High Yield Corporate Bond Market Summary – Week Ending 3/1/24
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High Yield Corporate Bond Market Summary: Week Ending 3/1/24
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 | ISSUE INFORMATION | BROKER DEALER | EXPECTED ISSUE DATE |
|---|---|---|---|
| Brightspeed | $1.865 billion senior secured notes | 1st Quarter 2024 | |
| Clear Channel Outdoor Holdings | $865 million senior secured notes | JPM | 1st Quarter 2024 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 2/23/24 – 3/1/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | GOLLBZ 8 6/30/2026 REGS | 8.00% | 06/30/26 | 31.83% | 58.00 | 44.00 | 5 |
| 2 | CSCHLD 4.625 12/1/2030 144A | 4.63% | 12/01/30 | 27.08% | 55.72 | 43.84 | 22 |
| 3 | RADIAT 6.5 9/15/2028 144A | 6.50% | 09/15/28 | 21.68% | 48.37 | 39.75 | 19 |
| 4 | EBS 3.875 8/15/2028 144A | 3.88% | 08/15/28 | 18.23% | 41.97 | 35.50 | 13 |
| 5 | TOTALP 7.5 11/12/2025 REGS | 7.50% | 11/12/25 | 18.00% | 59.40 | 50.34 | 17 |
| 6 | LINTA 8.25 2/1/2030 | 8.25% | 02/01/30 | 17.14% | 66.15 | 56.47 | 17 |
| 7 | SPLS 10.75 4/15/2027 | 10.75% | 04/15/27 | 15.15% | 90.32 | 78.44 | 22 |
| 8 | SFRFP 6 2/15/2028 144A | 6.00% | 02/15/28 | 13.91% | 50.50 | 44.33 | 7 |
| 9 | EGYPT 6.375 4/11/2031 REGS | 6.38% | 04/11/31 | 13.46% | 82.67 | 72.86 | 23 |
| 10 | FTLNHD 4.625 10/15/2025 | 4.63% | 10/15/25 | 12.31% | 33.89 | 30.17 | 15 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 2/23/24 – 3/1/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ARDFIN 6.5 6/30/2027 REGS | 6.50% | 06/30/27 | -10.43% | 40.37 | 45.07 | 21 |
| 2 | GTN 5.375 11/15/2031 144A | 5.38% | 11/15/31 | -10.35% | 64.81 | 72.29 | 28 |
| 3 | CMGMCO 8.875 12/15/2027 144A | 8.88% | 12/15/27 | -9.69% | 62.96 | 69.72 | 20 |
| 4 | SSP 5.375 1/15/2031 144A | 5.38% | 01/15/31 | -9.33% | 57.10 | 62.98 | 26 |
| 5 | WW 4.5 4/15/2029 144A | 4.50% | 04/15/29 | -8.61% | 46.15 | 50.50 | 20 |
| 6 | MODV 5 10/1/2029 144A | 5.00% | 10/01/29 | -8.60% | 73.70 | 80.64 | 20 |
| 7 | BUENOS 5.5 9/1/2037 144A | 5.50% | 09/01/37 | -8.16% | 31.03 | 33.79 | 10 |
| 8 | AMSSW 10.5 3/30/2029 REGS | 10.50% | 03/30/29 | -7.75% | 100.12 | 108.54 | 19 |
| 9 | COMM 7.125 7/1/2028 144A | 7.13% | 07/01/28 | -6.49% | 40.11 | 42.90 | 22 |
| 10 | ALNMED 10.5 2/15/2028 | 10.50% | 02/15/28 | -6.38% | 48.38 | 51.67 | 14 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 2/23/24 – 3/1/24 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 2/23/24 – 3/1/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 2/23/24 vs. the week ending 3/1/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ATALIA 5.125 5/15/2025 REGS | 5.13% | 05/15/25 | 90 | 176 | 86 | 96% |
| 2 | ATALIA 6.625 5/15/2025 REGS | 6.63% | 05/15/25 | 96 | 164 | 68 | 71% |
| 3 | DSPORT 5.375 8/15/2026 144A | 5.38% | 08/15/26 | 77 | 144 | 67 | 87% |
| 4 | PCG 6.75 1/15/2053 | 6.75% | 01/15/53 | 210 | 269 | 59 | 28% |
| 5 | REPVEN 9.25 9/15/2027 | 9.25% | 09/15/27 | 88 | 143 | 55 | 63% |
| 6 | SOCGEN 10 PERP 144A | 10.00% | 11/14/99 | 200 | 251 | 51 | 26% |
| 7 | FI 4.4 7/1/2049 | 4.40% | 07/01/49 | 225 | 272 | 47 | 21% |
| 8 | FI 5.625 8/21/2033 | 5.63% | 08/21/33 | 244 | 288 | 44 | 18% |
| 9 | FI 2.65 6/1/2030 | 2.65% | 06/01/30 | 201 | 245 | 44 | 22% |
| 10 | WCC 7.125 6/15/2025 144A | 7.13% | 06/15/25 | 207 | 251 | 44 | 21% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 2/23/24 – 3/1/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | BALL 5.25 7/1/2025 | 5.25% | 07/01/25 | 37 |
| 2 | SANTAN 9.625 PERP | 9.63% | 11/21/99 | 36 |
| 3 | TMUS 5.05 7/15/2033 | 5.05% | 07/15/33 | 35 |
| 4 | FMCN 7.5 4/1/2025 144A | 7.50% | 04/01/25 | 34 |
| 5 | UBS 9.25 PERP REGS | 9.25% | NULL | 34 |
| 6 | INTNED 5.75 PERP | 5.75% | NULL | 34 |
| 7 | CHTR 5.25 4/1/2053 | 5.25% | 04/01/53 | 34 |
| 8 | POST 5.75 3/1/2027 | 5.75% | 03/01/27 | 34 |
| 9 | RAKUTN 11.25 2/15/2027 REGS | 11.25% | 02/15/27 | 34 |
| 10 | TMUS 5.15 4/15/2034 | 5.15% | 04/15/34 | 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 2/23/24 – 3/1/24
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