Corporates
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High Yield Corporate Bond Market Summary:
Week Ending 10/28/22
Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.
Forward Calendar
The following are lists of upcoming high-yield corporate bond offerings in the United States
| ISSUER | ISSUE INFORMATION | BROKER DEALER | EXPECTED ISSUE DATE |
| Tenneco Inc. | $3 billion high-yield notes – $2 billion secured notes and $1 billion unsecured notes | N/A | Q4 2022 |
| Viasat Inc. | $1.6 billion senior notes | N/A | Q4 2022 |
Top 10 Winners
Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 10/21/22 – 10/28/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | GRNLGR 6.125 4/22/2023 | 6.13% | 04/22/23 | 62.13% | 37.37 | 23.05 |
| 2 | ECUA 0.5 7/31/2040 REGS | 0.50% | 07/31/40 | 17.41% | 34.40 | 29.30 |
| 3 | LUMN 7.995 6/1/2036 | 8.00% | 06/01/36 | 16.67% | 40.06 | 34.34 |
| 4 | COLOM 3.875 2/15/2061 | 3.88% | 02/15/61 | 14.04% | 51.80 | 45.42 |
| 5 | ARGENT 2 1/9/2038 | 2.00% | 01/09/38 | 13.83% | 26.58 | 23.35 |
| 6 | ANGOL 9.125 11/26/2049 REGS | 9.13% | 11/26/49 | 13.52% | 75.32 | 66.35 |
| 7 | COFP 3.58 2/7/2025 | 3.58% | 02/07/25 | 12.95% | 54.11 | 47.91 |
| 8 | FOSUNI 4.35 5/6/2023 | 4.35% | 05/06/23 | 12.31% | 69.52 | 61.90 |
| 9 | CURO 7.5 8/1/2028 144A | 7.50% | 08/01/28 | 11.85% | 56.47 | 50.49 |
| 10 | IMGCN 5.75 10/15/2028 144A | 5.75% | 10/15/28 | 11.43% | 62.28 | 55.89 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 10/21/22 – 10/28/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | CISN 9.5 2/15/2028 144A | 9.50% | 02/15/28 | -36.60% | 45.68 | 72.05 |
| 2 | TLN 6.5 6/1/2025 | 6.50% | 06/01/25 | -21.24% | 66.28 | 84.16 |
| 3 | SAMMIN 4.125 11/1/2022 | 4.13% | 11/01/22 | -18.30% | 45.79 | 56.05 |
| 4 | GRNCH 5.65 7/13/2025 | 5.65% | 07/13/25 | -16.86% | 56.12 | 67.50 |
| 5 | YLLGSP 5.125 5/20/2026 | 5.13% | 05/20/26 | -15.83% | 50.64 | 60.16 |
| 6 | NATCIN 5.875 4/15/2028 144A | 5.88% | 04/15/28 | -15.05% | 38.98 | 45.89 |
| 7 | GEMDAL 4.95 8/12/2024 | 4.95% | 08/12/24 | -14.22% | 35.12 | 40.94 |
| 8 | LIHHK 4.8 6/18/2026 | 4.80% | 06/18/26 | -13.60% | 59.80 | 69.22 |
| 9 | USRENA 10.625 7/15/2027 144A | 10.63% | 07/15/27 | -12.80% | 39.22 | 44.98 |
| 10 | DALWAN 7.25 1/29/2024 | 7.25% | 01/29/24 | -9.89% | 45.00 | 49.94 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 9/23/22 – 9/30/22
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
Sentiment
Reveals the percent of HY Corps increasing in price (advancers) vs. HY Corps decreasing in price (decliners) between 10/21/22 – 10/28/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 10/21/22 vs. the week ending 10/28/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | CCL 9.875 8/1/2027 144A | 9.88% | 08/01/27 | 232 | 292 | 60 | 26% |
| 2 | OXY 2.7 2/15/2023 | 2.70% | 02/15/23 | 233 | 282 | 49 | 21% |
| 3 | RCL 11.5 6/1/2025 144A | 11.50% | 06/01/25 | 251 | 292 | 41 | 16% |
| 4 | WES 4.65 7/1/2026 | 4.65% | 07/01/26 | 229 | 269 | 40 | 17% |
| 5 | RTLR 5.625 7/15/2025 144A | 5.63% | 07/15/25 | 194 | 232 | 38 | 20% |
| 6 | AMBC FLT 7/6/2026 144A | 8.24% | 07/06/26 | 31 | 67 | 36 | 116% |
| 7 | RCL 11.625 8/15/2027 REGS | 11.63% | 08/15/27 | 183 | 216 | 33 | 18% |
| 8 | XPO 6.25 5/1/2025 144A | 6.25% | 05/01/25 | 224 | 257 | 33 | 15% |
| 9 | WFRD 11 12/1/2024 | 11.00% | 12/01/24 | 196 | 228 | 32 | 16% |
| 10 | NFLX 4.875 6/15/2030 144A | 4.88% | 06/15/30 | 230 | 262 | 32 | 14% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 10/21/22 – 10/28/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | TMUS 5.2 1/15/2033 | 5.20% | 01/15/33 | 36 |
| 2 | OXY 2.7 2/15/2023 | 2.70% | 02/15/23 | 35 |
| 3 | CCL 7.625 3/1/2026 REGS | 7.63% | 03/01/26 | 35 |
| 4 | TAYMON 5.875 4/15/2023 | 5.88% | 04/15/23 | 35 |
| 5 | CS FLT PERP REGS | 9.75% | 12/23/99 | 34 |
| 6 | CS 7.25 PERP REGS | 7.25% | 09/12/99 | 34 |
| 7 | CS 4.5 PERP REGS | 4.50% | 12/31/99 | 34 |
| 8 | DVA 3.75 2/15/2031 REGS | 3.75% | 02/15/31 | 34 |
| 9 | KBH 7.625 5/15/2023 | 7.63% | 05/15/23 | 33 |
| 10 | TIBX 6.5 3/31/2029 144A | 6.50% | 03/31/29 | 33 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 9/23/22 – 9/30/22
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 10/21/22 – 10/28/22
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