High Yield Corporate Bond Market Summary – Week Ending 5/2/25
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High Yield Corporate Bond Market Summary: Week Ending 5/2/25
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 |
|---|---|---|---|
| VOYAGER PARENT LLC | $1.75 billion senior secured notes due 2032 (B1/B) | DB | Q2 2025 |
| SHIFT4 PAYMENTS INC | €680 million eight-year senior notes (BB-/BB) | GS | Q2 2025 |
| BRIGHTSPEED | $1.865 billion senior secured notes | Q2 2025 | |
| AMPLIFY ENERGY CORP. | Expected $150 million five-year senior notes | ASAS | Q2 2025 |
| CHUCK E. CHEESE | $660 million five-year senior secured notes (B3/B-) | JPM | Q2 2025 |
| HANESBRANDS INC. | $500 million unsecured notes | JPM | Q2 2025 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 4/25/25 – 5/2/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | XRX 8.875 11/30/2029 144A | 8.88% | 11/30/29 | 13.20% | 62.80 | 55.48 | 24 |
| 2 | BALY 5.625 9/1/2029 144A | 5.63% | 09/01/29 | 10.95% | 59.91 | 54.00 | 22 |
| 3 | NPCUKR 6.875 11/9/2028 REGS | 6.88% | 11/09/28 | 9.68% | 81.20 | 74.03 | 16 |
| 4 | NFE 8.75 3/15/2029 144A | 8.75% | 03/15/29 | 9.46% | 51.68 | 47.22 | 24 |
| 5 | AZUBBZ 11.93 8/28/2028 144A | 11.93% | 08/28/28 | 9.36% | 60.15 | 55.00 | 6 |
| 6 | MLTPLN 5.75 12/31/2030 144A | 5.75% | 12/31/30 | 6.71% | 78.96 | 73.99 | 13 |
| 7 | FRICON 7.7 7/21/2028 REGS | 7.70% | 07/21/28 | 6.45% | 77.23 | 72.55 | 17 |
| 8 | LUMN 7.65 3/15/2042 | 7.65% | 03/15/42 | 6.26% | 74.72 | 70.31 | 17 |
| 9 | HOUS 5.25 4/15/2030 144A | 5.25% | 04/15/30 | 6.16% | 76.02 | 71.61 | 18 |
| 10 | CLF 6.25 10/1/2040 | 6.25% | 10/01/40 | 5.70% | 80.32 | 75.98 | 20 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 4/25/25 – 5/2/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | FRAX 7.1 9/30/2029 144A | 7.10% | 09/30/29 | -17.95% | 36.15 | 44.06 | 15 |
| 2 | GTE 9.5 10/15/2029 144A | 9.50% | 10/15/29 | -13.61% | 70.00 | 81.03 | 21 |
| 3 | NOVA 5.875 9/1/2026 144A | 5.88% | 09/01/26 | -13.55% | 29.70 | 34.36 | 19 |
| 4 | CUMINT 8 7/1/2029 144A | 8.00% | 07/01/29 | -12.22% | 29.66 | 33.79 | 11 |
| 5 | LOGM 5.5 5/1/2028 144A | 5.50% | 05/01/28 | -11.66% | 31.95 | 36.17 | 11 |
| 6 | HTZ 5 12/1/2029 144A | 5.00% | 12/01/29 | -11.35% | 62.85 | 70.90 | 28 |
| 7 | CERBA 5 5/31/2029 REGS | 5.00% | 05/31/29 | -10.80% | 32.01 | 35.88 | 23 |
| 8 | MIK 7.875 5/1/2029 144A | 7.88% | 05/01/29 | -9.09% | 35.34 | 38.88 | 26 |
| 9 | MCGLN 4.25 PERP | 4.25% | NULL | -9.07% | 86.41 | 95.03 | 17 |
| 10 | VTLE 9.75 10/15/2030 | 9.75% | 10/15/30 | -7.83% | 84.68 | 91.87 | 26 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 4/25/25 – 5/2/25 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 4/25/25 – 5/2/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 4/25/25 vs. the week ending 5/2/25
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | INEGRP 7.5 4/15/2029 REGS | 7.50% | 04/15/29 | 10 | 154 | 144 | 1440% |
| 2 | AZUBBZ 11.93 8/28/2028 | 11.93% | 08/28/28 | 24 | 135 | 111 | 463% |
| 3 | STYRO 9.625 3/15/2029 144A | 9.63% | 03/15/29 | 71 | 162 | 91 | 128% |
| 4 | INEGRP 6.75 5/15/2028 144A | 6.75% | 05/15/28 | 103 | 189 | 86 | 83% |
| 5 | ARESSI 5.6 2/15/2030 144A | 5.60% | 02/15/30 | 114 | 196 | 82 | 72% |
| 6 | ADNOCM 4.5 9/11/2034 REGS | 4.50% | 09/11/34 | 98 | 155 | 57 | 58% |
| 7 | STYRO 9.625 3/15/2029 REGS | 9.63% | 03/15/29 | 147 | 200 | 53 | 36% |
| 8 | BBDBCN 7.45 5/1/2034 144A | 7.45% | 05/01/34 | 172 | 220 | 48 | 28% |
| 9 | ADNOCM 5.125 9/11/2054 REGS | 5.13% | 09/11/54 | 102 | 150 | 48 | 47% |
| 10 | QBRCN 3.625 6/15/2029 144A | 3.63% | 06/15/29 | 114 | 159 | 45 | 39% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 4/25/25 – 5/2/25
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | TMUS 5.15 4/15/2034 | 5.15% | 04/15/34 | 34 |
| 2 | F 6.5 2/7/2035 | 6.50% | 02/07/35 | 34 |
| 3 | SANTAN 8 PERP | 7.89% | NULL | 32 |
| 4 | BNP 7.375 PERP | 7.38% | 12/11/99 | 32 |
| 5 | INTNED 5.75 PERP | 5.75% | NULL | 32 |
| 6 | SANTAN 9.625 PERP | 9.63% | 11/21/99 | 32 |
| 7 | TMUS 5.05 7/15/2033 | 5.05% | 07/15/33 | 32 |
| 8 | CYH 8 12/15/2027 144A | 8.00% | 12/15/27 | 32 |
| 9 | MXCN 5.25 12/15/2029 | 5.25% | 12/15/29 | 32 |
| 10 | TMUS 5.3 5/15/2035 | 5.30% | 05/15/35 | 32 |
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 4/25/25 – 5/2/25
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