High Yield Corporate Bond Market Summary – Week Ending 11/4/22
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High Yield Corporate Bond Market Summary: Week Ending 11/4/22
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 | ISSUE INFORMATION | BROKER DEALER | EXPECTED ISSUE DATE |
|---|---|---|---|
| Dish Network Corp. | $2 billion long five-year non-call two-year senior secured notes (S&P: B+) | DB | Week of November 7 |
| Nielsen Holdings PLC | $1.96 billion long six-year non-call three-year senior secured notes | BofA | Week of November 7 |
| Tenneco Inc. | $3 billion high-yield notes – $2 billion secured notes and $1 billion unsecured notes | N/A | Week of November 7 |
| Viasat Inc. | $1.6 billion senior notes | N/A | 4th Quarter 2022 |
Top 10 Winners
Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 10/28/22 – 11/4/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | BELRUS 6.875 2/28/2023 REGS | 6.88% | 02/28/23 | 25.33% | 33.64 | 26.84 |
| 2 | ANDRGI 9.5 12/30/2024 REGS | 9.50% | 12/30/24 | 24.99% | 51.66 | 41.33 |
| 3 | PRTY 6.625 8/1/2026 144A | 6.63% | 08/01/26 | 23.23% | 40.27 | 32.68 |
| 4 | GHANA 7.875 8/7/2023 REGS | 7.88% | 08/07/23 | 15.56% | 72.41 | 62.66 |
| 5 | MPEL 5.375 12/4/2029 144A | 5.38% | 12/04/29 | 13.77% | 62.23 | 54.70 |
| 6 | GHANA 6.375 2/11/2027 REGS | 6.38% | 02/11/27 | 11.94% | 34.16 | 30.52 |
| 7 | MGMCHI 5.875 5/15/2026 REGS | 5.88% | 05/15/26 | 11.04% | 83.31 | 75.03 |
| 8 | WYNMAC 5.5 1/15/2026 REGS | 5.50% | 01/15/26 | 10.71% | 76.34 | 68.96 |
| 9 | ADLERR 1.875 4/27/2023 | 1.88% | 04/27/23 | 9.44% | 84.01 | 76.77 |
| 10 | MPEL 5.625 7/17/2027 144A | 5.63% | 07/17/27 | 7.92% | 64.54 | 59.80 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 10/28/22 – 11/4/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CSCHCN 10.875 10/26/2022 | 10.88% | 10/26/22 | -46.73% | 26.11 | 49.02 |
| 2 | NWDEVL 4.8 PERP | 4.80% | 12/09/99 | -37.97% | 42.26 | 68.13 |
| 3 | AGGHOL 5.5 5/17/2024 | 5.50% | 05/17/24 | -34.10% | 34.27 | 52.00 |
| 4 | GRNCH 4.7 4/29/2025 | 4.70% | 04/29/25 | -27.81% | 41.01 | 56.81 |
| 5 | CVNA 5.625 10/1/2025 144A | 5.63% | 10/01/25 | -23.61% | 50.15 | 65.65 |
| 6 | GEMDAL 4.95 8/12/2024 | 4.95% | 08/12/24 | -20.92% | 27.77 | 35.12 |
| 7 | BAHAMA 7.125 4/2/2038 | 7.13% | 04/02/38 | -20.09% | 58.77 | 73.54 |
| 8 | BNKEA 5.825 PERP | 5.83% | 10/21/99 | -19.14% | 62.05 | 76.73 |
| 9 | ZAMGB 14 4/24/2032 | 14.00% | 04/24/32 | -15.92% | 49.61 | 59.00 |
| 10 | CPDEV 5.75 PERP | 5.75% | 11/14/99 | -14.62% | 56.02 | 65.61 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 9/23/22 – 9/30/22 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 10/28/22 – 11/4/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 10/28/22 vs. the week ending 11/4/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | CEMEX 5.125 PERP 144A | 5.13% | 09/08/99 | 7 | 115 | 108 | 1543% |
| 2 | PETBRA 6.75 6/3/2050 | 6.75% | 06/03/50 | 217 | 257 | 40 | 18% |
| 3 | TWTR 5 3/1/2030 144A | 5.00% | 03/01/30 | 300 | 339 | 39 | 13% |
| 4 | DINO 5.875 4/1/2026 REGS | 5.88% | 04/01/26 | 26 | 65 | 39 | 150% |
| 5 | DINO 4.5 10/1/2030 REGS | 4.50% | 10/01/30 | 38 | 75 | 37 | 97% |
| 6 | CCL 6 5/1/2029 | 6.00% | 05/01/29 | 228 | 265 | 37 | 16% |
| 7 | TWTR 3.875 12/15/2027 144A | 3.88% | 12/15/27 | 299 | 334 | 35 | 12% |
| 8 | QRVO 4.375 10/15/2029 | 4.38% | 10/15/29 | 115 | 149 | 34 | 30% |
| 9 | STANLN FLT PERP 144A | 9.64% | 06/26/99 | 206 | 238 | 32 | 16% |
| 10 | DINO 2.625 10/1/2023 REGS | 2.63% | 10/01/23 | 18 | 50 | 32 | 178% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 10/28/22 – 11/4/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | TWTR 5 3/1/2030 144A | 5.00% | 03/01/30 | 38 |
| 2 | TMUS 5.2 1/15/2033 | 5.20% | 01/15/33 | 36 |
| 3 | OXY 2.7 2/15/2023 | 2.70% | 02/15/23 | 36 |
| 4 | TWTR 3.875 12/15/2027 144A | 3.88% | 12/15/27 | 36 |
| 5 | KBH 7.625 5/15/2023 | 7.63% | 05/15/23 | 34 |
| 6 | TIBX 6.5 3/31/2029 144A | 6.50% | 03/31/29 | 34 |
| 7 | CCL 7.625 3/1/2026 REGS | 7.63% | 03/01/26 | 34 |
| 8 | WBD 5.141 3/15/2052 | 5.14% | 03/15/52 | 34 |
| 9 | COIN 3.375 10/1/2028 144A | 3.38% | 10/01/28 | 33 |
| 10 | CCL 10.375 5/1/2028 144A | 10.38% | 05/01/28 | 33 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 9/23/22 – 9/30/22 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 10/28/22 – 11/4/22
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