High Yield Corporate Bond Market Summary – Week Ending 9/15/23
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High Yield Corporate Bond Market Summary: Week Ending 9/15/23
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 |
| Greenfire Resources LTD | $300 million five-year senior secured notes | BMO | 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 9/8/23 – 9/15/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CHGRAU 9.109 PERP | 9.91% | NULL | 30.59% | 68.86 | 52.73 | 12 |
| 2 | GLPSP 4.5 PERP | 7.88% | NULL | 23.06% | 39.74 | 32.29 | 17 |
| 3 | ZYXI 5 5/15/2026 | 5.00% | 05/15/26 | 11.15% | 102.51 | 92.22 | 2 |
| 4 | RAKUTN 4.25 PERP REGS | 4.25% | NULL | 10.28% | 54.83 | 49.72 | 17 |
| 5 | GEMDAL 4.95 8/12/2024 | 4.95% | 08/12/24 | 10.19% | 51.81 | 47.02 | 15 |
| 6 | TRULCN 8 10/6/2026 | 8.00% | 10/06/26 | 9.71% | 74.73 | 68.12 | 8 |
| 7 | LGF 5.5 4/15/2029 144A | 5.50% | 04/15/29 | 9.48% | 65.51 | 59.84 | 16 |
| 8 | ROADKG 6.7 9/30/2024 | 6.70% | 09/30/24 | 9.30% | 73.81 | 67.53 | 20 |
| 9 | CSCHLD 5.75 1/15/2030 144A | 5.75% | 01/15/30 | 9.08% | 60.24 | 55.23 | 22 |
| 10 | SFRFP 6 2/15/2028 REGS | 6.00% | 02/15/28 | 8.87% | 52.62 | 48.33 | 17 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 9/8/23 – 9/15/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PCT 7.25 8/15/2030 | 7.25% | 08/15/30 | -20.41% | 75.30 | 94.61 | 5 |
| 2 | RDHGCL 7.8 3/20/2024 | 7.80% | 03/20/24 | -18.09% | 57.50 | 70.19 | 9 |
| 3 | UNIGEL 8.75 10/1/2026 REGS | 8.75% | 10/01/26 | -12.04% | 32.48 | 36.92 | 24 |
| 4 | UNSTSV 8 11/15/2029 144A | 8.00% | 11/15/29 | -11.16% | 56.29 | 63.36 | 11 |
| 5 | RLTECH 10.25 9/26/2027 | 10.25% | 09/26/27 | -11.09% | 26.81 | 30.15 | 5 |
| 6 | FTLNHD 4.8 12/15/2024 | 4.80% | 12/15/24 | -8.88% | 43.71 | 47.97 | 18 |
| 7 | NWDEVL 4.8 PERP | 4.80% | NULL | -8.50% | 44.83 | 49.00 | 19 |
| 8 | FUTLAN 4.45 7/13/2025 | 4.45% | 07/13/25 | -6.11% | 35.68 | 38.00 | 14 |
| 9 | EVA 6.5 1/15/2026 144A | 6.50% | 01/15/26 | -5.99% | 77.44 | 82.38 | 20 |
| 10 | IHSHLD 8 9/18/2027 REGS | 8.00% | 09/18/27 | -5.62% | 84.14 | 89.15 | 14 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 9/8/23 – 9/15/23 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 9/8/23 – 9/15/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 9/8/23 vs. the week ending 9/15/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ICELTD FLT 12/15/2027 REGS | 0.00% | 12/15/27 | 35 | 111 | 76 | 217% |
| 2 | ARNDTN 0.375 4/15/2027 | 0.38% | 04/15/27 | 115 | 187 | 72 | 63% |
| 3 | ARNDTN 1 1/7/2025 | 1.00% | 01/07/25 | 108 | 177 | 69 | 64% |
| 4 | ARNDTN 1.625 1/31/2028 | 1.63% | 01/31/28 | 115 | 182 | 67 | 58% |
| 5 | ARNDTN 3 10/16/2029 | 3.00% | 10/16/29 | 90 | 153 | 63 | 70% |
| 6 | ARNDTN 1.5 5/28/2026 | 1.50% | 05/28/26 | 100 | 162 | 62 | 62% |
| 7 | ARNDTN 0.625 7/9/2025 | 0.63% | 07/09/25 | 113 | 172 | 59 | 52% |
| 8 | ARNDTN 1.625 PERP | 1.63% | NULL | 94 | 153 | 59 | 63% |
| 9 | ARNDTN 3.375 PERP | 3.38% | NULL | 103 | 160 | 57 | 55% |
| 10 | ARNDTN 1.45 7/9/2028 | 1.45% | 07/09/28 | 115 | 167 | 52 | 45% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 9/8/23 – 9/15/23
| 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 | 34 |
| 4 | ARGENT 3.625 7/9/2046 | 3.63% | 07/09/46 | 34 |
| 5 | ARGENT 1 7/9/2029 | 1.00% | 07/09/29 | 34 |
| 6 | DUK 5.75 9/15/2033 | 5.75% | 09/15/33 | 33 |
| 7 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 33 |
| 8 | USFOOD 6.25 4/15/2025 144A | 6.25% | 04/15/25 | 32 |
| 9 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 32 |
| 10 | WYNMAC 5.625 8/26/2028 144A | 5.63% | 08/26/28 | 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 9/8/23 – 9/15/23
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