Corporates

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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.

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Forward Calendar
Top 10 Performers
Bottom 10 Performers
Avg Industry Price
Market Sentiment
Top Movers
Most Quoted HY
Bid Offer Spread
Bid Offer Volume

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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