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High Yield Corporate Bond Market Summary:
Week Ending 10/7/22
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 |
| Enerflex Ltd. | $625 million senior secured first-lien,second-out notes due October 2027 (expected ratings B2/BB-/BB-) | RBC | Q4 2022 |
| Pegasus Merger Co. (Tenneco Inc.) | $3 billion high-yield notes – $2 billion secured notes and $1 billion unsecured notes | N/A | Q4 2022 |
Top 10 Winners
Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 9/30/22 – 10/7/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | VSAT 5.625 9/15/2025 144A | 5.63% | 09/15/25 | 21.91% | 92.86 | 76.17 |
| 2 | STCITY 5 1/15/2029 144A | 5.00% | 01/15/29 | 13.75% | 49.49 | 43.51 |
| 3 | ELSALV 8.625 2/28/2029 | 8.63% | 02/28/29 | 13.15% | 41.22 | 36.43 |
| 4 | VTRFIN 6.375 7/15/2028 REGS | 6.38% | 07/15/28 | 11.88% | 61.00 | 54.52 |
| 5 | RIG 7.5 4/15/2031 | 7.50% | 04/15/31 | 11.71% | 57.87 | 51.80 |
| 6 | BHCCN 14 10/15/2030 144A | 14.00% | 10/15/30 | 10.94% | 59.79 | 53.89 |
| 7 | GPS 3.625 10/1/2029 144A | 3.63% | 10/01/29 | 10.44% | 71.30 | 64.56 |
| 8 | NGERIA 8.25 9/28/2051 REGS | 8.25% | 09/28/51 | 9.61% | 61.35 | 55.97 |
| 9 | GLBMRN 7 6/1/2028 | 7.00% | 06/01/28 | 9.15% | 57.65 | 52.82 |
| 10 | SLVM 7 9/1/2029 144A | 7.00% | 09/01/29 | 8.95% | 93.11 | 85.47 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 9/30/22 – 10/7/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | DBMMN 7.25 10/23/2023 REGS | 7.25% | 10/23/23 | -20.10% | 75.90 | 94.99 |
| 2 | FTLNHD 4.5 5/2/2026 | 4.50% | 05/02/26 | -14.56% | 27.34 | 32.00 |
| 3 | MGMTGE 8.85 2/8/2024 REGS | 8.85% | 02/08/24 | -14.40% | 70.44 | 82.29 |
| 4 | DBD 8.5 4/15/2024 | 8.50% | 04/15/24 | -13.28% | 47.41 | 54.67 |
| 5 | ADRBID 9 11/15/2025 REGS | 9.00% | 11/15/25 | -11.78% | 64.50 | 73.11 |
| 6 | CS 7.5 PERP 144A | 7.50% | 07/16/99 | -10.17% | 77.26 | 86.00 |
| 7 | HSEFIN 5.625 10/15/2026 REGS | 5.63% | 10/15/26 | -9.11% | 57.99 | 63.80 |
| 8 | CVNA 10.25 5/1/2030 144A | 10.25% | 05/01/30 | -8.86% | 60.20 | 66.05 |
| 9 | MTROLN 5.5 6/26/2028 | 5.50% | 06/26/28 | -8.60% | 50.21 | 54.93 |
| 10 | GEMDAL 4.95 8/12/2024 | 4.95% | 08/12/24 | -8.53% | 57.51 | 62.87 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 9/30/22 – 10/7/22
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 9/30/22 – 10/7/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 9/30/22 vs. the week ending 10/7/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | LUMN 6.75 12/1/2023 | 6.75% | 12/01/23 | 179 | 302 | 123 | 69% |
| 2 | MNK 10 6/15/2029 REGS | 10.00% | 06/15/29 | 2 | 108 | 106 | 5300% |
| 3 | CSTM 5.625 6/15/2028 144A | 5.63% | 06/15/28 | 184 | 244 | 60 | 33% |
| 4 | CSTM 3.75 4/15/2029 144A | 3.75% | 04/15/29 | 174 | 234 | 60 | 34% |
| 5 | AMGFIN FLT 1/15/2067 | 5.49% | 01/15/67 | 10 | 60 | 50 | 500% |
| 6 | CSTM 5.875 2/15/2026 144A | 5.88% | 02/15/26 | 161 | 210 | 49 | 30% |
| 7 | NRP 9.125 6/30/2025 144A | 9.13% | 06/30/25 | 127 | 167 | 40 | 31% |
| 8 | EM 5.75 3/1/2025 | 5.75% | 03/01/25 | 200 | 238 | 38 | 19% |
| 9 | PCG 3.3 8/1/2040 | 3.30% | 08/01/40 | 135 | 170 | 35 | 26% |
| 10 | WBD 3.625 5/15/2030 | 3.63% | 05/15/30 | 183 | 216 | 33 | 18% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 9/30/22 – 10/7/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | MGM 6 3/15/2023 | 6.00% | 03/15/23 | 37 |
| 2 | TMUS 5.2 1/15/2033 | 5.20% | 01/15/33 | 35 |
| 3 | MGM 4.75 10/15/2028 | 4.75% | 10/15/28 | 35 |
| 4 | CS FLT PERP REGS | 9.75% | 12/23/99 | 34 |
| 5 | BACR 8 PERP | 8.00% | 12/15/99 | 34 |
| 6 | WYNMAC 5.125 12/15/2029 REGS | 5.13% | 12/15/29 | 34 |
| 7 | F 3.37 11/17/2023 | 3.37% | 11/17/23 | 34 |
| 8 | MGM 6.75 5/1/2025 | 6.75% | 05/01/25 | 33 |
| 9 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 33 |
| 10 | CS 4.5 PERP REGS | 4.50% | 12/31/99 | 33 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 9/30/22 – 10/7/22
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 9/30/22 – 10/7/22
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