Corporates
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High Yield Corporate Bond Market Summary:
Week Ending 7/28/23
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 |
| Brand Industrial Services Inc. | $1.335 billion seven-year senior secured notes (B3/B-) | JPM | 3rd Quarter 2023 |
| 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 7/21/23 – 7/28/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | DALWAN 11 2/13/2026 | 11.00% | 02/13/26 | 50.23% | 41.94 | 27.92 | 25 |
| 2 | IDEABB 6.375 7/30/2026 REGS | 6.38% | 07/30/26 | 19.40% | 60.45 | 50.63 | 16 |
| 3 | CSCHLD 4.625 12/1/2030 144A | 4.63% | 12/01/30 | 15.82% | 50.23 | 43.37 | 23 |
| 4 | RAD 7.5 7/1/2025 144A | 7.50% | 07/01/25 | 12.56% | 59.00 | 52.42 | 18 |
| 5 | WW 4.5 4/15/2029 144A | 4.50% | 04/15/29 | 11.35% | 71.00 | 63.76 | 21 |
| 6 | UKRAIN 6.876 5/21/2031 REGS | 6.88% | 05/21/31 | 10.29% | 29.23 | 26.50 | 20 |
| 7 | RAKUTN 5.125 PERP REGS | 5.13% | NULL | 9.81% | 68.01 | 61.94 | 18 |
| 8 | TOTALP 7.5 11/12/2025 REGS | 7.50% | 11/12/25 | 9.67% | 69.07 | 62.98 | 17 |
| 9 | WSTP FLT PERP | 5.89% | NULL | 8.60% | 99.33 | 91.46 | 13 |
| 10 | ATALIA 6.625 5/15/2025 144A | 6.63% | 05/15/25 | 8.45% | 70.92 | 65.39 | 13 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 7/21/23 – 7/28/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | AGILE 5.75 1/2/2025 | 5.75% | 01/02/25 | -11.89% | 25.35 | 28.77 | 19 |
| 2 | ORIFLM 5.125 5/4/2026 REGS | 5.13% | 05/04/26 | -10.12% | 35.74 | 39.76 | 18 |
| 3 | CWTTRV 8.5 11/19/2026 144A | 8.50% | 11/19/26 | -9.40% | 48.40 | 53.42 | 11 |
| 4 | NEWLSQ 15.5 11/1/2023 144A | 15.50% | 11/01/23 | -7.90% | 33.45 | 36.31 | 8 |
| 5 | SFRFP 8 5/15/2027 REGS | 8.00% | 05/15/27 | -7.21% | 38.85 | 41.87 | 24 |
| 6 | LINTA 8.25 2/1/2030 | 8.25% | 02/01/30 | -6.18% | 36.15 | 38.53 | 20 |
| 7 | SPLS 10.75 4/15/2027 | 10.75% | 04/15/27 | -6.14% | 56.87 | 60.59 | 25 |
| 8 | GEMDAL 4.95 8/12/2024 | 4.95% | 08/12/24 | -5.56% | 63.50 | 67.24 | 15 |
| 9 | LUMN 4.5 1/15/2029 144A | 4.50% | 01/15/29 | -5.46% | 42.88 | 45.36 | 20 |
| 10 | VEDLN 9.25 4/23/2026 144A | 9.25% | 04/23/26 | -5.28% | 60.61 | 64.00 | 22 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 7/21/23 – 7/28/23
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 7/21/23 – 7/28/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 7/21/23 vs. the week ending 7/28/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | AVTR 3.875 11/1/2029 144A | 3.88% | 11/01/29 | 70 | 140 | 70 | 100% |
| 2 | CRGYFN 9.25 2/15/2028 REGS | 9.25% | 02/15/28 | 201 | 235 | 34 | 17% |
| 3 | SFRFP 8 5/15/2027 REGS | 8.00% | 05/15/27 | 194 | 226 | 32 | 16% |
| 4 | MDC 2.5 1/15/2031 | 2.50% | 01/15/31 | 111 | 143 | 32 | 29% |
| 5 | NAGACL 7.95 7/6/2024 | 7.95% | 07/06/24 | 114 | 145 | 31 | 27% |
| 6 | MAT 5.45 11/1/2041 | 5.45% | 11/01/41 | 132 | 163 | 31 | 23% |
| 7 | SUNAC 6.5 1/10/2025 | 6.50% | 01/10/25 | 152 | 182 | 30 | 20% |
| 8 | SUNAC 5.95 4/26/2024 | 5.95% | 04/26/24 | 142 | 172 | 30 | 21% |
| 9 | MDC 3.85 1/15/2030 | 3.85% | 01/15/30 | 106 | 135 | 29 | 27% |
| 10 | MDC 6 1/15/2043 | 6.00% | 01/15/43 | 147 | 175 | 28 | 19% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 7/21/23 – 7/28/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 37 |
| 2 | F 7.2 6/10/2030 | 7.20% | 06/10/30 | 35 |
| 3 | ECOPET 5.875 9/18/2023 | 5.88% | 09/18/23 | 33 |
| 4 | VZ 5.05 5/9/2033 | 5.05% | 05/09/33 | 33 |
| 5 | JELD 6.25 5/15/2025 144A | 6.25% | 05/15/25 | 33 |
| 6 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 32 |
| 7 | F 3.375 11/13/2025 | 3.38% | 11/13/25 | 32 |
| 8 | MPEL 4.875 6/6/2025 | 4.88% | 06/06/25 | 31 |
| 9 | GM 5.4 4/6/2026 | 5.40% | 04/06/26 | 31 |
| 10 | LOW 5.15 7/1/2033 | 5.15% | 07/01/33 | 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 7/21/23 – 7/28/23
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