Corporates
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High Yield Corporate Bond Market Summary:
Week Ending 4/7/23
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 3/31/23 – 4/7/23
RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
1 | ALNMED 10.5 2/15/2028 | 10.50% | 02/15/28 | 28.30% | 55.29 | 43.10 | 14 |
2 | TOTALP 6.375 9/20/2028 REGS | 6.38% | 09/20/28 | 16.77% | 55.67 | 47.68 | 20 |
3 | LUMN 7.65 3/15/2042 | 7.65% | 03/15/42 | 13.78% | 39.42 | 34.65 | 23 |
4 | TELSAT 5.625 12/6/2026 144A | 5.63% | 12/06/26 | 12.93% | 56.32 | 49.87 | 24 |
5 | BIMLVN 7.375 5/7/2026 | 7.38% | 05/07/26 | 12.39% | 48.87 | 43.49 | 12 |
6 | HILOHO 9.75 11/18/2024 REGS | 9.75% | 11/18/24 | 11.44% | 57.42 | 51.53 | 16 |
7 | QVCN 4.75 2/15/2027 | 4.75% | 02/15/27 | 11.37% | 44.19 | 39.68 | 31 |
8 | CREDVA 8.875 2/7/2025 REGS | 8.88% | 02/07/25 | 11.36% | 28.25 | 25.37 | 14 |
9 | GTE 7.75 5/23/2027 144A | 7.75% | 05/23/27 | 9.43% | 79.71 | 72.84 | 17 |
10 | RADPAR 9.25 2/1/2028 144A | 9.25% | 02/01/28 | 9.42% | 55.75 | 50.95 | 17 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 3/31/23 – 4/7/23
RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
1 | SINOCE 2.7 1/13/2025 | 2.70% | 01/13/25 | -33.44% | 36.68 | 55.11 | 24 |
2 | TLN 10.5 1/15/2026 144A | 10.50% | 01/15/26 | -18.57% | 32.57 | 40.00 | 19 |
3 | TUNIS 4.3 8/2/2030 | 4.30% | 08/02/30 | -12.14% | 36.53 | 41.58 | 4 |
4 | AIMEGR 6.5 10/1/2025 144A | 6.50% | 10/01/25 | -11.99% | 64.84 | 73.68 | 14 |
5 | CANHEA 6.25 10/1/2028 144A | 6.25% | 10/01/28 | -10.25% | 50.54 | 56.31 | 14 |
6 | BOLIVI 4.5 3/20/2028 | 4.50% | 03/20/28 | -7.99% | 48.00 | 52.17 | 18 |
7 | BAKIDE 6.99 2/20/2032 REGS | 6.99% | 02/20/32 | -7.20% | 69.45 | 74.84 | 22 |
8 | WEWORK 5 7/10/2025 144A | 5.00% | 07/10/25 | -6.67% | 48.65 | 52.12 | 18 |
9 | TPC 6.875 5/1/2025 | 6.88% | 05/01/25 | -6.12% | 69.84 | 74.39 | 20 |
10 | MNK 11.5 12/15/2028 144A | 11.50% | 12/15/28 | -6.01% | 77.39 | 82.34 | 21 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 3/31/23 – 4/7/23
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 3/31/23 – 4/7/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 3/31/23 vs. the week ending 4/7/23
RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
1 | CCL 7.625 3/1/2026 144A | 7.63% | 03/01/26 | 101 | 187 | 86 | 85% |
2 | MDLNIJ 3 4/30/2027 | 3.00% | 04/30/27 | 64 | 116 | 52 | 81% |
3 | NFLX 4.875 4/15/2028 | 4.88% | 04/15/28 | 217 | 265 | 48 | 22% |
4 | BANORT 5.875 PERP REGS | 5.88% | NULL | 35 | 82 | 47 | 134% |
5 | BANORT 6.625 PERP REGS | 6.63% | NULL | 35 | 81 | 46 | 131% |
6 | BANORT 6.75 PERP REGS | 6.75% | NULL | 35 | 81 | 46 | 131% |
7 | BANORT 7.5 PERP REGS | 7.50% | NULL | 35 | 81 | 46 | 131% |
8 | RAKUTN 6.25 PERP REGS | 5.80% | NULL | 94 | 139 | 45 | 48% |
9 | AIG 5.125 3/27/2033 | 5.13% | 03/27/33 | 201 | 244 | 43 | 21% |
10 | ASRIIJ 11 11/2/2025 | 11.00% | 11/02/25 | 152 | 190 | 38 | 25% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 3/31/23 – 4/7/23
RANK | TRANCHE | COUPON | MATURITY | DEALERS |
1 | LLOYDS 8 PERP | 8.00% | 12/27/99 | 37 |
2 | SIVB 4.7 PERP | 4.70% | NULL | 36 |
3 | F 5.584 3/18/2024 | 5.58% | 03/18/24 | 36 |
4 | CS 9.75 PERP REGS | 9.75% | NULL | 36 |
5 | SIVB 4.1 PERP | 4.10% | NULL | 36 |
6 | SIVB 4 PERP | 4.00% | NULL | 35 |
7 | BACR 8 PERP | 8.00% | 12/15/99 | 35 |
8 | FMCN 6.5 3/1/2024 144A | 6.50% | 03/01/24 | 35 |
9 | SOCGEN 7.875 12/29/2049 | 7.88% | NULL | 35 |
10 | UBS 7 PERP REGS | 7.00% | NULL | 35 |
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 3/31/23 – 4/7/23
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