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High Yield Corporate Bond Market Summary:
Week Ending 7/14/23
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 7/7/23 – 7/14/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | UKRAIN 7.75 9/1/2022 | 7.75% | 09/01/22 | 30.58% | 31.88 | 24.42 | 5 |
| 2 | THAMES 4.625 5/19/2026 REGS | 4.63% | 05/19/26 | 20.05% | 70.99 | 59.13 | 21 |
| 3 | BHCCN 6.25 2/15/2029 144A | 6.25% | 02/15/29 | 16.21% | 47.73 | 41.07 | 19 |
| 4 | PKSTAN 6.875 12/5/2027 REGS | 6.88% | 12/05/27 | 15.92% | 54.76 | 47.24 | 22 |
| 5 | BUENOS 4.5 9/1/2037 144A | 4.50% | 09/01/37 | 14.71% | 31.06 | 27.08 | 10 |
| 6 | ROADKG 6 9/4/2025 | 6.00% | 09/04/25 | 14.51% | 58.62 | 51.19 | 19 |
| 7 | EGYPT 8.5 1/31/2047 | 8.50% | 01/31/47 | 14.37% | 59.70 | 52.20 | 22 |
| 8 | LNDPT 6.125 4/1/2028 144A | 6.13% | 04/01/28 | 12.79% | 64.78 | 57.43 | 18 |
| 9 | APLNIJ 5.95 6/2/2024 | 5.95% | 06/02/24 | 12.74% | 55.72 | 49.43 | 19 |
| 10 | LVLT 3.625 1/15/2029 144A | 3.63% | 01/15/29 | 11.89% | 65.75 | 58.77 | 24 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 7/7/23 – 7/14/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | RAD 7.5 7/1/2025 144A | 7.50% | 07/01/25 | -18.38% | 47.59 | 58.31 | 20 |
| 2 | ANACAP FLT 8/1/2024 | 8.59% | 08/01/24 | -17.58% | 54.82 | 66.51 | 10 |
| 3 | RAKUTN 6.25 PERP REGS | 5.80% | NULL | -15.62% | 43.87 | 51.99 | 19 |
| 4 | VSAT 6.5 7/15/2028 144A | 6.50% | 07/15/28 | -9.89% | 75.67 | 83.97 | 18 |
| 5 | FRAX 7.5 9/30/2029 144A | 7.50% | 09/30/29 | -9.57% | 54.85 | 60.66 | 18 |
| 6 | VEDLN 9.25 4/23/2026 144A | 9.25% | 04/23/26 | -9.42% | 65.87 | 72.72 | 20 |
| 7 | LUMN 6.875 1/15/2028 | 6.88% | 01/15/28 | -7.35% | 48.38 | 52.22 | 20 |
| 8 | TOTALP 6.375 9/20/2028 REGS | 6.38% | 09/20/28 | -5.39% | 55.00 | 58.14 | 14 |
| 9 | ORIFLM FLT 5/4/2026 REGS | 7.84% | 05/04/26 | -5.10% | 42.63 | 44.92 | 17 |
| 10 | CSCHCN 9 4/12/2024 | 9.00% | 04/12/24 | -5.05% | 63.70 | 67.09 | 9 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 7/7/23 – 7/14/23
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 7/7/23 – 7/14/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 7/7/23 vs. the week ending 7/14/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | PETBRA 6.5 7/3/2033 | 6.50% | 07/03/33 | 115 | 231 | 116 | 101% |
| 2 | ROLLS 5.75 10/15/2027 REGS | 5.75% | 10/15/27 | 60 | 165 | 105 | 175% |
| 3 | PNW 5.55 8/1/2033 | 5.55% | 08/01/33 | 190 | 264 | 74 | 39% |
| 4 | BGAV 2.375 3/26/2029 | 2.38% | 03/26/29 | 116 | 190 | 74 | 64% |
| 5 | ORSTED 2.5 2/18/2021 | 2.50% | 02/18/21 | 36 | 98 | 62 | 172% |
| 6 | ROLLS 5.75 10/15/2027 144A | 5.75% | 10/15/27 | 30 | 82 | 52 | 173% |
| 7 | ECOPET 5.875 9/18/2023 | 5.88% | 09/18/23 | 214 | 260 | 46 | 21% |
| 8 | CPE 8.25 7/15/2025 | 8.25% | 07/15/25 | 196 | 239 | 43 | 22% |
| 9 | ELAN 4.272 8/28/2023 | 4.27% | 08/28/23 | 100 | 141 | 41 | 41% |
| 10 | SEB 3.25 11/4/2025 | 3.25% | 11/04/25 | 20 | 61 | 41 | 205% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 7/7/23 – 7/14/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 35 |
| 2 | F 7.2 6/10/2030 | 7.20% | 06/10/30 | 33 |
| 3 | BACR 8 PERP | 8.00% | 12/15/99 | 32 |
| 4 | ECOPET 5.875 9/18/2023 | 5.88% | 09/18/23 | 32 |
| 5 | SOCGEN 7.875 12/29/2049 | 7.88% | NULL | 32 |
| 6 | OMF 9 1/15/2029 | 9.00% | 01/15/29 | 31 |
| 7 | BACR 7.75 PERP | 7.75% | NULL | 31 |
| 8 | LLOYDS 7.5 PERP | 7.50% | NULL | 31 |
| 9 | TEVA 2.8 7/21/2023 | 2.80% | 07/21/23 | 31 |
| 10 | BALL 4 11/15/2023 | 4.00% | 11/15/23 | 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 7/7/23 – 7/14/23
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