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High Yield Corporate Bond Market Summary:
Week Ending 5/12/23
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 | Deal Information | Banks | Expected Issue Date |
| Aventiv Technologies LLC | $400 million four-year first-lien senior secured notes (B3/B) | DB | Q2 2023 |
| Dana Inc. | €425 million eight-year senior notes | BCLY | Q2 2023 |
| Tenneco Inc. | $3 billion high-yield notes – $2 billion secured notes and $1 billion unsecured notes | N/A | Q2 2023 |
| Viasat Inc. | $1.6 billion senior notes | N/A | Q2 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 5/5/23 – 5/12/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | HOME 7.125 7/15/2029 144A | 7.13% | 07/15/29 | 41.25% | 84.63 | 59.91 | 27 |
| 2 | SYNH 3.625 1/15/2029 144A | 3.63% | 01/15/29 | 19.00% | 97.44 | 81.88 | 19 |
| 3 | CVNA 4.875 9/1/2029 144A | 4.88% | 09/01/29 | 18.53% | 53.19 | 44.87 | 21 |
| 4 | LNDPT 6.125 4/1/2028 144A | 6.13% | 04/01/28 | 16.61% | 60.63 | 51.99 | 16 |
| 5 | INTLGR 6.125 4/1/2029 144A | 6.13% | 04/01/29 | 16.51% | 47.98 | 41.18 | 10 |
| 6 | COFP 3.58 2/7/2025 | 3.58% | 02/07/25 | 15.98% | 26.39 | 22.76 | 23 |
| 7 | EXIMUK 9.95 11/14/2029 | 9.95% | 11/14/29 | 15.78% | 52.82 | 45.62 | 10 |
| 8 | CANHEA 6.25 10/1/2028 144A | 6.25% | 10/01/28 | 15.45% | 62.21 | 53.88 | 14 |
| 9 | QVCN 5.45 8/15/2034 | 5.45% | 08/15/34 | 14.86% | 47.31 | 41.19 | 25 |
| 10 | AXTEL 6.375 11/14/2024 REGS | 6.38% | 11/14/24 | 13.21% | 99.15 | 87.59 | 13 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 5/5/23 – 5/12/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | AGILE 13.476 PERP | 13.48% | NULL | -20.85% | 26.85 | 33.92 | 13 |
| 2 | VTRCOM 4.375 4/15/2029 REGS | 4.38% | 04/15/29 | -18.71% | 42.08 | 51.76 | 17 |
| 3 | PRAA 5 10/1/2029 144A | 5.00% | 10/01/29 | -17.19% | 69.90 | 84.41 | 16 |
| 4 | ROADKG 7 PERP | 7.00% | NULL | -16.78% | 34.32 | 41.24 | 8 |
| 5 | SBGI 5.5 3/1/2030 144A | 5.50% | 03/01/30 | -16.42% | 61.98 | 74.16 | 21 |
| 6 | SINOCE 2.7 1/13/2025 | 2.70% | 01/13/25 | -15.39% | 28.08 | 33.18 | 20 |
| 7 | DALWAN 11 1/20/2025 | 11.00% | 01/20/25 | -14.48% | 49.88 | 58.32 | 25 |
| 8 | FTLNHD 4.5 5/2/2026 | 4.50% | 05/02/26 | -13.58% | 48.61 | 56.26 | 16 |
| 9 | FUTLAN 4.45 7/13/2025 | 4.45% | 07/13/25 | -10.46% | 56.15 | 62.72 | 14 |
| 10 | TCBI 4 5/6/2031 | 4.00% | 05/06/31 | -9.78% | 72.19 | 80.02 | 9 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 5/5/23 – 5/12/23
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 5/5/23 – 5/12/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 5/5/23 vs. the week ending 5/12/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | RIG 8.375 2/1/2028 REGS | 8.38% | 02/01/28 | 38 | 146 | 108 | 284% |
| 2 | WYNFIN 7.125 2/15/2031 144A | 7.13% | 02/15/31 | 121 | 206 | 85 | 70% |
| 3 | WBD 4.279 3/15/2032 | 4.28% | 03/15/32 | 20 | 90 | 70 | 350% |
| 4 | UNSEAM 4.875 6/1/2028 144A | 4.88% | 06/01/28 | 24 | 90 | 66 | 275% |
| 5 | TMUS 5.05 7/15/2033 | 5.05% | 07/15/33 | 255 | 320 | 65 | 25% |
| 6 | INEGRP 6.625 5/15/2028 144A | 6.63% | 05/15/28 | 36 | 99 | 63 | 175% |
| 7 | WSTPNZ 4.902 2/15/2028 144A | 4.90% | 02/15/28 | 101 | 160 | 59 | 58% |
| 8 | FIREBC FLT 2/6/2028 144A | 0.00% | 02/06/28 | 28 | 85 | 57 | 204% |
| 9 | CHEDRP 2.5 12/1/2025 | 2.50% | 12/01/25 | 14 | 57 | 43 | 307% |
| 10 | SAZKAG 7.875 4/30/2029 REGS | 7.88% | 04/30/29 | 76 | 118 | 42 | 55% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 5/5/23 – 5/12/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 36 |
| 2 | THC 4.625 9/1/2024 | 4.63% | 09/01/24 | 35 |
| 3 | F 5.584 3/18/2024 | 5.58% | 03/18/24 | 35 |
| 4 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 34 |
| 5 | GM 5.4 4/6/2026 | 5.40% | 04/06/26 | 34 |
| 6 | TMUS 5.05 7/15/2033 | 5.05% | 07/15/33 | 34 |
| 7 | SOCGEN 7.875 12/29/2049 | 7.88% | 12/29/49 | 34 |
| 8 | NWL 4.875 6/1/2025 | 4.88% | 06/01/25 | 33 |
| 9 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 33 |
| 10 | BALL 2.875 8/15/2030 | 2.88% | 08/15/30 | 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 5/5/23 – 5/12/23
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