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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