High Yield Corporate Bond Market Summary – Week Ending 6/21/24
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High Yield Corporate Bond Market Summary: Week Ending 6/21/24
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 | $1.865 billion senior secured notes | Q3 2024 | |
| Copeland | $950 million secured notes | BCLY | Q2 2024 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 6/14/24 – 6/21/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CDRSM 11 9/30/2026 REGS | 11.00% | 09/30/26 | 20.35% | 45.05 | 37.43 | 10 |
| 2 | MDLNIJ 5 6/30/2025 | 5.00% | 06/30/25 | 16.05% | 36.39 | 31.36 | 11 |
| 3 | SBSAA 9.75 3/1/2026 144A | 9.75% | 03/01/26 | 11.71% | 59.75 | 53.49 | 13 |
| 4 | VOLCAN 4.375 2/11/2026 REGS | 4.38% | 02/11/26 | 8.98% | 77.18 | 70.82 | 22 |
| 5 | BHCCN 14 10/15/2030 144A | 14.00% | 10/15/30 | 7.28% | 78.00 | 72.71 | 16 |
| 6 | RAILUA 7.875 7/15/2028 | 7.88% | 07/15/28 | 7.24% | 70.48 | 65.73 | 16 |
| 7 | INTRUM 3 9/15/2027 REGS | 3.00% | 09/15/27 | 7.03% | 61.61 | 57.57 | 23 |
| 8 | TCGR 10 3/19/2029 REGS | 10.00% | 03/19/29 | 6.79% | 74.16 | 69.45 | 15 |
| 9 | ROADKG 5.2 1/12/2026 | 5.20% | 01/12/26 | 5.67% | 29.00 | 27.44 | 22 |
| 10 | RAX 3.5 5/15/2028 144A | 3.50% | 05/15/28 | 5.21% | 42.92 | 40.80 | 10 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 6/14/24 – 6/21/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SSP 5.375 1/15/2031 144A | 5.38% | 01/15/31 | -14.33% | 40.00 | 46.69 | 20 |
| 2 | CJRCN 6 2/28/2030 144A | 6.00% | 02/28/30 | -9.60% | 43.02 | 47.59 | 3 |
| 3 | LVLT 3.75 7/15/2029 144A | 3.75% | 07/15/29 | -9.17% | 30.91 | 34.04 | 16 |
| 4 | CSCHLD 5.75 1/15/2030 144A | 5.75% | 01/15/30 | -8.45% | 40.00 | 43.69 | 22 |
| 5 | LUMN 4.5 1/15/2029 144A | 4.50% | 01/15/29 | -8.10% | 28.76 | 31.30 | 16 |
| 6 | LINTA 8.25 2/1/2030 | 8.25% | 02/01/30 | -7.84% | 49.28 | 53.47 | 17 |
| 7 | SPLS 12.75 1/15/2030 144A | 12.75% | 01/15/30 | -7.23% | 80.71 | 87.00 | 19 |
| 8 | IHRT 8.375 5/1/2027 | 8.38% | 05/01/27 | -6.54% | 40.85 | 43.71 | 25 |
| 9 | AMC 7.5 2/15/2029 144A | 7.50% | 02/15/29 | -6.12% | 71.13 | 75.76 | 23 |
| 10 | MIK 7.875 5/1/2029 144A | 7.88% | 05/01/29 | -6.03% | 66.01 | 70.25 | 29 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 6/14/24 – 6/21/24 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 6/14/24 – 6/21/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 6/14/24 vs. the week ending 6/21/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | AXTA 7.25 2/15/2031 144A | 7.25% | 02/15/31 | 123 | 230 | 107 | 87% |
| 2 | PSDO 7.5 6/1/2031 144A | 7.50% | 06/01/31 | 100 | 154 | 54 | 54% |
| 3 | M 6.7 7/15/2034 144A | 6.70% | 07/15/34 | 20 | 66 | 46 | 230% |
| 4 | CDRSM 13.625 11/30/2027 REGS | 13.63% | 11/30/27 | 37 | 71 | 34 | 92% |
| 5 | C 7.125 PERP | 6.87% | NULL | 259 | 292 | 33 | 13% |
| 6 | AMWINS 6.375 2/15/2029 | 6.38% | 02/15/29 | 127 | 160 | 33 | 26% |
| 7 | ICELTD 4.625 3/15/2025 REGS | 4.63% | 03/15/25 | 128 | 160 | 32 | 25% |
| 8 | AMCX 4.25 2/15/2029 | 4.25% | 02/15/29 | 230 | 262 | 32 | 14% |
| 9 | UBS 5.75 PERP | 5.75% | NULL | 71 | 103 | 32 | 45% |
| 10 | CHTR 6.484 10/23/2045 | 6.48% | 10/23/45 | 235 | 266 | 31 | 13% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 6/14/24 – 6/21/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | BACR 8 PERP | 8.00% | 12/15/99 | 39 |
| 2 | BACR 6.125 PERP | 6.13% | NULL | 38 |
| 3 | BACR 9.625 PERP | 9.63% | 12/15/99 | 38 |
| 4 | BNP 8.5 PERP REGS | 8.50% | 08/14/99 | 37 |
| 5 | UBS 7 PERP | 7.00% | NULL | 37 |
| 6 | BACR 4.375 PERP | 4.38% | NULL | 37 |
| 7 | INTNED 3.875 PERP | 3.88% | NULL | 36 |
| 8 | SOCGEN 8 PERP REGS | 8.00% | NULL | 36 |
| 9 | DANBNK 7 PERP | 7.00% | NULL | 36 |
| 10 | LLOYDS 7.5 PERP | 7.50% | NULL | 36 |
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 6/14/24 – 6/21/24
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