High Yield Corporate Bond Market Summary – Week Ending 1/27/23
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High Yield Corporate Bond Market Summary: Week Ending 1/27/23
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 |
|---|---|---|---|
| Tenneco Inc. | $3 billion high-yield notes – $2 billion secured notes and $1 billion unsecured notes | N/A | Q1 2023 |
| Viasat Inc. | $1.6 billion senior notes | N/A | Q1 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 1/20/23 – 1/27/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | BLT 7.875 10/15/2029 144A | 7.88% | 10/15/29 | 38.70% | 66.93 | 48.26 | 13 |
| 2 | RAD 7.7 2/15/2027 | 7.70% | 02/15/27 | 21.12% | 46.67 | 38.53 | 21 |
| 3 | BUENOS 4.5 9/1/2037 144A | 4.50% | 09/01/37 | 20.69% | 32.16 | 26.65 | 9 |
| 4 | INTHOL 8.375 5/13/2026 REGS | 8.38% | 05/13/26 | 12.00% | 42.90 | 38.31 | 18 |
| 5 | WEWORK 7.875 5/1/2025 144A | 7.88% | 05/01/25 | 11.96% | 54.00 | 48.23 | 22 |
| 6 | TLWLN 7 3/1/2025 REGS | 7.00% | 03/01/25 | 11.72% | 71.65 | 64.13 | 22 |
| 7 | RAKUTN 6.25 PERP REGS | 5.80% | 10/22/99 | 11.30% | 80.75 | 72.55 | 11 |
| 8 | GOLLBZ 8.75 4/29/2049 | 8.75% | 04/29/49 | 10.55% | 49.21 | 44.52 | 14 |
| 9 | UFS 6.75 2/15/2044 | 6.75% | 02/15/44 | 10.23% | 68.94 | 62.54 | 10 |
| 10 | ZAMBIN 5.375 9/20/2022 | 5.38% | 09/20/22 | 10.13% | 47.26 | 42.92 | 11 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 1/20/23 – 1/27/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LOGM 5.5 9/1/2027 144A | 5.50% | 09/01/27 | -14.98% | 43.46 | 51.12 | 21 |
| 2 | GHANA 7.875 8/7/2023 REGS | 7.88% | 08/07/23 | -14.43% | 50.15 | 58.61 | 10 |
| 3 | BELRUS 6.875 2/28/2023 REGS | 6.88% | 02/28/23 | -10.11% | 67.98 | 75.63 | 10 |
| 4 | ECUA 1.5 7/31/2040 REGS | 1.50% | 07/31/40 | -9.65% | 43.25 | 47.87 | 19 |
| 5 | SFLY 8.5 10/1/2026 144A | 8.50% | 10/01/26 | -8.54% | 49.01 | 53.59 | 19 |
| 6 | AZULBZ 5.875 10/26/2024 REGS | 5.88% | 10/26/24 | -7.46% | 72.89 | 78.77 | 5 |
| 7 | ODEBRE 7.35 12/1/2026 REGS | 7.35% | 12/01/26 | -6.13% | 49.21 | 52.42 | 13 |
| 8 | CMPR 7 6/15/2026 REGS | 7.00% | 06/15/26 | -5.45% | 69.94 | 73.97 | 10 |
| 9 | TKCHOL 10.5 5/15/2029 144A | 10.50% | 05/15/29 | -5.35% | 57.83 | 61.10 | 17 |
| 10 | TLN 6.5 6/1/2025 | 6.50% | 06/01/25 | -4.85% | 41.37 | 43.48 | 18 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 1/20/23 – 1/27/23 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 1/20/23 – 1/27/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 1/20/23 vs. the week ending 1/27/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | WBD 4.054 3/15/2029 144A | 4.05% | 03/15/29 | 103 | 195 | 92 | 89% |
| 2 | ELV 4.55 5/15/2052 | 4.55% | 05/15/52 | 95 | 186 | 91 | 96% |
| 3 | GAMENT 9.75 9/30/2027 REGS | 9.75% | 09/30/27 | 90 | 177 | 87 | 97% |
| 4 | WBD 5.05 3/15/2042 144A | 5.05% | 03/15/42 | 150 | 227 | 77 | 51% |
| 5 | BUENOS 4 9/1/2037 REGS | 4.00% | 09/01/37 | 10 | 83 | 73 | 730% |
| 6 | PLATIN 10.5 2/15/2027 144A | 10.50% | 02/15/27 | 50 | 122 | 72 | 144% |
| 7 | HLNLN 2.875 10/29/2028 | 2.88% | 10/29/28 | 60 | 130 | 70 | 117% |
| 8 | BTOWBZ 4.75 10/20/2030 REGS | 4.75% | 10/20/30 | 196 | 254 | 58 | 30% |
| 9 | ITAU 7.721 PERP REGS | 7.72% | 12/12/99 | 110 | 165 | 55 | 50% |
| 10 | UKRAVT 6.25 6/24/2030 REGS | 6.25% | 06/24/30 | 134 | 188 | 54 | 40% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 1/20/23 – 1/27/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 44 |
| 2 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 43 |
| 3 | DUK 4.95 1/15/2033 | 4.95% | 01/15/33 | 36 |
| 4 | BBDBCN 7.5 12/1/2024 144A | 7.50% | 12/01/24 | 36 |
| 5 | DUK 5.35 1/15/2053 | 5.35% | 01/15/53 | 35 |
| 6 | GEL 8.875 4/15/2030 | 8.88% | 04/15/30 | 35 |
| 7 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 34 |
| 8 | GM 6 1/9/2028 | 6.00% | 01/09/28 | 34 |
| 9 | DISH 5 3/15/2023 | 5.00% | 03/15/23 | 34 |
| 10 | BBDBCN 7.5 2/1/2029 | 7.50% | 02/01/29 | 34 |
Bid-Offer Spread by Industry
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 1/20/23 – 1/27/23
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