Corporates
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High Yield Corporate Bond Market Summary:
Week Ending 9/8/23
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 9/1/23 – 9/8/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | FUTLAN 4.45 7/13/2025 | 4.45% | 07/13/25 | 56.57% | 38.00 | 24.27 | 14 |
| 2 | GEMDAL 4.95 8/12/2024 | 4.95% | 08/12/24 | 31.80% | 47.02 | 35.67 | 15 |
| 3 | CANHEA 6.25 10/1/2028 144A | 6.25% | 10/01/28 | 22.90% | 31.32 | 25.48 | 16 |
| 4 | ROADKG 6 9/4/2025 | 6.00% | 09/04/25 | 16.57% | 49.69 | 42.63 | 17 |
| 5 | ALTICE 4.75 1/15/2028 REGS | 4.75% | 01/15/28 | 15.40% | 75.44 | 65.37 | 22 |
| 6 | NWDEVL 4.65 3/16/2026 | 4.65% | 03/16/26 | 14.83% | 81.62 | 71.08 | 3 |
| 7 | SFRFP 6 2/15/2028 144A | 6.00% | 02/15/28 | 14.19% | 50.00 | 43.79 | 7 |
| 8 | CHGRAU 9.109 PERP | 9.91% | NULL | 12.91% | 52.73 | 46.70 | 11 |
| 9 | ECUA 0 7/31/2030 REGS | 0.00% | 07/31/30 | 11.65% | 29.99 | 26.86 | 24 |
| 10 | FOSUNI 5 5/18/2026 | 5.00% | 05/18/26 | 9.67% | 75.80 | 69.11 | 19 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 9/1/23 – 9/8/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | SSP 5.375 1/15/2031 144A | 5.38% | 01/15/31 | -10.74% | 63.99 | 71.69 | 19 |
| 2 | GTN 5.375 11/15/2031 144A | 5.38% | 11/15/31 | -8.43% | 63.98 | 69.87 | 21 |
| 3 | SBGI 4.125 12/1/2030 144A | 4.13% | 12/01/30 | -7.09% | 59.80 | 64.37 | 20 |
| 4 | CPIPGR 4.875 PERP | 4.88% | NULL | -5.38% | 35.34 | 37.35 | 10 |
| 5 | HRGNO 3.375 2/24/2025 | 3.38% | 02/24/25 | -5.04% | 85.84 | 90.39 | 17 |
| 6 | NXST 5.625 7/15/2027 144A | 5.63% | 07/15/27 | -4.71% | 89.59 | 94.01 | 25 |
| 7 | MODV 5 10/1/2029 144A | 5.00% | 10/01/29 | -4.61% | 70.39 | 73.79 | 18 |
| 8 | ZYXI 5 5/15/2026 | 5.00% | 05/15/26 | -4.34% | 92.22 | 96.41 | 2 |
| 9 | BRASKM 5.875 1/31/2050 REGS | 5.88% | 01/31/50 | -4.01% | 73.77 | 76.85 | 24 |
| 10 | VIA 4.375 3/15/2043 | 4.38% | 03/15/43 | -3.77% | 66.14 | 68.74 | 9 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 9/1/23 – 9/8/23
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 9/1/23 – 9/8/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 9/1/23 vs. the week ending 9/8/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | TELEFO 6.75 PERP | 6.75% | 11/29/49 | 40 | 115 | 75 | 188% |
| 2 | DFH 8.25 8/15/2028 144A | 8.25% | 08/15/28 | 20 | 86 | 66 | 330% |
| 3 | HOUS 7 4/15/2030 144A | 7.00% | 04/15/30 | 67 | 133 | 66 | 99% |
| 4 | JBSSBZ 4.375 2/2/2052 | 4.38% | 02/02/52 | 129 | 162 | 33 | 26% |
| 5 | WBD 5.141 3/15/2052 | 5.14% | 03/15/52 | 245 | 278 | 33 | 13% |
| 6 | MBGGR 4.8 3/30/2028 144A | 4.80% | 03/30/28 | 164 | 194 | 30 | 18% |
| 7 | JBSSBZ 6.5 12/1/2052 | 6.50% | 12/01/52 | 131 | 161 | 30 | 23% |
| 8 | DTEKUA 7 12/31/2027 | 7.00% | 12/31/27 | 171 | 200 | 29 | 17% |
| 9 | CAPXAR 9.25 8/25/2028 REGS | 9.25% | 08/25/28 | 4 | 32 | 28 | 700% |
| 10 | UBS 4.875 PERP 144A | 4.88% | NULL | 174 | 202 | 28 | 16% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 9/1/23 – 9/8/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | ARGENT 0.75 7/9/2030 | 0.75% | 07/09/30 | 34 |
| 2 | ARGENT 3.625 7/9/2035 | 3.63% | 07/09/35 | 34 |
| 3 | ARGENT 3.5 7/9/2041 | 3.50% | 07/09/41 | 33 |
| 4 | ARGENT 3.625 7/9/2046 | 3.63% | 07/09/46 | 33 |
| 5 | ARGENT 1 7/9/2029 | 1.00% | 07/09/29 | 33 |
| 6 | TDG 6.375 6/15/2026 | 6.38% | 06/15/26 | 33 |
| 7 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 32 |
| 8 | WYNMAC 5.5 10/1/2027 144A | 5.50% | 10/01/27 | 32 |
| 9 | TDG 6.875 5/15/2026 | 6.88% | 05/15/26 | 32 |
| 10 | WYNMAC 5.125 12/15/2029 144A | 5.13% | 12/15/29 | 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 9/1/23 – 9/8/23
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