Corporates
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High Yield Corporate Bond Market Summary:
Week Ending 3/15/24
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 3/8/24 – 3/15/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | PBBGR 4.12 11/3/2031 | 4.12% | 11/03/31 | 64.91% | 49.74 | 30.16 | 2 |
| 2 | EVA 6.5 1/15/2026 144A | 6.50% | 01/15/26 | 44.69% | 40.70 | 28.13 | 18 |
| 3 | GEMDAL 4.95 8/12/2024 | 4.95% | 08/12/24 | 19.13% | 84.55 | 70.97 | 21 |
| 4 | COMM 8.25 3/1/2027 144A | 8.25% | 03/01/27 | 12.70% | 49.98 | 44.35 | 22 |
| 5 | SFRFP 4 2/15/2028 REGS | 4.00% | 02/15/28 | 12.03% | 59.37 | 52.99 | 21 |
| 6 | DALWAN 11 1/20/2025 | 11.00% | 01/20/25 | 10.60% | 81.81 | 73.97 | 19 |
| 7 | HILOHO 9.75 11/18/2024 144A | 9.75% | 11/18/24 | 10.46% | 76.13 | 68.93 | 15 |
| 8 | ARNDTN 1.625 PERP | 1.63% | NULL | 9.46% | 39.98 | 36.53 | 18 |
| 9 | LUMN 7.65 3/15/2042 | 7.65% | 03/15/42 | 8.57% | 35.87 | 33.04 | 14 |
| 10 | AARB 7.625 PERP | 7.63% | NULL | 8.06% | 81.22 | 75.16 | 13 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 3/8/24 – 3/15/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | INTRUM 9.25 3/15/2028 REGS | 9.25% | 03/15/28 | -22.05% | 56.43 | 72.40 | 20 |
| 2 | NOVA 11.75 10/1/2028 144A | 11.75% | 10/01/28 | -18.55% | 66.84 | 82.06 | 19 |
| 3 | ROADKG 6 9/4/2025 | 6.00% | 09/04/25 | -17.66% | 42.49 | 51.59 | 22 |
| 4 | PDCAR 7.125 10/27/2026 | 7.13% | 10/27/26 | -17.08% | 32.56 | 39.27 | 3 |
| 5 | RAX 3.5 2/15/2028 144A | 3.50% | 02/15/28 | -13.46% | 34.75 | 40.15 | 16 |
| 6 | WW 4.5 4/15/2029 144A | 4.50% | 04/15/29 | -8.12% | 40.34 | 43.91 | 21 |
| 7 | SBSAA 9.75 3/1/2026 144A | 9.75% | 03/01/26 | -8.06% | 47.25 | 51.39 | 12 |
| 8 | BTSG 6.75 2/1/2027 | 6.75% | 02/01/27 | -6.46% | 35.74 | 38.20 | 5 |
| 9 | ALNMED 10.5 2/15/2028 | 10.50% | 02/15/28 | -6.29% | 43.10 | 46.00 | 16 |
| 10 | ELSALV 7.1246 1/20/2050 REGS | 7.12% | 01/20/50 | -5.27% | 63.29 | 66.81 | 20 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 3/8/24 – 3/15/24
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 3/8/24 – 3/15/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 3/8/24 vs. the week ending 3/15/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | ROLLS 5.75 10/15/2027 REGS | 5.75% | 10/15/27 | 102 | 264 | 162 | 159% |
| 2 | FMGAU 4.5 9/15/2027 REGS | 4.50% | 09/15/27 | 124 | 280 | 156 | 126% |
| 3 | ROLLS 5.75 10/15/2027 REGS | 5.75% | 10/15/27 | 178 | 304 | 126 | 71% |
| 4 | ASTONM 10.5 11/30/2025 144A | 10.50% | 11/30/25 | 55 | 178 | 123 | 224% |
| 5 | MBGGR 3.45 1/6/2027 REGS | 3.45% | 01/06/27 | 115 | 218 | 103 | 90% |
| 6 | GLOBAU 8.375 1/15/2029 | 8.38% | 01/15/29 | 106 | 198 | 92 | 87% |
| 7 | GLOBAU 8.75 1/15/2032 | 8.75% | 01/15/32 | 91 | 180 | 89 | 98% |
| 8 | MINAU 8.125 5/1/2027 144A | 8.13% | 05/01/27 | 160 | 247 | 87 | 54% |
| 9 | MBGGR 3.3 5/19/2025 REGS | 3.30% | 05/19/25 | 103 | 189 | 86 | 83% |
| 10 | MBGGR 3.5 8/3/2025 REGS | 3.50% | 08/03/25 | 108 | 194 | 86 | 80% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 3/8/24 – 3/15/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | USAC 6.875 4/1/2026 | 6.88% | 04/01/26 | 38 |
| 2 | TMUS 5.05 7/15/2033 | 5.05% | 07/15/33 | 36 |
| 3 | F 6.125 3/8/2034 | 6.13% | 03/08/34 | 36 |
| 4 | F 5.8 3/8/2029 | 5.80% | 03/08/29 | 36 |
| 5 | BALL 5.25 7/1/2025 | 5.25% | 07/01/25 | 36 |
| 6 | SANTAN 9.625 PERP | 9.63% | 11/21/99 | 35 |
| 7 | PR 6.875 4/1/2027 144A | 6.88% | 04/01/27 | 35 |
| 8 | BACR 8 PERP | 8.00% | 12/15/99 | 35 |
| 9 | INTNED 3.875 PERP | 3.88% | NULL | 34 |
| 10 | BACR 4.375 PERP | 4.38% | NULL | 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 3/8/24 – 3/15/24
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