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High Yield Corporate Bond Market Summary:
Week Ending 12/22/23
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 |
| Connect Holding Ii Llc (Brightspeed) | $1.865 billion senior secured notes | N/A | 4th Quarter 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 12/15/23 – 12/22/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | SURINM 0 12/31/2050 REGS | 0.00% | 12/31/50 | 14.44% | 44.61 | 38.98 | 9 |
| 2 | CCLP 10 4/1/2026 144A | 10.00% | 04/01/26 | 12.97% | 103.07 | 91.24 | 13 |
| 3 | YESTAR 9.5 12/30/2026 | 9.50% | 12/30/26 | 12.23% | 25.31 | 22.56 | 9 |
| 4 | SFRFP 6 2/15/2028 REGS | 6.00% | 02/15/28 | 10.13% | 46.44 | 42.16 | 20 |
| 5 | LVLT 3.75 7/15/2029 144A | 3.75% | 07/15/29 | 9.63% | 41.98 | 38.29 | 20 |
| 6 | NFP 6.875 8/15/2028 144A | 6.88% | 08/15/28 | 9.60% | 101.63 | 92.72 | 22 |
| 7 | QVCN 5.45 8/15/2034 | 5.45% | 08/15/34 | 9.37% | 59.56 | 54.45 | 26 |
| 8 | CJRCN 6 2/28/2030 144A | 6.00% | 02/28/30 | 8.68% | 64.84 | 59.66 | 2 |
| 9 | IHRT 8.375 5/1/2027 | 8.38% | 05/01/27 | 8.35% | 65.43 | 60.38 | 25 |
| 10 | FRAX 7.5 9/30/2029 144A | 7.50% | 09/30/29 | 7.52% | 51.52 | 47.92 | 21 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 12/15/23 – 12/22/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | TOTALP 6.375 9/20/2028 REGS | 6.38% | 09/20/28 | -10.14% | 41.10 | 45.74 | 15 |
| 2 | EAF 9.875 12/15/2028 REGS | 9.88% | 12/15/28 | -6.52% | 75.59 | 80.86 | 12 |
| 3 | EAF 9.875 12/15/2028 144A | 9.88% | 12/15/28 | -6.51% | 75.21 | 80.45 | 9 |
| 4 | UKRAIN 7.75 9/1/2026 | 7.75% | 09/01/26 | -5.49% | 27.29 | 28.88 | 20 |
| 5 | CNECN 5.75 11/24/2028 REGS | 5.75% | 11/24/28 | -3.52% | 73.28 | 75.95 | 4 |
| 6 | GOLLBZ 8 6/30/2026 REGS | 8.00% | 06/30/26 | -3.50% | 36.22 | 37.53 | 3 |
| 7 | CHIGRA 9.125 1/30/2024 | 9.13% | 01/30/24 | -2.74% | 93.11 | 95.74 | 10 |
| 8 | LOGM 5.5 9/1/2027 144A | 5.50% | 09/01/27 | -4.84% | 49.03 | 51.52 | 15 |
| 9 | ELV 5.125 2/15/2053 | 5.13% | 02/15/53 | -2.43% | 99.70 | 102.19 | 26 |
| 10 | CHTR 4.8 3/1/2050 | 4.80% | 03/01/50 | -1.76% | 77.76 | 79.15 | 20 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 12/15/23 – 12/22/23
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 12/15/23 – 12/22/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 12/15/23 vs. the week ending 12/22/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | VENZ 6 12/9/2020 | 6.00% | 12/09/20 | 45 | 225 | 180 | 400% |
| 2 | ORSTED FLT 12/8/3022 | 5.25% | 12/08/22 | 36 | 190 | 154 | 428% |
| 3 | ARGID 2.125 8/15/2026 REGS | 2.13% | 08/15/26 | 37 | 187 | 150 | 405% |
| 4 | EDF 5.625 PERP REGS | 5.63% | 10/23/96 | 33 | 175 | 142 | 430% |
| 5 | COMINV 6.875 5/1/2025 | 6.88% | 05/01/25 | 48 | 104 | 56 | 117% |
| 6 | STANLN FLT PERP | 5.55% | NULL | 36 | 90 | 54 | 150% |
| 7 | CEDCRI FLT 5/15/2028 144A | 8.88% | 05/15/28 | 10 | 58 | 48 | 480% |
| 8 | RCKENE 5.5 10/15/2029 144A | 5.50% | 10/15/29 | 205 | 247 | 42 | 20% |
| 9 | GGAMFI 8 2/15/2027 144A | 8.00% | 02/15/27 | 161 | 198 | 37 | 23% |
| 10 | X 6.875 3/1/2029 | 6.88% | 03/01/29 | 220 | 256 | 36 | 16% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 12/15/23 – 12/22/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | F 5.113 5/3/2029 | 5.11% | 05/03/29 | 39 |
| 2 | VTLE 9.5 1/15/2025 | 9.50% | 01/15/25 | 38 |
| 3 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 36 |
| 4 | F 3.25 2/12/2032 | 3.25% | 02/12/32 | 36 |
| 5 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 36 |
| 6 | F 5.125 6/16/2025 | 5.13% | 06/16/25 | 35 |
| 7 | F 7.122 11/7/2033 | 7.12% | 11/07/33 | 35 |
| 8 | OMF 6.125 3/15/2024 | 6.13% | 03/15/24 | 35 |
| 9 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 35 |
| 10 | F 6.798 11/7/2028 | 6.80% | 11/07/28 | 34 |
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 12/15/23 – 12/22/23
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