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High Yield Corporate Bond Market Summary:
Week Ending 4/21/23
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 4/14/23 – 4/21/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | LNDPT 6.125 4/1/2028 144A | 6.13% | 04/01/28 | 29.22% | 57.00 | 44.11 | 20 |
| 2 | WEWORK 7.875 5/1/2025 144A | 7.88% | 05/01/25 | 22.57% | 50.98 | 41.59 | 23 |
| 3 | BOLIVI 4.5 3/20/2028 | 4.50% | 03/20/28 | 22.08% | 57.09 | 46.77 | 18 |
| 4 | CREDVA 8.875 2/7/2025 REGS | 8.88% | 02/07/25 | 19.87% | 34.41 | 28.71 | 11 |
| 5 | DTEKUA 7 12/31/2027 | 7.00% | 12/31/27 | 16.02% | 39.28 | 33.86 | 17 |
| 6 | SIGRP 6.75 5/15/2026 144A | 6.75% | 05/15/26 | 12.22% | 60.30 | 53.73 | 16 |
| 7 | RAD 7.5 7/1/2025 144A | 7.50% | 07/01/25 | 12.09% | 66.84 | 59.63 | 19 |
| 8 | CFIELD 6.625 8/1/2026 144A | 6.63% | 08/01/26 | 10.29% | 68.29 | 61.92 | 12 |
| 9 | RADIAT 6.5 9/15/2028 144A | 6.50% | 09/15/28 | 10.21% | 46.84 | 42.50 | 17 |
| 10 | BHCCN 7.25 5/30/2029 144A | 7.25% | 05/30/29 | 9.49% | 43.38 | 39.62 | 21 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 4/14/23 – 4/21/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | SINOCE 6 7/30/2024 | 6.00% | 07/30/24 | -28.41% | 39.69 | 55.45 | 25 |
| 2 | DALWAN 11 2/13/2026 | 11.00% | 02/13/26 | -23.68% | 62.98 | 82.51 | 22 |
| 3 | COFP 4.498 3/7/2024 | 4.50% | 03/07/24 | -23.22% | 37.49 | 48.83 | 22 |
| 4 | CHINSC 6 2/4/2026 | 6.00% | 02/04/26 | -16.85% | 33.11 | 39.82 | 19 |
| 5 | DBD 9 7/15/2025 144A | 9.00% | 07/15/25 | -16.38% | 42.98 | 51.40 | 2 |
| 6 | GRNLGR 5.875 7/3/2026 | 5.88% | 07/03/26 | -13.50% | 25.89 | 29.93 | 15 |
| 7 | ROADKG 5.125 7/26/2026 | 5.13% | 07/26/26 | -11.83% | 59.37 | 67.33 | 22 |
| 8 | BUENOS 5.25 9/1/2037 REGS | 3.90% | 09/01/37 | -9.66% | 32.03 | 35.45 | 4 |
| 9 | SFLY 8.5 10/1/2026 144A | 8.50% | 10/01/26 | -9.63% | 40.13 | 44.41 | 13 |
| 10 | LUMN 6.875 1/15/2028 | 6.88% | 01/15/28 | -9.62% | 56.32 | 62.32 | 15 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 4/14/23 – 4/21/23
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 4/14/23 – 4/21/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 4/14/23 vs. the week ending 4/21/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | CSCHLD 7.5 4/1/2028 REGS | 7.50% | 04/01/28 | 20 | 154 | 134 | 670% |
| 2 | NATURA 4.125 5/3/2028 REGS | 4.13% | 05/03/28 | 60 | 165 | 105 | 175% |
| 3 | BCOLO 6.909 10/18/2027 | 6.91% | 10/18/27 | 20 | 115 | 95 | 475% |
| 4 | FBINUS 3.25 9/15/2029 | 3.25% | 09/15/29 | 37 | 128 | 91 | 246% |
| 5 | VTLE 9.5 1/15/2025 | 9.50% | 01/15/25 | 90 | 174 | 84 | 93% |
| 6 | VTLE 7.75 7/31/2029 144A | 7.75% | 07/31/29 | 65 | 146 | 81 | 125% |
| 7 | YPFDAR 9 6/30/2029 REGS | 9.00% | 06/30/29 | 50 | 127 | 77 | 154% |
| 8 | VTLE 10.125 1/15/2028 | 10.13% | 01/15/28 | 75 | 147 | 72 | 96% |
| 9 | VOYA 5.65 5/15/2053 | 5.65% | 05/15/53 | 122 | 194 | 72 | 59% |
| 10 | LOARRE 0 5/15/2029 144A | 0.00% | 05/15/29 | 5 | 75 | 70 | 1400% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 4/14/23 – 4/21/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | LOW 5.15 7/1/2033 | 5.15% | 07/01/33 | 36 |
| 2 | XEL 5.25 4/1/2053 | 5.25% | 04/01/53 | 35 |
| 3 | GM 5.85 4/6/2030 | 5.85% | 04/06/30 | 35 |
| 4 | UBS 5.125 PERP | 5.13% | PERP | 34 |
| 5 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 34 |
| 6 | F 5.584 3/18/2024 | 5.58% | 03/18/24 | 33 |
| 7 | LLOYDS 8 PERP | 8.00% | 12/27/99 | 33 |
| 8 | BACR 8 PERP | 8.00% | 12/15/99 | 33 |
| 9 | D 5 4/1/2033 | 5.00% | 04/01/33 | 33 |
| 10 | SOCGEN 7.875 12/29/2049 | 7.88% | PERP | 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 4/14/23 – 4/21/23
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