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High Yield Corporate Bond Market Summary:
Week Ending 5/26/23
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 5/19/23 – 5/26/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | SFLY 8.5 10/1/2026 144A | 8.50% | 10/01/26 | 30.78% | 58.07 | 44.40 | 14 |
| 2 | RAX 5.375 12/1/2028 144A | 5.38% | 12/01/28 | 23.78% | 25.79 | 20.84 | 19 |
| 3 | WOMCHI 4.7 1/22/2028 REGS | 4.70% | 01/22/28 | 16.56% | 70.44 | 60.43 | 17 |
| 4 | LINTA 8.25 2/1/2030 | 8.25% | 02/01/30 | 15.85% | 36.06 | 31.13 | 19 |
| 5 | JERMNG 12.5 7/20/2026 | 12.50% | 07/20/26 | 14.43% | 91.50 | 79.96 | 6 |
| 6 | TELSAT 6.5 10/15/2027 144A | 6.50% | 10/15/27 | 12.67% | 42.15 | 37.41 | 21 |
| 7 | SABHLD 9.25 4/15/2025 144A | 9.25% | 04/15/25 | 12.58% | 96.05 | 85.31 | 20 |
| 8 | LOGM 5.5 9/1/2027 144A | 5.50% | 09/01/27 | 10.54% | 56.12 | 50.77 | 18 |
| 9 | SCN 10.75 8/31/2029 | 10.75% | 08/31/29 | 10.14% | 70.86 | 64.34 | 5 |
| 10 | QVCN 5.95 3/15/2043 | 5.95% | 03/15/43 | 9.59% | 49.78 | 45.43 | 22 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 5/19/23 – 5/26/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | SFRFP 8 5/15/2027 REGS | 8.00% | 05/15/27 | -13.91% | 57.65 | 66.97 | 21 |
| 2 | DALWAN 7.25 1/29/2024 | 7.25% | 01/29/24 | -11.70% | 46.04 | 52.14 | 21 |
| 3 | FUTLAN 4.45 7/13/2025 | 4.45% | 07/13/25 | -10.09% | 47.66 | 53.01 | 11 |
| 4 | RADPAR 9.25 2/1/2028 144A | 9.25% | 02/01/28 | -10.03% | 26.55 | 29.51 | 16 |
| 5 | BAKIDE 7.45 11/15/2029 REGS | 7.45% | 11/15/29 | -9.57% | 72.86 | 80.57 | 22 |
| 6 | FTLNHD 4.5 5/2/2026 | 4.50% | 05/02/26 | -9.28% | 42.70 | 47.07 | 13 |
| 7 | ROADKG 5.9 3/5/2025 | 5.90% | 03/05/25 | -8.78% | 57.53 | 63.06 | 16 |
| 8 | AMCX 4.25 2/15/2029 | 4.25% | 02/15/29 | -8.08% | 57.60 | 62.67 | 22 |
| 9 | CSCHLD 4.625 12/1/2030 144A | 4.63% | 12/01/30 | -8.00% | 41.40 | 45.00 | 26 |
| 10 | FL 4 10/1/2029 144A | 4.00% | 10/01/29 | -7.98% | 76.42 | 83.05 | 18 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 5/19/23 – 5/26/23
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 5/19/23 – 5/26/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 5/19/23 vs. the week ending 5/26/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | FXIHLD 12.25 11/15/2026 144A | 12.25% | 11/15/26 | 15 | 114 | 99 | 660% |
| 2 | CRBG 4.35 4/5/2042 144A | 4.35% | 04/05/42 | 68 | 150 | 82 | 121% |
| 3 | AVOL 6.375 5/4/2028 REGS | 6.38% | 05/04/28 | 10 | 87 | 77 | 770% |
| 4 | CRBG 4.4 4/5/2052 144A | 4.40% | 04/05/52 | 103 | 165 | 62 | 60% |
| 5 | CRBG 3.9 4/5/2032 144A | 3.90% | 04/05/32 | 122 | 169 | 47 | 39% |
| 6 | FMGAU 5.125 5/15/2024 | 5.13% | 05/15/24 | 250 | 290 | 40 | 16% |
| 7 | SEB 4 5/15/2026 | 4.00% | 05/15/26 | 3 | 36 | 33 | 1100% |
| 8 | CHFOTN 2.5 1/31/2031 REGS | 2.50% | 01/31/31 | 20 | 52 | 32 | 160% |
| 9 | LIHHK 4.875 7/15/2024 | 4.88% | 07/15/24 | 118 | 150 | 32 | 27% |
| 10 | ORSTED 6.25 6/26/3013 | 6.25% | 06/26/13 | 111 | 141 | 30 | 27% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 5/19/23 – 5/26/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | XEL 5.1 5/15/2053 | 5.10% | 05/15/53 | 37 |
| 2 | SOCGEN 7.875 12/29/2049 | 7.88% | NULL | 36 |
| 3 | VZ 5.05 5/9/2033 | 5.05% | 05/09/33 | 36 |
| 4 | F 5.584 3/18/2024 | 5.58% | 03/18/24 | 35 |
| 5 | FMGAU 5.125 5/15/2024 | 5.13% | 05/15/24 | 35 |
| 6 | THC 4.625 9/1/2024 | 4.63% | 09/01/24 | 35 |
| 7 | TMUS 5.05 7/15/2033 | 5.05% | 07/15/33 | 35 |
| 8 | BALL 6 6/15/2029 | 6.00% | 06/15/29 | 34 |
| 9 | LLOYDS 7.5 PERP | 7.50% | NULL | 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 5/19/23 – 5/26/23
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