Corporates
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High Yield Corporate Bond Market Summary:
Week Ending 3/31/23
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 | NVFVES 5 6/15/2025 REGS | 5.00% | 06/15/25 | 12.34% | 87.41 | 77.81 | 19 |
| 2 | ARGENT 1.5 7/9/2046 | 1.50% | 07/09/46 | 11.98% | 26.46 | 23.63 | 30 |
| 3 | CVNA 5.625 10/1/2025 144A | 5.63% | 10/01/25 | 10.97% | 68.51 | 61.74 | 26 |
| 4 | ZAMBIN 8.5 4/14/2024 REGS | 8.50% | 04/14/24 | 10.87% | 45.13 | 40.71 | 14 |
| 5 | BAKIDE 6.99 2/20/2032 REGS | 6.99% | 02/20/32 | 10.47% | 74.84 | 67.74 | 22 |
| 6 | TKCHOL 10.5 5/15/2029 144A | 10.50% | 05/15/29 | 10.05% | 62.34 | 56.65 | 13 |
| 7 | CMPR 7 6/15/2026 | 7.00% | 06/15/26 | 9.86% | 80.65 | 73.40 | 16 |
| 8 | RAD 7.7 2/15/2027 | 7.70% | 02/15/27 | 9.73% | 31.66 | 28.85 | 19 |
| 9 | ABRAGF 5 3/2/2028 REGS | 5.00% | 03/02/28 | 9.40% | 81.73 | 74.71 | 7 |
| 10 | HRINTH 4.95 11/7/2047 | 4.95% | 11/07/47 | 8.58% | 60.19 | 55.43 | 25 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 3/24/23 – 3/31/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | NDB 5.625 PERP | 5.63% | NULL | -27.97% | 51.33 | 71.26 | 7 |
| 2 | GRNLGR 6.75 9/26/2025 | 6.75% | 09/26/25 | -20.81% | 33.27 | 42.02 | 17 |
| 3 | RAKUTN 6.25 PERP 144A | 6.25% | 12/31/99 | -19.37% | 47.02 | 58.32 | 14 |
| 4 | TOTALP 6.375 9/20/2028 REGS | 6.38% | 09/20/28 | -17.46% | 47.68 | 57.76 | 20 |
| 5 | QVCN 4.375 9/1/2028 | 4.38% | 09/01/28 | -15.51% | 36.83 | 43.59 | 28 |
| 6 | COFP 3.58 2/7/2025 | 3.58% | 02/07/25 | -13.40% | 29.53 | 34.10 | 21 |
| 7 | AGILE 5.5 5/17/2026 | 5.50% | 05/17/26 | -11.87% | 41.81 | 47.45 | 22 |
| 8 | KWGPRO 7.875 8/30/2024 | 7.88% | 08/30/24 | -11.85% | 34.08 | 38.66 | 18 |
| 9 | USRENA 10.625 7/15/2027 144A | 10.63% | 07/15/27 | -9.28% | 25.85 | 28.49 | 13 |
| 10 | TMH 6.375 2/1/2025 | 6.38% | 02/01/25 | -9.18% | 59.21 | 65.19 | 18 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 3/24/23 – 3/31/23
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 3/24/23 – 3/31/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 3/24/23 vs. the week ending 3/31/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | ECUA 5.5 7/31/2030 REGS | 6.16% | 07/31/30 | 44 | 166 | 122 | 277% |
| 2 | TUNIS 5.625 2/17/2024 | 5.63% | 02/17/24 | 20 | 130 | 110 | 550% |
| 3 | TUNIS 6.375 7/15/2026 REGS | 6.38% | 07/15/26 | 20 | 130 | 110 | 550% |
| 4 | PDCAR 6.875 2/1/2029 144A | 6.88% | 02/01/29 | 34 | 120 | 86 | 253% |
| 5 | ASRIIJ 11 11/2/2025 | 11.00% | 11/02/25 | 66 | 152 | 86 | 130% |
| 6 | GALIAR 7.962 7/19/2026 REGS | 7.96% | 07/19/26 | 20 | 94 | 74 | 370% |
| 7 | MBGGR 1.375 5/11/2028 | 1.38% | 05/11/28 | 74 | 143 | 69 | 93% |
| 8 | MBGGR 1.5 3/9/2026 | 1.50% | 03/09/26 | 84 | 151 | 67 | 80% |
| 9 | QWECOM 6.875 7/15/2028 | 6.88% | 07/15/28 | 97 | 160 | 63 | 65% |
| 10 | MBGGR 2.625 4/7/2025 | 2.63% | 04/07/25 | 65 | 125 | 60 | 92% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 3/24/23 – 3/31/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | SIVB 4.7 PERP | 4.70% | 02/15/99 | 40 |
| 2 | F 5.584 3/18/2024 | 5.58% | 03/18/24 | 40 |
| 3 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 38 |
| 4 | SIVB 4.1 PERP | 4.10% | 02/02/99 | 38 |
| 5 | SIVB 4.25 PERP | 4.25% | 02/15/99 | 37 |
| 6 | TDG 8 12/15/2025 144A | 8.00% | 12/15/25 | 37 |
| 7 | SIVB 4 PERP | 4.00% | 08/15/99 | 37 |
| 8 | FMCN 6.5 3/1/2024 144A | 6.50% | 03/01/24 | 37 |
| 9 | LLOYDS 8 PERP | 8.00% | 12/27/99 | 37 |
| 10 | BACR 8 PERP | 8.00% | 12/15/99 | 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 3/24/23 – 3/31/23
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