Corporates

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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.

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Forward Calendar
Top 10 Performers
Bottom 10 Performers
Avg Industry Price
Market Sentiment
Top Movers
Most Quoted HY
Bid Offer Spread
Bid Offer Volume

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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