Corporates
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High Yield Corporate Bond Market Summary:
Week Ending 2/24/23
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 2/17/23 – 2/24/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | CSCHCN 9 12/11/2024 | 9.00% | 12/11/24 | 17.06% | 87.78 | 74.99 | 8 |
| 2 | AMCX 4.25 2/15/2029 | 4.25% | 02/15/29 | 16.17% | 73.44 | 63.22 | 26 |
| 3 | BUENOS 2.5 9/1/2037 REGS | 2.50% | 09/01/37 | 13.87% | 35.98 | 31.60 | 7 |
| 4 | BBBY 3.749 8/1/2024 | 3.75% | 08/01/24 | 11.64% | 31.55 | 28.26 | 24 |
| 5 | TLN 10.5 1/15/2026 144A | 10.50% | 01/15/26 | 11.57% | 36.03 | 32.29 | 19 |
| 6 | INTULN 8.75 12/6/2023 | 8.75% | 12/06/23 | 11.15% | 40.41 | 36.35 | 6 |
| 7 | CHIGRA 9.125 1/30/2024 | 9.13% | 01/30/24 | 10.35% | 83.12 | 75.33 | 12 |
| 8 | RAX 5.375 12/1/2028 144A | 5.38% | 12/01/28 | 10.29% | 38.32 | 34.74 | 24 |
| 9 | STORSK FLT 12/1/2025 | 5.95% | 12/01/25 | 9.08% | 90.45 | 82.92 | 3 |
| 10 | LMRTSP 7.5 2/9/2026 | 7.50% | 02/09/26 | 8.42% | 65.06 | 60.00 | 20 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 2/17/23 – 2/24/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | RLTECH 10.25 9/26/2027 | 10.25% | 09/26/27 | -17.39% | 58.19 | 70.44 | 4 |
| 2 | RAKUTN 6.25 PERP 144A | 6.25% | 12/31/99 | -15.69% | 66.66 | 79.06 | 16 |
| 3 | NATCIN 5.875 4/15/2028 144A | 5.88% | 04/15/28 | -14.79% | 31.09 | 36.49 | 20 |
| 4 | BUEAIR 0 2/22/2028 | 72.13% | 02/22/28 | -13.75% | 100.91 | 117.00 | 2 |
| 5 | CHINSC 5.95 9/29/2024 | 5.95% | 09/29/24 | -13.26% | 42.75 | 49.28 | 20 |
| 6 | WAIR 8.5 11/15/2024 144A | 8.50% | 11/15/24 | -10.29% | 44.44 | 49.53 | 8 |
| 7 | KPERST 6.5 9/1/2026 REGS | 6.50% | 09/01/26 | -9.80% | 50.02 | 55.45 | 20 |
| 8 | KWGPRO 6 8/14/2026 | 6.00% | 08/14/26 | -9.63% | 30.01 | 33.21 | 17 |
| 9 | STON 8.5 5/15/2029 144A | 8.50% | 05/15/29 | -8.68% | 71.23 | 78.00 | 13 |
| 10 | LUMN 6.875 1/15/2028 | 6.88% | 01/15/28 | -8.16% | 64.68 | 70.42 | 22 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 2/17/23 – 2/24/23
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 2/17/23 – 2/24/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 2/17/23 vs. the week ending 2/24/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | AXL 6.5 4/1/2027 144A | 6.50% | 04/01/27 | 38 | 150 | 112 | 295% |
| 2 | PBFENE 7.25 6/15/2025 144A | 7.25% | 06/15/25 | 53 | 154 | 101 | 191% |
| 3 | KHC 5.2 7/15/2045 144A | 5.20% | 07/15/45 | 39 | 129 | 90 | 231% |
| 4 | DALWAN 11 2/13/2026 | 11.00% | 02/13/26 | 133 | 200 | 67 | 50% |
| 5 | REV 6.25 8/1/2024 144A | 6.25% | 08/01/24 | 12 | 74 | 62 | 517% |
| 6 | VOD 4 2/10/2043 | 4.00% | 02/10/43 | 79 | 137 | 58 | 73% |
| 7 | BRITEL 5.75 2/13/2041 | 5.75% | 02/13/41 | 70 | 117 | 47 | 67% |
| 8 | BRITEL 3.75 5/13/2031 | 3.75% | 05/13/31 | 103 | 149 | 46 | 45% |
| 9 | AMCX 5 4/1/2024 | 5.00% | 04/01/24 | 225 | 271 | 46 | 20% |
| 10 | DANBNK 4.625 4/13/2027 | 4.63% | 04/13/27 | 88 | 130 | 42 | 48% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 2/17/23 – 2/24/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | USB 4.839 2/1/2034 | 4.84% | 02/01/34 | 44 |
| 2 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 42 |
| 3 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 38 |
| 4 | SWN 7.75 10/1/2027 | 7.75% | 10/01/27 | 38 |
| 5 | GM 6 1/9/2028 | 6.00% | 01/09/28 | 38 |
| 6 | DISH 5 3/15/2023 | 5.00% | 03/15/23 | 38 |
| 7 | MPLX 5 3/1/2033 | 5.00% | 03/01/33 | 37 |
| 8 | BWY 5.5 4/15/2024 | 5.50% | 04/15/24 | 37 |
| 9 | ADGREG 6.25 12/10/2024 REGS | 6.25% | 12/10/24 | 37 |
| 10 | TMUS 5.2 1/15/2033 | 5.20% | 01/15/33 | 37 |
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 2/17/23 – 2/24/23
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