Corporates

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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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