High Yield Corporate Bond Market Summary – Week Ending 8/19/22
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High Yield Corporate Bond Market Summary: Week Ending 8/19/22
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 8/19/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Royal Caribbean Cruises LTD (USD) 11.625% 8/15/2027 | Senior Secured | 1250 | 100 | 11.63 | 870 |
| Allegiant Travel Co. (USD) 7.25% 8/15/2027 | N/A | 550 | 99.486 | 7.38 | 446 |
Forward Calendar
The following are lists of upcoming high-yield corporate bond offerings in the United States
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Citrix Systems Inc. | Expected $7.95 billion: including $4 billion senior secured notes and $3.95 billion unsecured notes | Credit Suisse | Post-Labor Day 2022 |
| Tenneco Inc. | $3 billion high-yield notes – $2 billion secured notes and $1 billion unsecured notes | N/A | Month of July |
Top 10 Winners
Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 8/12/22 – 8/19/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CIFIHG 6.45 11/7/2024 | 6.45% | 11/07/24 | 72.06% | 41.87 | 24.33 |
| 2 | GEMDAL 4.95 8/12/2024 | 4.95% | 08/12/24 | 29.60% | 62.37 | 48.13 |
| 3 | FTLNHD 6.8 8/5/2023 | 6.80% | 08/05/23 | 26.40% | 53.46 | 42.29 |
| 4 | GRNLGR 5.9 2/12/2023 | 5.90% | 02/12/23 | 24.12% | 33.32 | 26.84 |
| 5 | UKRAIN 9.75 11/1/2028 REGS | 9.75% | 11/01/28 | 20.53% | 25.17 | 20.88 |
| 6 | ILAPCL 5.125 6/15/2033 REGS | 5.13% | 06/15/33 | 18.31% | 52.96 | 44.76 |
| 7 | GFMEGA 8.25 2/11/2025 REGS | 8.25% | 02/11/25 | 17.80% | 52.99 | 44.99 |
| 8 | SIGHCO 7.875 5/15/2026 REGS | 7.88% | 05/15/26 | 17.11% | 72.58 | 61.97 |
| 9 | DALWAN 7.25 1/29/2024 | 7.25% | 01/29/24 | 14.28% | 61.68 | 53.98 |
| 10 | ENDP 9.5 7/31/2027 REGS | 9.50% | 07/31/27 | 13.79% | 26.54 | 23.32 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 8/12/22 – 8/19/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | DOCUFO 10.25 7/24/2024 REGS | 10.25% | 07/24/24 | -22.31% | 28.16 | 36.25 |
| 2 | ATENTO 8 2/10/2026 REGS | 8.00% | 02/10/26 | -21.41% | 44.77 | 56.97 |
| 3 | AVYA 6.125 9/15/2028 144A | 6.13% | 09/15/28 | -15.61% | 37.92 | 44.93 |
| 4 | AZUPOE 5.65 12/24/2024 REGS | 5.65% | 12/24/24 | -14.90% | 80.80 | 94.94 |
| 5 | AIRM 8 5/15/2025 | 8.00% | 05/15/25 | -14.30% | 56.43 | 65.85 |
| 6 | NGERIA 7.625 11/28/2047 REGS | 7.63% | 11/28/47 | -12.83% | 63.66 | 73.03 |
| 7 | FINDEP 8 7/19/2024 REGS | 8.00% | 07/19/24 | -9.78% | 56.94 | 63.11 |
| 8 | TURKEY 5.75 5/11/2047 | 5.75% | 05/11/47 | -9.58% | 60.01 | 66.37 |
| 9 | ECUA 1 7/31/2035 REGS | 1.00% | 07/31/35 | -9.07% | 40.93 | 45.01 |
| 10 | MNK 11.5 12/15/2028 144A | 11.50% | 12/15/28 | -9.05% | 85.09 | 93.56 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 8/12/22 – 8/19/22 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 8/12/22 – 8/19/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 8/12/22 vs. the week ending 8/19/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | MGM 6 3/15/2023 | 6.00% | 03/15/23 | 352 | 381 | 29 | 8% |
| 2 | HONGSL 9.875 8/27/2022 | 9.88% | 08/27/22 | 70 | 98 | 28 | 40% |
| 3 | AFFGAM 6.875 12/15/2027 144A | 6.88% | 12/15/27 | 207 | 235 | 28 | 14% |
| 4 | PARA 4.95 1/15/2031 | 4.95% | 01/15/31 | 215 | 239 | 24 | 11% |
| 5 | AMGFIN 6 1/15/2067 | 4.49% | 01/15/67 | 30 | 54 | 24 | 80% |
| 6 | MGM 5.75 6/15/2025 | 5.75% | 06/15/25 | 330 | 354 | 24 | 7% |
| 7 | THSCPA 6.95 5/13/2024 | 6.95% | 05/13/24 | 82 | 106 | 24 | 29% |
| 8 | NFLX 5.875 2/15/2025 | 5.88% | 02/15/25 | 244 | 267 | 23 | 9% |
| 9 | SCFRU 5.375 6/16/2023 | 5.38% | 06/16/23 | 12 | 35 | 23 | 192% |
| 10 | STAR 4.25 8/1/2025 | 4.25% | 08/01/25 | 247 | 270 | 23 | 9% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 8/12/22 – 8/19/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MGM 6 3/15/2023 | 6.00% | 03/15/23 | 38 |
| 2 | GT 4.875 3/15/2027 | 4.88% | 03/15/27 | 36 |
| 3 | META 4.45 8/15/2052 144A | 4.45% | 08/15/52 | 35 |
| 4 | TMUS 4.75 2/1/2028 | 4.75% | 02/01/28 | 35 |
| 5 | MGM 5.75 6/15/2025 | 5.75% | 06/15/25 | 35 |
| 6 | MGM 4.625 9/1/2026 | 4.63% | 09/01/26 | 35 |
| 7 | WYNMAC 5.125 12/15/2029 REGS | 5.13% | 12/15/29 | 35 |
| 8 | MGM 5.5 4/15/2027 | 5.50% | 04/15/27 | 35 |
| 9 | GT 5 5/31/2026 | 5.00% | 05/31/26 | 35 |
| 10 | ENLK 4.4 4/1/2024 | 4.40% | 04/01/24 | 35 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 8/12/22 – 8/19/22 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 8/12/22 – 8/19/22
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