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.
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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