Corporates

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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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