Corporates

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High Yield Corporate Bond Market Summary:
Week Ending 5/31/24

Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.

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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

Top 10 Performers

Showcases the top 10 HY Corp performers based on the largest bid price increases between 5/24/24 – 5/31/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 IHRT 8.375 5/1/2027 8.38% 05/01/27 12.36% 34.75 30.93 25
2 LINTA 8.5 7/15/2029 8.50% 07/15/29 9.08% 53.36 48.92 20
3 KEMONE 5.625 11/15/2028 REGS 5.63% 11/15/28 7.93% 82.86 76.77 21
4 LMRTSP 7.5 2/9/2026 7.50% 02/09/26 6.77% 89.08 83.44 21
5 ADJGR 21 7/31/2025 21.00% 07/31/25 6.51% 116.32 109.21 16
6 ALTICE 4.25 8/15/2029 REGS 4.25% 08/15/29 5.98% 76.34 72.03 21
7 LVLT 4.25 7/1/2028 144A 4.25% 07/01/28 5.95% 38.75 36.57 19
8 ARGENT 3.625 7/9/2046 3.63% 07/09/46 5.64% 45.34 42.91 27
9 SFRFP 5.125 1/15/2029 REGS 5.13% 01/15/29 4.96% 65.83 62.71 6
10 UKRAIN 7.375 9/25/2034 REGS 7.38% 09/25/34 4.62% 26.85 25.66 19

Bottom 10 Performers

Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 5/24/24 – 5/31/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 ROADKG 6 9/4/2025 6.00% 09/04/25 -12.52% 28.53 32.61 23
2 SSP 5.875 7/15/2027 144A 5.88% 07/15/27 -11.30% 65.19 73.50 21
3 CFIELD 6.625 8/1/2026 144A 6.63% 08/01/26 -11.18% 50.00 56.30 16
4 CPIPGR 4.875 PERP 4.88% NULL -8.61% 61.93 67.76 20
5 IMGRP 8 3/1/2028 8.00% 03/01/28 -8.10% 68.61 74.66 13
6 EMBARQ 7.995 6/1/2036 8.00% 06/01/36 -7.81% 30.86 33.48 14
7 HTZ 5 12/1/2029 144A 5.00% 12/01/29 -6.60% 66.08 70.75 29
8 SATS 6.625 8/1/2026 6.63% 08/01/26 -6.39% 50.25 53.68 21
9 SBGI 5.5 3/1/2030 144A 5.50% 03/01/30 -5.83% 66.15 70.24 24
10 CNECN 5.75 11/24/2028 144A 5.75% 11/24/28 -5.36% 52.09 55.04 22

Avg Industry Price

Displays the HY Corp average industry price by sector between 5/24/24 – 5/31/24

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 5/24/24 – 5/31/24

Top Quote Volume Movers: This Week vs Last Week

Exhibits the HY Corps with the largest increase in quote volume for the week ending 5/24/24 vs. the week ending 5/31/24

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 ARNDTN 8.625 PERP 8.63% NULL 32 86 54 169%
2 ALTGX 5.625 4/15/2026 5.63% 04/15/26 177 223 46 26%
3 ILDFP 5.125 10/15/2026 REGS 5.13% 10/15/26 176 220 44 25%
4 MLTIVR FLT 5/17/2031 144A #VALUE! 05/17/31 25 64 39 156%
5 TRN 4.55 10/1/2024 4.55% 10/01/24 135 172 37 27%
6 ILDFP 5.625 10/15/2028 REGS 5.63% 10/15/28 188 224 36 19%
7 ADHERH 9 9/30/2030 144A 9.00% 09/30/30 5 39 34 680%
8 ADHERH 9.8 9/30/2031 144A 9.80% 09/30/31 5 39 34 680%
9 GATGLO 6.25 1/15/2026 144A 6.25% 01/15/26 179 211 32 18%
10 LGF 5.5 8/15/2029 144A 5.50% 08/15/29 22 54 32 145%

Most Quoted HY Corps

Ranks the HY Corps that were quoted by the highest number of dealers between 5/24/24 – 5/31/24

RANK TRANCHE COUPON MATURITY DEALERS
1 BACR 8 PERP 8.00% 12/15/99 37
2 COTY 6.5 4/15/2026 144A 6.50% 04/15/26 35
3 OMF 6.875 3/15/2025 6.88% 03/15/25 35
4 MTDR 5.875 9/15/2026 5.88% 09/15/26 35
5 CYH 8 3/15/2026 144A 8.00% 03/15/26 35
6 BACR 9.625 PERP 9.63% 12/15/99 34
7 GEL 6.25 5/15/2026 6.25% 05/15/26 34
8 BACR 4.375 PERP 4.38% NULL 34
9 LLOYDS 7.5 PERP 7.50% NULL 34
10 BACR 6.125 PERP 6.13% 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 5/24/24 – 5/31/24

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