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High Yield Corporate Bond Market Summary:
Week Ending 3/25/22

Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.

New Issues

HY Corp bond new issues for the week ending 3/25/22, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Owens & Minor Inc. (USD) 6.625% 4/1/2030 Senior Notes 600 100 6.63 426
Ford Motor Credit Co. (USD) 4.95% 5/28/2027 Senior Notes 1500 99.987 4.95 261.7
Embecta Corp. (USD) 6.75% 2/15/2030 Senior Secured Notes 200 98.517 7 467

Forward Calendar

The following are lists of upcoming high-yield corporate bond offerings in the United States

ISSUER DEAL INFORMATION BANKS EXPECTED ISSUE DATE
Viasat Inc. $1.6 billion senior notes BofA 1st Quarter 2022

Top 10 Winners

Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 3/18/22 – 3/25/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 CENCHI 6.875 8/8/2022 6.88% 08/08/22 42.84% 63.55 44.49
2 CHINSC 7.375 4/9/2024 7.38% 04/09/24 38.17% 44.89 32.49
3 ROADKG 5.2 1/12/2026 5.20% 01/12/26 28.06% 68.15 53.22
4 EVRAZ 5.375 3/20/2023 5.38% 03/20/23 27.89% 59.57 46.58
5 GUNVOR 6.25 9/30/2026 6.25% 09/30/26 19.06% 80.57 67.67
6 GRNLGR 6.75 9/26/2023 6.75% 09/26/23 18.62% 53.09 44.75
7 HPDLF 6.8 12/28/2023 6.80% 12/28/23 17.95% 66.18 56.11
8 TLN 6.5 6/1/2025 6.50% 06/01/25 17.54% 30.20 25.69
9 CIFIHG 6.55 3/28/2024 6.55% 03/28/24 13.69% 76.27 67.09
10 DTEKOG 6.75 12/31/2026 6.75% 12/31/26 12.90% 29.82 26.41

Top 10 Losers

Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 3/18/22 – 3/25/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 SUNAC 7.25 6/14/2022 7.25% 06/14/22 -25.40% 28.38 38.04
2 CREDVA 8.875 2/7/2025 REGS 8.88% 02/07/25 -22.84% 46.69 60.50
3 UNIFIN 8.875 PERP REGS 8.88% 01/29/99 -20.62% 33.48 42.18
4 KERPW 6.5 10/17/2024 REGS 6.50% 10/17/24 -20.23% 39.08 48.99
5 METINV 8.5 4/23/2026 REGS 8.50% 04/23/26 -19.79% 38.10 47.51
6 RONXIN 8.75 10/25/2022 8.75% 10/25/22 -19.18% 27.68 34.25
7 MHPSA 7.75 5/10/2024 7.75% 05/10/24 -14.90% 39.33 46.21
8 ROADKG 7 PERP 7.00% 06/23/99 -14.41% 63.52 74.21
9 CREDVA 9.75 7/27/2022 REGS 9.75% 07/27/22 -13.34% 80.29 92.65
10 WAIR 8.5 11/15/2024 144A 8.50% 11/15/24 -11.65% 72.59 82.16

Avg Industry Price

Displays the HY Corp average industry price by sector between 3/18/22 – 3/25/22

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 3/18/22 – 3/25/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the HY Corps with the largest increase in quote volume for the week ending 3/18/22 vs. the week ending 3/25/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 ZHPRHK 5.98 4/13/2022 5.98% 04/13/22 90 222 132 147%
2 SHIMAO 5.2 1/16/2027 5.20% 01/16/27 158 270 112 71%
3 EVERRE 10.5 4/11/2024 10.50% 04/11/24 152 256 104 68%
4 TPHL 5.75 4/26/2022 5.75% 04/26/22 144 240 96 67%
5 CNP 3 3/1/2032 3.00% 03/01/32 156 250 94 60%
6 TIANHL 12 10/24/2023 12.00% 10/24/23 132 226 94 71%
7 STYRO 2.25 1/16/2027 REGS 2.25% 01/16/27 134 220 86 64%
8 SUNSHI 10.25 3/18/2022 10.25% 03/18/22 56 140 84 150%
9 CSCHCN 7.25 11/20/2022 7.25% 11/20/22 102 168 66 65%
10 SHIMAO 5.2 1/30/2025 5.20% 01/30/25 198 260 62 31%

Most Quoted HY Corps

Ranks the HY Corps that were quoted by the highest number of dealers between 3/18/22 – 3/25/22

RANK TRANCHE COUPON MATURITY DEALERS
1 MGLLNS 4.279 3/15/2032 144A 4.28% 03/15/32 40
2 MGLLNS 5.05 3/15/2042 144A 5.05% 03/15/42 40
3 TMUS 4 4/15/2022 4.00% 04/15/22 38
4 GT 4.875 3/15/2027 4.88% 03/15/27 38
5 TROX 6.5 5/1/2025 144A 6.50% 05/01/25 38
6 WES 4 7/1/2022 4.00% 07/01/22 37
7 LUMN 5.8 3/15/2022 5.80% 03/15/22 37
8 MGLLNS 3.755 3/15/2027 144A 3.76% 03/15/27 36
9 GT 5 5/31/2026 5.00% 05/31/26 36
10 M 2.875 2/15/2023 2.88% 02/15/23 36

Bid-Offer Spread by Industry

Displays the HY Corp average bid-offer spread by industry between 3/18/22 – 3/25/22

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 3/18/22 – 3/25/22

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