Corporates
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High Yield Corporate Bond Market Summary:
Week Ending 2/3/23
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 |
| Rand Parent LLC | $800 million first-lien senior secured notes (BB/BB+) | Barclays | 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 1/27/23 – 2/3/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | AGILE 6.875 PERP | 6.88% | 03/07/99 | 38.87% | 42.54 | 30.63 | 17 |
| 2 | CVNA 5.625 10/1/2025 144A | 5.63% | 10/01/25 | 29.78% | 57.75 | 44.50 | 24 |
| 3 | NATCIN 5.875 4/15/2028 144A | 5.88% | 04/15/28 | 27.86% | 29.89 | 23.38 | 21 |
| 4 | AMC 5.875 11/15/2026 | 5.88% | 11/15/26 | 21.88% | 40.85 | 33.52 | 18 |
| 5 | TELSAT 4.875 6/1/2027 144A | 4.88% | 06/01/27 | 21.68% | 50.54 | 41.54 | 26 |
| 6 | LOGM 5.5 9/1/2027 144A | 5.50% | 09/01/27 | 18.72% | 51.59 | 43.46 | 21 |
| 7 | FIAMER 7.875 11/15/2025 144A | 7.88% | 11/15/25 | 16.09% | 70.84 | 61.03 | 15 |
| 8 | ROADKG 7.95 12/31/2049 | 7.95% | 12/31/49 | 16.08% | 66.28 | 57.10 | 16 |
| 9 | CENCHI 7.25 4/24/2023 | 7.25% | 04/24/23 | 12.70% | 52.61 | 46.69 | 19 |
| 10 | TKCHOL 10.5 5/15/2029 144A | 10.50% | 05/15/29 | 10.43% | 63.86 | 57.83 | 16 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 1/27/23 – 2/3/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | VNTR 5.75 7/15/2025 144A | 5.75% | 07/15/25 | -10.28% | 34.89 | 38.88 | 5 |
| 2 | TLN 6 12/15/2036 | 6.00% | 12/15/36 | -9.56% | 36.29 | 40.13 | 13 |
| 3 | ILAPCL 5.125 6/15/2033 REGS | 5.13% | 06/15/33 | -7.79% | 43.44 | 47.11 | 11 |
| 4 | BHCCN 6.25 2/15/2029 144A | 6.25% | 02/15/29 | -7.76% | 44.13 | 47.84 | 29 |
| 5 | SAMMIN 4.125 11/1/2022 | 4.13% | 11/01/22 | -7.64% | 37.44 | 40.54 | 15 |
| 6 | GAMHOL 7.558 7/15/2027 | 7.56% | 07/15/27 | -7.12% | 86.03 | 92.63 | 4 |
| 7 | WGALLC 10.375 8/15/2025 144A | 10.38% | 08/15/25 | -7.11% | 67.12 | 72.26 | 16 |
| 8 | RAX 5.375 12/1/2028 144A | 5.38% | 12/01/28 | -6.73% | 36.78 | 39.44 | 24 |
| 9 | NGERIA 7.143 2/23/2030 REGS | 7.14% | 02/23/30 | -6.40% | 75.99 | 81.19 | 15 |
| 10 | JSTLIN 5.05 4/5/2032 REGS | 5.05% | 04/05/32 | -4.77% | 83.42 | 87.61 | 27 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 1/27/23 – 2/3/23
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 1/27/23 – 2/3/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 1/27/23 vs. the week ending 2/3/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | BCLTDH 9 1/30/2028 REGS | 9.00% | 01/30/28 | 26 | 160 | 134 | 515% |
| 2 | PIFKSA 5.25 10/13/2032 | 5.25% | 10/13/32 | 35 | 166 | 131 | 374% |
| 3 | RIG 6.875 2/1/2027 144A | 6.88% | 02/01/27 | 68 | 179 | 111 | 163% |
| 4 | ELV 4.1 5/15/2032 | 4.10% | 05/15/32 | 134 | 210 | 76 | 57% |
| 5 | KIJAIJ 7 12/15/2027 REGS | 7.00% | 12/15/27 | 25 | 100 | 75 | 300% |
| 6 | WBD 3.755 3/15/2027 144A | 3.76% | 03/15/27 | 168 | 239 | 71 | 42% |
| 7 | MLRHOM FLT 5/15/2028 REGS | 0.00% | 05/15/28 | 79 | 149 | 70 | 89% |
| 8 | WBD 5.05 3/15/2042 144A | 5.05% | 03/15/42 | 227 | 289 | 62 | 27% |
| 9 | EDPPL 5.943 4/23/2083 | 5.94% | 04/23/83 | 98 | 160 | 62 | 63% |
| 10 | F 2.9 2/16/2028 | 2.90% | 02/16/28 | 233 | 295 | 62 | 27% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 1/27/23 – 2/3/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 44 |
| 2 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 44 |
| 3 | USB 4.839 2/1/2034 | 4.84% | 02/01/34 | 39 |
| 4 | GM 6 1/9/2028 | 6.00% | 01/09/28 | 37 |
| 5 | BBDBCN 7.5 12/1/2024 144A | 7.50% | 12/01/24 | 36 |
| 6 | GM 6.4 1/9/2033 | 6.40% | 01/09/33 | 36 |
| 7 | GEL 8.875 4/15/2030 | 8.88% | 04/15/30 | 35 |
| 8 | F 3.375 11/13/2025 | 3.38% | 11/13/25 | 34 |
| 9 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 34 |
| 10 | DISH 5 3/15/2023 | 5.00% | 03/15/23 | 34 |
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 1/27/23 – 2/3/23
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