Corporates
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High Yield Corporate Bond Market Summary:
Week Ending 8/12/22
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 8/12/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Allegiant Travel Co. (USD) 7.25% 8/15/2027 | N/A | 550 | 99.486 | 7.38 | 446 |
| NFP Corp. (USD) 7.5% 10/1/2030 | Senior Secured | 350 | 100 | 7.5 | 473 |
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 Inc. | $3 billion high-yield notes – $2 billion secured notes and $1 billion unsecured notes | N/A | Month of August |
Top 10 Winners
Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 8/5/22 – 8/12/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | BBBY 4.915 8/1/2034 | 4.92% | 08/01/34 | 26.19% | 25.86 | 20.49 |
| 2 | GRNLGR 5.6 11/13/2022 | 5.60% | 11/13/22 | 25.40% | 55.56 | 44.31 |
| 3 | EGYPT 7.5 2/16/2061 REGS | 7.50% | 02/16/61 | 15.73% | 64.72 | 55.92 |
| 4 | LINTA 8.25 2/1/2030 | 8.25% | 02/01/30 | 12.08% | 74.58 | 66.55 |
| 5 | EXIMUK 9.95 11/14/2029 | 9.95% | 11/14/29 | 10.98% | 30.43 | 27.42 |
| 6 | KENINT 7 5/22/2027 REGS | 7.00% | 05/22/27 | 10.91% | 83.93 | 75.67 |
| 7 | ACCESS 6.125 9/21/2026 REGS | 6.13% | 09/21/26 | 10.25% | 82.77 | 75.08 |
| 8 | BENIN 4.95 1/22/2035 REGS | 4.95% | 01/22/35 | 9.82% | 74.04 | 67.42 |
| 9 | SENEGL 6.75 3/13/2048 REGS | 6.75% | 03/13/48 | 9.14% | 80.15 | 73.43 |
| 10 | LINTA 8.5 7/15/2029 | 8.50% | 07/15/29 | 8.43% | 75.54 | 69.67 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 8/5/22 – 8/12/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | KWGPRO 6 9/15/2022 | 6.00% | 09/15/22 | -24.12% | 28.63 | 37.73 |
| 2 | GGB 4.3 2/24/2033 | 4.30% | 02/24/33 | -20.62% | 109.76 | 138.27 |
| 3 | ROADKG 5.2 1/12/2026 | 5.20% | 01/12/26 | -14.89% | 28.82 | 33.86 |
| 4 | CBSR 6.5 5/1/2027 144A | 6.50% | 05/01/27 | -13.58% | 39.16 | 45.31 |
| 5 | ATENTO 8 2/10/2026 REGS | 8.00% | 02/10/26 | -8.25% | 56.97 | 62.09 |
| 6 | MNK 10 6/15/2029 144A | 10.00% | 06/15/29 | -6.75% | 53.21 | 57.07 |
| 7 | ECUA 0 7/31/2030 REGS | 0.00% | 07/31/30 | -6.23% | 39.50 | 42.12 |
| 8 | FUTLAN 6.15 4/15/2023 | 6.15% | 04/15/23 | -5.07% | 57.98 | 61.07 |
| 9 | EHICAR 7.75 11/14/2024 | 7.75% | 11/14/24 | -4.58% | 55.05 | 57.69 |
| 10 | GRNCH 4.7 4/29/2025 | 4.70% | 04/29/25 | -4.41% | 71.99 | 75.31 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 8/5/22 – 8/12/22
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 8/5/22 – 8/12/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 8/5/22 vs. the week ending 8/12/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | IPLPCN 6 9/15/2028 | 6.00% | 09/15/28 | 91 | 158 | 67 | 74% |
| 2 | FREMOR 8.125 11/15/2024 144A | 8.13% | 11/15/24 | 151 | 210 | 59 | 39% |
| 3 | AMPBEV 3.25 9/1/2028 REGS | 3.25% | 09/01/28 | 146 | 198 | 52 | 36% |
| 4 | OBEBLD 9.5 4/15/2030 REGS | 9.50% | 04/15/30 | 96 | 145 | 49 | 51% |
| 5 | FIP 10.5 6/1/2027 144A | 10.50% | 06/01/27 | 58 | 106 | 48 | 83% |
| 6 | RIG 6.875 2/1/2027 REGS | 6.88% | 02/01/27 | 132 | 180 | 48 | 36% |
| 7 | NEP 4.25 7/15/2024 144A | 4.25% | 07/15/24 | 151 | 198 | 47 | 31% |
| 8 | HEIBOS 3.625 PERP | 3.63% | 01/13/99 | 46 | 92 | 46 | 100% |
| 9 | CCO 6.625 8/1/2025 REGS | 6.63% | 08/01/25 | 131 | 176 | 45 | 34% |
| 10 | OI 4.75 2/15/2030 144A | 4.75% | 02/15/30 | 178 | 220 | 42 | 24% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 8/5/22 – 8/12/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | BACR 8 PERP | 8.00% | 03/27/99 | 37 |
| 2 | MPEL 4.875 6/6/2025 | 4.88% | 06/06/25 | 36 |
| 3 | WYNMAC 5.5 1/15/2026 REGS | 5.50% | 01/15/26 | 35 |
| 4 | GT 5 5/31/2026 | 5.00% | 05/31/26 | 35 |
| 5 | MGM 6 3/15/2023 | 6.00% | 03/15/23 | 35 |
| 6 | GT 4.875 3/15/2027 | 4.88% | 03/15/27 | 35 |
| 7 | BNP 7.375 12/29/2049 | 7.38% | 12/29/49 | 35 |
| 8 | WYNMAC 4.875 10/1/2024 REGS | 4.88% | 10/01/24 | 35 |
| 9 | BHCCN 4.875 6/1/2028 144A | 4.88% | 06/01/28 | 35 |
| 10 | WYNMAC 5.125 12/15/2029 REGS | 5.13% | 12/15/29 | 35 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 8/5/22 – 8/12/22
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 8/5/22 – 8/12/22
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