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High Yield Corporate Bond Market Summary:
Week Ending 1/5/24
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 | Q1 2023 |
| Hilton Grand Vacations Inc. | $900MM secured notes | DB | Q1 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 12/29/23 – 1/5/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | VTRFIN 6.375 7/15/2028 REGS | 6.38% | 07/15/28 | 43.47% | 35.69 | 24.87 | 16 |
| 2 | GEMDAL 4.95 8/12/2024 | 4.95% | 08/12/24 | 27.92% | 66.66 | 52.11 | 18 |
| 3 | VTRCOM 5.125 1/15/2028 REGS | 5.13% | 01/15/28 | 21.03% | 58.99 | 48.74 | 17 |
| 4 | ROADKG 5.2 1/12/2026 | 5.20% | 01/12/26 | 16.65% | 29.17 | 25.01 | 20 |
| 5 | GLPSP 4.6 PERP | 4.60% | NULL | 14.05% | 34.64 | 30.37 | 15 |
| 6 | FUTLAN 6 8/12/2024 | 6.00% | 08/12/24 | 12.79% | 62.73 | 55.62 | 16 |
| 7 | HEIBOS 3.625 PERP | 3.63% | 01/13/99 | 12.19% | 43.08 | 38.40 | 19 |
| 8 | LMRTSP 7.25 6/19/2024 | 7.25% | 06/19/24 | 11.21% | 85.78 | 77.14 | 21 |
| 9 | VEDLN 6.125 8/9/2024 REGS | 6.13% | 08/09/24 | 9.22% | 71.56 | 65.52 | 25 |
| 10 | ARNDTN 1.625 PERP | 1.63% | NULL | 9.04% | 34.24 | 31.40 | 16 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 12/29/23 – 1/5/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | BELRUS 5.875 2/24/2026 REGS | 5.88% | 02/24/26 | -11.32% | 33.11 | 37.33 | 9 |
| 2 | LVLT 3.625 1/15/2029 144A | 3.63% | 01/15/29 | -9.04% | 39.60 | 43.54 | 19 |
| 3 | WW 4.5 4/15/2029 144A | 4.50% | 04/15/29 | -8.35% | 60.62 | 66.15 | 20 |
| 4 | IHRT 8.375 5/1/2027 | 8.38% | 05/01/27 | -7.49% | 61.35 | 66.32 | 24 |
| 5 | MPW 3.375 4/24/2030 | 3.38% | 04/24/30 | -7.43% | 55.22 | 59.65 | 20 |
| 6 | GOLLBZ 7 1/31/2025 144A | 7.00% | 01/31/25 | -7.36% | 30.64 | 33.08 | 13 |
| 7 | SFRFP 10.5 5/15/2027 144A | 10.50% | 05/15/27 | -6.57% | 60.34 | 64.58 | 7 |
| 8 | LUMN 5.375 6/15/2029 144A | 5.38% | 06/15/29 | -6.55% | 28.02 | 29.98 | 18 |
| 9 | MOROC 4 12/15/2050 REGS | 4.00% | 12/15/50 | -6.03% | 67.59 | 71.93 | 18 |
| 10 | GHANA 7.75 4/7/2029 REGS | 7.75% | 04/07/29 | -5.89% | 41.04 | 43.61 | 18 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 12/29/23 – 1/5/24
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 12/29/23 – 1/5/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 12/29/23 vs. the week ending 1/5/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | MCAIRH 8.125 3/30/2029 144A | 8.13% | 03/30/29 | 55 | 130 | 75 | 136% |
| 2 | VENLNG 9.5 2/1/2029 | 9.50% | 02/01/29 | 55 | 113 | 58 | 105% |
| 3 | VENLNG 9.875 2/1/2032 | 9.88% | 02/01/32 | 68 | 118 | 50 | 74% |
| 4 | LIMACO FLT 2/1/2028 REGS | 0.00% | 02/01/28 | 93 | 131 | 38 | 41% |
| 5 | AGGHOL 9.625 11/9/2025 | 9.63% | 11/09/25 | 19 | 50 | 31 | 163% |
| 6 | BELRUS 6.2 2/28/2030 REGS | 6.20% | 02/28/30 | 60 | 90 | 30 | 50% |
| 7 | SGCAZE 6.875 3/24/2026 | 6.88% | 03/24/26 | 159 | 187 | 28 | 18% |
| 8 | SBNY 5 PERP | 5.00% | 12/31/99 | 34 | 60 | 26 | 76% |
| 9 | CENCHI 7.25 4/28/2025 | 7.25% | 04/28/25 | 83 | 109 | 26 | 31% |
| 10 | UZBEK 5.375 2/20/2029 REGS | 5.38% | 02/20/29 | 160 | 186 | 26 | 16% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 12/29/23 – 1/5/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | VTLE 9.5 1/15/2025 | 9.50% | 01/15/25 | 35 |
| 2 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 33 |
| 3 | F 5.113 5/3/2029 | 5.11% | 05/03/29 | 33 |
| 4 | BACR 8 PERP | 8.00% | 12/15/99 | 32 |
| 5 | BACR 9.625 PERP | 9.63% | 12/15/99 | 32 |
| 6 | TNL 4.15 4/1/2024 | 4.15% | 04/01/24 | 32 |
| 7 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 32 |
| 8 | ARGENT 0.75 7/9/2030 | 0.75% | 07/09/30 | 31 |
| 9 | FMCN 7.5 4/1/2025 | 7.50% | 04/01/25 | 31 |
| 10 | F 3.375 11/13/2025 | 3.38% | 11/13/25 | 31 |
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 12/29/23 – 1/5/24
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