High Yield Corporate Bond Market Summary – Week Ending 8/25/23
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High Yield Corporate Bond Market Summary: Week Ending 8/25/23
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 |
|---|---|---|---|
| Syneos Health Inc. | $1.7B high-yield notes | GS | 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 |
| 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 8/18/23 – 8/25/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TMH 6.375 2/1/2025 | 6.38% | 02/01/25 | 21.10% | 74.83 | 61.79 | 16 |
| 2 | DALWAN 7.25 1/29/2024 | 7.25% | 01/29/24 | 10.40% | 47.04 | 42.61 | 26 |
| 3 | ROADKG 5.9 3/5/2025 | 5.90% | 03/05/25 | 8.22% | 42.87 | 39.61 | 17 |
| 4 | NEWLSQ 15.5 11/1/2023 144A | 15.50% | 11/01/23 | 7.16% | 33.96 | 31.69 | 9 |
| 5 | TKCHOL 10.5 5/15/2029 144A | 10.50% | 05/15/29 | 6.75% | 82.20 | 77.00 | 11 |
| 6 | ESTE 9.875 7/15/2031 144A | 9.88% | 07/15/31 | 6.34% | 109.32 | 102.81 | 23 |
| 7 | CFIELD 6.625 8/1/2026 144A | 6.63% | 08/01/26 | 6.03% | 79.86 | 75.32 | 12 |
| 8 | MNK 11.5 12/15/2028 REGS | 11.50% | 12/15/28 | 5.77% | 90.21 | 85.29 | 13 |
| 9 | HRINTH 4.625 6/3/2026 | 4.63% | 06/03/26 | 4.59% | 83.17 | 79.52 | 23 |
| 10 | ARDMID 11.5 1/15/2027 144A | 11.50% | 01/15/27 | 4.55% | 98.33 | 94.06 | 5 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 8/18/23 – 8/25/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LUMN 5.375 6/15/2029 144A | 5.38% | 06/15/29 | -27.16% | 30.18 | 41.43 | 20 |
| 2 | NWDEVL 4.8 PERP | 4.80% | NULL | -22.59% | 35.53 | 45.90 | 13 |
| 3 | CSCHCN 9 7/20/2024 | 9.00% | 07/20/24 | -16.87% | 42.19 | 50.75 | 4 |
| 4 | LIHHK 4.8 6/18/2026 | 4.80% | 06/18/26 | -12.37% | 69.50 | 79.31 | 12 |
| 5 | FTLNHD 4.8 12/15/2024 | 4.80% | 12/15/24 | -10.58% | 26.06 | 29.14 | 19 |
| 6 | LIFUNG 5.25 12/31/2049 | 5.25% | NULL | -9.92% | 40.19 | 44.62 | 7 |
| 7 | GLPSP 4.6 PERP | 4.60% | NULL | -8.50% | 28.96 | 31.64 | 11 |
| 8 | COMM 7.125 7/1/2028 144A | 7.13% | 07/01/28 | -7.88% | 54.77 | 59.46 | 21 |
| 9 | FRIGOD 11 4/20/2026 144A | 11.00% | 04/20/26 | -7.37% | 88.48 | 95.52 | 3 |
| 10 | SBGI 5.5 3/1/2030 144A | 5.50% | 03/01/30 | -7.37% | 52.63 | 56.82 | 21 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 8/18/23 – 8/25/23 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 8/18/23 – 8/25/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 8/18/23 vs. the week ending 8/25/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | WBD 5.391 3/15/2062 | 5.39% | 03/15/62 | 137 | 211 | 74 | 54% |
| 2 | WBD 5.141 3/15/2052 | 5.14% | 03/15/52 | 165 | 238 | 73 | 44% |
| 3 | OCINCC 4.7 2/8/2027 | 4.70% | 02/08/27 | 41 | 103 | 62 | 151% |
| 4 | CLDCRN 10.125 8/1/2024 | 10.13% | 08/01/24 | 137 | 196 | 59 | 43% |
| 5 | OCINCC 5.5 3/21/2025 | 5.50% | 03/21/25 | 22 | 78 | 56 | 255% |
| 6 | D 5.7 8/15/2053 | 5.70% | 08/15/53 | 239 | 290 | 51 | 21% |
| 7 | D 5.3 8/15/2033 | 5.30% | 08/15/33 | 230 | 276 | 46 | 20% |
| 8 | OSCHAD 9.625 3/20/2025 | 9.63% | 03/20/25 | 33 | 78 | 45 | 136% |
| 9 | OCINCC 4.7 2/8/2027 | 4.70% | 02/08/27 | 36 | 80 | 44 | 122% |
| 10 | NSC 5.05 8/1/2030 | 5.05% | 08/01/30 | 233 | 273 | 40 | 17% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 8/18/23 – 8/25/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | WYNMAC 4.875 10/1/2024 144A | 4.88% | 10/01/24 | 34 |
| 2 | WYNMAC 5.5 10/1/2027 144A | 5.50% | 10/01/27 | 34 |
| 3 | WYNMAC 5.125 12/15/2029 144A | 5.13% | 12/15/29 | 34 |
| 4 | ARGENT 1 7/9/2029 | 1.00% | 07/09/29 | 33 |
| 5 | WYNMAC 5.5 1/15/2026 144A | 5.50% | 01/15/26 | 33 |
| 6 | ARGENT 0.75 7/9/2030 | 0.75% | 07/09/30 | 33 |
| 7 | ARGENT 3.625 7/9/2035 | 3.63% | 07/09/35 | 33 |
| 8 | ARGENT 3.5 7/9/2041 | 3.50% | 07/09/41 | 33 |
| 9 | TDG 6.875 5/15/2026 | 6.88% | 05/15/26 | 32 |
| 10 | LOW 5.15 7/1/2033 | 5.15% | 07/01/33 | 32 |
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 8/18/23 – 8/25/23
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