Corporates
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High Yield Corporate Bond Market Summary:
Week Ending 10/6/23
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 |
| Highpeak Energy Inc. | $575 million senior notes due 2028 | BofA | 4th Quarter 2023 |
| Brightspeed | $1.865 billion senior secured | N/A | 4th Quarter 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 9/29/23 – 10/6/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | BNP 4.5 PERP | 7.99% | NULL | 31.95% | 93.20 | 70.63 | 10 |
| 2 | RFLB 7.25 5/10/2034 | 7.25% | 05/10/34 | 14.41% | 26.50 | 23.16 | 4 |
| 3 | ARGTES 15.5 10/17/2026 | 15.50% | 10/17/26 | 11.34% | 27.65 | 24.84 | 2 |
| 4 | NWDEVL 4.125 PERP | 4.13% | NULL | 10.29% | 50.88 | 46.13 | 20 |
| 5 | TMH 6.375 2/1/2025 | 6.38% | 02/01/25 | 6.33% | 82.36 | 77.45 | 17 |
| 6 | PBI 7.25 3/15/2029 144A | 7.25% | 03/15/29 | 6.21% | 77.03 | 72.53 | 19 |
| 7 | NAFTO 7.625 11/8/2026 REGS | 7.63% | 11/08/26 | 5.86% | 49.45 | 46.71 | 19 |
| 8 | RAD 8 11/15/2026 144A | 8.00% | 11/15/26 | 5.77% | 60.76 | 57.45 | 21 |
| 9 | TIGO 4.5 4/27/2031 REGS | 4.50% | 04/27/31 | 5.51% | 74.38 | 70.50 | 17 |
| 10 | SCHOPA 6.375 11/1/2024 REGS | 6.38% | 11/01/24 | 5.13% | 95.11 | 90.47 | 16 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 9/29/23 – 10/6/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | MTROLN 9.5 10/8/2025 | 9.50% | 10/08/25 | -23.18% | 53.65 | 69.83 | 16 |
| 2 | BOLIVI 4.5 3/20/2028 | 4.50% | 03/20/28 | -17.88% | 45.43 | 55.32 | 15 |
| 3 | UKRAIN 7.75 9/1/2026 | 7.75% | 09/01/26 | -11.91% | 26.15 | 29.68 | 21 |
| 4 | QVCN 5.95 3/15/2043 | 5.95% | 03/15/43 | -10.41% | 39.02 | 43.56 | 19 |
| 5 | VTRCOM 4.375 4/15/2029 REGS | 4.38% | 04/15/29 | -10.28% | 49.71 | 55.41 | 17 |
| 6 | VTRFIN 6.375 7/15/2028 REGS | 6.38% | 07/15/28 | -9.42% | 34.80 | 38.42 | 17 |
| 7 | MIK 7.875 5/1/2029 144A | 7.88% | 05/01/29 | -8.52% | 59.74 | 65.31 | 29 |
| 8 | EMBARQ 7.995 6/1/2036 | 8.00% | 06/01/36 | -8.19% | 51.94 | 56.58 | 18 |
| 9 | NDN 7.5 1/15/2026 144A | 7.50% | 01/15/26 | -7.71% | 35.00 | 37.92 | 13 |
| 10 | BUENOS 5.25 9/1/2037 REGS | 3.90% | 09/01/37 | -7.51% | 30.62 | 33.10 | 6 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 9/29/23 – 10/6/23
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 9/29/23 – 10/6/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 9/29/23 vs. the week ending 10/6/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | FMGAU 4.5 9/15/2027 144A | 4.50% | 09/15/27 | 52 | 147 | 95 | 183% |
| 2 | TDG 6.875 12/15/2030 144A | 6.88% | 12/15/30 | 161 | 253 | 92 | 57% |
| 3 | WLSC 7.375 10/1/2031 144A | 7.38% | 10/01/31 | 141 | 225 | 84 | 60% |
| 4 | SHLFDI 8.875 11/15/2024 144A | 8.88% | 11/15/24 | 227 | 280 | 53 | 23% |
| 5 | VAL 8.375 8/30/2030 | 8.38% | 08/30/30 | 70 | 122 | 52 | 74% |
| 6 | HOV 10 11/15/2025 144A | 10.00% | 11/15/25 | 93 | 139 | 46 | 49% |
| 7 | PPC 5.875 9/30/2027 144A | 5.88% | 09/30/27 | 164 | 208 | 44 | 27% |
| 8 | SHLFDI 8.25 2/15/2025 144A | 8.25% | 02/15/25 | 272 | 315 | 43 | 16% |
| 9 | LLOYDS 4.75 9/21/2031 | 4.75% | 09/21/31 | 173 | 213 | 40 | 23% |
| 10 | MOHEGN 13.25 12/15/2027 144A | 13.25% | 12/15/27 | 119 | 155 | 36 | 30% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 9/29/23 – 10/6/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 34 |
| 2 | SHLFDI 8.25 2/15/2025 144A | 8.25% | 02/15/25 | 34 |
| 3 | WYNMAC 5.125 12/15/2029 144A | 5.13% | 12/15/29 | 34 |
| 4 | WYNMAC 5.5 10/1/2027 144A | 5.50% | 10/01/27 | 34 |
| 5 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 33 |
| 6 | WYNMAC 4.875 10/1/2024 144A | 4.88% | 10/01/24 | 33 |
| 7 | TMUS 5.65 1/15/2053 | 5.65% | 01/15/53 | 32 |
| 8 | MPEL 4.875 6/6/2025 | 4.88% | 06/06/25 | 32 |
| 9 | KVUE 4.9 3/22/2033 144A | 4.90% | 03/22/33 | 32 |
| 10 | ARGENT 0.75 7/9/2030 | 0.75% | 07/09/30 | 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 9/29/23 – 10/6/23
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