Corporates

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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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