Corporates
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High Yield Corporate Bond Market Summary:
Week Ending 3/17/23
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 3/10/23 – 3/17/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | HCELEC 4.65 12/29/2026 | 4.65% | 12/29/26 | 15.38% | 37.04 | 32.10 | 7 |
| 2 | EXIMUK 9.95 11/14/2029 | 9.95% | 11/14/29 | 13.70% | 34.92 | 30.72 | 14 |
| 3 | FXIHLD 7.875 11/1/2024 144A | 7.88% | 11/01/24 | 7.91% | 95.76 | 88.74 | 21 |
| 4 | WEWORK 5 7/10/2025 144A | 5.00% | 07/10/25 | 7.70% | 41.51 | 38.54 | 20 |
| 5 | WHLPRO 6.5 5/15/2029 144A | 6.50% | 05/15/29 | 6.35% | 45.81 | 43.07 | 20 |
| 6 | PWRLNG 4 7/25/2022 | 4.00% | 07/25/22 | 5.82% | 25.91 | 24.49 | 4 |
| 7 | DELL 3.45 12/15/2051 144A | 3.45% | 12/15/51 | 5.82% | 64.41 | 60.87 | 22 |
| 8 | IDFMOB 3.4 5/25/2043 | 3.40% | 05/25/43 | 5.80% | 98.31 | 92.92 | 4 |
| 9 | EIX 2.943 11/15/2042 | 2.94% | 11/15/42 | 4.99% | 81.92 | 78.03 | 4 |
| 10 | UNVR 5.125 12/1/2027 144A | 5.13% | 12/01/27 | 4.76% | 99.65 | 95.12 | 24 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 3/10/23 – 3/17/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | RLTECH 8.5 3/29/2023 | 8.50% | 03/29/23 | -44.97% | 30.01 | 54.53 | 6 |
| 2 | COFP 4.048 8/5/2026 | 4.05% | 08/05/26 | -21.37% | 37.02 | 47.08 | 22 |
| 3 | RAD 7.7 2/15/2027 | 7.70% | 02/15/27 | -20.65% | 30.70 | 38.69 | 20 |
| 4 | CENCHI 7.9 11/7/2023 | 7.90% | 11/07/23 | -18.91% | 30.34 | 37.41 | 22 |
| 5 | ZION 7.2 PERP | 7.20% | 09/29/49 | -17.28% | 82.50 | 99.74 | 8 |
| 6 | PKSTAN 8.25 4/15/2024 | 8.25% | 04/15/24 | -17.24% | 42.49 | 51.34 | 26 |
| 7 | DB 4.625 PERP | 4.63% | 12/31/99 | -16.62% | 63.35 | 75.98 | 21 |
| 8 | BBBY 3.749 8/1/2024 | 3.75% | 08/01/24 | -16.07% | 28.60 | 34.07 | 21 |
| 9 | DFS 5.5 PERP | 5.50% | 10/31/99 | -14.24% | 71.82 | 83.74 | 14 |
| 10 | CVNA 4.875 9/1/2029 144A | 4.88% | 09/01/29 | -13.80% | 39.93 | 46.32 | 25 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 3/10/23 – 3/17/23
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 3/10/23 – 3/17/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 3/10/23 vs. the week ending 3/17/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | TDG 6.75 8/15/2028 144A | 6.75% | 08/15/28 | 15 | 199 | 184 | 1227% |
| 2 | AAL 7.25 2/15/2028 144A | 7.25% | 02/15/28 | 1 | 174 | 173 | 17300% |
| 3 | BBDBCN 7.5 2/1/2029 144A | 7.50% | 02/01/29 | 14 | 179 | 165 | 1179% |
| 4 | SIVB 4.7 PERP | 4.70% | 02/15/99 | 193 | 345 | 152 | 79% |
| 5 | SIVB 4.1 PERP | 4.10% | 02/02/99 | 192 | 329 | 137 | 71% |
| 6 | CMLP 7.375 2/1/2031 144A | 7.38% | 02/01/31 | 15 | 144 | 129 | 860% |
| 7 | SIVB 4 PERP | 4.00% | 08/15/99 | 209 | 335 | 126 | 60% |
| 8 | SIVB 4.25 PERP | 4.25% | 02/15/99 | 195 | 319 | 124 | 64% |
| 9 | NATURA 4.125 5/3/2028 144A | 4.13% | 05/03/28 | 26 | 142 | 116 | 446% |
| 10 | LLOYDS 8 PERP 144A | 8.00% | 12/29/49 | 164 | 260 | 96 | 59% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 3/10/23 – 3/17/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | TDG 8 12/15/2025 144A | 8.00% | 12/15/25 | 42 |
| 2 | USB 4.839 2/1/2034 | 4.84% | 02/01/34 | 42 |
| 3 | F 5.584 3/18/2024 | 5.58% | 03/18/24 | 39 |
| 4 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 37 |
| 5 | SIVB 4.7 PERP | 4.70% | 02/15/99 | 37 |
| 6 | AMCX 5 4/1/2024 | 5.00% | 04/01/24 | 36 |
| 7 | DISH 5 3/15/2023 | 5.00% | 03/15/23 | 36 |
| 8 | NGL 7.5 11/1/2023 | 7.50% | 11/01/23 | 35 |
| 9 | SIVB 4.1 PERP | 4.10% | 02/02/99 | 35 |
| 10 | SIVB 4 PERP | 4.00% | 08/15/99 | 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 3/10/23 – 3/17/23
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