High Yield Corporate Bond Market Summary – Week Ending 11/25/22
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High Yield Corporate Bond Market Summary: Week Ending 11/25/22
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 | Week of November 7 |
| Viasat Inc. | $1.6 billion senior notes | N/A | 4th Quarter 2022 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 11/18/22 – 11/25/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | VIP 3.375 11/25/2027 REGS | 3.38% | 11/25/27 | 40.68% | 69.56 | 49.45 | 7 |
| 2 | HPDLF 7 5/18/2024 | 7.00% | 05/18/24 | 31.00% | 66.86 | 51.04 | 14 |
| 3 | GEMDAL 4.95 8/12/2024 | 4.95% | 08/12/24 | 23.10% | 72.47 | 58.87 | 18 |
| 4 | CHINSC 7.25 4/19/2023 | 7.25% | 04/19/23 | 20.21% | 31.03 | 25.81 | 19 |
| 5 | RDHGCL 7.8 3/20/2024 | 7.80% | 03/20/24 | 17.50% | 37.76 | 32.14 | 12 |
| 6 | AGUSAN 6.625 2/1/2023 | 6.63% | 02/01/23 | 16.72% | 70.03 | 60.00 | 15 |
| 7 | BELRUS 7.625 6/29/2027 REGS | 7.63% | 06/29/27 | 16.20% | 37.27 | 32.08 | 10 |
| 8 | FOSUNI 5.95 10/19/2025 | 5.95% | 10/19/25 | 14.80% | 53.37 | 46.49 | 22 |
| 9 | GRNLGR 5.9 2/12/2023 | 5.90% | 02/12/23 | 14.21% | 26.00 | 22.77 | 19 |
| 10 | ROADKG 5.125 7/26/2026 | 5.13% | 07/26/26 | 13.05% | 40.48 | 35.81 | 16 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 11/18/22 – 11/25/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CURO 7.5 8/1/2028 144A | 7.50% | 08/01/28 | -9.83% | 41.09 | 45.57 | 22 |
| 2 | TLN 6.5 6/1/2025 | 6.50% | 06/01/25 | -9.62% | 51.60 | 57.09 | 17 |
| 3 | TKCHOL 10.5 5/15/2029 144A | 10.50% | 05/15/29 | -9.33% | 57.95 | 63.91 | 17 |
| 4 | DLLTD 6.75 3/1/2023 | 6.75% | 03/01/23 | -8.91% | 43.90 | 48.19 | 15 |
| 5 | AMC 5.875 11/15/2026 | 5.88% | 11/15/26 | -8.41% | 26.19 | 28.60 | 19 |
| 6 | BTOWBZ 4.375 12/20/2030 REGS | 4.38% | 12/20/30 | -8.01% | 62.00 | 67.40 | 17 |
| 7 | BIMLVN 7.375 5/7/2026 | 7.38% | 05/07/26 | -6.11% | 58.19 | 61.98 | 9 |
| 8 | CS 5.1 PERP REGS | 5.10% | 01/24/99 | -5.98% | 55.81 | 59.37 | 25 |
| 9 | WNRFCO 8.75 7/15/2025 144A | 8.75% | 07/15/25 | -5.77% | 79.32 | 84.18 | 10 |
| 10 | TMH 6.375 2/1/2025 | 6.38% | 02/01/25 | -5.67% | 61.29 | 64.97 | 18 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 11/18/22 – 11/25/22 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 11/18/22 – 11/25/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 11/18/22 vs. the week ending 11/25/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | TAKKO 5.375 11/15/2023 REGS | 5.38% | 11/15/23 | 85 | 138 | 53 | 62% |
| 2 | UNVMIA 4.063 4/1/2052 | 4.06% | 04/01/52 | 69 | 110 | 41 | 59% |
| 3 | GZFYRE 13.6 7/27/2023 | 13.60% | 07/27/23 | 25 | 61 | 36 | 144% |
| 4 | CRBG 3.9 4/5/2032 144A | 3.90% | 04/05/32 | 104 | 135 | 31 | 30% |
| 5 | YUZHOU 8.5 2/26/2024 | 8.50% | 02/26/24 | 184 | 214 | 30 | 16% |
| 6 | YUZHOU 8.3 5/27/2025 | 8.30% | 05/27/25 | 174 | 204 | 30 | 17% |
| 7 | YUZHOU 6 10/25/2023 | 6.00% | 10/25/23 | 164 | 194 | 30 | 18% |
| 8 | CRBG 4.35 4/5/2042 144A | 4.35% | 04/05/42 | 60 | 90 | 30 | 50% |
| 9 | SCGALO 6.625 3/1/2030 144A | 6.63% | 03/01/30 | 210 | 239 | 29 | 14% |
| 10 | CIFIHG 4.375 4/12/2027 | 4.38% | 04/12/27 | 209 | 236 | 27 | 13% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 11/18/22 – 11/25/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | F 7.35 11/4/2027 | 7.35% | 11/04/27 | 39 |
| 2 | TWTR 5 3/1/2030 144A | 5.00% | 03/01/30 | 37 |
| 3 | TWTR 3.875 12/15/2027 144A | 3.88% | 12/15/27 | 35 |
| 4 | ELV 6.1 10/15/2052 | 6.10% | 10/15/52 | 33 |
| 5 | COIN 3.625 10/1/2031 144A | 3.63% | 10/01/31 | 33 |
| 6 | ELV 5.5 10/15/2032 | 5.50% | 10/15/32 | 33 |
| 7 | GEHC 5.905 11/22/2032 144A | 5.91% | 11/22/32 | 33 |
| 8 | AXL 6.25 3/15/2026 | 6.25% | 03/15/26 | 32 |
| 9 | DAN 5.375 11/15/2027 | 5.38% | 11/15/27 | 32 |
| 10 | CAR 5.375 3/1/2029 144A | 5.38% | 03/01/29 | 32 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 11/18/22 – 11/25/22 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 11/18/22 – 11/25/22
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