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High Yield Corporate Bond Market Summary:
Week Ending 8/11/23

Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.

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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 8/4/23 – 8/11/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 DISH 7.75 7/1/2026 7.75% 07/01/26 21.45% 78.62 64.74 26
2 SFRFP 10.5 5/15/2027 144A 10.50% 05/15/27 18.64% 54.23 45.71 9
3 UKRAIN 7.75 9/1/2026 7.75% 09/01/26 14.55% 32.33 28.22 20
4 CSVCAC 7.75 6/15/2025 144A 7.75% 06/15/25 11.39% 90.65 81.38 12
5 CPS 5.625 5/15/2027 144A 5.63% 05/15/27 11.09% 66.75 60.08 7
6 CSCHLD 5.75 1/15/2030 144A 5.75% 01/15/30 10.93% 54.98 49.56 24
7 USM 6.7 12/15/2033 6.70% 12/15/33 10.80% 93.88 84.72 11
8 UNSTSV 8 11/15/2029 144A 8.00% 11/15/29 10.57% 60.85 55.03 12
9 TMH 6.375 2/1/2025 6.38% 02/01/25 9.76% 55.85 50.89 19
10 ZAYO 6.125 3/1/2028 6.13% 03/01/28 9.67% 65.13 59.38 21

Bottom 10 Performers

Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 8/4/23 – 8/11/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 FTLNHD 4.8 12/15/2024 4.80% 12/15/24 -34.01% 33.89 51.35 17
2 FUTLAN 4.45 7/13/2025 4.45% 07/13/25 -30.09% 29.04 41.54 14
3 WEWORK 15 8/15/2027 144A 15.00% 08/15/27 -27.65% 57.81 79.90 8
4 DALWAN 7.25 1/29/2024 7.25% 01/29/24 -25.77% 39.68 53.45 27
5 AKUCN 7 11/1/2025 144A 7.00% 11/01/25 -18.37% 69.98 85.72 20
6 ROADKG 5.2 1/12/2026 5.20% 01/12/26 -15.56% 34.96 41.40 19
7 AKUCN 7.5 8/1/2028 144A 7.50% 08/01/28 -12.95% 65.23 74.94 20
8 GEMDAL 4.95 8/12/2024 4.95% 08/12/24 -12.30% 53.28 60.75 14
9 GLPSP 4.6 PERP 4.60% NULL -5.70% 35.14 37.27 12
10 FOSUNI 5.05 1/27/2027 5.05% 01/27/27 -5.51% 67.13 71.04 18

Avg Industry Price

Displays the HY Corp average industry price by sector between 8/4/23 – 8/11/23

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 8/4/23 – 8/11/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the HY Corps with the largest increase in quote volume for the week ending 8/4/23 vs. the week ending 8/11/23

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 CIVI 8.75 7/1/2031 144A 8.75% 07/01/31 148 229 81 55%
2 SRILAN 5.75 4/18/2023 144A 5.75% 04/18/23 10 78 68 680%
3 EAT 8.25 7/15/2030 144A 8.25% 07/15/30 85 136 51 60%
4 ENQLN 7 10/15/2023 7.00% 10/15/23 10 60 50 500%
5 VAL 8.375 4/30/2030 144A 8.38% 04/30/30 176 224 48 27%
6 EMBRBZ 5.05 6/15/2025 5.05% 06/15/25 200 239 39 20%
7 ZAYO 6.125 3/1/2028 6.13% 03/01/28 156 195 39 25%
8 EXLINT 11.5 4/15/2026 144A 11.50% 04/15/26 19 55 36 189%
9 TDG 6.875 5/15/2026 6.88% 05/15/26 170 205 35 21%
10 ATENTO 8 2/10/2026 REGS 8.00% 02/10/26 151 182 31 21%

Most Quoted HY Corps

Ranks the HY Corps that were quoted by the highest number of dealers between 8/4/23 – 8/11/23

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 34
3 AXP 5.625 7/28/2034 5.63% 07/28/34 33
4 LOW 5.15 7/1/2033 5.15% 07/01/33 33
5 CCL 10.5 2/1/2026 144A 10.50% 02/01/26 32
6 F 5.584 3/18/2024 5.58% 03/18/24 32
7 WYNMAC 5.5 10/1/2027 144A 5.50% 10/01/27 32
8 VZ 5.05 5/9/2033 5.05% 05/09/33 32
9 F 3.375 11/13/2025 3.38% 11/13/25 31
10 WYNMAC 5.125 12/15/2029 144A 5.13% 12/15/29 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 8/4/23 – 8/11/23

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