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High Yield Corporate Bond Market Summary:
Week Ending 5/19/23

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
Moneygram International Inc. $400 million first-liensecured notes GS 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 5/12/23 – 5/19/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 USRENA 10.625 7/15/2027 144A 10.63% 07/15/27 34.73% 29.43 21.85 15
2 RAKUTN 4.25 PERP REGS 4.25% NULL 24.95% 60.24 48.21 17
3 SAMMIN 5.75 10/24/2023 5.75% 10/24/23 12.93% 45.28 40.09 19
4 EGYPT 3.875 2/16/2026 REGS 3.88% 02/16/26 10.47% 69.53 62.94 20
5 STPRAU 6.25 4/30/2026 REGS 6.25% 04/30/26 9.41% 62.39 57.02 16
6 EGYSK 10.875 2/28/2026 144A 10.88% 02/28/26 9.00% 90.39 82.93 17
7 UKRAIN 0 5/31/2040 0.00% 05/31/40 8.60% 27.35 25.18 5
8 AIMEGR 6.5 10/1/2025 144A 6.50% 10/01/25 8.59% 65.79 60.59 19
9 GTN 4.75 10/15/2030 144A 4.75% 10/15/30 8.54% 68.27 62.90 25
10 DHC 4.75 2/15/2028 4.75% 02/15/28 8.27% 63.14 58.32 22

Bottom 10 Performers

Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 5/12/23 – 5/19/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 VTRCOM 5.125 1/15/2028 REGS 5.13% 01/15/28 -29.23% 32.64 46.12 18
2 CHINSC 7.375 4/9/2024 7.38% 04/09/24 -28.03% 35.17 48.87 17
3 DALWAN 11 1/20/2025 11.00% 01/20/25 -26.54% 36.64 49.88 23
4 RADPAR 9.25 2/1/2028 144A 9.25% 02/01/28 -22.99% 29.51 38.32 17
5 ROADKG 7.75 PERP 7.75% NULL -22.80% 34.71 44.97 10
6 UNIGEL 8.75 10/1/2026 REGS 8.75% 10/01/26 -15.41% 75.75 89.54 21
7 HOME 4.875 7/15/2028 144A 4.88% 07/15/28 -14.48% 59.34 69.38 25
8 TURKEY 6 1/14/2041 6.00% 01/14/41 -14.25% 67.00 78.14 23
9 AGILE 5.5 4/21/2025 5.50% 04/21/25 -13.04% 26.44 30.40 16
10 COFP 4.498 3/7/2024 4.50% 03/07/24 -11.68% 26.95 30.51 22

Avg Industry Price

Displays the HY Corp average industry price by sector between 5/12/23 – 5/19/23

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 5/12/23 – 5/19/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the HY Corps with the largest increase in quote volume for the week ending 5/12/23 vs. the week ending 5/19/23

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 TMUS 3.5 4/15/2031 3.50% 04/15/31 213 263 50 23%
2 XEL 5.1 5/15/2053 5.10% 05/15/53 269 318 49 18%
3 OI 5.375 1/15/2025 5.38% 01/15/25 247 289 42 17%
4 NDASS 4.125 5/5/2028 4.13% 05/05/28 179 220 41 23%
5 EIX 6.95 11/15/2029 6.95% 11/15/29 154 194 40 26%
6 MOLAND 8 12/30/2024 144A 8.00% 12/30/24 24 60 36 150%
7 IEP 4.375 2/1/2029 4.38% 02/01/29 180 216 36 20%
8 OI 5.875 8/15/2023 5.88% 08/15/23 223 259 36 16%
9 IEP 5.25 5/15/2027 5.25% 05/15/27 197 231 34 17%
10 TMUS 5.05 7/15/2033 5.05% 07/15/33 320 352 32 10%

Most Quoted HY Corps

Ranks the HY Corps that were quoted by the highest number of dealers between 5/12/23 – 5/19/23

RANK TRANCHE COUPON MATURITY DEALERS
1 F 5.584 3/18/2024 5.58% 03/18/24 36
2 VZ 5.05 5/9/2033 5.05% 05/09/33 36
3 XEL 5.1 5/15/2053 5.10% 05/15/53 35
4 TMUS 5.05 7/15/2033 5.05% 07/15/33 35
5 BALL 2.875 8/15/2030 2.88% 08/15/30 35
6 SOCGEN 7.875 12/29/2049 7.88% NULL 35
7 F 6.8 5/12/2028 6.80% 05/12/28 34
8 BALL 6 6/15/2029 6.00% 06/15/29 34
9 THC 4.625 9/1/2024 4.63% 09/01/24 34
10 BALL 4 11/15/2023 4.00% 11/15/23 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 5/12/23 – 5/19/23

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