High Yield Corporate Bond Market Summary – Week Ending 5/5/23
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High Yield Corporate Bond Market Summary: Week Ending 5/5/23
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 | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Equipmentshare.com Inc. | $750 million five-year second-lien senior secured notes (B1/B-) | GS | Q2 2023 |
| Heartland Dental LLC | $500 million senior secured notes due April 30, 2028 (B2/B); | JEFF | Q2 2023 |
| Tenneco Inc. | $3 billion high-yield notes – $2 billion secured notes and $1 billion unsecured notes | N/A | Q2 2023 |
| Viasat Inc. | $1.6 billion senior notes | N/A | Q2 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 4/28/23 – 5/5/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PDVSA 8.5 10/27/2020 | 8.50% | 10/27/20 | 27.77% | 33.25 | 26.02 | 8 |
| 2 | EMBARQ 7.995 6/1/2036 | 8.00% | 06/01/36 | 16.34% | 49.85 | 42.85 | 20 |
| 3 | BELRUS 6.2 2/28/2030 REGS | 6.20% | 02/28/30 | 12.81% | 40.74 | 36.11 | 10 |
| 4 | SKLZ 10.25 12/15/2026 144A | 10.25% | 12/15/26 | 8.66% | 78.98 | 72.69 | 9 |
| 5 | ECUA 1.5 7/31/2040 REGS | 1.50% | 07/31/40 | 8.28% | 35.29 | 32.59 | 23 |
| 6 | COFP 6.625 1/15/2026 | 6.63% | 01/15/26 | 7.72% | 26.85 | 24.93 | 21 |
| 7 | COMM 5 3/15/2027 | 5.00% | 03/15/27 | 7.35% | 72.47 | 67.51 | 24 |
| 8 | HOME 7.125 7/15/2029 144A | 7.13% | 07/15/29 | 6.82% | 59.91 | 56.09 | 24 |
| 9 | ARGENT 0.5 7/9/2030 | 0.50% | 07/09/30 | 5.96% | 25.66 | 24.21 | 29 |
| 10 | TUNIS 6.375 7/15/2026 REGS | 6.38% | 07/15/26 | 5.26% | 50.68 | 48.14 | 17 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 4/28/23 – 5/5/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | AGILE 5.5 5/17/2026 | 5.50% | 05/17/26 | -22.26% | 30.53 | 39.27 | 18 |
| 2 | ZIONS 3.25 10/29/2029 | 3.25% | 10/29/29 | -20.58% | 58.31 | 73.42 | 20 |
| 3 | HEFOSO 8.5 6/1/2026 144A | 8.50% | 06/01/26 | -15.20% | 52.82 | 62.29 | 13 |
| 4 | ROADKG 7 PERP | 7.00% | NULL | -14.47% | 41.24 | 48.21 | 10 |
| 5 | CMA 5.625 PERP | 5.63% | NULL | -13.97% | 73.00 | 84.86 | 21 |
| 6 | HBAN FLT 6/15/2028 | 5.80% | 06/15/28 | -13.46% | 78.00 | 90.13 | 11 |
| 7 | RADPAR 9.25 2/1/2028 144A | 9.25% | 02/01/28 | -13.35% | 38.94 | 44.94 | 17 |
| 8 | CFG 6.375 PERP | 6.38% | NULL | -12.90% | 75.11 | 86.24 | 17 |
| 9 | DISH 7.75 7/1/2026 | 7.75% | 07/01/26 | -12.41% | 50.80 | 58.00 | 23 |
| 10 | EVA 6.5 1/15/2026 144A | 6.50% | 01/15/26 | -11.91% | 74.33 | 84.38 | 15 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 4/28/23 – 5/5/23 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 4/28/23 – 5/5/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 4/28/23 vs. the week ending 5/5/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | IMAIM FLT 1/15/2028 144A | 7.05% | 01/15/28 | 24 | 90 | 66 | 275% |
| 2 | NVFVES FLT 6/15/2025 144A | 7.55% | 06/15/25 | 34 | 100 | 66 | 194% |
| 3 | CWCLN 5.75 9/7/2027 144A | 5.75% | 09/07/27 | 25 | 90 | 65 | 260% |
| 4 | ORIFLM FLT 5/4/2026 144A | 0.00% | 05/04/26 | 24 | 86 | 62 | 258% |
| 5 | PICSUR FLT 7/1/2026 144A | 0.00% | 07/01/26 | 30 | 90 | 60 | 200% |
| 6 | ST 5.875 9/1/2030 144A | 5.88% | 09/01/30 | 82 | 139 | 57 | 70% |
| 7 | FEDRIG FLT 10/25/2027 144A | 0.00% | 10/25/27 | 20 | 75 | 55 | 275% |
| 8 | BORMPH FLT 11/15/2024 144A | 6.55% | 11/15/24 | 28 | 83 | 55 | 196% |
| 9 | DAVLLO FLT 6/15/2027 144A | 0.00% | 06/15/27 | 30 | 84 | 54 | 180% |
| 10 | FRCB 4 PERP | 4.00% | 12/31/99 | 20 | 71 | 51 | 255% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 4/28/23 – 5/5/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 36 |
| 2 | LOW 5.15 7/1/2033 | 5.15% | 07/01/33 | 34 |
| 3 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 34 |
| 4 | GM 5.4 4/6/2026 | 5.40% | 04/06/26 | 34 |
| 5 | F 5.584 3/18/2024 | 5.58% | 03/18/24 | 33 |
| 6 | XEL 5.25 4/1/2053 | 5.25% | 04/01/53 | 33 |
| 7 | SOCGEN 7.875 12/29/2049 | 7.88% | NULL | 33 |
| 8 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 33 |
| 9 | BALL 4 11/15/2023 | 4.00% | 11/15/23 | 32 |
| 10 | LLOYDS 7.5 PERP | 7.50% | NULL | 32 |
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 4/28/23 – 5/5/23
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