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High Yield Corporate Bond Market Summary:
Week Ending 4/28/23
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 4/21/23 – 4/28/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | CISN 9.5 2/15/2028 144A | 9.50% | 02/15/28 | 43.25% | 63.75 | 44.50 | 8 |
| 2 | TOTALP 6.375 9/20/2028 REGS | 6.38% | 09/20/28 | 12.33% | 60.62 | 53.96 | 18 |
| 3 | CYH 6.875 4/15/2029 144A | 6.88% | 04/15/29 | 11.54% | 72.99 | 65.44 | 20 |
| 4 | RAKUTN 5.125 PERP REGS | 5.13% | NULL | 9.86% | 65.12 | 59.28 | 13 |
| 5 | TKCHOL 10.5 5/15/2029 144A | 10.50% | 05/15/29 | 9.09% | 66.05 | 60.54 | 12 |
| 6 | WW 4.5 4/15/2029 144A | 4.50% | 04/15/29 | 8.85% | 62.45 | 57.37 | 23 |
| 7 | BHCCN 5 2/15/2029 144A | 5.00% | 02/15/29 | 8.78% | 44.74 | 41.13 | 22 |
| 8 | ECUA 5.5 7/31/2030 REGS | 6.16% | 07/31/30 | 8.30% | 52.62 | 48.59 | 22 |
| 9 | GHANA 7.875 2/11/2035 REGS | 7.88% | 02/11/35 | 7.75% | 36.83 | 34.18 | 17 |
| 10 | RGCARE 5.375 1/15/2029 144A | 5.38% | 01/15/29 | 5.83% | 61.14 | 57.77 | 16 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 4/21/23 – 4/28/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | COFP 4.498 3/7/2024 | 4.50% | 03/07/24 | -21.43% | 29.45 | 37.49 | 21 |
| 2 | RAX 5.375 12/1/2028 144A | 5.38% | 12/01/28 | -19.05% | 25.00 | 30.88 | 16 |
| 3 | KWGPRO 7.875 8/30/2024 | 7.88% | 08/30/24 | -12.98% | 27.74 | 31.87 | 13 |
| 4 | DALWAN 7.25 1/29/2024 | 7.25% | 01/29/24 | -11.89% | 71.82 | 81.51 | 24 |
| 5 | CHINSC 6 2/4/2026 | 6.00% | 02/04/26 | -11.41% | 29.33 | 33.11 | 18 |
| 6 | RADPAR 9.25 2/1/2028 144A | 9.25% | 02/01/28 | -10.66% | 44.94 | 50.30 | 19 |
| 7 | VTRFIN 6.375 7/15/2028 REGS | 6.38% | 07/15/28 | -9.91% | 32.44 | 36.01 | 17 |
| 8 | HOME 7.125 7/15/2029 144A | 7.13% | 07/15/29 | -8.23% | 56.09 | 61.11 | 23 |
| 9 | PFBC 3.375 6/15/2031 | 3.38% | 06/15/31 | -8.16% | 80.52 | 87.68 | 3 |
| 10 | LUMN 7.6 9/15/2039 | 7.60% | 09/15/39 | -7.93% | 40.04 | 43.49 | 23 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 4/21/23 – 4/28/23
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 4/21/23 – 4/28/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 4/21/23 vs. the week ending 4/28/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | SILAMX 5.375 4/4/2032 REGS | 5.38% | 04/04/32 | 20 | 136 | 116 | 580% |
| 2 | ABRAGF 11.5 3/2/2028 REGS | 11.50% | 03/02/28 | 22 | 120 | 98 | 445% |
| 3 | SFRFP 6 2/15/2028 144A | 6.00% | 02/15/28 | 115 | 195 | 80 | 70% |
| 4 | VOLCAN 4.375 2/11/2026 144A | 4.38% | 02/11/26 | 37 | 110 | 73 | 197% |
| 5 | FBINUS 4 3/25/2032 | 4.00% | 03/25/32 | 48 | 115 | 67 | 140% |
| 6 | CSCHLD 7.5 4/1/2028 REGS | 7.50% | 04/01/28 | 154 | 218 | 64 | 42% |
| 7 | FBINUS 4.5 3/25/2052 | 4.50% | 03/25/52 | 68 | 125 | 57 | 84% |
| 8 | RCL 7.25 1/15/2030 144A | 7.25% | 01/15/30 | 158 | 213 | 55 | 35% |
| 9 | TEKNI 9.25 8/1/2024 144A | 9.25% | 08/01/24 | 170 | 223 | 53 | 31% |
| 10 | POWSOL 6.75 5/15/2025 144A | 6.75% | 05/15/25 | 207 | 260 | 53 | 26% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 4/21/23 – 4/28/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | GM 5.4 4/6/2026 | 5.40% | 04/06/26 | 37 |
| 2 | LOW 5.15 7/1/2033 | 5.15% | 07/01/33 | 36 |
| 3 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 35 |
| 4 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 35 |
| 5 | GM 5.85 4/6/2030 | 5.85% | 04/06/30 | 34 |
| 6 | F 5.584 3/18/2024 | 5.58% | 03/18/24 | 34 |
| 7 | BACR 8 PERP | 8.00% | 12/15/99 | 33 |
| 8 | SOCGEN 7.875 12/29/2049 | 7.88% | NULL | 33 |
| 9 | BALL 4 11/15/2023 | 4.00% | 11/15/23 | 33 |
| 10 | TMUS 5.65 1/15/2053 | 5.65% | 01/15/53 | 32 |
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 4/21/23 – 4/28/23
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