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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.
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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