Corporates

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High Yield Corporate Bond Market Summary:
Week Ending 9/2/22

Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.

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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 N/A
Tellurian, Inc. $1 billion units comprised of 11¼% seniorsecured note due 2027 N/A Post-Labor Day 2022

Top 10 Winners

Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 8/26/22 – 9/2/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 BBBY 3.749 8/1/2024 3.75% 08/01/24 18.67% 41.82 35.24
2 SRILAN 5.875 7/25/2022 5.88% 07/25/22 13.22% 35.39 31.26
3 ASRIIJ 6 5/2/2024 6.00% 05/02/24 12.66% 74.54 66.16
4 KWGPRO 5.2 9/21/2022 5.20% 09/21/22 11.49% 30.82 27.64
5 GRNLGR 6.75 6/25/2022 6.75% 06/25/22 11.48% 43.36 38.90
6 ELSALV 7.625 9/21/2034 7.63% 09/21/34 10.79% 33.02 29.80
7 FRICON 7.7 7/21/2028 REGS 7.70% 07/21/28 6.01% 83.95 79.19
8 BOIFIN 7.5 2/16/2027 144A 7.50% 02/16/27 5.75% 84.92 80.30
9 ATENTO 8 2/10/2026 REGS 8.00% 02/10/26 3.63% 47.80 46.12
10 MNK 10 6/15/2029 144A 10.00% 06/15/29 3.59% 50.29 48.55

Top 10 Losers

Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 8/26/22 – 9/2/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 AZUPOE 5.65 12/24/2024 REGS 5.65% 12/24/24 -22.85% 67.23 87.13
2 BHCCN 7 1/15/2028 144A 7.00% 01/15/28 -22.52% 35.78 46.18
3 CENCHI 7.65 8/27/2023 7.65% 08/27/23 -14.44% 38.20 44.65
4 GHANA 7.75 4/7/2029 REGS 7.75% 04/07/29 -13.86% 38.64 44.86
5 PKSTAN 8.875 4/8/2051 REGS 8.88% 04/08/51 -12.01% 49.41 56.16
6 TELSAT 6.5 10/15/2027 144A 6.50% 10/15/27 -11.83% 41.45 47.01
7 LPKRIJ 6.75 10/31/2026 6.75% 10/31/26 -11.21% 67.98 76.57
8 LCI 7.75 4/15/2026 144A 7.75% 04/15/26 -10.93% 30.33 34.05
9 IVYCST 6.625 3/22/2048 REGS 6.63% 03/22/48 -9.58% 66.27 73.29
10 ANGOL 9.125 11/26/2049 REGS 9.13% 11/26/49 -9.32% 73.44 80.99

Avg Industry Price

Displays the HY Corp average industry price by sector between 8/26/22 – 9/2/22

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 8/26/22 – 9/2/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the HY Corps with the largest increase in quote volume for the week ending 8/26/22 vs. the week ending 9/2/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 APA 2.625 1/15/2023 2.63% 01/15/23 76 114 38 50%
2 CCAMCL FLT PERP 4.40% 11/03/99 210 245 35 17%
3 GLPI 4 1/15/2031 4.00% 01/15/31 135 170 35 26%
4 GPN 5.4 8/15/2032 5.40% 08/15/32 239 267 28 12%
5 CEMEX FLT PERP REGS 5.13% 09/08/99 203 230 27 13%
6 CONTLE 4.5 2/9/2027 REGS 4.50% 02/09/27 216 242 26 12%
7 DUK 4.5 8/15/2032 4.50% 08/15/32 350 375 25 7%
8 MBGGR 3.35 2/22/2023 144A 3.35% 02/22/23 30 55 25 83%
9 CDK 7.25 6/15/2029 144A 7.25% 06/15/29 215 239 24 11%
10 CITKIE 7.5 12/15/2022 REGS 7.50% 12/15/22 54 78 24 44%

Most Quoted HY Corps

Ranks the HY Corps that were quoted by the highest number of dealers between 8/26/22 – 9/2/22

RANK TRANCHE COUPON MATURITY DEALERS
1 WYNMAC 5.125 12/15/2029 REGS 5.13% 12/15/29 37
2 META 4.45 8/15/2052 144A 4.45% 08/15/52 37
3 MGM 6 3/15/2023 6.00% 03/15/23 36
4 WYNMAC 5.625 8/26/2028 REGS 5.63% 08/26/28 35
5 MTOR 6.25 6/1/2025 144A 6.25% 06/01/25 35
6 WYNMAC 4.875 10/1/2024 REGS 4.88% 10/01/24 35
7 MPEL 4.875 6/6/2025 4.88% 06/06/25 35
8 DUK 4.5 8/15/2032 4.50% 08/15/32 35
9 DUK 5 8/15/2052 5.00% 08/15/52 35
10 META 4.65 8/15/2062 144A 4.65% 08/15/62 34

Bid-Offer Spread by Industry

Displays the HY Corp average bid-offer spread by industry between 8/26/22 – 9/2/22

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 8/26/22 – 9/2/22

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