Corporates
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High Yield Corporate Bond Market Summary:
Week Ending 8/4/23
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 |
| Greystar Real Estate Partners LLC | $400 million seven-year senior secured notes | JPM | Week of August 7 |
| Seaworld Parks and Entertainment Inc. | $750 million senior secured notes due 2028 | JPM | Week of August 7 |
| 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 7/28/23 – 8/4/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | USRENA 10.625 7/15/2027 144A | 10.63% | 07/15/27 | 42.10% | 36.08 | 25.39 | 10 |
| 2 | UNIGEL 8.75 10/1/2026 REGS | 8.75% | 10/01/26 | 15.11% | 37.09 | 32.22 | 23 |
| 3 | VEDLN 6.125 8/9/2024 REGS | 6.13% | 08/09/24 | 12.35% | 68.95 | 61.37 | 25 |
| 4 | PDVSA 8.5 10/27/2020 | 8.50% | 10/27/20 | 9.53% | 43.00 | 39.26 | 9 |
| 5 | ALBAAR 9.875 12/1/2027 REGS | 9.88% | 12/01/27 | 9.30% | 86.06 | 78.73 | 17 |
| 6 | SFRFP 10.5 5/15/2027 REGS | 10.50% | 05/15/27 | 9.14% | 45.23 | 41.44 | 18 |
| 7 | ALTICE 4.75 1/15/2028 REGS | 4.75% | 01/15/28 | 7.52% | 57.82 | 53.77 | 24 |
| 8 | AMSSW 7 7/31/2025 144A | 7.00% | 07/31/25 | 7.04% | 90.39 | 84.45 | 6 |
| 9 | CANHEA 6.25 10/1/2028 144A | 6.25% | 10/01/28 | 6.29% | 65.42 | 61.55 | 16 |
| 10 | CORURI 10 2/10/2027 REGS | 10.00% | 02/10/27 | 5.31% | 72.36 | 68.71 | 14 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 7/28/23 – 8/4/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | HOME 7.125 7/15/2029 144A | 7.13% | 07/15/29 | -15.05% | 50.86 | 59.86 | 13 |
| 2 | DALWAN 11 2/13/2026 | 11.00% | 02/13/26 | -13.15% | 36.43 | 41.94 | 24 |
| 3 | UNSTSV 8 11/15/2029 144A | 8.00% | 11/15/29 | -12.70% | 55.03 | 63.04 | 13 |
| 4 | ORIFLM 5.125 5/4/2026 REGS | 5.13% | 05/04/26 | -12.61% | 31.23 | 35.74 | 17 |
| 5 | COMM 8.25 3/1/2027 144A | 8.25% | 03/01/27 | -9.99% | 67.82 | 75.35 | 26 |
| 6 | TOTALP 7.5 11/12/2025 REGS | 7.50% | 11/12/25 | -8.89% | 62.93 | 69.07 | 17 |
| 7 | LUMN 7.6 9/15/2039 | 7.60% | 09/15/39 | -8.49% | 34.04 | 37.20 | 21 |
| 8 | VOLCAN 4.375 2/11/2026 REGS | 4.38% | 02/11/26 | -8.38% | 66.23 | 72.29 | 14 |
| 9 | UKRAIN 7.75 9/1/2026 | 7.75% | 09/01/26 | -8.00% | 28.22 | 30.68 | 20 |
| 10 | FRAX 7.5 9/30/2029 144A | 7.50% | 09/30/29 | -7.94% | 53.36 | 57.96 | 16 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 7/28/23 – 8/4/23
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 7/28/23 – 8/4/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 7/28/23 vs. the week ending 8/4/23
| 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 7/28/23 – 8/4/23
| 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 | 35 |
| 3 | ECOPET 5.875 9/18/2023 | 5.88% | 09/18/23 | 32 |
| 4 | VZ 5.05 5/9/2033 | 5.05% | 05/09/33 | 32 |
| 5 | JELD 6.25 5/15/2025 144A | 6.25% | 05/15/25 | 32 |
| 6 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 32 |
| 7 | WYNMAC 5.5 1/15/2026 144A | 5.50% | 01/15/26 | 31 |
| 8 | CPE 8.25 7/15/2025 | 8.25% | 07/15/25 | 31 |
| 9 | F 3.375 11/13/2025 | 3.38% | 11/13/25 | 31 |
| 10 | ARGENT 1 7/9/2029 | 1.00% | 07/09/29 | 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 7/28/23 – 8/4/23
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