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High Yield Corporate Bond Market Summary:
Week Ending 6/16/23
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 6/9/23 – 6/16/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | RAILUA 8.25 7/9/2026 | 8.25% | 07/09/26 | 31.93% | 34.57 | 26.20 | 21 |
| 2 | UKRAIN 0 5/31/2040 | 0.00% | 05/31/40 | 23.64% | 35.04 | 28.34 | 5 |
| 3 | COHR 6 7/1/2023 | 6.00% | 07/01/23 | 21.33% | 222.95 | 183.75 | 11 |
| 4 | NAFTO 7.125 7/19/2026 | 7.13% | 07/19/26 | 16.40% | 31.30 | 26.89 | 20 |
| 5 | LUMN 7.6 9/15/2039 | 7.60% | 09/15/39 | 15.38% | 43.91 | 38.06 | 21 |
| 6 | TLWLN 7 3/1/2025 REGS | 7.00% | 03/01/25 | 12.08% | 61.58 | 54.95 | 25 |
| 7 | RRD 6.625 4/15/2029 | 6.63% | 04/15/29 | 11.13% | 89.41 | 80.45 | 2 |
| 8 | FUTLAN 4.45 7/13/2025 | 4.45% | 07/13/25 | 10.43% | 58.10 | 52.62 | 14 |
| 9 | FTLNHD 4.5 5/2/2026 | 4.50% | 05/02/26 | 9.88% | 48.30 | 43.96 | 14 |
| 10 | RLTECH 10.25 6/24/2024 | 10.25% | 06/24/24 | 9.67% | 27.83 | 25.38 | 7 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 6/9/23 – 6/16/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | SFLY 8.5 10/1/2026 144A | 8.50% | 10/01/26 | -16.70% | 46.81 | 56.19 | 17 |
| 2 | PKSTAN 8.25 9/30/2025 | 8.25% | 09/30/25 | -14.16% | 38.34 | 44.66 | 23 |
| 3 | ILAPCL 5.125 6/15/2033 REGS | 5.13% | 06/15/33 | -12.66% | 37.85 | 43.34 | 9 |
| 4 | WEWORK 7.875 5/1/2025 144A | 7.88% | 05/01/25 | -9.30% | 41.37 | 45.62 | 11 |
| 5 | CHINSC 7.375 4/9/2024 | 7.38% | 04/09/24 | -7.13% | 40.06 | 43.14 | 17 |
| 6 | RAD 7.5 7/1/2025 144A | 7.50% | 07/01/25 | -6.19% | 64.21 | 68.45 | 19 |
| 7 | SECBEN 7 PERP 144A | 7.00% | NULL | -5.72% | 60.00 | 63.63 | 10 |
| 8 | CANHEA 6.25 10/1/2028 144A | 6.25% | 10/01/28 | -5.22% | 63.23 | 66.71 | 12 |
| 9 | CVNA 5.875 10/1/2028 144A | 5.88% | 10/01/28 | -4.93% | 57.37 | 60.34 | 22 |
| 10 | AZUPOE 5.65 12/24/2024 144A | 5.65% | 12/24/24 | -4.71% | 80.94 | 84.94 | 2 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 6/9/23 – 6/16/23
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 6/9/23 – 6/16/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 6/9/23 vs. the week ending 6/16/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | GASBCM 6.51 2/23/2042 REGS | 6.51% | 02/23/42 | 60 | 136 | 76 | 127% |
| 2 | GASBCM 6.51 2/23/2042 144A | 6.51% | 02/23/42 | 10 | 82 | 72 | 720% |
| 3 | CLMT 9.25 7/15/2024 | 9.25% | 07/15/24 | 99 | 166 | 67 | 68% |
| 4 | GASBCM 6.129 2/23/2038 144A | 6.13% | 02/23/38 | 10 | 54 | 44 | 440% |
| 5 | BRFSBZ 5.75 9/21/2050 REGS | 5.75% | 09/21/50 | 230 | 266 | 36 | 16% |
| 6 | VEDLN 13.875 1/21/2024 REGS | 13.88% | 01/21/24 | 230 | 266 | 36 | 16% |
| 7 | BFH 4.75 12/15/2024 144A | 4.75% | 12/15/24 | 145 | 180 | 35 | 24% |
| 8 | KWGPRO 7.875 9/1/2023 | 7.88% | 09/01/23 | 100 | 130 | 30 | 30% |
| 9 | TPHL 6.75 7/8/2025 | 6.75% | 07/08/25 | 117 | 147 | 30 | 26% |
| 10 | BOCHLN 12.5 PERP | 12.50% | NULL | 134 | 163 | 29 | 22% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 6/9/23 – 6/16/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | SOCGEN 7.875 12/29/2049 | 7.88% | NULL | 36 |
| 2 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 34 |
| 3 | BNP 7.375 12/29/2049 | 7.38% | NULL | 34 |
| 4 | F 7.2 6/10/2030 | 7.20% | 06/10/30 | 34 |
| 5 | BACR 8 PERP | 8.00% | 12/15/99 | 33 |
| 6 | TEVA 2.8 7/21/2023 | 2.80% | 07/21/23 | 33 |
| 7 | FMGAU 5.125 5/15/2024 | 5.13% | 05/15/24 | 33 |
| 8 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 33 |
| 9 | STX 4.875 3/1/2024 | 4.88% | 03/01/24 | 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 6/9/23 – 6/16/23
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