Corporates

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High Yield Corporate Bond Market Summary:
Week Ending 11/10/22

Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.

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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 Week of November 7
Viasat Inc. $1.6 billion senior notes N/A 4th Quarter 2022

Top 10 Winners

Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 11/4/22 – 11/10/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 GEMDAL 4.95 8/12/2024 4.95% 08/12/24 49.85% 41.61 27.77
2 GRNCH 5.65 7/13/2025 5.65% 07/13/25 47.29% 58.55 39.75
3 FUTLAN 6 8/12/2024 6.00% 08/12/24 36.10% 25.63 18.83
4 PKSTAN 8.25 9/30/2025 8.25% 09/30/25 22.55% 42.43 34.63
5 BNKEA 5.825 PERP 5.83% 10/21/99 21.39% 75.32 62.05
6 ZAMBIN 5.375 9/20/2022 5.38% 09/20/22 21.09% 41.74 34.47
7 NGERIA 8.25 9/28/2051 REGS 8.25% 09/28/51 19.70% 71.42 59.67
8 BELRUS 6.875 2/28/2023 REGS 6.88% 02/28/23 18.66% 39.91 33.64
9 SUP 6 6/15/2025 144A 6.00% 06/15/25 17.29% 94.44 80.52
10 HRINTH 3.875 11/13/2029 3.88% 11/13/29 16.90% 71.11 60.83

Top 10 Losers

Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 11/4/22 – 11/10/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 PRTY 8.75 2/15/2026 144A 8.75% 02/15/26 -29.71% 42.12 59.92
2 CSOLNO 6 2/3/2027 REGS 6.00% 02/03/27 -23.74% 50.24 65.88
3 CDRSM 13.625 11/30/2027 13.63% 11/30/27 -23.19% 61.87 80.55
4 GLPSP 4.6 PERP 4.60% 09/29/99 -22.58% 35.18 45.44
5 AMC 5.75 6/15/2025 5.75% 06/15/25 -21.50% 35.63 45.39
6 HILOHO 9.75 11/18/2024 REGS 9.75% 11/18/24 -16.71% 31.55 37.87
7 UIS 6.875 11/1/2027 144A 6.88% 11/01/27 -16.13% 71.11 84.79
8 CURO 7.5 8/1/2028 144A 7.50% 08/01/28 -15.94% 49.15 58.47
9 LINTA 8.5 7/15/2029 8.50% 07/15/29 -14.38% 50.99 59.55
10 COIN 3.375 10/1/2028 144A 3.38% 10/01/28 -12.72% 54.79 62.77

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 11/4/22 – 11/10/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the HY Corps with the largest increase in quote volume for the week ending 11/4/22 vs. the week ending 11/10/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 RCL 11.625 8/15/2027 11.63% 08/15/27 185 288 103 56%
2 ENQLN 11.625 11/1/2027 144A 11.63% 11/01/27 159 225 66 42%
3 CEMEX 5.125 PERP 144A 5.13% 09/08/99 115 174 59 51%
4 VZ 4.75 10/31/2034 4.75% 10/31/34 141 195 54 38%
5 WOORIB 4.25 PERP REGS 4.25% 10/04/99 72 116 44 61%
6 IAA 5.5 6/15/2027 144A 5.50% 06/15/27 150 193 43 29%
7 PEMEX 8.75 6/2/2029 8.75% 06/02/29 191 233 42 22%
8 YRICN 2.63 8/15/2031 2.63% 08/15/31 96 134 38 40%
9 KHC 6.875 1/26/2039 6.88% 01/26/39 157 194 37 24%
10 CITKIE 7.5 12/15/2022 REGS 7.50% 12/15/22 10 46 36 360%

Most Quoted HY Corps

Ranks the HY Corps that were quoted by the highest number of dealers between 11/4/22 – 11/10/22

RANK TRANCHE COUPON MATURITY DEALERS
1 F 7.35 11/4/2027 7.35% 11/04/27 38
2 TWTR 5 3/1/2030 144A 5.00% 03/01/30 38
3 OXY 2.7 2/15/2023 2.70% 02/15/23 36
4 TWTR 3.875 12/15/2027 144A 3.88% 12/15/27 36
5 TIBX 6.5 3/31/2029 144A 6.50% 03/31/29 34
6 CCL 10.375 5/1/2028 144A 10.38% 05/01/28 33
7 USB 5.85 10/21/2033 5.85% 10/21/33 33
8 CCL 7.625 3/1/2026 REGS 7.63% 03/01/26 33
9 AXL 6.5 4/1/2027 6.50% 04/01/27 33
10 COIN 3.625 10/1/2031 144A 3.63% 10/01/31 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 11/4/22 – 11/10/22

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