Corporates

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High Yield Corporate Bond Market Summary:
Week Ending 6/2/23

Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.

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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 5/26/23 – 6/2/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 DALWAN 11 1/20/2025 11.00% 01/20/25 39.88% 49.82 35.61 24
2 SAMMIN 5.75 10/24/2023 5.75% 10/24/23 26.46% 67.68 53.52 20
3 KPERST 6.5 9/1/2026 REGS 6.50% 09/01/26 19.23% 69.09 57.95 22
4 TCGR 3.875 5/2/2025 REGS 3.88% 05/02/25 17.49% 75.18 63.99 18
5 ROADKG 5.125 7/26/2026 5.13% 07/26/26 16.14% 47.72 41.09 18
6 TUNIS 5.625 2/17/2024 5.63% 02/17/24 12.44% 83.33 74.11 17
7 AGILE 6.05 10/13/2025 6.05% 10/13/25 11.94% 25.09 22.42 20
8 COHR 6 7/1/2023 6.00% 07/01/23 10.11% 173.64 157.69 11
9 TKCHOL 10.5 5/15/2029 144A 10.50% 05/15/29 9.48% 68.52 62.58 12
10 QVCN 4.75 2/15/2027 4.75% 02/15/27 8.91% 61.46 56.43 23

Bottom 10 Performers

Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 5/26/23 – 6/2/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 ROADKG 7 PERP 7.00% NULL -19.42% 28.20 34.99 8
2 KMLHDM 5.5 7/8/2024 5.50% 07/08/24 -15.72% 79.60 94.45 3
3 WEWORK 5 7/10/2025 144A 5.00% 07/10/25 -15.64% 40.88 48.46 10
4 CHINSC 7.375 4/9/2024 7.38% 04/09/24 -11.40% 30.39 34.30 17
5 INCMBZ 5.75 7/17/2024 REGS 5.75% 07/17/24 -9.62% 56.69 62.73 15
6 AIMEGR 6.5 10/1/2025 144A 6.50% 10/01/25 -8.34% 62.85 68.57 19
7 RGCARE 5.375 1/15/2029 144A 5.38% 01/15/29 -7.95% 48.30 52.47 15
8 RAKUTN 6.25 PERP REGS 5.80% NULL -7.81% 62.44 67.73 21
9 MCBRAC 7.25 6/30/2031 REGS 7.25% 06/30/31 -6.98% 72.34 77.76 20
10 ARNDTN 7.078 PERP 7.08% NULL -5.87% 40.74 43.28 17

Avg Industry Price

Displays the HY Corp average industry price by sector between 5/26/23 – 6/2/23

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 5/26/23 – 6/2/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the HY Corps with the largest increase in quote volume for the week ending 5/26/23 vs. the week ending 6/2/23

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 IGT 5.25 1/15/2029 144A 5.25% 01/15/29 101 189 88 87%
2 IGT 4.125 4/15/2026 144A 4.13% 04/15/26 110 190 80 73%
3 IGT 6.25 1/15/2027 144A 6.25% 01/15/27 95 172 77 81%
4 PETBRA 6.85 6/5/2115 6.85% 06/05/15 71 134 63 89%
5 CEDCRI FLT 5/15/2028 REGS 0.00% 05/15/28 78 135 57 73%
6 PELHOL 9.5 4/1/2027 144A 9.50% 04/01/27 44 100 56 127%
7 OXY 7.5 5/1/2031 7.50% 05/01/31 183 225 42 23%
8 LYB 5.625 5/15/2033 5.63% 05/15/33 227 268 41 18%
9 CCK 5 5/15/2028 REGS 5.00% 05/15/28 159 197 38 24%
10 GM 4.5 11/22/2027 4.50% 11/22/27 129 166 37 29%

Most Quoted HY Corps

Ranks the HY Corps that were quoted by the highest number of dealers between 5/26/23 – 6/2/23

RANK TRANCHE COUPON MATURITY DEALERS
1 VZ 5.05 5/9/2033 5.05% 05/09/33 36
2 TMUS 5.05 7/15/2033 5.05% 07/15/33 36
3 FMGAU 5.125 5/15/2024 5.13% 05/15/24 36
4 XEL 5.1 5/15/2053 5.10% 05/15/53 35
5 BALL 6 6/15/2029 6.00% 06/15/29 34
6 SOCGEN 7.875 12/29/2049 7.88% NULL 34
7 BALL 2.875 8/15/2030 2.88% 08/15/30 33
8 BNP 7.375 12/29/2049 7.38% NULL 33
9 THC 4.625 9/1/2024 4.63% 09/01/24 32
10 LLOYDS 7.5 PERP 7.50% NULL 32

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 5/26/23 – 6/2/23

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