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High Yield Corporate Bond Market Summary:
Week Ending 6/9/23
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 |
| Brightspeed | $1.865 billion senior secured | N/A | 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 6/2/23 – 6/9/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | CHINSC 7.375 4/9/2024 | 7.38% | 04/09/24 | 41.94% | 43.14 | 30.39 | 17 |
| 2 | RADPAR 9.25 2/1/2028 144A | 9.25% | 02/01/28 | 36.79% | 37.77 | 27.61 | 16 |
| 3 | SINOCE 6 7/30/2024 | 6.00% | 07/30/24 | 29.65% | 41.55 | 32.05 | 21 |
| 4 | AGILE 6.05 10/13/2025 | 6.05% | 10/13/25 | 26.33% | 31.70 | 25.09 | 20 |
| 5 | NAFTO 7.625 11/8/2026 REGS | 7.63% | 11/08/26 | 21.54% | 31.65 | 26.04 | 22 |
| 6 | IHRT 8.375 5/1/2027 | 8.38% | 05/01/27 | 19.05% | 68.30 | 57.37 | 24 |
| 7 | CVNA 10.25 5/1/2030 144A | 10.25% | 05/01/30 | 17.67% | 79.95 | 67.95 | 24 |
| 8 | FTLNHD 4.8 12/15/2024 | 4.80% | 12/15/24 | 16.53% | 70.26 | 60.30 | 16 |
| 9 | ROADKG 6 9/4/2025 | 6.00% | 09/04/25 | 16.46% | 61.90 | 53.15 | 18 |
| 10 | LUMN 7.2 12/1/2025 | 7.20% | 12/01/25 | 16.14% | 78.97 | 68.00 | 7 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 6/2/23 – 6/9/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | WHLPRO 6.5 5/15/2029 144A | 6.50% | 05/15/29 | -17.62% | 33.04 | 40.10 | 16 |
| 2 | BHCCN 5 2/15/2029 144A | 5.00% | 02/15/29 | -10.05% | 39.34 | 43.73 | 20 |
| 3 | MCBRAC 7.25 6/30/2031 REGS | 7.25% | 06/30/31 | -9.43% | 65.51 | 72.34 | 24 |
| 4 | HOME 4.875 7/15/2028 144A | 4.88% | 07/15/28 | -9.12% | 51.69 | 56.87 | 22 |
| 5 | CURACN 8 12/15/2026 REGS | 8.00% | 12/15/26 | -9.08% | 73.68 | 81.04 | 5 |
| 6 | UNSTSV 8 11/15/2029 144A | 8.00% | 11/15/29 | -7.11% | 48.77 | 52.50 | 10 |
| 7 | ANDRGI 9 12/28/2029 REGS | 5.00% | 12/28/29 | -6.63% | 33.40 | 35.77 | 6 |
| 8 | TOTALP 6.375 9/20/2028 REGS | 6.38% | 09/20/28 | -5.63% | 56.52 | 59.89 | 18 |
| 9 | BAKIDE 6.99 2/20/2032 REGS | 6.99% | 02/20/32 | -5.47% | 66.52 | 70.37 | 24 |
| 10 | RAKUTN 6.25 PERP REGS | 5.80% | NULL | -5.06% | 59.28 | 62.44 | 20 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 6/2/23 – 6/9/23
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 6/2/23 – 6/9/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 6/2/23 vs. the week ending 6/9/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | PETBRA 6.85 6/5/2115 | 6.85% | 06/05/15 | 134 | 190 | 56 | 42% |
| 2 | COIN 3.375 10/1/2028 144A | 3.38% | 10/01/28 | 239 | 283 | 44 | 18% |
| 3 | PCG 6.75 1/15/2053 | 6.75% | 01/15/53 | 196 | 233 | 37 | 19% |
| 4 | OXY 7.15 5/15/2028 | 7.15% | 05/15/28 | 116 | 151 | 35 | 30% |
| 5 | OXY 6.625 9/1/2030 | 6.63% | 09/01/30 | 274 | 308 | 34 | 12% |
| 6 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 326 | 360 | 34 | 10% |
| 7 | LYB 5.625 5/15/2033 | 5.63% | 05/15/33 | 268 | 300 | 32 | 12% |
| 8 | CQP 4.5 10/1/2029 | 4.50% | 10/01/29 | 191 | 223 | 32 | 17% |
| 9 | YUZHOU 6 10/25/2023 | 6.00% | 10/25/23 | 122 | 154 | 32 | 26% |
| 10 | COIN 3.625 10/1/2031 144A | 3.63% | 10/01/31 | 234 | 264 | 30 | 13% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 6/2/23 – 6/9/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | FMGAU 5.125 5/15/2024 | 5.13% | 05/15/24 | 36 |
| 2 | SOCGEN 7.875 12/29/2049 | 7.88% | NULL | 36 |
| 3 | VZ 5.05 5/9/2033 | 5.05% | 05/09/33 | 35 |
| 4 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 35 |
| 5 | BACR 8 PERP | 8.00% | 12/15/99 | 34 |
| 6 | BNP 7.375 12/29/2049 | 7.38% | NULL | 34 |
| 7 | XEL 5.1 5/15/2053 | 5.10% | 05/15/53 | 33 |
| 8 | BALL 6 6/15/2029 | 6.00% | 06/15/29 | 33 |
| 9 | TMUS 5.05 7/15/2033 | 5.05% | 07/15/33 | 33 |
| 10 | UBS 7 PERP REGS | 7.00% | 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 6/2/23 – 6/9/23
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