High Yield Corporate Bond Market Summary – Week Ending 1/13/23
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High Yield Corporate Bond Market Summary: Week Ending 1/13/23
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 |
|---|---|---|---|
| W&T Offshore Inc. | $275MM three-year note | MS | Q1 2023 |
| Tenneco Inc. | $3 billion high-yield notes – $2 billion secured notes and $1 billion unsecured notes | N/A | Q1 2023 |
| Viasat Inc. | $1.6 billion senior notes | N/A | Q1 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 1/6/23 – 1/13/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | USRENA 10.625 7/15/2027 144A | 10.63% | 07/15/27 | 25.50% | 26.55 | 21.16 | 15 |
| 2 | PKSTAN 8.875 4/8/2051 REGS | 8.88% | 04/08/51 | 21.18% | 42.09 | 34.74 | 21 |
| 3 | KIJAIJ 7 12/15/2027 144A | 7.00% | 12/15/27 | 20.93% | 75.92 | 62.78 | 13 |
| 4 | CCL 1 10/28/2029 | 1.00% | 10/28/29 | 18.52% | 49.43 | 41.71 | 18 |
| 5 | CYH 6.875 4/1/2028 144A | 6.88% | 04/01/28 | 18.34% | 59.42 | 50.21 | 20 |
| 6 | GRNLGR 5.875 7/3/2026 | 5.88% | 07/03/24 | 16.98% | 49.87 | 42.63 | 6 |
| 7 | RIG 4.625 9/30/2029 144A | 4.63% | 09/30/29 | 16.15% | 176.95 | 152.34 | 7 |
| 8 | LMRTSP 7.5 2/9/2026 | 7.50% | 02/09/26 | 14.73% | 74.09 | 64.58 | 17 |
| 9 | ECUA 0 7/31/2030 REGS | 0.00% | 07/31/30 | 14.59% | 46.90 | 40.93 | 17 |
| 10 | SINOCE 6.876 PERP | 4.90% | 09/21/99 | 14.27% | 52.91 | 46.30 | 4 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 1/6/23 – 1/13/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CENCHI 7.65 8/27/2023 | 7.65% | 08/27/23 | -22.94% | 38.08 | 49.41 | 19 |
| 2 | KWGPRO 5.875 11/10/2024 | 5.88% | 11/10/24 | -16.93% | 42.76 | 51.47 | 17 |
| 3 | CIFIHG 6.55 3/28/2024 | 6.55% | 03/28/24 | -15.47% | 29.70 | 35.13 | 20 |
| 4 | EXIMUK 9.95 11/14/2029 | 9.95% | 11/14/29 | -12.07% | 25.81 | 29.36 | 11 |
| 5 | TACORA 8.25 5/15/2026 144A | 8.25% | 05/15/26 | -11.46% | 62.98 | 71.13 | 11 |
| 6 | VNTR 5.75 7/15/2025 144A | 5.75% | 07/15/25 | -11.26% | 30.15 | 33.97 | 5 |
| 7 | BOLIVI 4.5 3/20/2028 | 4.50% | 03/20/28 | -10.31% | 71.64 | 79.87 | 10 |
| 8 | INTHOL 8.375 5/13/2026 REGS | 8.38% | 05/13/26 | -9.80% | 34.90 | 38.69 | 18 |
| 9 | CHINSC 6 2/4/2026 | 6.00% | 02/04/26 | -8.85% | 45.86 | 50.31 | 18 |
| 10 | FRIGOG 6.875 2/12/2025 REGS | 6.88% | 02/12/25 | -7.94% | 26.74 | 29.04 | 13 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 1/6/23 – 1/13/23 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 1/6/23 – 1/13/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 1/6/23 vs. the week ending 1/13/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SUN 4.5 4/30/2030 | 4.50% | 04/30/30 | 40 | 164 | 124 | 310% |
| 2 | ARGENT 1.5 7/9/2035 | 1.50% | 07/09/35 | 84 | 187 | 103 | 123% |
| 3 | ARGENT 3.5 7/9/2041 | 3.50% | 07/09/41 | 110 | 209 | 99 | 90% |
| 4 | ARGENT 1.5 7/9/2046 | 1.50% | 07/09/46 | 52 | 148 | 96 | 185% |
| 5 | ECUA 2.5 7/31/2035 REGS | 2.50% | 07/31/35 | 35 | 118 | 83 | 237% |
| 6 | ELV 4.101 3/1/2028 | 4.10% | 03/01/28 | 43 | 120 | 77 | 179% |
| 7 | ECUA 1.5 7/31/2040 REGS | 1.50% | 07/31/40 | 38 | 114 | 76 | 200% |
| 8 | ELV 2.25 5/15/2030 | 2.25% | 05/15/30 | 41 | 117 | 76 | 185% |
| 9 | ELV 3.125 5/15/2050 | 3.13% | 05/15/50 | 59 | 135 | 76 | 129% |
| 10 | ELV 3.6 3/15/2051 | 3.60% | 03/15/51 | 48 | 124 | 76 | 158% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 1/6/23 – 1/13/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 40 |
| 2 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 40 |
| 3 | ET 5.75 2/15/2033 | 5.75% | 02/15/33 | 33 |
| 4 | TIBX 6.5 3/31/2029 144A | 6.50% | 03/31/29 | 32 |
| 5 | DUK 5.35 1/15/2053 | 5.35% | 01/15/53 | 32 |
| 6 | ACI 3.5 2/15/2023 144A | 3.50% | 02/15/23 | 32 |
| 7 | MPEL 4.875 6/6/2025 | 4.88% | 06/06/25 | 32 |
| 8 | DISH 5 3/15/2023 | 5.00% | 03/15/23 | 32 |
| 9 | CHTR 4.25 2/1/2031 144A | 4.25% | 02/01/31 | 31 |
| 10 | GM 6.4 1/9/2033 | 6.40% | 01/09/33 | 31 |
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 1/6/23 – 1/13/23
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