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High Yield Corporate Bond Market Summary:
Week Ending 9/6/24
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 | |
| Focus Financial Partners LLC | $700 million senior secured notes due 2031 (B2/B+) | RBC | Week of Sept. 9th |
| Shearer’s Foods | $400 million senior notes due 2032 (Caa2/CCC+) | DB | Week of Sept. 9th |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 8/30/24 – 9/6/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | CSCHLD 7.5 4/1/2028 144A | 7.50% | 04/01/28 | 21.49% | 56.91 | 46.84 | 19 |
| 2 | BELRUS 5.875 2/24/2026 REGS | 5.88% | 02/24/26 | 17.67% | 54.85 | 46.62 | 8 |
| 3 | LUMN 4.5 1/15/2029 144A | 4.50% | 01/15/29 | 15.86% | 66.61 | 57.49 | 21 |
| 4 | LVLT 3.4 3/1/2027 144A | 3.40% | 03/01/27 | 15.52% | 90.38 | 78.23 | 18 |
| 5 | DISH 5.125 6/1/2029 | 5.13% | 06/01/29 | 14.33% | 52.53 | 45.94 | 19 |
| 6 | QWECOM 6.875 7/15/2028 | 6.88% | 07/15/28 | 8.36% | 66.79 | 61.64 | 6 |
| 7 | FYBR 6 1/15/2030 144A | 6.00% | 01/15/30 | 8.19% | 100.07 | 92.50 | 26 |
| 8 | UNIT 6.5 2/15/2029 144A | 6.50% | 02/15/29 | 8.12% | 83.25 | 77.00 | 24 |
| 9 | TOWHEA 4.451 2/1/2050 | 4.45% | 02/01/50 | 7.55% | 63.13 | 58.70 | 5 |
| 10 | WOMCHI 4.7 1/22/2028 REGS | 4.70% | 01/22/28 | 7.14% | 58.69 | 54.78 | 16 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 8/30/24 – 9/6/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | BUENOS 4.5 9/1/2037 144A | 4.50% | 09/01/37 | -13.43% | 31.82 | 36.76 | 5 |
| 2 | BLT 7.875 10/15/2029 144A | 7.88% | 10/15/29 | -13.21% | 38.50 | 44.36 | 15 |
| 3 | NWDEVL 4.8 PERP | 4.80% | NULL | -10.43% | 40.73 | 45.47 | 19 |
| 4 | LIHHK 4.8 6/18/2026 | 4.80% | 06/18/26 | -8.30% | 83.65 | 91.23 | 16 |
| 5 | WESCHI 4.95 7/8/2026 | 4.95% | 07/08/26 | -7.49% | 68.90 | 74.48 | 19 |
| 6 | TALKLN 3.875 2/20/2025 | 3.88% | 02/20/25 | -7.25% | 68.64 | 74.00 | 16 |
| 7 | SAFFA FLT 4/15/2029 REGS | 8.72% | 04/15/29 | -7.01% | 91.37 | 98.26 | 7 |
| 8 | ATALIA 8.5 6/30/2028 | 8.50% | 06/30/28 | -6.61% | 53.24 | 57.01 | 6 |
| 9 | DDMDEB 9 4/19/2026 | 9.00% | 04/19/26 | -6.38% | 57.61 | 61.54 | 9 |
| 10 | ATLNSA 3.5 4/30/2028 REGS | 3.50% | 04/30/28 | -4.88% | 76.58 | 80.51 | 20 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 8/30/24 – 9/6/24
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 8/30/24 – 9/6/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 8/30/24 vs. the week ending 9/6/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | GEN 5 4/15/2025 144A | 5.00% | 04/15/25 | 67 | 154 | 87 | 130% |
| 2 | VIRIFP 8.75 4/1/2027 144A | 8.75% | 04/01/27 | 113 | 198 | 85 | 75% |
| 3 | CPS 10.625 5/15/2027 REGS | 10.63% | 05/15/27 | 17 | 77 | 60 | 353% |
| 4 | MLRHOM FLT 5/15/2028 144A | 0.00% | 05/15/28 | 26 | 82 | 56 | 215% |
| 5 | VICTRA 7.75 2/15/2026 144A | 7.75% | 02/15/26 | 60 | 114 | 54 | 90% |
| 6 | FE 4.55 11/15/2030 144A | 4.55% | 11/15/30 | 100 | 150 | 50 | 50% |
| 7 | BRP 7.125 5/15/2031 REGS | 7.13% | 05/15/31 | 54 | 100 | 46 | 85% |
| 8 | PRGO 4.9 12/15/2044 | 4.90% | 12/15/44 | 55 | 101 | 46 | 84% |
| 9 | MVFPSO 6.748 6/1/2034 REGS | 6.75% | 06/01/34 | 168 | 204 | 36 | 21% |
| 10 | BNP 7.375 PERP | 7.38% | 12/11/99 | 296 | 331 | 35 | 12% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 8/30/24 – 9/6/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | BACR 6.125 PERP | 6.13% | NULL | 38 |
| 2 | SANTAN 9.625 PERP | 9.63% | 11/21/99 | 38 |
| 3 | BNP 7.375 PERP | 7.38% | 12/11/99 | 37 |
| 4 | BACR 4.375 PERP | 4.38% | NULL | 37 |
| 5 | INTNED 3.875 PERP | 3.88% | NULL | 36 |
| 6 | DB 7.5 PERP | 7.50% | NULL | 35 |
| 7 | INTNED 5.75 PERP | 5.75% | NULL | 35 |
| 8 | LLOYDS 6.75 PERP | 6.75% | NULL | 35 |
| 9 | IGT 6.5 2/15/2025 144A | 6.50% | 02/15/25 | 35 |
| 10 | BACR 9.625 PERP | 9.63% | 12/15/99 | 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 8/30/24 – 9/6/24
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