Candid Value believes the QVC Inc. “baby bonds” due 2067 and 2068 provide the largest price appreciation upside with limited downside risk owing to their current air-tight covenants language.

Candid Value estimates that corporate debt at Sunnova Energy Corporation would recover approximately 29.5%, while the convertible notes at Sunnova Energy International Inc. would recover 0% if Sunnova’s customer contracts are discounted at a more realistic rate of 13.5% to 15%, as opposed to the 6% rate utilized by the company.