High Yield Corporate Bond Market Summary – Week Ending 3/10/23
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High Yield Corporate Bond Market Summary: Week Ending 3/10/23
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 3/3/23 – 3/10/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | AZULBZ 7.25 6/15/2026 144A | 7.25% | 06/15/26 | 27.53% | 64.76 | 50.78 | 19 |
| 2 | TLN 6.5 6/1/2025 | 6.50% | 06/01/25 | 22.92% | 45.71 | 37.19 | 20 |
| 3 | GOLLBZ 8 6/30/2026 REGS | 8.00% | 06/30/26 | 18.63% | 51.24 | 43.19 | 25 |
| 4 | DIVRSY 4.625 10/1/2029 144A | 4.63% | 10/01/29 | 18.00% | 95.62 | 81.04 | 24 |
| 5 | GOLLBZ 7 1/31/2025 REGS | 7.00% | 01/31/25 | 13.09% | 50.66 | 44.79 | 26 |
| 6 | WW 4.5 4/15/2029 144A | 4.50% | 04/15/29 | 11.64% | 55.97 | 50.13 | 20 |
| 7 | AVYA 6.125 9/15/2028 144A | 6.13% | 09/15/28 | 11.02% | 27.30 | 24.59 | 19 |
| 8 | KERPW 6.5 10/17/2024 REGS | 6.50% | 10/17/24 | 9.92% | 51.10 | 46.49 | 23 |
| 9 | BBDBCN 7.45 5/1/2034 | 7.45% | 05/01/34 | 9.53% | 110.78 | 101.15 | 26 |
| 10 | STON 8.5 5/15/2029 144A | 8.50% | 05/15/29 | 9.19% | 78.66 | 72.05 | 13 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 3/3/23 – 3/10/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | BIMLVN 7.375 5/7/2026 | 7.38% | 05/07/26 | -19.98% | 41.68 | 52.08 | 9 |
| 2 | TOTALP 6.375 9/20/2028 REGS | 6.38% | 09/20/28 | -16.63% | 60.48 | 72.54 | 21 |
| 3 | COFP 5.25 4/15/2027 | 5.25% | 04/15/27 | -15.13% | 47.17 | 55.59 | 21 |
| 4 | LNDPT 6.125 4/1/2028 144A | 6.13% | 04/01/28 | -11.65% | 50.86 | 57.56 | 19 |
| 5 | BOLIVI 4.5 3/20/2028 | 4.50% | 03/20/28 | -9.84% | 62.73 | 69.58 | 12 |
| 6 | WOMCHI 4.7 1/22/2028 REGS | 4.70% | 01/22/28 | -9.66% | 59.50 | 65.86 | 17 |
| 7 | LUMN 7.65 3/15/2042 | 7.65% | 03/15/42 | -9.52% | 44.36 | 49.02 | 23 |
| 8 | LVLT 4.25 7/1/2028 144A | 4.25% | 07/01/28 | -7.21% | 61.93 | 66.75 | 23 |
| 9 | CENCHI 7.25 8/13/2024 | 7.25% | 08/13/24 | -7.12% | 31.46 | 33.88 | 21 |
| 10 | RAD 8 11/15/2026 144A | 8.00% | 11/15/26 | -6.86% | 49.96 | 53.64 | 21 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 3/3/23 – 3/10/23 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 3/3/23 – 3/10/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 3/3/23 vs. the week ending 3/10/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SALTA 8.5 12/1/2027 REGS | 8.50% | 12/01/27 | 30 | 98 | 68 | 227% |
| 2 | YPFDAR 9 6/30/2029 144A | 9.00% | 06/30/29 | 88 | 148 | 60 | 68% |
| 3 | TEVA 7.125 1/31/2025 | 7.13% | 01/31/25 | 231 | 287 | 56 | 24% |
| 4 | UPS 5.05 3/3/2053 | 5.05% | 03/03/53 | 252 | 301 | 49 | 19% |
| 5 | BZH 6.75 3/15/2025 | 6.75% | 03/15/25 | 179 | 225 | 46 | 26% |
| 6 | BACR 9.25 PERP | 9.25% | 12/31/49 | 83 | 125 | 42 | 51% |
| 7 | YPFDAR 7 9/30/2033 144A | 7.00% | 09/30/33 | 96 | 136 | 40 | 42% |
| 8 | YESTAR 9.5 12/30/2026 | 9.50% | 12/30/26 | 44 | 84 | 40 | 91% |
| 9 | ENCIAC 8.5 5/1/2028 | 8.50% | 05/01/28 | 212 | 249 | 37 | 17% |
| 10 | FLR 4.25 9/15/2028 | 4.25% | 09/15/28 | 120 | 157 | 37 | 31% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 3/3/23 – 3/10/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | TDG 8 12/15/2025 144A | 8.00% | 12/15/25 | 40 |
| 2 | USB 4.839 2/1/2034 | 4.84% | 02/01/34 | 39 |
| 3 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 38 |
| 4 | DISH 5 3/15/2023 | 5.00% | 03/15/23 | 38 |
| 5 | WYNMAC 5.125 12/15/2029 REGS | 5.13% | 12/15/29 | 37 |
| 6 | TMUS 5.2 1/15/2033 | 5.20% | 01/15/33 | 36 |
| 7 | NGL 7.5 11/1/2023 | 7.50% | 11/01/23 | 35 |
| 8 | SVC 4.5 6/15/2023 | 4.50% | 06/15/23 | 35 |
| 9 | WYNMAC 5.5 1/15/2026 REGS | 5.50% | 01/15/26 | 35 |
| 10 | AMCX 5 4/1/2024 | 5.00% | 04/01/24 | 35 |
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 3/3/23 – 3/10/23
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