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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.
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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