Corporates
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High Yield Corporate Bond Market Summary:
Week Ending 1/20/23
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 |
| Rayonier Products Inc. | $325MM senior secured notes due 2028 | BofA | 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 1/13/23 – 1/20/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | UIHC 6.25 12/15/2027 | 6.25% | 12/15/27 | 25.92% | 48.97 | 38.89 | 4 |
| 2 | MOBYIT 7.75 2/15/2023 | 7.75% | 02/15/23 | 23.02% | 69.34 | 56.37 | 7 |
| 3 | DBBYRB 6.75 5/2/2024 REGS | 6.75% | 05/02/24 | 22.74% | 41.20 | 33.57 | 8 |
| 4 | VNTR 5.75 7/15/2025 REGS | 5.75% | 07/15/25 | 21.49% | 38.19 | 31.44 | 16 |
| 5 | USRENA 10.625 7/15/2027 144A | 10.63% | 07/15/27 | 20.94% | 32.11 | 26.55 | 15 |
| 6 | INTLGR 6.125 4/1/2029 144A | 6.13% | 04/01/29 | 17.75% | 37.00 | 31.42 | 12 |
| 7 | TACORA 8.25 5/15/2026 144A | 8.25% | 05/15/26 | 16.31% | 73.25 | 62.98 | 11 |
| 8 | WEWORK 7.875 5/1/2025 144A | 7.88% | 05/01/25 | 15.71% | 48.23 | 41.69 | 21 |
| 9 | CLISA 5.25 7/25/2027 REGS | 5.25% | 07/25/27 | 14.84% | 28.18 | 24.54 | 8 |
| 10 | VEDLN 9.25 4/23/2026 REGS | 9.25% | 04/23/26 | 14.62% | 78.40 | 68.40 | 10 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 1/13/23 – 1/20/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | CENCHI 7.75 5/24/2024 | 7.75% | 05/24/24 | -24.82% | 32.26 | 42.91 | 19 |
| 2 | GRNLGR 6.75 3/3/2026 | 6.75% | 03/03/26 | -13.11% | 47.80 | 55.01 | 17 |
| 3 | KWGPRO 7.4 1/13/2027 | 7.40% | 01/13/27 | -7.98% | 36.41 | 39.57 | 17 |
| 4 | LMRTSP 7.25 6/19/2024 | 7.25% | 06/19/24 | -7.90% | 78.07 | 84.77 | 17 |
| 5 | CIFIHG 5.5 1/23/2023 | 5.50% | 01/23/23 | -7.02% | 32.57 | 35.03 | 23 |
| 6 | TELSAT 5.625 12/6/2026 144A | 5.63% | 12/06/26 | -6.86% | 41.92 | 45.01 | 24 |
| 7 | AIMEGR 6.5 10/1/2025 144A | 6.50% | 10/01/25 | -6.01% | 67.31 | 71.62 | 13 |
| 8 | LINTA 8.25 2/1/2030 | 8.25% | 02/01/30 | -5.98% | 45.39 | 48.28 | 16 |
| 9 | SAMMIN 5.75 10/24/2023 | 5.75% | 10/24/23 | -5.52% | 39.50 | 41.81 | 17 |
| 10 | TLN 10.5 1/15/2026 144A | 10.50% | 01/15/26 | -5.31% | 43.50 | 45.94 | 18 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 1/13/23 – 1/20/23
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 1/13/23 – 1/20/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 1/13/23 vs. the week ending 1/20/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | ARGENT 1.5 7/9/2046 | 1.50% | 07/09/46 | 148 | 274 | 126 | 85% |
| 2 | CEMEX 5.125 PERP REGS | 8.22% | 09/08/99 | 45 | 159 | 114 | 253% |
| 3 | BTOWBZ 4.75 10/20/2030 REGS | 4.75% | 10/20/30 | 84 | 196 | 112 | 133% |
| 4 | ARGENT 1.5 7/9/2035 | 1.50% | 07/09/35 | 187 | 295 | 108 | 58% |
| 5 | UKRAIN 9.75 11/1/2030 REGS | 9.75% | 11/01/30 | 40 | 148 | 108 | 270% |
| 6 | NPCUKR 6.875 11/9/2028 REGS | 6.88% | 11/09/28 | 20 | 126 | 106 | 530% |
| 7 | UKRAVT 6.25 6/24/2030 REGS | 6.25% | 06/24/30 | 30 | 134 | 104 | 347% |
| 8 | SNBAB 2.9 1/29/2027 | 2.90% | 01/29/27 | 20 | 122 | 102 | 510% |
| 9 | GRNLGR 5.875 7/3/2026 | 5.88% | 07/03/26 | 60 | 158 | 98 | 163% |
| 10 | SINOCE 6.876 PERP | 6.88% | 09/21/99 | 40 | 136 | 96 | 240% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 1/13/23 – 1/20/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 43 |
| 2 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 42 |
| 3 | DISH 5 3/15/2023 | 5.00% | 03/15/23 | 35 |
| 4 | PBFX 6.875 5/15/2023 | 6.88% | 05/15/23 | 34 |
| 5 | BBDBCN 7.5 12/1/2024 144A | 7.50% | 12/01/24 | 34 |
| 6 | DUK 5.35 1/15/2053 | 5.35% | 01/15/53 | 33 |
| 7 | TIBX 6.5 3/31/2029 144A | 6.50% | 03/31/29 | 33 |
| 8 | GM 6 1/9/2028 | 6.00% | 01/09/28 | 33 |
| 9 | GM 6.4 1/9/2033 | 6.40% | 01/09/33 | 33 |
| 10 | DUK 4.95 1/15/2033 | 4.95% | 01/15/33 | 32 |
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 1/13/23 – 1/20/23
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