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High Yield Corporate Bond Market Summary:
Week Ending 7/1/22
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 7/1/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| F&G Global Funding (USD) 5.15% 7/7/2025 | Senior Notes | 300 | N/A | N/A | N/A |
| Avaya Inc. (USD) 8% 12/15/2027 | Senior Notes | 250 | 100 | N/A | N/A |
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 6/24/22 – 7/1/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | SAWSST 7.75 1/23/2023 | 7.75% | 01/23/23 | 29.76% | 87.64 | 67.54 |
| 2 | FOUIHK 8.45 7/14/2020 | 8.45% | 07/14/20 | 11.72% | 38.39 | 34.36 |
| 3 | GHANA 7.875 3/26/2027 REGS | 7.88% | 03/26/27 | 8.98% | 64.19 | 58.90 |
| 4 | EVRAZ 5.25 4/2/2024 REGS | 5.25% | 04/02/24 | 8.27% | 48.49 | 44.79 |
| 5 | FOSUNI 4.35 5/6/2023 | 4.35% | 05/06/23 | 6.24% | 77.13 | 72.60 |
| 6 | AGILE 5.125 8/14/2022 | 5.13% | 08/14/22 | 6.20% | 78.70 | 74.11 |
| 7 | ANDRGI 9.5 12/30/2024 REGS | 9.50% | 12/30/24 | 5.40% | 53.66 | 50.91 |
| 8 | BUMIIJ 8 12/11/2022 | 8.00% | 12/11/22 | 4.79% | 65.89 | 62.87 |
| 9 | SJMHOL 4.5 1/27/2026 | 4.50% | 01/27/26 | 4.50% | 62.45 | 59.76 |
| 10 | BTUN 6.75 10/31/2023 REGS | 6.75% | 10/31/23 | 4.50% | 69.51 | 66.52 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 6/24/22 – 7/1/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | PRGO 5.3 11/15/2043 | 5.30% | 11/15/43 | -25.11% | 72.03 | 96.18 |
| 2 | HEIBOS 3.248 PERP | 3.25% | 11/19/99 | -24.20% | 59.37 | 78.32 |
| 3 | CPIPGR 4.875 PERP | 4.88% | 04/16/99 | -22.88% | 57.84 | 75.00 |
| 4 | KWGPRO 6 9/15/2022 | 6.00% | 09/15/22 | -22.74% | 39.06 | 50.57 |
| 5 | CENCHI 7.75 5/24/2024 | 7.75% | 05/24/24 | -20.18% | 31.70 | 39.72 |
| 6 | BLT 7.875 10/15/2029 144A | 7.88% | 10/15/29 | -16.21% | 57.95 | 69.16 |
| 7 | ROADKG 7 PERP | 7.00% | 06/23/99 | -16.08% | 42.94 | 51.17 |
| 8 | SIGHCO 5.75 5/15/2026 REGS | 5.75% | 05/15/26 | -16.08% | 51.38 | 61.23 |
| 9 | METINV 7.75 10/17/2029 REGS | 7.75% | 10/17/29 | -14.02% | 50.71 | 58.98 |
| 10 | UKRAIN 7.75 9/1/2023 | 7.75% | 09/01/23 | -13.93% | 31.01 | 36.03 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 6/24/22 – 7/1/22
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 6/24/22 – 7/1/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 6/24/22 vs. the week ending 7/1/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | MAXR 7.75 6/15/2027 144A | 7.75% | 06/15/27 | 119 | 190 | 71 | 60% |
| 2 | REV 6.25 8/1/2024 | 6.25% | 08/01/24 | 50 | 108 | 58 | 116% |
| 3 | PARA 4.2 6/1/2029 | 4.20% | 06/01/29 | 152 | 209 | 57 | 38% |
| 4 | PARA 3.375 2/15/2028 | 3.38% | 02/15/28 | 133 | 184 | 51 | 38% |
| 5 | PARA 4.95 1/15/2031 | 4.95% | 01/15/31 | 197 | 247 | 50 | 25% |
| 6 | PARA 2.9 1/15/2027 | 2.90% | 01/15/27 | 144 | 191 | 47 | 33% |
| 7 | RYI 8.5 8/1/2028 REGS | 8.50% | 08/01/28 | 141 | 187 | 46 | 33% |
| 8 | VIA 6.875 4/30/2036 | 6.88% | 04/30/36 | 160 | 205 | 45 | 28% |
| 9 | VMED 4 1/31/2029 144A | 4.00% | 01/31/29 | 61 | 105 | 44 | 72% |
| 10 | CCL 6 5/1/2029 REGS | 6.00% | 05/01/29 | 225 | 266 | 41 | 18% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 6/24/22 – 7/1/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | PBFENE 9.25 5/15/2025 144A | 9.25% | 05/15/25 | 44 |
| 2 | CPE 6.125 10/1/2024 | 6.13% | 10/01/24 | 37 |
| 3 | IBM 2.72 2/9/2032 | 2.72% | 02/09/32 | 36 |
| 4 | FYBR 8.75 5/15/2030 144A | 8.75% | 05/15/30 | 35 |
| 5 | MPEL 4.875 6/6/2025 | 4.88% | 06/06/25 | 35 |
| 6 | CHTR 5.25 4/1/2053 | 5.25% | 04/01/53 | 35 |
| 7 | CPE 9 4/1/2025 144A | 9.00% | 04/01/25 | 35 |
| 8 | THC 6.75 6/15/2023 | 6.75% | 06/15/23 | 35 |
| 9 | GT 5 5/31/2026 | 5.00% | 05/31/26 | 35 |
| 10 | S 7.875 9/15/2023 | 7.88% | 09/15/23 | 35 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 6/24/22 – 7/1/22
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 6/24/22 – 7/1/22
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