High Yield Corporate Bond Market Summary – Week Ending 4/29/22
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High Yield Corporate Bond Market Summary: Week Ending 4/29/22
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 4/29/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Mineral Resources LTD. (USD) 8% 10/27/2027 | Senior Notes | 625 | 100 | 8 | 522 |
| Carvana Co. (USD) 10.25% 5/1/2030 | Senior Notes | 3275 | 100 | 10.25 | 748 |
Forward Calendar
The following are lists of upcoming high-yield corporate bond offerings in the United States
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Bioventus LLC | $415 million senior notes due 2027 (Caa1/CCC+) | WF | Week of April 25th |
| Tenneco | $3 billion high-yield notes | N/A | 2nd Quarter 2022 |
| Viasat Inc. | $1.6 billion senior notes | BofA | 2nd Quarter 2022 |
Top 10 Winners
Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 4/22/22 – 4/29/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | KWGPRO 7.4 3/5/2024 | 7.40% | 03/05/24 | 24.46% | 40.68 | 32.68 |
| 2 | PWRLNG 7.125 11/8/2022 | 7.13% | 11/08/22 | 20.50% | 58.09 | 48.21 |
| 3 | LOGPH 4.85 12/14/2026 | 4.85% | 12/14/26 | 12.59% | 26.05 | 23.14 |
| 4 | JINKE 6.85 5/28/2024 | 6.85% | 05/28/24 | 11.42% | 36.24 | 32.53 |
| 5 | SUNAC 8.35 4/19/2023 | 8.35% | 04/19/23 | 11.24% | 25.42 | 22.86 |
| 6 | REDPRO 11 8/6/2022 | 11.00% | 08/06/22 | 11.05% | 28.65 | 25.80 |
| 7 | RONXIN 8.75 10/25/2022 | 8.75% | 10/25/22 | 10.48% | 38.72 | 35.05 |
| 8 | LOGPH 4.7 7/6/2026 | 4.70% | 07/06/26 | 10.45% | 25.96 | 23.50 |
| 9 | INTHOL 8.375 5/13/2026 REGS | 8.38% | 05/13/26 | 9.14% | 40.37 | 36.99 |
| 10 | BBBY 4.915 8/1/2034 | 4.92% | 08/01/34 | 8.99% | 69.01 | 63.32 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 4/22/22 – 4/29/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | AGGHOL 5.5 5/17/2024 | 5.50% | 05/17/24 | -14.53% | 42.10 | 49.26 |
| 2 | ARGENT 0.125 7/9/2030 | 0.13% | 07/09/30 | -14.15% | 28.60 | 33.31 |
| 3 | ENDP 6 6/30/2028 144A | 6.00% | 06/30/28 | -13.47% | 42.88 | 49.55 |
| 4 | DOCUFO 10.25 7/24/2024 REGS | 10.25% | 07/24/24 | -13.06% | 57.47 | 66.10 |
| 5 | DBD 9 7/15/2025 REGS | 9.00% | 07/15/25 | -12.87% | 88.14 | 101.16 |
| 6 | ADLERR 3 4/27/2026 | 3.00% | 04/27/26 | -11.54% | 78.68 | 88.94 |
| 7 | GRNLGR 7.25 1/22/2025 | 7.25% | 01/22/25 | -11.29% | 53.73 | 60.56 |
| 8 | EXLINT 11.5 7/15/2026 144A | 11.50% | 07/15/26 | -10.00% | 36.58 | 40.65 |
| 9 | IDEABB 6.375 7/30/2026 REGS | 6.38% | 07/30/26 | -9.43% | 72.73 | 80.31 |
| 10 | ARAGVI 8.45 4/29/2026 144A | 8.45% | 04/29/26 | -8.91% | 77.10 | 84.64 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 4/22/22 – 4/29/22 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 4/22/22 – 4/29/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 4/22/22 vs. the week ending 4/29/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | BCEI 7.5 4/30/2026 | 7.50% | 04/30/26 | 10 | 72 | 62 | 620% |
| 2 | NFLX 4.875 4/15/2028 | 4.88% | 04/15/28 | 270 | 317 | 47 | 17% |
| 3 | FRETAI 5.6 1/22/2025 REGS | 5.60% | 01/22/25 | 165 | 212 | 47 | 28% |
| 4 | PRGO 4 11/15/2023 | 4.00% | 11/15/23 | 131 | 177 | 46 | 35% |
| 5 | FRIDPT 5.315 4/14/2032 REGS | 5.32% | 04/14/32 | 162 | 204 | 42 | 26% |
| 6 | CVNA 5.625 10/1/2025 144A | 5.63% | 10/01/25 | 294 | 336 | 42 | 14% |
| 7 | CVNA 5.5 4/15/2027 144A | 5.50% | 04/15/27 | 298 | 338 | 40 | 13% |
| 8 | SVC 4.375 2/15/2030 | 4.38% | 02/15/30 | 213 | 252 | 39 | 18% |
| 9 | CVNA 4.875 9/1/2029 144A | 4.88% | 09/01/29 | 309 | 347 | 38 | 12% |
| 10 | CVNA 5.875 10/1/2028 144A | 5.88% | 10/01/28 | 304 | 342 | 38 | 13% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 4/22/22 – 4/29/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | HCA 5.875 5/1/2023 | 5.88% | 05/01/23 | 37 |
| 2 | FMCN 7.25 4/1/2023 | 7.25% | 04/01/23 | 37 |
| 3 | TWTR 3.875 12/15/2027 144A | 3.88% | 12/15/27 | 37 |
| 4 | TWTR 5 3/1/2030 144A | 5.00% | 03/01/30 | 36 |
| 5 | SGMS 8.625 7/1/2025 144A | 8.63% | 07/01/25 | 36 |
| 6 | CVNA 4.875 9/1/2029 144A | 4.88% | 09/01/29 | 36 |
| 7 | CVNA 5.875 10/1/2028 144A | 5.88% | 10/01/28 | 35 |
| 8 | CHTR 4.4 4/1/2033 | 4.40% | 04/01/33 | 35 |
| 9 | GT 5 5/31/2026 | 5.00% | 05/31/26 | 35 |
| 10 | CVNA 5.5 4/15/2027 144A | 5.50% | 04/15/27 | 35 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 4/22/22 – 4/29/22 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 4/22/22 – 4/29/22
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