High Yield Corporate Bond Market Summary – Week Ending 5/20/22
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High Yield Corporate Bond Market Summary: Week Ending 5/20/22
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 5/20/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Carnival Corp. (USD) 10.5% 6/1/2030 | Senior Notes | 1000 | 100 | 10.5 | 764 |
| AEP Texas Inc. (USD) 5.25% 5/15/2052 | N/A | 500 | 99.836 | 5.26 | 215 |
Forward Calendar
The following are lists of upcoming high-yield corporate bond offerings in the United States
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| 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 5/13/22 – 5/20/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | DOFSUB 0 11/27/2023 | 9.28% | 11/27/23 | 37.60% | 48.93 | 35.56 |
| 2 | OSCHAD 8.25 3/20/2025 | 9.63% | 03/20/25 | 21.15% | 49.51 | 40.87 |
| 3 | CREDVA 8.875 2/7/2025 REGS | 8.88% | 02/07/25 | 20.32% | 58.60 | 48.71 |
| 4 | AGILE 4.85 8/31/2022 | 4.85% | 08/31/22 | 15.38% | 76.93 | 66.68 |
| 5 | UKRAIN 0 5/31/2040 | 1.26% | 05/31/40 | 14.84% | 37.39 | 32.55 |
| 6 | KWGPRO 7.875 9/1/2023 | 7.88% | 09/01/23 | 13.11% | 39.63 | 35.04 |
| 7 | CIFIHG 6.45 11/7/2024 | 6.45% | 11/07/24 | 11.13% | 81.24 | 73.11 |
| 8 | METINV 5.625 6/17/2025 REGS | 5.63% | 06/17/25 | 10.97% | 58.61 | 52.82 |
| 9 | SCN 10.75 8/31/2029 | 10.75% | 08/31/29 | 10.54% | 52.35 | 47.36 |
| 10 | ATALIA 5.125 5/15/2025 144A | 5.13% | 05/15/25 | 9.95% | 87.81 | 79.87 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 5/13/22 – 5/20/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | UNIFIN 8.875 PERP REGS | 8.88% | 01/29/99 | -17.90% | 26.23 | 31.95 |
| 2 | AGGHOL 6.875 11/9/2025 | 6.88% | 11/09/25 | -17.86% | 30.00 | 36.52 |
| 3 | STCITY 5 1/15/2029 144A | 5.00% | 01/15/29 | -16.48% | 55.59 | 66.56 |
| 4 | BBBY 4.915 8/1/2034 | 4.92% | 08/01/34 | -15.43% | 52.04 | 61.54 |
| 5 | WYNMAC 5.5 10/1/2027 144A | 5.50% | 10/01/27 | -14.55% | 68.45 | 80.11 |
| 6 | AVYA 6.125 9/15/2028 144A | 6.13% | 09/15/28 | -14.28% | 67.85 | 79.16 |
| 7 | LCI 7.75 4/15/2026 144A | 7.75% | 04/15/26 | -14.09% | 43.21 | 50.30 |
| 8 | PKSTAN 7.875 3/31/2036 | 7.88% | 03/31/36 | -12.91% | 56.28 | 64.62 |
| 9 | ALLMD 10.5 2/15/2028 | 10.50% | 02/15/28 | -12.91% | 73.97 | 84.94 |
| 10 | BRANDI 8.5 7/15/2025 | 8.50% | 07/15/25 | -12.14% | 75.67 | 86.12 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 5/13/22 – 5/20/22 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 5/13/22 – 5/20/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 5/13/22 vs. the week ending 5/20/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | AGILE 8.375 PERP | 8.38% | 06/04/99 | 120 | 202 | 82 | 68% |
| 2 | FOUIHK 6.25 10/17/2020 | 6.25% | 10/17/20 | 20 | 100 | 80 | 400% |
| 3 | ENQLN 7 10/15/2023 | 7.00% | 10/15/23 | 20 | 100 | 80 | 400% |
| 4 | DPB 5.983 PERP | 0.00% | 06/29/49 | 18 | 86 | 68 | 378% |
| 5 | LGUANG 11 6/4/2022 | 11.00% | 06/04/22 | 34 | 98 | 64 | 188% |
| 6 | KANGDE 6 3/16/2020 | 6.00% | 03/16/20 | 18 | 73 | 55 | 306% |
| 7 | FOUIHK 0 5/21/2021 | 4.99% | 05/21/21 | 36 | 90 | 54 | 150% |
| 8 | OXY 3.2 8/15/2026 | 3.20% | 08/15/26 | 256 | 305 | 49 | 19% |
| 9 | LSEAGN 10.75 10/21/2022 | 10.75% | 10/21/22 | 30 | 79 | 49 | 163% |
| 10 | SVC 5 8/15/2022 | 5.00% | 08/15/22 | 241 | 290 | 49 | 20% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 5/13/22 – 5/20/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | FMCN 7.25 4/1/2023 | 7.25% | 04/01/23 | 39 |
| 2 | OMF 8.875 6/1/2025 | 8.88% | 06/01/25 | 38 |
| 3 | SBH 8.75 4/30/2025 144A | 8.75% | 04/30/25 | 36 |
| 4 | CVNA 4.875 9/1/2029 144A | 4.88% | 09/01/29 | 36 |
| 5 | OXY 3 2/15/2027 | 3.00% | 02/15/27 | 36 |
| 6 | CHTR 5.5 5/1/2026 | 5.50% | 05/01/26 | 36 |
| 7 | SVC 5 8/15/2022 | 5.00% | 08/15/22 | 36 |
| 8 | CVNA 10.25 5/1/2030 144A | 10.25% | 05/01/30 | 36 |
| 9 | WBD 5.141 3/15/2052 | 5.14% | 03/15/52 | 36 |
| 10 | DTV 5.875 8/15/2027 144A | 5.88% | 08/15/27 | 36 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 5/13/22 – 5/20/22 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 5/13/22 – 5/20/22
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