CORP

Energy 032511AN7 7.200 3/15/29 136 117.51 2,595,000 5.16% -0.44% 0.03% 0.57% 6.27% 598.43%

*Top 20 Bonds with Unusual Volume only includes bonds with outstanding amounts higher than 100 million, one-week cumulative trading volumes higher than one million and a price at over 10 cents on the dollar.

This list identifies bonds that traded at unexpectedly high volumes during the past week compared to previous periods, indicating unusual changes in the bonds’ trading activities.

25 September 2017

Momentum Monitor

DISTRESSED UNIVERSE JOINERS*

Company Name Sector Cusip Coupon (%) Maturity Outstanding

Amount (m)

Last Week Price

This Week Price

1 Week Cumulative

Trading Volume

YTM 1W %Δ

(Sorted by)

4W %Δ

12W %Δ

52W %Δ

Windstream Hldgs Inc Telecommunications

Services 97381WAN4 7.750 10/15/20 700 85.86 79.63 56,616,000 16.51% -7.26% -7.66% -21.11% -22.02%

Comstock Res Inc Energy 205768AM6 7.750 4/1/19 271 80.13 79.75 5,144,000 N/A -0.47% 1.27% -7.27% 7.05%

ARGOS MERGER SUB INC Consumer Services 04021LAA8 7.125 3/15/23 1,900 80.96 78.88 24,222,000 12.58% -2.57% -4.68% -11.69% -25.31%

*Distressed Universe Joiners only includes bonds in which this week’s price is equal to or less than 80 cents on the dollar, and last week’s price is greater than 80 cents on the dollar.

The list identifies bonds that traded into the distressed universe during the last week.

25 September 2017

Momentum Monitor

DISTRESSED UNIVERSE QUITTERS*

Company Name Sector Cusip Coupon (%) Maturity Outstanding

Amount (m)

Last Week Price

This Week Price

1 Week Cumulative

Trading Volume

YTM 1W %Δ

(Sorted by)

4W %Δ

12W %Δ

52W %Δ

Noble Hldg Intl Ltd Energy 65504LAL1 8.700 4/1/45 400 79.15 81.38 10,464,000 10.83% 2.81% 13.81% 12.82% 15.34%

Gibson Brands Inc Consumer Goods 37476RAA5 8.875 8/1/18 375 79.38 80.50 1,060,000 37.74% 1.42% 1.37% -9.96% 4.55%

*Distressed Universe Quitters only includes bonds in which this week’s price is equal to or greater than 80 cents on the dollar, and last week’s price is less than 80 cents on the dollar.

The list identifies bonds that traded out of the distressed universe during the last week.

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Disclaimer

We have obtained the information provided in this report in good faith from sources that we consider to be reliable, but we do not independently verify the information. The information is not intended to provide tax, legal or investment advice. We shall not be liable for any mistakes, errors, inaccuracies or omissions in, or incompleteness of, any information contained in this report. All such liability is excluded to the fullest extent permitted by law. Data has been derived from company reports, press releases, presentations and Debtwire intelligence.