Corporates

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High Yield Corporate Bond Market Summary:
Week Ending 11/17/23

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 11/10/23 – 11/17/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 RADPAR 9.25 2/1/2028 144A 9.25% 02/01/28 22.86% 45.73 37.22 20
2 DALWAN 11 2/13/2026 11.00% 02/13/26 17.74% 33.36 28.34 21
3 TLWLN 7 3/1/2025 144A 7.00% 03/01/25 16.87% 91.44 78.25 4
4 LINTA 8.25 2/1/2030 8.25% 02/01/30 15.79% 37.98 32.80 17
5 GRAANU 4.625 10/15/2026 REGS 4.63% 10/15/26 14.23% 72.51 63.48 19
6 LVLT 3.75 7/15/2029 144A 3.75% 07/15/29 11.76% 38.13 34.12 23
7 HA 5.75 1/20/2026 144A 5.75% 01/20/26 11.15% 77.98 70.15 28
8 INTLGR 6.125 4/1/2029 144A 6.13% 04/01/29 10.70% 62.79 56.72 10
9 PKSTAN 6 4/8/2026 REGS 6.00% 04/08/26 10.36% 60.24 54.59 23
10 LIFUNG 5.25 PERP 5.25% NULL 10.13% 37.56 34.11 10

Bottom 10 Performers

Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 11/10/23 – 11/17/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 UNSTSV 8 11/15/2029 144A 8.00% 11/15/29 -15.46% 37.85 44.77 16
2 USACUT 6.375 3/1/2026 144A 6.38% 03/01/26 -13.20% 75.38 86.84 17
3 HEIBOS 3.248 PERP 3.25% 11/19/99 -11.32% 47.00 53.00 20
4 BOLIVI 7.5 3/2/2030 REGS 7.50% 03/02/30 -8.63% 56.67 62.02 12
5 TOTALP 6.375 9/20/2028 REGS 6.38% 09/20/28 -8.53% 37.51 41.00 17
6 SFRFP 4 2/15/2028 REGS 4.00% 02/15/28 -7.12% 37.29 40.15 24
7 RADIAT 6.5 9/15/2028 144A 6.50% 09/15/28 -6.27% 46.78 49.91 20
8 BHCCN 6.25 2/15/2029 144A 6.25% 02/15/29 -5.95% 34.66 36.85 17
9 VERITS 7.5 9/1/2025 144A 7.50% 09/01/25 -5.50% 76.96 81.44 20
10 ARDFIN 6.5 6/30/2027 144A 6.50% 06/30/27 -5.02% 53.38 56.19 8

Avg Industry Price

Displays the HY Corp average industry price by sector between 11/10/23 – 11/17/23

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 11/10/23 – 11/17/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the HY Corps with the largest increase in quote volume for the week ending 11/10/23 vs. the week ending 11/17/23

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 FMGAU 5.875 4/15/2030 144A 5.88% 04/15/30 124 227 103 83%
2 FMGAU 6.125 4/15/2032 144A 6.13% 04/15/32 132 232 100 76%
3 ECUA 6 7/31/2030 REGS 6.16% 07/31/30 157 235 78 50%
4 EVA 6.5 1/15/2026 144A 6.50% 01/15/26 207 282 75 36%
5 ISPIM 5.875 PERP 5.88% NULL 160 220 60 38%
6 EGBLFN 8.5 10/30/2025 144A 8.50% 10/30/25 55 112 57 104%
7 MOZAM 9 9/15/2031 144A 9.00% 09/15/31 32 86 54 169%
8 EGBLFN 6.75 2/7/2025 144A 6.75% 02/07/25 55 104 49 89%
9 OMF 9 1/15/2029 9.00% 01/15/29 244 284 40 16%
10 CLR 3.8 6/1/2024 3.80% 06/01/24 65 101 36 55%

Most Quoted HY Corps

Ranks the HY Corps that were quoted by the highest number of dealers between 11/10/23 – 11/17/23

RANK TRANCHE COUPON MATURITY DEALERS
1 F 6.1 8/19/2032 6.10% 08/19/32 42
2 F 3.375 11/13/2025 3.38% 11/13/25 40
3 F 5.113 5/3/2029 5.11% 05/03/29 40
4 F 7.35 11/4/2027 7.35% 11/04/27 39
5 F 6.8 5/12/2028 6.80% 05/12/28 39
6 F 3.25 2/12/2032 3.25% 02/12/32 39
7 F 4.389 1/8/2026 4.39% 01/08/26 38
8 F 6.95 6/10/2026 6.95% 06/10/26 38
9 F 5.125 6/16/2025 5.13% 06/16/25 38
10 F 7.35 3/6/2030 7.35% 03/06/30 38

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 11/10/23 – 11/17/23

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