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High Yield Corporate Bond Market Summary:
Week Ending 2/10/23
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 | Deal Information | Banks | Expected Issue Date |
| Rand Parent LLC | $800 million first-lien senior secured notes (BB/BB+) | Barclays | 1st Quarter 2023 |
| Tenneco Inc. | $3 billion high-yield notes – $2 billion secured notes and $1 billion unsecured notes | N/A | 1st Quarter 2023 |
| Skill Bidco APS | $765MM TL (B/B+) | N/A | 1st Quarter 2023 |
| Viasat Inc. | $1.6 billion senior notes | N/A | 1st Quarter 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 2/3/23 – 2/10/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | UIHC 6.25 12/15/2027 | 6.25% | 12/15/27 | 20.48% | 63.59 | 52.78 | 5 |
| 2 | CRNRCH 6.75 8/15/2024 144A | 6.75% | 08/15/24 | 13.38% | 92.29 | 81.40 | 18 |
| 3 | NATCIN 5.875 4/15/2028 144A | 5.88% | 04/15/28 | 13.16% | 33.83 | 29.89 | 21 |
| 4 | SELNSW 10 7/1/2026 | 10.00% | 07/01/26 | 10.26% | 62.27 | 56.48 | 13 |
| 5 | WHLPRO 6.5 5/15/2029 144A | 6.50% | 05/15/29 | 9.06% | 43.11 | 39.53 | 20 |
| 6 | CTLT 2.375 3/1/2028 144A | 2.38% | 03/01/28 | 7.66% | 90.13 | 83.72 | 10 |
| 7 | METINV 7.75 4/23/2023 REGS | 7.75% | 04/23/23 | 7.61% | 90.01 | 83.65 | 21 |
| 8 | AKUCN 7.5 8/1/2028 144A | 7.50% | 08/01/28 | 6.78% | 73.84 | 69.15 | 18 |
| 9 | CSOLNO 6 2/3/2027 REGS | 6.00% | 02/03/27 | 6.73% | 66.18 | 62.01 | 11 |
| 10 | WEWORK 7.875 5/1/2025 144A | 7.88% | 05/01/25 | 6.51% | 57.01 | 53.53 | 21 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 2/3/23 – 2/10/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | ECUA 5.5 7/31/2030 144A | 5.50% | 07/31/30 | -22.66% | 54.18 | 70.05 | 16 |
| 2 | LUMN 7.65 3/15/2042 | 7.65% | 03/15/42 | -18.96% | 54.05 | 66.69 | 24 |
| 3 | LIMISK 9.5 7/10/2036 REGS | 9.50% | 07/10/36 | -12.44% | 77.37 | 88.36 | 13 |
| 4 | LMRTSP 7.5 2/9/2026 | 7.50% | 02/09/26 | -11.95% | 59.55 | 67.63 | 17 |
| 5 | LVLT 4.25 7/1/2028 144A | 4.25% | 07/01/28 | -11.75% | 71.68 | 81.22 | 22 |
| 6 | KWGPRO 7.875 8/30/2024 | 7.88% | 08/30/24 | -11.17% | 43.72 | 49.22 | 13 |
| 7 | SUNAC 7.95 8/8/2022 | 7.95% | 08/08/22 | -10.97% | 26.62 | 29.90 | 16 |
| 8 | CIFIHG 5.5 1/23/2023 | 5.50% | 01/23/23 | -10.25% | 29.70 | 33.10 | 21 |
| 9 | EGYPT 6.875 4/30/2040 | 6.88% | 04/30/40 | -9.90% | 62.80 | 69.70 | 20 |
| 10 | CSCHLD 5.75 1/15/2030 144A | 5.75% | 01/15/30 | -9.53% | 58.90 | 65.10 | 25 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 2/3/23 – 2/10/23
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 2/3/23 – 2/10/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 2/3/23 vs. the week ending 2/10/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | CSCHLD 7.5 4/1/2028 144A | 7.50% | 04/01/28 | 55 | 265 | 210 | 382% |
| 2 | WTI 11.75 2/1/2026 144A | 11.75% | 02/01/26 | 5 | 83 | 78 | 1560% |
| 3 | UNIT 7.875 2/15/2025 | 7.88% | 02/15/25 | 204 | 262 | 58 | 28% |
| 4 | ADGREG 6.25 12/10/2024 REGS | 6.25% | 12/10/24 | 260 | 316 | 56 | 22% |
| 5 | CMPR 7 6/15/2026 | 7.00% | 06/15/26 | 88 | 142 | 54 | 61% |
| 6 | MU 6.75 11/1/2029 | 6.75% | 11/01/29 | 184 | 233 | 49 | 27% |
| 7 | ARENRJ 4.625 10/15/2039 REGS | 4.63% | 10/15/39 | 240 | 284 | 44 | 18% |
| 8 | KIJAIJ 6.5 10/5/2023 | 6.50% | 10/05/23 | 46 | 87 | 41 | 89% |
| 9 | BWY 8.5 4/15/2024 144A | 8.50% | 04/15/24 | 140 | 181 | 41 | 29% |
| 10 | PWRLNG 7.125 11/8/2022 | 7.13% | 11/08/22 | 25 | 64 | 39 | 156% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 2/3/23 – 2/10/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 45 |
| 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 | 40 |
| 4 | SWN 7.75 10/1/2027 | 7.75% | 10/01/27 | 38 |
| 5 | BBDBCN 7.5 12/1/2024 144A | 7.50% | 12/01/24 | 38 |
| 6 | GM 6.4 1/9/2033 | 6.40% | 01/09/33 | 38 |
| 7 | GM 6 1/9/2028 | 6.00% | 01/09/28 | 37 |
| 8 | BWY 5.5 4/15/2024 | 5.50% | 04/15/24 | 36 |
| 9 | BBDBCN 7.5 2/1/2029 | 7.50% | 02/01/29 | 36 |
| 10 | IBM 4.75 2/6/2033 | 4.75% | 02/06/33 | 35 |
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 2/3/23 – 2/10/23
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