High Yield Corporate Bond Market Summary – Week Ending 11/10/23
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High Yield Corporate Bond Market Summary: Week Ending 11/10/23
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 |
|---|---|---|---|
| Veritiv Corp. | $600MM high yield notes | GS | Q4 2023 |
| Brightspeed | $1.865B senior secured | N/A | Q4 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 11/3/23 – 11/10/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | QVCN 4.375 9/1/2028 | 4.38% | 09/01/28 | 26.72% | 64.42 | 50.83 | 22 |
| 2 | QVCN 4.75 2/15/2027 | 4.75% | 02/15/27 | 20.38% | 70.83 | 58.84 | 22 |
| 3 | QVCN 5.45 8/15/2034 | 5.45% | 08/15/34 | 15.13% | 51.59 | 44.81 | 22 |
| 4 | HOUS 7 4/15/2030 144A | 7.00% | 04/15/30 | 14.70% | 82.92 | 72.29 | 21 |
| 5 | CPDEV 5.75 PERP | 5.75% | NULL | 13.73% | 84.50 | 74.30 | 11 |
| 6 | LNDPT 6.125 4/1/2028 144A | 6.13% | 04/01/28 | 13.16% | 62.12 | 54.90 | 19 |
| 7 | AIMEGR 6.5 10/1/2025 144A | 6.50% | 10/01/25 | 12.82% | 71.63 | 63.49 | 16 |
| 8 | LOGM 5.5 9/1/2027 144A | 5.50% | 09/01/27 | 11.60% | 59.17 | 53.02 | 17 |
| 9 | RDHGCL 7.8 3/20/2024 | 7.80% | 03/20/24 | 10.53% | 55.49 | 50.20 | 11 |
| 10 | PBI 7.25 3/15/2029 144A | 7.25% | 03/15/29 | 10.37% | 82.81 | 75.03 | 16 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 11/3/23 – 11/10/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | QWECOM 6.875 7/15/2028 | 6.88% | 07/15/28 | -20.39% | 36.94 | 46.41 | 6 |
| 2 | ISPIM 5.875 PERP | 5.88% | NULL | -14.71% | 81.47 | 95.52 | 21 |
| 3 | MRGBNK FLT 8/28/2029 | 10.08% | 08/28/29 | -13.86% | 48.69 | 56.53 | 2 |
| 4 | LVLT 3.625 1/15/2029 144A | 3.63% | 01/15/29 | -11.55% | 35.78 | 40.46 | 24 |
| 5 | DISH 7.75 7/1/2026 | 7.75% | 07/01/26 | -11.43% | 60.24 | 68.02 | 23 |
| 6 | EAF 9.875 12/15/2028 144A | 9.88% | 12/15/28 | -10.96% | 79.11 | 88.85 | 8 |
| 7 | ARDFIN 5 6/30/2027 REGS | 5.00% | 06/30/27 | -10.62% | 50.85 | 56.89 | 19 |
| 8 | PBBGR 8.474 PERP | 8.47% | NULL | -9.80% | 63.44 | 70.33 | 17 |
| 9 | ECUA 6 7/31/2030 REGS | 6.16% | 07/31/30 | -9.44% | 45.96 | 50.75 | 23 |
| 10 | GRAANU 4.625 10/15/2026 REGS | 4.63% | 10/15/26 | -9.26% | 63.48 | 69.96 | 19 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 11/3/23 – 11/10/23 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 11/3/23 – 11/10/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 11/3/23 vs. the week ending 11/10/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | MEDCIJ 8.96 4/27/2029 REGS | 8.96% | 04/27/29 | 52 | 147 | 95 | 183% |
| 2 | ISPIM 5.875 PERP | 5.88% | NULL | 70 | 160 | 90 | 129% |
| 3 | ECUA 6 7/31/2030 REGS | 6.16% | 07/31/30 | 75 | 157 | 82 | 109% |
| 4 | CIVI 8.375 7/1/2028 144A | 8.38% | 07/01/28 | 161 | 237 | 76 | 47% |
| 5 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 208 | 281 | 73 | 35% |
| 6 | F 2.9 2/16/2028 | 2.90% | 02/16/28 | 183 | 247 | 64 | 35% |
| 7 | F 5.291 12/8/2046 | 5.29% | 12/08/46 | 280 | 344 | 64 | 23% |
| 8 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 335 | 396 | 61 | 18% |
| 9 | MBGGR 5.375 8/1/2025 144A | 5.38% | 08/01/25 | 156 | 215 | 59 | 38% |
| 10 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 328 | 385 | 57 | 17% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 11/3/23 – 11/10/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | F 7.35 11/4/2027 | 7.35% | 11/04/27 | 40 |
| 2 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 39 |
| 3 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 39 |
| 4 | F 5.113 5/3/2029 | 5.11% | 05/03/29 | 39 |
| 5 | F 3.25 2/12/2032 | 3.25% | 02/12/32 | 39 |
| 6 | F 3.375 11/13/2025 | 3.38% | 11/13/25 | 38 |
| 7 | F 5.125 6/16/2025 | 5.13% | 06/16/25 | 38 |
| 8 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 37 |
| 9 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 37 |
| 10 | F 4.125 8/17/2027 | 4.13% | 08/17/27 | 37 |
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 11/3/23 – 11/10/23
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