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High Yield Corporate Bond Market Summary:
Week Ending 7/7/23
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 |
| Highpeak Energy Inc. | $575 million senior notes due 2028 | BofA | 3rd Quarter 2023 |
| Viasat Inc. | $1.6 billion senior notes | BofA | 3rd Quarter 2023 |
| Tenneco Inc. | $1 billion six-year senior secured notes | BofA | 3rd Quarter 2023 |
| Brightspeed | $1.865 billion senior secured | N/A | 3rd Quarter 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 6/30/23 – 7/7/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | ARNDTN 5.25 PERP | 5.25% | NULL | 16.17% | 44.77 | 38.54 | 8 |
| 2 | RIG 4.625 9/30/2029 | 4.63% | 09/30/29 | 13.66% | 235.28 | 206.99 | 3 |
| 3 | COFP 5.875 1/15/2024 REGS | 5.88% | 01/15/24 | 12.08% | 76.32 | 68.10 | 20 |
| 4 | SRAILT 7 6/25/2024 | 7.00% | 06/25/24 | 9.87% | 54.75 | 49.83 | 13 |
| 5 | THAMES 4.625 5/19/2026 REGS | 4.63% | 05/19/26 | 6.80% | 59.13 | 55.37 | 20 |
| 6 | FOSUNI 3.95 10/2/2026 | 3.95% | 10/02/26 | 6.25% | 71.10 | 66.91 | 13 |
| 7 | BONCER 2.25 11/9/2028 | 2.25% | 11/09/28 | 5.76% | 391.64 | 370.30 | 2 |
| 8 | DLX 8 6/1/2029 144A | 8.00% | 06/01/29 | 4.70% | 81.21 | 77.57 | 12 |
| 9 | DISH 5.125 6/1/2029 | 5.13% | 06/01/29 | 4.47% | 47.81 | 45.76 | 23 |
| 10 | DB 4.789 PERP | 4.79% | NULL | 3.64% | 80.21 | 77.39 | 25 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 6/30/23 – 7/7/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | FUTLAN 4.45 7/13/2025 | 4.45% | 07/13/25 | -18.02% | 41.82 | 51.01 | 15 |
| 2 | FTLNHD 4.625 10/15/2025 | 4.63% | 10/15/25 | -16.06% | 42.34 | 50.44 | 15 |
| 3 | AGILE 5.75 1/2/2025 | 5.75% | 01/02/25 | -14.19% | 27.93 | 32.55 | 21 |
| 4 | ROADKG 5.2 1/12/2026 | 5.20% | 01/12/26 | -13.24% | 45.93 | 52.94 | 20 |
| 5 | CHINSC 7.375 4/9/2024 | 7.38% | 04/09/24 | -12.65% | 27.77 | 31.79 | 19 |
| 6 | SFRFP 4 2/15/2028 REGS | 4.00% | 02/15/28 | -9.04% | 44.21 | 48.60 | 19 |
| 7 | GEMDAL 4.95 8/12/2024 | 4.95% | 08/12/24 | -8.99% | 77.20 | 84.83 | 15 |
| 8 | GRNLGR 6.75 6/25/2024 | 6.75% | 06/25/24 | -7.75% | 27.33 | 29.62 | 18 |
| 9 | YLLGSP 5.125 5/20/2026 | 5.13% | 05/20/26 | -7.33% | 74.95 | 80.87 | 19 |
| 10 | SHILN 5.25 11/30/2026 REGS | 5.25% | 11/30/26 | -7.04% | 78.82 | 84.79 | 12 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 6/30/23 – 7/7/23
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 6/30/23 – 7/7/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 6/30/23 vs. the week ending 7/7/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | BGAV 2.375 3/26/2029 | 2.38% | 03/26/29 | 10 | 116 | 106 | 1060% |
| 2 | AGGHOL 6.875 11/9/2025 | 6.88% | 11/09/25 | 5 | 77 | 72 | 1440% |
| 3 | THAMES 0.19 10/23/2023 | 0.19% | 10/23/23 | 68 | 135 | 67 | 99% |
| 4 | THAMES 0.875 1/31/2028 | 0.88% | 01/31/28 | 166 | 218 | 52 | 31% |
| 5 | CREAL 5 2/1/2027 144A | 5.00% | 02/01/27 | 42 | 90 | 48 | 114% |
| 6 | THAMES 4.625 5/19/2026 REGS | 4.63% | 05/19/26 | 143 | 186 | 43 | 30% |
| 7 | EDPPL 3.875 6/26/2028 | 3.88% | 06/26/28 | 90 | 133 | 43 | 48% |
| 8 | THAMES 4 4/18/2027 | 4.00% | 04/18/27 | 184 | 222 | 38 | 21% |
| 9 | JELD 6.25 5/15/2025 144A | 6.25% | 05/15/25 | 152 | 189 | 37 | 24% |
| 10 | PETBRA 5.625 5/20/2043 | 5.63% | 05/20/43 | 154 | 188 | 34 | 22% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 6/30/23 – 7/7/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 36 |
| 2 | F 7.2 6/10/2030 | 7.20% | 06/10/30 | 34 |
| 3 | SOCGEN 7.875 12/29/2049 | 7.88% | NULL | 33 |
| 4 | BACR 8 PERP | 8.00% | 12/15/99 | 32 |
| 5 | ARGENT 0.5 7/9/2030 | 0.50% | 07/09/30 | 31 |
| 6 | ARGENT 3.5 7/9/2041 | 3.50% | 07/09/41 | 31 |
| 7 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 31 |
| 8 | MPEL 4.875 6/6/2025 | 4.88% | 06/06/25 | 31 |
| 9 | DANBNK 7 PERP | 7.00% | NULL | 31 |
| 10 | UBS 7 PERP | 7.00% | NULL | 31 |
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 6/30/23 – 7/7/23
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