High Yield Corporate Bond Market Summary – Week Ending 4/17/25
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High Yield Corporate Bond Market Summary: Week Ending 4/17/25
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 | Q2 2025 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 4/11/25 – 4/17/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ECUA 6.9 7/31/2030 144A | 6.90% | 07/31/30 | 40.87% | 74.83 | 53.12 | 20 |
| 2 | HTZ 4.625 12/1/2026 144A | 4.63% | 12/01/26 | 24.95% | 83.25 | 66.63 | 29 |
| 3 | QVCN 5.95 3/15/2043 | 5.95% | 03/15/43 | 22.14% | 45.40 | 37.17 | 17 |
| 4 | NWDEVL 6.25 PERP | 6.25% | NULL | 20.85% | 30.17 | 24.96 | 17 |
| 5 | LINTA 8.25 2/1/2030 | 8.25% | 02/01/30 | 16.32% | 37.31 | 32.07 | 19 |
| 6 | UKRAIN 0 2/1/2035 REGS | 0.00% | 02/01/35 | 12.07% | 51.26 | 45.73 | 22 |
| 7 | ARGBON 5 1/9/2038 | 5.00% | 01/09/38 | 11.20% | 67.46 | 60.66 | 6 |
| 8 | RAKUTN 6.25 PERP 144A | 6.25% | NULL | 9.27% | 84.92 | 77.71 | 14 |
| 9 | PBFENE 9.875 3/15/2033 | 9.88% | 03/15/30 | 9.14% | 89.85 | 82.33 | 22 |
| 10 | ZAMBIN 0.5 12/31/2053 REGS | 0.50% | 12/31/53 | 8.93% | 54.20 | 49.75 | 13 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 4/11/25 – 4/17/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | AZUBBZ 11.5 8/28/2029 144A | 11.50% | 05/28/29 | -29.05% | 27.32 | 38.50 | 12 |
| 2 | FECCN 7.875 6/21/2028 144A | 7.88% | 06/21/28 | -12.40% | 61.38 | 70.07 | 23 |
| 3 | NOVA 5.875 9/1/2026 144A | 5.88% | 09/01/26 | -12.26% | 34.88 | 39.75 | 19 |
| 4 | FLOAT 9.75 4/10/2029 | 9.75% | 04/10/29 | -7.03% | 79.37 | 85.38 | 8 |
| 5 | CSCHLD 4.5 11/15/2031 144A | 4.50% | 11/15/31 | -6.20% | 67.21 | 71.65 | 24 |
| 6 | EBS 3.875 8/15/2028 144A | 3.88% | 08/15/28 | -6.07% | 59.25 | 63.08 | 18 |
| 7 | EXETFI 12.25 11/1/2029 144A | 12.25% | 11/01/29 | -4.78% | 96.07 | 100.90 | 9 |
| 8 | DIRCHA 7.75 11/15/2029 144A | 7.75% | 11/15/29 | -4.74% | 95.75 | 100.51 | 21 |
| 9 | LIQTEL 5.5 9/4/2026 REGS | 5.50% | 09/04/26 | -4.16% | 78.94 | 82.37 | 16 |
| 10 | GLOBAU 8.375 1/15/2029 | 8.38% | 01/15/29 | -3.93% | 79.56 | 82.82 | 25 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 4/11/25 – 4/17/25 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 4/11/25 – 4/17/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 4/11/25 vs. the week ending 4/17/25
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | VSTJET 7.875 5/1/2027 144A | 7.88% | 05/01/27 | 131 | 223 | 92 | 70% |
| 2 | VRTV 10.5 11/30/2030 144A | 10.50% | 11/30/30 | 67 | 158 | 91 | 136% |
| 3 | VSTJET 6.375 2/1/2030 144A | 6.38% | 02/01/30 | 142 | 233 | 91 | 64% |
| 4 | QUIKHO 6.75 3/1/2033 144A | 6.75% | 03/01/33 | 110 | 177 | 67 | 61% |
| 5 | MBG 5 4/1/2030 | 5.00% | 04/01/30 | 128 | 190 | 62 | 48% |
| 6 | CQP 5.75 8/15/2034 | 5.75% | 08/15/34 | 104 | 160 | 56 | 54% |
| 7 | NINE 13 2/1/2028 | 13.00% | 02/01/28 | 39 | 94 | 55 | 141% |
| 8 | FOR 5 3/1/2028 REGS | 5.00% | 03/01/28 | 36 | 90 | 54 | 150% |
| 9 | OPTICS 7.721 6/4/2038 | 7.72% | 06/04/38 | 41 | 85 | 44 | 107% |
| 10 | TURKEY 6.5 1/3/2035 | 6.50% | 01/03/35 | 176 | 220 | 44 | 25% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 4/11/25 – 4/17/25
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | TMUS 5.15 4/15/2034 | 5.15% | 04/15/34 | 36 |
| 2 | SANTAN 8 PERP | 7.89% | NULL | 35 |
| 3 | TMUS 5.05 7/15/2033 | 5.05% | 07/15/33 | 35 |
| 4 | SANTAN 9.625 PERP | 9.63% | 11/21/99 | 35 |
| 5 | BACR 6.125 PERP | 6.13% | NULL | 35 |
| 6 | TMUS 5.3 5/15/2035 | 5.30% | 05/15/35 | 34 |
| 7 | F 6.5 2/7/2035 | 6.50% | 02/07/35 | 34 |
| 8 | NWG 8 PERP | 8.00% | NULL | 34 |
| 9 | INTNED 5.75 PERP | 5.75% | NULL | 34 |
| 10 | LLOYDS 7.5 PERP | 7.50% | NULL | 33 |
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 4/11/25 – 4/17/25
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