Corporates
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High Yield Corporate Bond Market Summary:
Week Ending 12/30/22
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 12/23/22 – 12/30/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | MDLNIJ 0 6/30/2025 | 3.00% | 06/30/25 | 24.04% | 39.99 | 32.24 | 7 |
| 2 | LNDPT 6.125 4/1/2028 144A | 6.13% | 04/01/28 | 11.31% | 63.46 | 57.01 | 19 |
| 3 | ARGENT 0.5 7/9/2029 | 0.50% | 07/09/29 | 8.74% | 27.04 | 24.87 | 6 |
| 4 | CHINSC 7 5/2/2025 | 7.00% | 05/02/25 | 6.42% | 40.95 | 38.48 | 17 |
| 5 | AMC 10 6/15/2026 144A | 10.00% | 06/15/26 | 4.92% | 40.49 | 38.60 | 27 |
| 6 | CSCHCN 11.95 2/9/2023 | 11.95% | 02/09/23 | 4.83% | 64.74 | 61.75 | 3 |
| 7 | SALM 7.125 6/1/2028 144A | 7.13% | 06/01/28 | 3.97% | 93.54 | 89.97 | 7 |
| 8 | PBRXIJ 7.625 12/31/2025 | 7.63% | 12/31/25 | 3.91% | 43.89 | 42.24 | 11 |
| 9 | ARGBND 0 7/31/2023 | 0.00% | 07/31/23 | 3.53% | 176.16 | 170.15 | 2 |
| 10 | EMPRCC 7 12/15/2025 144A | 7.00% | 12/15/25 | 2.99% | 90.23 | 87.62 | 19 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 12/23/22 – 12/30/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | MLTPLN 5.75 11/1/2028 144A | 5.75% | 11/01/28 | -7.67% | 66.45 | 71.97 | 20 |
| 2 | WW 4.5 4/15/2029 144A | 4.50% | 04/15/29 | -6.79% | 47.35 | 50.80 | 20 |
| 3 | ARGTES 15.5 10/17/2026 | 15.50% | 10/17/26 | -6.66% | 27.02 | 28.95 | 3 |
| 4 | AMC 6.125 5/15/2027 | 6.13% | 05/15/27 | -6.64% | 25.09 | 26.88 | 18 |
| 5 | LINTA 8.25 2/1/2030 | 8.25% | 02/01/30 | -6.63% | 43.98 | 47.10 | 15 |
| 6 | CYH 6.125 4/1/2030 144A | 6.13% | 04/01/30 | -6.14% | 49.32 | 52.55 | 18 |
| 7 | MADIAQ 5.875 6/30/2029 144A | 5.88% | 06/30/29 | -5.87% | 68.18 | 72.43 | 20 |
| 8 | STRCNA 6.875 8/1/2026 144A | 6.88% | 08/01/26 | -5.59% | 72.95 | 77.27 | 17 |
| 9 | CCS 3.875 8/15/2029 144A | 3.88% | 08/15/29 | -5.44% | 78.11 | 82.60 | 19 |
| 10 | JEFFIN 5 8/15/2028 | 5.00% | 08/15/28 | -5.32% | 81.32 | 85.88 | 14 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 12/23/22 – 12/30/22
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 12/23/22 – 12/30/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 12/23/22 vs. the week ending 12/30/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | BRADES 4.375 3/18/2027 REGS | 4.38% | 03/18/27 | 59 | 142 | 83 | 141% |
| 2 | IGT 5.35 10/15/2023 | 5.35% | 10/15/23 | 16 | 42 | 26 | 163% |
| 3 | DFS 4.2 8/8/2023 | 4.20% | 08/08/23 | 57 | 82 | 25 | 44% |
| 4 | CLR 5.75 1/15/2031 144A | 5.75% | 01/15/31 | 215 | 239 | 24 | 11% |
| 5 | CXW 4.625 5/1/2023 | 4.63% | 05/01/23 | 162 | 183 | 21 | 13% |
| 6 | BRASKM 4.5 1/10/2028 REGS | 4.50% | 01/10/28 | 205 | 225 | 20 | 10% |
| 7 | CLR 4.375 1/15/2028 | 4.38% | 01/15/28 | 169 | 189 | 20 | 12% |
| 8 | TMHC 5.875 6/15/2027 144A | 5.88% | 06/15/27 | 189 | 209 | 20 | 11% |
| 9 | EMBC 5 2/15/2030 144A | 5.00% | 02/15/30 | 120 | 139 | 19 | 16% |
| 10 | AVTR 3.875 11/1/2029 REGS | 3.88% | 11/01/29 | 142 | 160 | 18 | 13% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 12/23/22 – 12/30/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | TIBX 6.5 3/31/2029 144A | 6.50% | 03/31/29 | 33 |
| 2 | ET 5.75 2/15/2033 | 5.75% | 02/15/33 | 32 |
| 3 | MPEL 4.875 6/6/2025 | 4.88% | 06/06/25 | 31 |
| 4 | F 7.35 11/4/2027 | 7.35% | 11/04/27 | 31 |
| 5 | BGS 5.25 4/1/2025 | 5.25% | 04/01/25 | 30 |
| 6 | MIK 5.25 5/1/2028 144A | 5.25% | 05/01/28 | 30 |
| 7 | CHTR 4.75 3/1/2030 144A | 4.75% | 03/01/30 | 30 |
| 8 | BYD 4.75 12/1/2027 | 4.75% | 12/01/27 | 29 |
| 9 | AXL 5 10/1/2029 | 5.00% | 10/01/29 | 29 |
| 10 | WYNMAC 4.875 10/1/2024 REGS | 4.88% | 10/01/24 | 29 |
Bid-Offer Spread by Industry
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 12/23/22 – 12/30/22
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