Fast Food

McDonald’s reported surprisingly strong earnings for the first quarter. An RBC piece last week said the burger giant’s results were driven by better sales in international markets, as well as the addition of value-priced options on its menu.

Bank analysts did not mention Don Gorske. The retired prison guard from Fond du Lac, Wisconsin just consumed his 30,000th Big Mac. He already holds the Guinness record and is committed to trying for 40,000 – a figure he should reach by 2032.

Though his diet consists mostly of the “two all-beef patty, special sauce” entrée, Mr. Gorske told the NY Post recently, “I’m healthy as a horse.” He also can’t remember the last time he had an apple or banana. “Last year I had some corn,” he said.

Nutritional value has also been a theme in the leveraged loan market. As the second quarter reaches its halfway point, large cap issuers are continuing to feast on sell-side friendly terms such as cov-lite, lower spreads, and higher leverage.

On the supply side, the volume of M&A-related financings was up sharply last week. According to S&P LCD institutional activity so far in May is just over $26 billion. That’s compared to almost $33 billion for all of April.