Corporates
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High Yield Corporate Bond Market Summary:
Week Ending 3/24/23
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 3/17/23 – 3/24/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | WEWORK 5 7/10/2025 144A | 5.00% | 07/10/25 | 26.94% | 52.69 | 41.51 | 20 |
| 2 | MONTPI 10.5 4/3/2029 | 10.50% | 04/03/29 | 21.95% | 113.94 | 93.43 | 5 |
| 3 | FINDEP 10 3/1/2028 | 10.00% | 03/01/28 | 13.26% | 57.75 | 50.99 | 4 |
| 4 | CVNA 5.625 10/1/2025 144A | 5.63% | 10/01/25 | 13.00% | 61.74 | 54.63 | 25 |
| 5 | USLBMH 7.75 4/1/2027 144A | 7.75% | 04/01/27 | 11.60% | 78.79 | 70.60 | 23 |
| 6 | HMPT 5 2/1/2026 144A | 5.00% | 02/01/26 | 10.53% | 74.81 | 67.68 | 21 |
| 7 | SRAILT 7 6/25/2024 | 7.00% | 06/25/24 | 10.52% | 56.16 | 50.82 | 15 |
| 8 | PKSTAN 8.25 4/15/2024 | 8.25% | 04/15/24 | 7.92% | 45.85 | 42.49 | 26 |
| 9 | PAKWNP 7.5 6/4/2031 | 7.50% | 06/04/31 | 7.60% | 31.18 | 28.97 | 23 |
| 10 | AMC 7.5 2/15/2029 144A | 7.50% | 02/15/29 | 7.52% | 64.88 | 60.35 | 28 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 3/17/23 – 3/24/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | DBD 8.5 4/15/2024 | 8.50% | 04/15/24 | -50.95% | 39.39 | 80.31 | 18 |
| 2 | COFP 3.58 2/7/2025 | 3.58% | 02/07/25 | -26.82% | 34.10 | 46.60 | 21 |
| 3 | SINOCE 5.95 2/4/2027 | 5.95% | 02/04/27 | -23.72% | 50.62 | 66.36 | 22 |
| 4 | WGALLC 10.375 8/15/2025 144A | 10.38% | 08/15/25 | -23.41% | 42.03 | 54.88 | 18 |
| 5 | DB 7.125 PERP | 7.13% | 05/30/49 | -20.98% | 64.09 | 81.11 | 22 |
| 6 | GRNLGR 7.25 1/22/2027 | 7.25% | 01/22/27 | -15.33% | 35.98 | 42.49 | 18 |
| 7 | CENCHI 7.9 11/7/2023 | 7.90% | 11/07/23 | -13.65% | 26.20 | 30.34 | 22 |
| 8 | LINTA 8.25 2/1/2030 | 8.25% | 02/01/30 | -13.53% | 31.65 | 36.60 | 22 |
| 9 | LUMN 7.65 3/15/2042 | 7.65% | 03/15/42 | -13.47% | 38.41 | 44.39 | 25 |
| 10 | QVCN 4.75 2/15/2027 | 4.75% | 02/15/27 | -13.37% | 45.91 | 52.99 | 30 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 3/17/23 – 3/24/23
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 3/17/23 – 3/24/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 3/17/23 vs. the week ending 3/24/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | AAL 7.25 2/15/2028 144A | 7.25% | 02/15/28 | 174 | 298 | 124 | 71% |
| 2 | POWSOL 6.75 5/15/2025 REGS | 6.75% | 05/15/25 | 60 | 175 | 115 | 192% |
| 3 | BBDBCN 7.5 2/1/2029 144A | 7.50% | 02/01/29 | 179 | 291 | 112 | 63% |
| 4 | TDG 6.75 8/15/2028 144A | 6.75% | 08/15/28 | 199 | 310 | 111 | 56% |
| 5 | CMLP 7.375 2/1/2031 144A | 7.38% | 02/01/31 | 144 | 228 | 84 | 58% |
| 6 | FRC 4.7 PERP | 4.70% | 12/03/99 | 46 | 110 | 64 | 139% |
| 7 | FRC 4.125 PERP | 4.13% | 12/31/99 | 41 | 104 | 63 | 154% |
| 8 | LLOYDS 8 PERP | 8.00% | 12/27/99 | 281 | 344 | 63 | 22% |
| 9 | QWECOM 6.875 7/15/2028 | 6.88% | 07/15/28 | 35 | 97 | 62 | 177% |
| 10 | CS 6.25 PERP | 6.25% | NULL | 279 | 332 | 53 | 19% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 3/17/23 – 3/24/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | USB 4.839 2/1/2034 | 4.84% | 02/01/34 | 50 |
| 2 | TDG 8 12/15/2025 144A | 8.00% | 12/15/25 | 41 |
| 3 | F 5.584 3/18/2024 | 5.58% | 03/18/24 | 39 |
| 4 | SIVB 4.7 PERP | 4.70% | 02/15/99 | 39 |
| 5 | FMCN 6.5 3/1/2024 144A | 6.50% | 03/01/24 | 38 |
| 6 | SIVB 4.25 PERP | 4.25% | 02/15/99 | 37 |
| 7 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 37 |
| 8 | SIVB 4.1 PERP | 4.10% | 02/02/99 | 37 |
| 9 | CS 9.75 PERP REGS | 9.75% | 12/23/99 | 36 |
| 10 | DISH 5 3/15/2023 | 5.00% | 03/15/23 | 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 3/17/23 – 3/24/23
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