High Yield Corporate Bond Market Summary – Week Ending 10/25/24
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High Yield Corporate Bond Market Summary: Week Ending 10/25/24
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 |
|---|---|---|---|
| Connect Holding Ii Llc (Brightspeed) | $1.865 billion senior secured notes | Q4 2024 | |
| Viking Baked Goods Acquisition Corp. (Rise Baking Co.) | $650 million seven-year senior secured notes | BofA | Q4 2024 |
| Direct Bidco Llc Direct Parent Of Direct Chassislink, Inc.: | $500 million five-year senior second-lien notes (expected ratings B+/BB) | Citigroup | Q4 2024 |
| Phh Escrow Issuer Llc (Onity Group Inc.) | $475 million five-year senior notes | JPMorgan | Q4 2024 |
| Aris Mining Corp | $400 million five-year senior notes (expected ratings B1/B+/B+) | Jefferies | Q4 2024 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 10/18/24 – 10/25/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LUMN 6.875 1/15/2028 | 6.88% | 01/15/28 | 7.06% | 88.04 | 82.24 | 17 |
| 2 | UKRAIN 0 2/1/2030 REGS | 0.00% | 02/01/30 | 5.94% | 48.66 | 45.93 | 19 |
| 3 | FTLNHD 4.625 10/15/2025 | 4.63% | 10/15/25 | 5.88% | 86.54 | 81.74 | 15 |
| 4 | ARGENT 0.75 7/9/2030 | 0.75% | 07/09/30 | 5.85% | 68.14 | 64.38 | 23 |
| 5 | EAF 9.875 12/15/2028 REGS | 9.88% | 12/15/28 | 5.17% | 82.89 | 78.82 | 18 |
| 6 | DTEKUA 7 12/31/2027 | 7.00% | 12/31/27 | 4.48% | 52.48 | 50.23 | 16 |
| 7 | TOTALP 6.375 9/20/2028 REGS | 6.38% | 09/20/28 | 4.33% | 55.79 | 53.47 | 16 |
| 8 | VERITS 7.5 9/1/2025 144A | 7.50% | 09/01/25 | 4.30% | 97.19 | 93.19 | 15 |
| 9 | ARGBON 0.75 7/9/2030 | 0.75% | 07/09/30 | 4.20% | 62.75 | 60.22 | 15 |
| 10 | STPRAU 6.25 4/30/2026 REGS | 6.25% | 04/30/26 | 4.07% | 72.49 | 69.66 | 16 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 10/18/24 – 10/25/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | GLPSP 4.5 PERP | 7.24% | NULL | -9.82% | 60.62 | 67.22 | 17 |
| 2 | NOVA 11.75 10/1/2028 144A | 11.75% | 10/01/28 | -9.05% | 80.72 | 88.75 | 19 |
| 3 | ARGID 5.25 8/15/2027 REGS | 5.25% | 08/15/27 | -8.28% | 64.20 | 69.99 | 18 |
| 4 | AZUBBZ 11.5 5/28/2029 144A | 11.50% | 05/28/29 | -8.09% | 61.46 | 66.87 | 18 |
| 5 | SBBBSS 2.625 PERP | 2.63% | NULL | -6.27% | 42.36 | 45.19 | 17 |
| 6 | MLTPLN 5.75 11/1/2028 144A | 5.75% | 11/01/28 | -6.23% | 47.56 | 50.72 | 21 |
| 7 | ZEUSBD 6.5 6/30/2027 REGS | 6.50% | 06/30/27 | -6.15% | 63.83 | 68.02 | 11 |
| 8 | VSAT 7.5 5/30/2031 144A | 7.50% | 05/30/31 | -6.06% | 67.49 | 71.84 | 21 |
| 9 | CYH 6.875 4/15/2029 144A | 6.88% | 04/15/29 | -6.02% | 83.41 | 88.75 | 22 |
| 10 | GTN 5.375 11/15/2031 144A | 5.38% | 11/15/31 | -5.56% | 59.26 | 62.75 | 27 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 10/18/24 – 10/25/24 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 10/18/24 – 10/25/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 10/18/24 vs. the week ending 10/25/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | S 7.625 2/15/2025 | 7.63% | 02/15/25 | 125 | 175 | 50 | 40% |
| 2 | ELV 5.15 6/15/2029 | 5.15% | 06/15/29 | 243 | 290 | 47 | 19% |
| 3 | ELV 5.375 6/15/2034 | 5.38% | 06/15/34 | 262 | 309 | 47 | 18% |
| 4 | SOLEIN 9.75 11/15/2028 144A | 9.75% | 11/15/28 | 73 | 117 | 44 | 60% |
| 5 | GFLCN 6.75 1/15/2031 144A | 6.75% | 01/15/31 | 218 | 262 | 44 | 20% |
| 6 | NVGS 8 9/10/2025 | 8.00% | 09/10/25 | 85 | 127 | 42 | 49% |
| 7 | NHPIFS 5.75 2/1/2030 REGS | 5.75% | 02/01/30 | 56 | 97 | 41 | 73% |
| 8 | NRG 6.625 1/15/2027 | 6.63% | 01/15/27 | 230 | 270 | 40 | 17% |
| 9 | MUTHIN 9.09 6/1/2029 | 9.09% | 06/01/29 | 10 | 50 | 40 | 400% |
| 10 | ELV 3.65 12/1/2027 | 3.65% | 12/01/27 | 233 | 271 | 38 | 16% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 10/18/24 – 10/25/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | SANTAN 9.625 PERP | 9.63% | 11/21/99 | 39 |
| 2 | BACR 6.125 PERP | 6.13% | NULL | 38 |
| 3 | LLOYDS 6.75 PERP | 6.75% | NULL | 38 |
| 4 | INTNED 5.75 PERP | 5.75% | NULL | 37 |
| 5 | SANTAN 8 PERP | 7.41% | NULL | 37 |
| 6 | BACR 9.625 PERP | 9.63% | 12/15/99 | 37 |
| 7 | TMUS 5.05 7/15/2033 | 5.05% | 07/15/33 | 36 |
| 8 | NWG 8 PERP | 8.00% | NULL | 36 |
| 9 | LLOYDS 8 PERP | 8.00% | 12/27/99 | 35 |
| 10 | INTNED 7.5 PERP | 7.50% | 11/16/99 | 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 10/18/24 – 10/25/24
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