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High Yield Corporate Bond Market Summary:
Week Ending 8/26/22
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 8/26/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Corebridge Financial Inc. (USD) 6.875% 12/15/2052 | Senior Notes | 1000 | N/A | 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 |
| 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 8/19/22 – 8/26/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | CHINSC 7 5/2/2025 | 7.00% | 05/02/25 | 105.04% | 25.43 | 12.40 |
| 2 | THSCPA 6.95 5/13/2024 | 6.95% | 05/13/24 | 75.84% | 25.00 | 14.22 |
| 3 | CENCHI 7.75 5/24/2024 | 7.75% | 05/24/24 | 66.90% | 39.02 | 23.38 |
| 4 | AGILE 5.75 1/2/2025 | 5.75% | 01/02/25 | 57.42% | 40.26 | 25.57 |
| 5 | DEXICN 9.95 12/3/2022 | 9.95% | 12/03/22 | 53.34% | 64.00 | 41.74 |
| 6 | CIFIHG 4.8 5/17/2028 | 4.80% | 05/17/28 | 53.04% | 47.34 | 30.93 |
| 7 | AVYA 6.125 9/15/2028 144A | 6.13% | 09/15/28 | 50.18% | 56.94 | 37.92 |
| 8 | GRNLGR 6.125 4/22/2023 | 6.13% | 04/22/23 | 48.27% | 44.80 | 30.22 |
| 9 | FTLNHD 4.625 10/15/2025 | 4.63% | 10/15/25 | 46.26% | 41.70 | 28.51 |
| 10 | ROADKG 6 9/4/2025 | 6.00% | 09/04/25 | 37.22% | 41.20 | 30.02 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 8/19/22 – 8/26/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | BBBY 3.749 8/1/2024 | 3.75% | 08/01/24 | -25.87% | 35.24 | 47.53 |
| 2 | BHCCN 9.25 4/1/2026 144A | 9.25% | 04/01/26 | -17.66% | 56.92 | 69.12 |
| 3 | RAX 5.375 12/1/2028 144A | 5.38% | 12/01/28 | -13.90% | 58.10 | 67.47 |
| 4 | FIAMER 7.875 11/15/2025 144A | 7.88% | 11/15/25 | -11.88% | 67.65 | 76.77 |
| 5 | IMGCN 5.75 10/15/2028 144A | 5.75% | 10/15/28 | -9.36% | 52.53 | 57.95 |
| 6 | NVFVES 0 6/15/2025 REGS | 4.57% | 06/15/25 | -9.11% | 67.43 | 74.19 |
| 7 | MONTE 10.5 7/23/2029 | 10.50% | 07/23/29 | -7.96% | 53.11 | 57.70 |
| 8 | ALLMD 10.5 2/15/2028 | 10.50% | 02/15/28 | -7.18% | 46.77 | 50.39 |
| 9 | GCLNE 10 1/30/2024 | 10.00% | 01/30/24 | -7.05% | 81.17 | 87.32 |
| 10 | WRLD 7 11/1/2026 144A | 7.00% | 11/01/26 | -6.49% | 71.37 | 76.33 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 8/19/22 – 8/26/22
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 8/19/22 – 8/26/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 8/19/22 vs. the week ending 8/26/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | LENOVO 5.831 1/27/2028 144A | 5.83% | 01/27/28 | 10 | 212 | 202 | 2020% |
| 2 | NGL 7.5 2/1/2026 144A | 7.50% | 02/01/26 | 101 | 278 | 177 | 175% |
| 3 | LENOVO 6.536 7/27/2032 REGS | 6.54% | 07/27/32 | 158 | 246 | 88 | 56% |
| 4 | CIFIHG 6 7/16/2025 | 6.00% | 07/16/25 | 234 | 274 | 40 | 17% |
| 5 | CIFIHG 5.5 1/23/2023 | 5.50% | 01/23/23 | 234 | 274 | 40 | 17% |
| 6 | META 4.65 8/15/2062 144A | 4.65% | 08/15/62 | 305 | 343 | 38 | 12% |
| 7 | CIFIHG 4.45 8/17/2026 | 4.45% | 08/17/26 | 234 | 272 | 38 | 16% |
| 8 | CIFIHG 6.55 3/28/2024 | 6.55% | 03/28/24 | 234 | 272 | 38 | 16% |
| 9 | CIFIHG 6.45 11/7/2024 | 6.45% | 11/07/24 | 234 | 272 | 38 | 16% |
| 10 | CIFIHG 5.95 10/20/2025 | 5.95% | 10/20/25 | 234 | 272 | 38 | 16% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 8/19/22 – 8/26/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | WYNMAC 5.125 12/15/2029 REGS | 5.13% | 12/15/29 | 37 |
| 2 | DUK 5 8/15/2052 | 5.00% | 08/15/52 | 36 |
| 3 | MPEL 4.875 6/6/2025 | 4.88% | 06/06/25 | 36 |
| 4 | ENLK 4.4 4/1/2024 | 4.40% | 04/01/24 | 36 |
| 5 | GT 4.875 3/15/2027 | 4.88% | 03/15/27 | 36 |
| 6 | META 4.45 8/15/2052 144A | 4.45% | 08/15/52 | 36 |
| 7 | MGM 6 3/15/2023 | 6.00% | 03/15/23 | 36 |
| 8 | WYNMAC 4.875 10/1/2024 REGS | 4.88% | 10/01/24 | 35 |
| 9 | WYNMAC 5.625 8/26/2028 REGS | 5.63% | 08/26/28 | 35 |
| 10 | WYNMAC 5.5 1/15/2026 REGS | 5.50% | 01/15/26 | 35 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 8/19/22 – 8/26/22
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 8/19/22 – 8/26/22
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