High Yield Corporate Bond Market Summary – Week Ending 11/24/23
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High Yield Corporate Bond Market Summary: Week Ending 11/24/23
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 | ISSUE INFORMATION | BROKER DEALER | EXPECTED ISSUE DATE |
|---|---|---|---|
| ONNECT HOLDING II LLC (BRIGHTSPEED) | $1.865 billion senior secured notes | 4th Quarter 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 11/17/23 – 11/24/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | FTLNHD 4.625 10/15/2025 | 4.63% | 10/15/25 | 51.82% | 35.32 | 23.26 | 17 |
| 2 | FUTLAN 6 8/12/2024 | 6.00% | 08/12/24 | 23.10% | 50.73 | 41.21 | 16 |
| 3 | ARGENT 3.625 7/9/2046 | 3.63% | 07/09/46 | 20.49% | 32.53 | 27.00 | 32 |
| 4 | ARGBON 1 7/9/2029 | 1.00% | 07/09/29 | 17.61% | 30.44 | 25.88 | 8 |
| 5 | ROADKG 6 9/4/2025 | 6.00% | 09/04/25 | 16.81% | 52.67 | 45.09 | 21 |
| 6 | TCGR 3.875 5/2/2025 REGS | 3.88% | 05/02/25 | 15.17% | 66.25 | 57.53 | 20 |
| 7 | CYH 6.875 4/1/2028 144A | 6.88% | 04/01/28 | 13.20% | 47.10 | 41.61 | 19 |
| 8 | RDHGCL 7.8 3/20/2024 | 7.80% | 03/20/24 | 12.97% | 68.26 | 60.42 | 11 |
| 9 | UNSTSV 8 11/15/2029 144A | 8.00% | 11/15/29 | 10.84% | 41.96 | 37.85 | 18 |
| 10 | M 5.125 1/15/2042 | 5.13% | 01/15/42 | 8.62% | 68.99 | 63.52 | 21 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 11/17/23 – 11/24/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | DALWAN 7.25 1/29/2024 | 7.25% | 01/29/24 | -19.45% | 50.91 | 63.20 | 25 |
| 2 | CPIPGR 4.875 PERP | 4.88% | NULL | -19.18% | 25.41 | 31.44 | 20 |
| 3 | CLARFP 4.125 PERP | 4.13% | NULL | -17.26% | 48.58 | 58.72 | 11 |
| 4 | HEIBOS 2.625 PERP | 2.63% | 01/26/99 | -15.23% | 30.33 | 35.78 | 20 |
| 5 | TOTALP 7.5 11/12/2025 REGS | 7.50% | 11/12/25 | -11.82% | 52.30 | 59.31 | 16 |
| 6 | DMREGR 1.875 10/15/2024 | 1.88% | 10/15/24 | -5.67% | 58.77 | 62.30 | 16 |
| 7 | USACUT 6.375 3/1/2026 144A | 6.38% | 03/01/26 | -5.30% | 74.81 | 79.00 | 3 |
| 8 | AMC 7.5 2/15/2029 144A | 7.50% | 02/15/29 | -5.26% | 66.25 | 69.93 | 21 |
| 9 | VCPLN 3.75 3/15/2028 | 3.75% | 03/15/28 | -4.14% | 64.18 | 66.96 | 19 |
| 10 | FMCN 6.875 10/15/2027 144A | 6.88% | 10/15/27 | -3.57% | 79.42 | 82.37 | 29 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 11/17/23 – 11/24/23 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 11/17/23 – 11/24/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 11/17/23 vs. the week ending 11/24/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | VST 7.75 10/15/2031 144A | 7.75% | 10/15/31 | 21 | 172 | 151 | 719% |
| 2 | FREMOR 6.625 1/15/2027 144A | 6.63% | 01/15/27 | 68 | 138 | 70 | 103% |
| 3 | NBR 5.75 2/1/2025 | 5.75% | 02/01/25 | 176 | 229 | 53 | 30% |
| 4 | AMSSW 7 7/31/2025 144A | 7.00% | 07/31/25 | 56 | 106 | 50 | 89% |
| 5 | ST 5.625 11/1/2024 | 5.63% | 11/01/24 | 203 | 250 | 47 | 23% |
| 6 | OCINCC 7.75 9/16/2027 | 7.75% | 09/16/27 | 31 | 74 | 43 | 139% |
| 7 | F 6.798 11/7/2028 | 6.80% | 11/07/28 | 300 | 340 | 40 | 13% |
| 8 | CHTR 6.15 11/10/2026 | 6.15% | 11/10/26 | 200 | 235 | 35 | 18% |
| 9 | OMF 6.125 3/15/2024 | 6.13% | 03/15/24 | 258 | 293 | 35 | 14% |
| 10 | F 7.122 11/7/2033 | 7.12% | 11/07/33 | 312 | 345 | 33 | 11% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 11/17/23 – 11/24/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | F 5.113 5/3/2029 | 5.11% | 05/03/29 | 41 |
| 2 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 41 |
| 3 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 40 |
| 4 | F 7.35 11/4/2027 | 7.35% | 11/04/27 | 39 |
| 5 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 39 |
| 6 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 39 |
| 7 | F 4.389 1/8/2026 | 4.39% | 01/08/26 | 37 |
| 8 | F 3.25 2/12/2032 | 3.25% | 02/12/32 | 37 |
| 9 | F 5.125 6/16/2025 | 5.13% | 06/16/25 | 37 |
| 10 | F 3.375 11/13/2025 | 3.38% | 11/13/25 | 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 11/17/23 – 11/24/23
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