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High Yield Corporate Bond Market Summary:
Week Ending 1/26/24
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 |
| NGL Energy Partners | $2.5 billion high-yield notes with five-year and seven-year maturities | BofA | Q1 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 1/19/24 – 1/26/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | ATOFP 1.75 5/7/2025 | 1.75% | 05/07/25 | 58.86% | 43.94 | 27.66 | 22 |
| 2 | LVLT 3.75 7/15/2029 144A | 3.75% | 07/15/29 | 45.29% | 50.13 | 34.50 | 19 |
| 3 | GOLLBZ 8 6/30/2026 144A | 8.00% | 06/30/26 | 30.90% | 35.53 | 27.14 | 15 |
| 4 | MTROFN 8.75 12/5/2024 | 8.75% | 12/06/23 | 13.23% | 49.84 | 44.01 | 5 |
| 5 | ALLY 4.7 PERP | 4.70% | NULL | 11.86% | 75.08 | 67.12 | 13 |
| 6 | RADPAR 9.25 2/1/2028 144A | 9.25% | 02/01/28 | 11.15% | 65.50 | 58.93 | 18 |
| 7 | VSTJET 6.375 2/1/2030 REGS | 6.38% | 02/01/30 | 9.22% | 69.51 | 63.65 | 21 |
| 8 | HSEFIN FLT 10/15/2026 REGS | 9.64% | 10/15/26 | 9.19% | 65.42 | 59.92 | 10 |
| 9 | WDC 3 11/15/2028 | 3.00% | 11/15/28 | 9.17% | 133.91 | 122.66 | 6 |
| 10 | GLT 4.75 11/15/2029 144A | 4.75% | 11/15/29 | 8.55% | 71.72 | 66.08 | 14 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 1/19/24 – 1/26/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | BRNKGR 2.25 9/22/2026 | 2.25% | 09/22/26 | -14.49% | 35.15 | 41.11 | 15 |
| 2 | CFIELD 6.625 8/1/2026 144A | 6.63% | 08/01/26 | -13.77% | 62.09 | 72.00 | 19 |
| 3 | TOTALP 7.5 11/12/2025 REGS | 7.50% | 11/12/25 | -13.59% | 57.73 | 66.81 | 20 |
| 4 | ROADKG 5.125 7/26/2026 | 5.13% | 07/26/26 | -11.75% | 28.60 | 32.41 | 22 |
| 5 | LPLAYG 7.75 12/15/2025 REGS | 7.75% | 12/15/25 | -10.09% | 72.06 | 80.14 | 7 |
| 6 | PROGST 3.25 12/15/2024 REGS | 3.25% | 12/15/24 | -7.47% | 50.00 | 54.04 | 16 |
| 7 | THAMES 4.625 5/19/2026 REGS | 4.63% | 05/19/26 | -6.58% | 40.79 | 43.67 | 16 |
| 8 | GFMEGA 8.25 2/11/2025 REGS | 8.25% | 02/11/25 | -6.13% | 50.16 | 53.43 | 9 |
| 9 | RADIAT 6.5 9/15/2028 144A | 6.50% | 09/15/28 | -5.87% | 44.52 | 47.29 | 21 |
| 10 | INTRUM 9.25 3/15/2028 REGS | 9.25% | 03/15/28 | -5.32% | 88.06 | 93.01 | 20 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 1/19/24 – 1/26/24
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 1/19/24 – 1/26/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 1/19/24 vs. the week ending 1/26/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | KEHEFO 8.625 10/15/2026 144A | 8.63% | 10/15/26 | 55 | 133 | 78 | 142% |
| 2 | KVUE 5.05 3/22/2028 | 5.05% | 03/22/28 | 90 | 156 | 66 | 73% |
| 3 | HBGCN 7 5/1/2026 144A | 7.00% | 05/01/26 | 207 | 270 | 63 | 30% |
| 4 | KVUE 5.35 3/22/2026 | 5.35% | 03/22/26 | 98 | 159 | 61 | 62% |
| 5 | KVUE 5.2 3/22/2063 | 5.20% | 03/22/63 | 105 | 163 | 58 | 55% |
| 6 | PETBRA 6.85 6/5/2115 | 6.85% | 06/05/15 | 183 | 241 | 58 | 32% |
| 7 | KVUE 5.1 3/22/2043 | 5.10% | 03/22/43 | 100 | 157 | 57 | 57% |
| 8 | KVUE 5.05 3/22/2053 | 5.05% | 03/22/53 | 148 | 205 | 57 | 39% |
| 9 | KVUE 5 3/22/2030 | 5.00% | 03/22/30 | 90 | 146 | 56 | 62% |
| 10 | GFR 12 10/1/2028 144A | 12.00% | 10/01/28 | 44 | 100 | 56 | 127% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 1/19/24 – 1/26/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | CCL 9.875 8/1/2027 144A | 9.88% | 08/01/27 | 39 |
| 2 | TMUS 5.75 1/15/2034 | 5.75% | 01/15/34 | 35 |
| 3 | ACRISU 7 11/15/2025 144A | 7.00% | 11/15/25 | 35 |
| 4 | TNL 4.15 4/1/2024 | 4.15% | 04/01/24 | 34 |
| 5 | F 5.8 3/5/2027 | 5.80% | 03/05/27 | 34 |
| 6 | TALO 12 1/15/2026 | 12.00% | 01/15/26 | 34 |
| 7 | BACR 8 PERP | 8.00% | 12/15/99 | 33 |
| 8 | TEP 7.5 10/1/2025 144A | 7.50% | 10/01/25 | 33 |
| 9 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 33 |
| 10 | VTLE 9.5 1/15/2025 | 9.50% | 01/15/25 | 33 |
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 1/19/24 – 1/26/24
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