Corporates
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High Yield Corporate Bond Market Summary:
Week Ending 2/17/23
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 |
| 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 2/10/23 – 2/17/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | SBSAA 9.75 3/1/2026 144A | 9.75% | 03/01/26 | 22.11% | 74.25 | 60.80 | 16 |
| 2 | AMGENE 9.5 10/1/2028 144A | 9.50% | 10/01/28 | 20.21% | 92.41 | 76.88 | 16 |
| 3 | VERITS 7.5 9/1/2025 144A | 7.50% | 09/01/25 | 17.85% | 78.83 | 66.89 | 22 |
| 4 | ATENTO 8 2/10/2026 REGS | 8.00% | 02/10/26 | 16.60% | 30.00 | 25.73 | 24 |
| 5 | DBD 8.5 4/15/2024 | 8.50% | 04/15/24 | 10.89% | 82.23 | 74.16 | 21 |
| 6 | HLF 4.875 6/1/2029 144A | 4.88% | 06/01/29 | 9.77% | 76.82 | 69.98 | 25 |
| 7 | CYH 6.125 4/1/2030 144A | 6.13% | 04/01/30 | 8.67% | 66.80 | 61.47 | 20 |
| 8 | DOUGR 8.25 10/1/2026 REGS | 8.25% | 10/01/26 | 8.22% | 76.56 | 70.75 | 17 |
| 9 | PSLOGI 7.875 10/15/2029 144A | 7.88% | 10/15/29 | 7.19% | 78.81 | 73.52 | 11 |
| 10 | LGF 5.5 4/15/2029 144A | 5.50% | 04/15/29 | 6.84% | 69.94 | 65.46 | 21 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 2/10/23 – 2/17/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | GOLLBZ 8 6/30/2026 REGS | 8.00% | 06/30/26 | -24.55% | 47.39 | 62.82 | 24 |
| 2 | AZULBZ 5.875 10/26/2024 144A | 5.88% | 10/26/24 | -18.40% | 59.83 | 73.33 | 21 |
| 3 | NEWLSQ 15.5 11/1/2023 144A | 15.50% | 11/01/23 | -17.99% | 28.05 | 34.20 | 13 |
| 4 | LUMN 5.375 6/15/2029 144A | 5.38% | 06/15/29 | -14.65% | 54.39 | 63.73 | 27 |
| 5 | CHINSC 7 5/2/2025 | 7.00% | 05/02/25 | -13.54% | 43.24 | 50.01 | 19 |
| 6 | VOLCAN 4.375 2/11/2026 REGS | 4.38% | 02/11/26 | -13.49% | 74.71 | 86.36 | 16 |
| 7 | SUNAC 6.65 8/3/2024 | 6.65% | 08/03/24 | -13.08% | 26.46 | 30.45 | 21 |
| 8 | LOGPH 4.5 1/13/2028 | 4.50% | 01/13/28 | -11.90% | 26.58 | 30.17 | 19 |
| 9 | AGILE 7.875 PERP | 7.88% | 10/31/99 | -11.38% | 32.85 | 37.06 | 16 |
| 10 | CIFIHG 5.95 10/20/2025 | 5.95% | 10/20/25 | -11.03% | 27.26 | 30.64 | 19 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 2/10/23 – 2/17/23
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 2/10/23 – 2/17/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 2/10/23 vs. the week ending 2/17/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | WTI 11.75 2/1/2026 144A | 11.75% | 02/01/26 | 83 | 200 | 117 | 141% |
| 2 | GAMENT 5.125 7/15/2025 144A | 5.13% | 07/15/25 | 32 | 118 | 86 | 269% |
| 3 | GAMENT FLT 7/15/2025 144A | 8.48% | 07/15/25 | 26 | 100 | 74 | 285% |
| 4 | IBM 3.75 2/6/2035 | 3.75% | 02/06/35 | 108 | 172 | 64 | 59% |
| 5 | NBR 9 2/1/2025 144A | 9.00% | 02/01/25 | 134 | 191 | 57 | 43% |
| 6 | IBM 4 2/6/2043 | 4.00% | 02/06/43 | 112 | 167 | 55 | 49% |
| 7 | IBM 3.375 2/6/2027 | 3.38% | 02/06/27 | 115 | 170 | 55 | 48% |
| 8 | IBM 3.625 2/6/2031 | 3.63% | 02/06/31 | 110 | 165 | 55 | 50% |
| 9 | IBM 4.75 2/6/2033 | 4.75% | 02/06/33 | 325 | 371 | 46 | 14% |
| 10 | IBM 5.1 2/6/2053 | 5.10% | 02/06/53 | 309 | 353 | 44 | 14% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 2/10/23 – 2/17/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 42 |
| 2 | USB 4.839 2/1/2034 | 4.84% | 02/01/34 | 42 |
| 3 | SWN 7.75 10/1/2027 | 7.75% | 10/01/27 | 40 |
| 4 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 40 |
| 5 | GM 6 1/9/2028 | 6.00% | 01/09/28 | 39 |
| 6 | BWY 5.5 4/15/2024 | 5.50% | 04/15/24 | 38 |
| 7 | DISH 5 3/15/2023 | 5.00% | 03/15/23 | 37 |
| 8 | BBDBCN 7.5 2/1/2029 | 7.50% | 02/01/29 | 36 |
| 9 | BBDBCN 7.5 12/1/2024 144A | 7.50% | 12/01/24 | 36 |
| 10 | MPLX 5 3/1/2033 | 5.00% | 03/01/33 | 36 |
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 2/10/23 – 2/17/23
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