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High Yield Corporate Bond Market Summary:
Week Ending 12/1/23
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 |
| 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 11/24/23 – 12/1/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | TOTALP 6.375 9/20/2028 REGS | 6.38% | 09/20/28 | 20.34% | 45.91 | 38.15 | 17 |
| 2 | SPLS 10.75 4/15/2027 | 10.75% | 04/15/27 | 17.07% | 64.56 | 55.15 | 25 |
| 3 | ARGBON 1 7/9/2029 | 1.00% | 07/09/29 | 16.42% | 35.44 | 30.44 | 7 |
| 4 | ARGENT 0.125 7/9/2030 | 0.13% | 07/09/30 | 9.93% | 31.52 | 28.67 | 11 |
| 5 | SPRIND 6.5 10/1/2029 144A | 6.50% | 10/01/29 | 9.60% | 62.55 | 57.08 | 17 |
| 6 | EVA 6.5 1/15/2026 144A | 6.50% | 01/15/26 | 9.23% | 50.23 | 45.99 | 26 |
| 7 | UNSTSV 8 11/15/2029 144A | 8.00% | 11/15/29 | 9.09% | 45.77 | 41.96 | 19 |
| 8 | COMM 5 3/15/2027 | 5.00% | 03/15/27 | 8.79% | 42.17 | 38.76 | 26 |
| 9 | BRASKM 5.875 1/31/2050 REGS | 5.88% | 01/31/50 | 8.16% | 73.69 | 68.14 | 22 |
| 10 | LIFUNG 5.25 PERP | 5.25% | NULL | 7.68% | 45.40 | 42.16 | 13 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 11/24/23 – 12/1/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | FTLNHD 4.625 10/15/2025 | 4.63% | 10/15/25 | -19.03% | 28.60 | 35.32 | 18 |
| 2 | LVLT 4.25 7/1/2028 144A | 4.25% | 07/01/28 | -15.50% | 40.75 | 48.23 | 23 |
| 3 | BRNKGR 2.25 9/22/2026 | 2.25% | 09/22/26 | -13.95% | 36.85 | 42.82 | 11 |
| 4 | FRAX 7.5 9/30/2029 144A | 7.50% | 09/30/29 | -8.60% | 52.36 | 57.28 | 20 |
| 5 | WOMCHI 4.7 1/22/2028 REGS | 4.70% | 01/22/28 | -8.13% | 50.78 | 55.28 | 14 |
| 6 | WEWORK 15 8/15/2027 | 15.00% | 08/15/27 | -7.56% | 30.62 | 33.12 | 10 |
| 7 | ROADKG 5.2 1/12/2026 | 5.20% | 01/12/26 | -7.46% | 29.19 | 31.55 | 23 |
| 8 | LUMN 5.125 12/15/2026 144A | 5.13% | 12/15/26 | -7.13% | 47.30 | 50.94 | 14 |
| 9 | VSTJET 6.375 2/1/2030 144A | 6.38% | 02/01/30 | -7.03% | 68.74 | 73.94 | 9 |
| 10 | LOGM 5.5 9/1/2027 144A | 5.50% | 09/01/27 | -6.78% | 58.57 | 62.82 | 14 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 11/24/23 – 12/1/23
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 11/24/23 – 12/1/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 11/24/23 vs. the week ending 12/1/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | SUNAC 7 9/30/2029 REGS | 7.00% | 09/30/29 | 46 | 136 | 90 | 196% |
| 2 | NDAFH 1.125 9/27/2027 | 1.13% | 09/27/27 | 177 | 244 | 67 | 38% |
| 3 | VTLE 9.5 1/15/2025 | 9.50% | 01/15/25 | 218 | 273 | 55 | 25% |
| 4 | AGILE 5.5 5/17/2026 | 5.50% | 05/17/26 | 149 | 196 | 47 | 32% |
| 5 | AGILE 8.375 PERP | 8.38% | NULL | 109 | 150 | 41 | 38% |
| 6 | AGILE 7.875 PERP | 7.88% | NULL | 120 | 160 | 40 | 33% |
| 7 | AGILE 7.75 PERP | 7.75% | NULL | 100 | 140 | 40 | 40% |
| 8 | BURLN 9.25 7/1/2031 144A | 9.25% | 07/01/31 | 80 | 119 | 39 | 49% |
| 9 | FREMOR 6.625 1/15/2027 144A | 6.63% | 01/15/27 | 138 | 176 | 38 | 28% |
| 10 | AGILE 5.5 4/21/2025 | 5.50% | 04/21/25 | 149 | 186 | 37 | 25% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 11/24/23 – 12/1/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | F 5.113 5/3/2029 | 5.11% | 05/03/29 | 41 |
| 2 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 40 |
| 3 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 40 |
| 4 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 40 |
| 5 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 38 |
| 6 | F 3.375 11/13/2025 | 3.38% | 11/13/25 | 37 |
| 7 | F 3.25 2/12/2032 | 3.25% | 02/12/32 | 37 |
| 8 | F 5.125 6/16/2025 | 5.13% | 06/16/25 | 37 |
| 9 | BBDBCN 7.5 3/15/2025 | 7.50% | 03/15/25 | 37 |
| 10 | OMF 6.125 3/15/2024 | 6.13% | 03/15/24 | 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 11/24/23 – 12/1/23
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