High Yield Corporate Bond Market Summary – Week Ending 8/9/24
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High Yield Corporate Bond Market Summary: Week Ending 8/9/24
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 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 8/2/24 – 8/9/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LVLT 4.25 7/1/2028 144A | 4.25% | 07/01/28 | 18.06% | 64.82 | 54.90 | 23 |
| 2 | COMM 7.125 7/1/2028 144A | 7.13% | 07/01/28 | 17.75% | 74.69 | 63.43 | 23 |
| 3 | EMBARQ 7.995 6/1/2036 | 8.00% | 06/01/36 | 15.03% | 35.14 | 30.55 | 17 |
| 4 | CNECN 5.75 11/24/2028 144A | 5.75% | 11/24/28 | 14.98% | 54.93 | 47.77 | 21 |
| 5 | LUMN 4 2/15/2027 144A | 4.00% | 02/15/27 | 12.10% | 73.25 | 65.34 | 19 |
| 6 | ARGENT 5 1/9/2038 | 5.00% | 01/09/38 | 11.64% | 45.65 | 40.89 | 23 |
| 7 | CPIPGR 3.75 PERP | 3.75% | NULL | 8.93% | 55.66 | 51.09 | 20 |
| 8 | ENGIM 11.125 5/15/2028 | 11.13% | 05/15/28 | 6.25% | 99.50 | 93.65 | 14 |
| 9 | ZAYO 6.125 3/1/2028 | 6.13% | 03/01/28 | 5.95% | 74.27 | 70.10 | 27 |
| 10 | ENGIM 5.875 9/30/2026 REGS | 5.88% | 09/30/26 | 5.58% | 95.24 | 90.21 | 18 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 8/2/24 – 8/9/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | MLTPLN 5.75 11/1/2028 144A | 5.75% | 11/01/28 | -17.41% | 43.57 | 52.75 | 23 |
| 2 | INCMBZ 5.75 7/17/2024 REGS | 5.75% | 07/17/24 | -14.04% | 62.52 | 72.73 | 18 |
| 3 | CSCHLD 7.5 4/1/2028 144A | 7.50% | 04/01/28 | -11.76% | 50.45 | 57.17 | 22 |
| 4 | TALKLN 3.875 2/20/2025 | 3.88% | 02/20/25 | -11.67% | 64.77 | 73.33 | 19 |
| 5 | GTN 5.375 11/15/2031 144A | 5.38% | 11/15/31 | -10.90% | 59.10 | 66.33 | 26 |
| 6 | IHRT 6.375 5/1/2026 | 6.38% | 05/01/26 | -8.01% | 78.61 | 85.46 | 22 |
| 7 | SPLS 12.75 1/15/2030 144A | 12.75% | 01/15/30 | -7.74% | 71.71 | 77.72 | 23 |
| 8 | NWDEVL 4.8 PERP | 4.80% | NULL | -7.35% | 44.49 | 48.03 | 17 |
| 9 | HLF 4.875 6/1/2029 144A | 4.88% | 06/01/29 | -6.89% | 64.36 | 69.12 | 24 |
| 10 | TELSAT 5.625 12/6/2026 144A | 5.63% | 12/06/26 | -6.89% | 44.58 | 47.87 | 18 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 8/2/24 – 8/9/24 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 8/2/24 – 8/9/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 8/2/24 vs. the week ending 8/9/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | DOMREP 5.95 1/25/2027 REGS | 5.95% | 01/25/27 | 118 | 210 | 92 | 78% |
| 2 | DOMREP 6.875 1/29/2026 REGS | 6.88% | 01/29/26 | 132 | 220 | 88 | 67% |
| 3 | BLURAC 7 7/15/2029 144A | 7.00% | 07/15/29 | 71 | 155 | 84 | 118% |
| 4 | ECUA 6.9 7/31/2030 144A | 6.90% | 07/31/30 | 10 | 66 | 56 | 560% |
| 5 | OCINCC 7.75 1/15/2029 | 7.75% | 01/15/29 | 75 | 128 | 53 | 71% |
| 6 | PEMEX 6.875 8/4/2026 | 6.88% | 08/04/26 | 192 | 240 | 48 | 25% |
| 7 | LVLT 3.625 1/15/2029 144A | 3.63% | 01/15/29 | 189 | 229 | 40 | 21% |
| 8 | VICI 4.25 12/1/2026 144A | 4.25% | 12/01/26 | 91 | 131 | 40 | 44% |
| 9 | VIRIFP 7.75 4/1/2027 REGS | 7.75% | 04/01/27 | 86 | 126 | 40 | 47% |
| 10 | NWDEVL 3 3/10/2028 | 3.00% | 03/10/28 | 21 | 60 | 39 | 186% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 8/2/24 – 8/9/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | BACR 4.375 PERP | 4.38% | NULL | 39 |
| 2 | BACR 6.125 PERP | 6.13% | NULL | 38 |
| 3 | INTNED 3.875 PERP | 3.88% | NULL | 37 |
| 4 | OXY 5.55 10/1/2034 | 5.55% | 10/01/34 | 36 |
| 5 | OXY 6.05 10/1/2054 | 6.05% | 10/01/54 | 36 |
| 6 | BACR 9.625 PERP | 9.63% | 12/15/99 | 36 |
| 7 | SANTAN 9.625 PERP | 9.63% | 11/21/99 | 36 |
| 8 | INTNED 6.5 PERP | 6.50% | NULL | 35 |
| 9 | UBS 7 PERP | 7.00% | NULL | 35 |
| 10 | SOCGEN 8 PERP REGS | 8.00% | NULL | 35 |
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 8/2/24 – 8/9/24
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