High Yield Corporate Bond Market Summary – Week Ending 7/21/23
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High Yield Corporate Bond Market Summary: Week Ending 7/21/23
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 7/14/23 – 7/21/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | RAKUTN 5.125 PERP REGS | 5.13% | NULL | 7.65% | 61.94 | 57.54 | 18 |
| 2 | VTRCOM 4.375 4/15/2029 REGS | 4.38% | 04/15/29 | 7.56% | 57.15 | 53.14 | 16 |
| 3 | RAD 8 11/15/2026 144A | 8.00% | 11/15/26 | 7.20% | 45.68 | 42.61 | 19 |
| 4 | FRAX 7.5 9/30/2029 144A | 7.50% | 09/30/29 | 6.89% | 58.63 | 54.85 | 18 |
| 5 | ALNMED 10.5 2/15/2028 | 10.50% | 02/15/28 | 6.88% | 54.42 | 50.92 | 15 |
| 6 | GTE 7.75 5/23/2027 REGS | 7.75% | 05/23/27 | 6.72% | 79.73 | 74.71 | 3 |
| 7 | RGCARE 5.375 1/15/2029 144A | 5.38% | 01/15/29 | 6.08% | 64.57 | 60.86 | 18 |
| 8 | INTLGR 6.125 4/1/2029 144A | 6.13% | 04/01/29 | 5.88% | 60.73 | 57.36 | 10 |
| 9 | ARISCN 6.875 8/9/2026 REGS | 6.88% | 08/09/26 | 5.88% | 78.29 | 73.94 | 4 |
| 10 | INCMBZ 5.75 7/17/2024 REGS | 5.75% | 07/17/24 | 5.32% | 68.58 | 65.12 | 12 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 7/14/23 – 7/21/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | DALWAN 7.25 1/29/2024 | 7.25% | 01/29/24 | -43.28% | 34.62 | 61.03 | 25 |
| 2 | SFRFP 8 5/15/2027 REGS | 8.00% | 05/15/27 | -20.61% | 41.87 | 52.74 | 20 |
| 3 | WEWORK 5 7/10/2025 144A | 5.00% | 07/10/25 | -17.88% | 32.82 | 39.96 | 5 |
| 4 | GEMDAL 4.95 8/12/2024 | 4.95% | 08/12/24 | -12.59% | 67.24 | 76.92 | 16 |
| 5 | ROADKG 5.9 3/5/2025 | 5.90% | 03/05/25 | -12.13% | 57.00 | 64.87 | 19 |
| 6 | FTLNHD 4.625 10/15/2025 | 4.63% | 10/15/25 | -11.54% | 40.49 | 45.77 | 14 |
| 7 | LUMN 5.375 6/15/2029 144A | 5.38% | 06/15/29 | -10.34% | 43.78 | 48.83 | 20 |
| 8 | LGF 5.5 4/15/2029 144A | 5.50% | 04/15/29 | -9.36% | 65.03 | 71.75 | 19 |
| 9 | FUTLAN 6 8/12/2024 | 6.00% | 08/12/24 | -8.74% | 61.68 | 67.59 | 15 |
| 10 | PKSTAN 8.25 9/30/2025 | 8.25% | 09/30/25 | -7.32% | 59.07 | 63.73 | 22 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 7/14/23 – 7/21/23 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 7/14/23 – 7/21/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 7/14/23 vs. the week ending 7/21/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | MENDOZ 5.75 3/19/2029 REGS | 5.75% | 03/19/29 | 56 | 142 | 86 | 154% |
| 2 | CRGYFN 9.25 2/15/2028 REGS | 9.25% | 02/15/28 | 135 | 201 | 66 | 49% |
| 3 | PDCE 6.125 9/15/2024 | 6.13% | 09/15/24 | 176 | 242 | 66 | 38% |
| 4 | PETBRA 6.5 7/3/2033 | 6.50% | 07/03/33 | 231 | 286 | 55 | 24% |
| 5 | UNVMIA 4.063 4/1/2052 | 4.06% | 04/01/52 | 55 | 98 | 43 | 78% |
| 6 | BPOP 6.125 9/14/2023 | 6.13% | 09/14/23 | 108 | 151 | 43 | 40% |
| 7 | ELAN 4.272 8/28/2023 | 4.27% | 08/28/23 | 141 | 183 | 42 | 30% |
| 8 | TRGP 5 1/15/2028 | 5.00% | 01/15/28 | 139 | 174 | 35 | 25% |
| 9 | FYBR 6.75 5/1/2029 | 6.75% | 05/01/29 | 249 | 284 | 35 | 14% |
| 10 | BECN 4.125 5/15/2029 144A | 4.13% | 05/15/29 | 191 | 226 | 35 | 18% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 7/14/23 – 7/21/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 35 |
| 2 | ECOPET 5.875 9/18/2023 | 5.88% | 09/18/23 | 34 |
| 3 | F 7.2 6/10/2030 | 7.20% | 06/10/30 | 33 |
| 4 | JELD 6.25 5/15/2025 144A | 6.25% | 05/15/25 | 33 |
| 5 | VZ 5.05 5/9/2033 | 5.05% | 05/09/33 | 33 |
| 6 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 31 |
| 7 | BALL 6 6/15/2029 | 6.00% | 06/15/29 | 31 |
| 8 | ARGENT 0.5 7/9/2030 | 0.50% | 07/09/30 | 31 |
| 9 | ARGENT 1.5 7/9/2035 | 1.50% | 07/09/35 | 31 |
| 10 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 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 7/14/23 – 7/21/23
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