Corporates

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High Yield Corporate Bond Market Summary:
Week Ending 4/14/23

Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.

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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 4/7/23 – 4/14/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 QVCN 4.375 9/1/2028 4.38% 09/01/28 32.10% 55.52 42.03 27
2 LINTA 8.25 2/1/2030 8.25% 02/01/30 14.38% 29.36 25.67 22
3 MANGRV 7.775 10/9/2025 REGS 7.78% 10/09/25 13.78% 65.62 57.67 11
4 NAFTO 7.375 7/19/2022 7.38% 07/19/22 13.18% 30.17 26.66 16
5 CYH 6.875 4/1/2028 144A 6.88% 04/01/28 12.32% 68.50 60.98 20
6 VEDLN 6.125 8/9/2024 REGS 6.13% 08/09/24 11.20% 68.54 61.63 25
7 HOMESM 4.5 10/15/2026 REGS 4.50% 10/15/26 10.11% 101.14 91.85 17
8 CANHEA 6.25 10/1/2028 144A 6.25% 10/01/28 9.39% 55.29 50.54 16
9 PKSTAN 8.25 9/30/2025 8.25% 09/30/25 8.98% 41.78 38.33 23
10 YPFDAR 8.5 6/27/2029 REGS 8.50% 06/27/29 8.29% 80.71 74.54 19

Bottom 10 Performers

Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 4/7/23 – 4/14/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 WEWORK 7.875 5/1/2025 144A 7.88% 05/01/25 -19.31% 41.59 51.55 21
2 TLN 10.5 1/15/2026 144A 10.50% 01/15/26 -11.32% 28.89 32.57 20
3 GRNLGR 6.75 3/3/2026 6.75% 03/03/26 -9.81% 29.14 32.31 16
4 TUNIS 6.375 7/15/2026 REGS 6.38% 07/15/26 -7.63% 47.78 51.73 17
5 DHC 4.375 3/1/2031 4.38% 03/01/31 -6.41% 67.04 71.63 25
6 PWRLNG 4 7/14/2023 4.00% 07/14/23 -5.79% 27.81 29.52 13
7 KWGPRO 5.875 11/10/2024 5.88% 11/10/24 -5.56% 26.05 27.58 19
8 DBD 9.375 7/15/2025 144A 9.38% 07/15/25 -5.49% 47.17 49.92 19
9 EGYPT 5.875 2/16/2031 REGS 5.88% 02/16/31 -5.31% 57.52 60.75 21
10 AIMEGR 6.5 10/1/2025 144A 6.50% 10/01/25 -5.19% 61.48 64.84 14

Avg Industry Price

Displays the HY Corp average industry price by sector between 4/7/23 – 4/14/23

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 4/7/23 – 4/14/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the HY Corps with the largest increase in quote volume for the week ending 4/7/23 vs. the week ending 4/14/23

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 BANORT 6.75 PERP REGS 6.75% NULL 81 143 62 77%
2 MBGGR 4.8 3/30/2028 REGS 4.80% 03/30/28 102 163 61 60%
3 BANORT 6.625 PERP REGS 6.63% NULL 81 140 59 73%
4 BANORT 7.5 PERP REGS 7.50% NULL 81 140 59 73%
5 BANORT 5.875 PERP REGS 5.88% NULL 82 140 58 71%
6 MBGGR 4.95 3/30/2025 REGS 4.95% 03/30/25 83 137 54 65%
7 MBGGR 4.8 3/30/2026 REGS 4.80% 03/30/26 90 135 45 50%
8 D 5 4/1/2033 5.00% 04/01/33 277 321 44 16%
9 CS 7.25 PERP REGS 7.25% NULL 272 316 44 16%
10 D 5.45 4/1/2053 5.45% 04/01/53 251 293 42 17%

Most Quoted HY Corps

Ranks the HY Corps that were quoted by the highest number of dealers between 4/7/23 – 4/14/23

RANK TRANCHE COUPON MATURITY DEALERS
1 LLOYDS 8 PERP 8.00% 12/27/99 37
2 UBS 7 PERP REGS 7.00% NULL 34
3 LOW 5.15 7/1/2033 5.15% 07/01/33 34
4 SOCGEN 7.875 12/29/2049 7.88% NULL 34
5 F 6.95 3/6/2026 6.95% 03/06/26 34
6 F 6.8 5/12/2028 6.80% 05/12/28 34
7 CS 9.75 PERP REGS 9.75% NULL 34
8 BACR 8 PERP 8.00% 12/15/99 33
9 D 5 4/1/2033 5.00% 04/01/33 33
10 IBM 4.5 2/6/2028 4.50% 02/06/28 33

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 4/7/23 – 4/14/23

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