Corporates
GET OUR CORPORATE MARKET SUMMARIES STRAIGHT TO YOUR INBOX. LEARN MORE
High Yield Corporate Bond Market Summary:
Week Ending 9/9/22
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 |
| NortonLifeLock Inc. | $1.2 billion senior notes (B1/BB-/BB+): five-year notes non-callable for two years, and eight-year notes non-callable for three years | BofA | Week of 12th September |
| 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 9/2/22 – 9/9/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | MDLNIJ 0 6/30/2025 | 3.00% | 06/30/25 | 19.18% | 44.71 | 37.52 |
| 2 | GHANA 7.75 4/7/2029 REGS | 7.75% | 04/07/29 | 13.96% | 44.04 | 38.64 |
| 3 | EXIMUK 9.95 11/14/2029 | 9.95% | 11/14/29 | 13.15% | 31.83 | 28.13 |
| 4 | GRNLGR 5.875 7/3/2024 | 5.88% | 07/03/24 | 12.64% | 41.68 | 37.01 |
| 5 | AZUPOE 3.575 8/19/2026 REGS | 3.58% | 08/19/26 | 11.59% | 71.82 | 64.36 |
| 6 | VTRFIN 6.375 7/15/2028 REGS | 6.38% | 07/15/28 | 9.23% | 48.81 | 44.68 |
| 7 | EGYPT 7.5 2/16/2061 REGS | 7.50% | 02/16/61 | 9.15% | 62.29 | 57.07 |
| 8 | ZENENT 12.5 9/13/2023 | 12.50% | 09/13/23 | 8.31% | 64.99 | 60.00 |
| 9 | BALY 5.875 9/1/2031 144A | 5.88% | 09/01/31 | 7.95% | 75.75 | 70.17 |
| 10 | KWGPRO 6 9/15/2022 | 6.00% | 09/15/22 | 7.64% | 34.36 | 31.92 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 9/2/22 – 9/9/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | CHINSC 7.25 4/19/2023 | 7.25% | 04/19/23 | -27.37% | 30.42 | 41.89 |
| 2 | NATCIN 5.75 8/15/2026 | 5.75% | 08/15/26 | -25.07% | 36.70 | 48.98 |
| 3 | CENCHI 7.25 7/16/2024 | 7.25% | 07/16/24 | -12.22% | 30.69 | 34.96 |
| 4 | SIGRP 6.75 5/15/2026 144A | 6.75% | 05/15/26 | -11.17% | 59.94 | 67.48 |
| 5 | PKSTAN 8.25 9/30/2025 | 8.25% | 09/30/25 | -8.25% | 59.43 | 64.78 |
| 6 | BHCCN 7.25 5/30/2029 144A | 7.25% | 05/30/29 | -8.08% | 33.11 | 36.02 |
| 7 | INTLGR 6.125 4/1/2029 144A | 6.13% | 04/01/29 | -7.39% | 50.12 | 54.12 |
| 8 | DEXICN 9.95 12/3/2022 | 9.95% | 12/03/22 | -6.83% | 55.80 | 59.88 |
| 9 | CREDVA 8.875 2/7/2025 REGS | 8.88% | 02/07/25 | -6.47% | 41.00 | 43.83 |
| 10 | ZAMBIN 8.97 7/30/2027 | 8.97% | 07/30/27 | -5.64% | 56.24 | 59.60 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 9/2/22 – 9/9/22
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 9/2/22 – 9/9/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 9/2/22 vs. the week ending 9/9/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | UKRAIN 4.375 1/27/2032 144A | 4.38% | 01/27/32 | 5 | 97 | 92 | 1840% |
| 2 | RCL 11.625 8/15/2027 REGS | 11.63% | 08/15/27 | 95 | 179 | 84 | 88% |
| 3 | MNK 10 4/15/2025 144A | 10.00% | 04/15/25 | 40 | 112 | 72 | 180% |
| 4 | APA 2.625 1/15/2023 | 2.63% | 01/15/23 | 114 | 158 | 44 | 39% |
| 5 | LZINVE 4.15 11/15/2022 | 4.15% | 11/15/22 | 124 | 164 | 40 | 32% |
| 6 | GPN 5.4 8/15/2032 | 5.40% | 08/15/32 | 267 | 306 | 39 | 15% |
| 7 | UZBEK 4.75 2/20/2024 REGS | 4.75% | 02/20/24 | 128 | 162 | 34 | 27% |
| 8 | HILOHO 9.75 11/18/2024 REGS | 9.75% | 11/18/24 | 97 | 130 | 33 | 34% |
| 9 | UZBEK 3.7 11/25/2030 REGS | 3.70% | 11/25/30 | 118 | 150 | 32 | 27% |
| 10 | DBBYRB 6.75 5/2/2024 REGS | 6.75% | 05/02/24 | 63 | 95 | 32 | 51% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 9/2/22 – 9/9/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | META 4.45 8/15/2052 144A | 4.45% | 08/15/52 | 36 |
| 2 | MGM 6 3/15/2023 | 6.00% | 03/15/23 | 36 |
| 3 | GT 4.875 3/15/2027 | 4.88% | 03/15/27 | 35 |
| 4 | MPEL 4.875 6/6/2025 | 4.88% | 06/06/25 | 35 |
| 5 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 35 |
| 6 | RCL 5.25 11/15/2022 | 5.25% | 11/15/22 | 35 |
| 7 | DUK 4.5 8/15/2032 | 4.50% | 08/15/32 | 34 |
| 8 | DUK 5 8/15/2052 | 5.00% | 08/15/52 | 34 |
| 9 | WYNMAC 5.125 12/15/2029 REGS | 5.13% | 12/15/29 | 34 |
| 10 | LVLT 5.25 3/15/2026 | 5.25% | 03/15/26 | 34 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 9/2/22 – 9/9/22
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 9/2/22 – 9/9/22
Stay up-to-date with weekly summaries.
