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High Yield Corporate Bond Market Summary:
Week Ending 10/27/23
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 10/20/23 – 10/27/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | PDVSA 8.5 10/27/2020 | 8.50% | 10/27/20 | 23.01% | 82.67 | 67.20 | 19 |
| 2 | PKSTAN 8.25 9/30/2025 | 8.25% | 09/30/25 | 16.10% | 69.24 | 59.64 | 22 |
| 3 | BAKIDE 6.99 2/20/2032 REGS | 6.99% | 02/20/32 | 15.57% | 62.24 | 53.85 | 18 |
| 4 | AKUCN 7 11/1/2025 144A | 7.00% | 11/01/25 | 15.00% | 86.07 | 74.84 | 18 |
| 5 | BOPRLN 7.625 11/30/2025 REGS | 7.63% | 11/30/25 | 13.36% | 76.61 | 67.58 | 9 |
| 6 | BOLIVI 4.5 3/20/2028 | 4.50% | 03/20/28 | 12.06% | 49.93 | 44.56 | 14 |
| 7 | HES 5.8 4/1/2047 | 5.80% | 04/01/47 | 9.13% | 94.69 | 86.76 | 25 |
| 8 | UKRAIN 7.75 9/1/2027 | 7.75% | 09/01/27 | 8.11% | 26.93 | 24.91 | 22 |
| 9 | LMRTSP 7.25 6/19/2024 | 7.25% | 06/19/24 | 6.71% | 65.96 | 61.82 | 22 |
| 10 | PAKWNP 7.5 6/4/2031 | 7.50% | 06/04/31 | 6.68% | 41.04 | 38.47 | 19 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 10/20/23 – 10/27/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | ARDFIN 5 6/30/2027 REGS | 5.00% | 06/30/27 | -16.40% | 58.29 | 69.72 | 19 |
| 2 | CSCHCN 9 10/9/2024 | 9.00% | 10/09/24 | -14.95% | 38.14 | 44.85 | 12 |
| 3 | GLPSP 4.6 PERP | 4.60% | NULL | -13.96% | 27.41 | 31.85 | 16 |
| 4 | ORIFLM FLT 5/4/2026 REGS | 8.21% | 05/04/26 | -13.22% | 31.22 | 35.98 | 15 |
| 5 | DALWAN 11 1/20/2025 | 11.00% | 01/20/25 | -11.79% | 29.78 | 33.76 | 19 |
| 6 | CNECN 5.75 11/24/2028 REGS | 5.75% | 11/24/28 | -10.01% | 72.18 | 80.21 | 4 |
| 7 | VTRCOM 5.125 1/15/2028 REGS | 5.13% | 01/15/28 | -9.91% | 42.34 | 47.00 | 17 |
| 8 | FUTLAN 6 8/12/2024 | 6.00% | 08/12/24 | -9.85% | 42.04 | 46.63 | 15 |
| 9 | ARGID 4.75 7/15/2027 | 4.75% | 07/15/27 | -9.75% | 67.84 | 75.17 | 19 |
| 10 | COMM 7.125 7/1/2028 144A | 7.13% | 07/01/28 | -8.17% | 50.62 | 55.12 | 26 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 10/20/23 – 10/27/23
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 10/20/23 – 10/27/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 10/20/23 vs. the week ending 10/27/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | VENZ 7.65 4/21/2025 | 7.65% | 04/21/25 | 117 | 215 | 98 | 84% |
| 2 | VENZ 8.25 10/13/2024 | 8.25% | 10/13/24 | 117 | 214 | 97 | 83% |
| 3 | VENZ 9.25 5/7/2028 | 9.25% | 05/07/28 | 117 | 214 | 97 | 83% |
| 4 | HHH 4.125 2/1/2029 REGS | 4.13% | 02/01/29 | 4 | 100 | 96 | 2400% |
| 5 | PDVSA 6 5/16/2024 | 6.00% | 05/16/24 | 109 | 201 | 92 | 84% |
| 6 | PDVSA 6 11/15/2026 | 6.00% | 11/15/26 | 110 | 201 | 91 | 83% |
| 7 | VENZ 9.375 1/13/2034 | 9.38% | 01/13/34 | 111 | 202 | 91 | 82% |
| 8 | REPVEN 9.25 9/15/2027 | 9.25% | 09/15/27 | 111 | 201 | 90 | 81% |
| 9 | VENZ 11.75 10/21/2026 | 11.75% | 10/21/26 | 111 | 201 | 90 | 81% |
| 10 | PDVSA 9.75 5/17/2035 | 9.75% | 05/17/35 | 113 | 201 | 88 | 78% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 10/20/23 – 10/27/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | WYNMAC 5.125 12/15/2029 144A | 5.13% | 12/15/29 | 35 |
| 2 | WYNMAC 4.875 10/1/2024 144A | 4.88% | 10/01/24 | 34 |
| 3 | LOW 5.15 7/1/2033 | 5.15% | 07/01/33 | 34 |
| 4 | F 4.063 11/1/2024 | 4.06% | 11/01/24 | 33 |
| 5 | ARGENT 0.75 7/9/2030 | 0.75% | 07/09/30 | 33 |
| 6 | ARGENT 3.625 7/9/2035 | 3.63% | 07/09/35 | 33 |
| 7 | ARGENT 3.5 7/9/2041 | 3.50% | 07/09/41 | 33 |
| 8 | ARGENT 1 7/9/2029 | 1.00% | 07/09/29 | 33 |
| 9 | WYNMAC 5.5 10/1/2027 144A | 5.50% | 10/01/27 | 33 |
| 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 10/20/23 – 10/27/23
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