High Yield Corporate Bond Market Summary – Week Ending 5/19/23
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High Yield Corporate Bond Market Summary: Week Ending 5/19/23
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 |
|---|---|---|---|
| Aventiv Technologies LLC | $400 million four-year first-lien senior secured notes (B3/B) | DB | Q2 2023 |
| Moneygram International Inc. | $400 million first-liensecured notes | GS | 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 5/12/23 – 5/19/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | USRENA 10.625 7/15/2027 144A | 10.63% | 07/15/27 | 34.73% | 29.43 | 21.85 | 15 |
| 2 | RAKUTN 4.25 PERP REGS | 4.25% | NULL | 24.95% | 60.24 | 48.21 | 17 |
| 3 | SAMMIN 5.75 10/24/2023 | 5.75% | 10/24/23 | 12.93% | 45.28 | 40.09 | 19 |
| 4 | EGYPT 3.875 2/16/2026 REGS | 3.88% | 02/16/26 | 10.47% | 69.53 | 62.94 | 20 |
| 5 | STPRAU 6.25 4/30/2026 REGS | 6.25% | 04/30/26 | 9.41% | 62.39 | 57.02 | 16 |
| 6 | EGYSK 10.875 2/28/2026 144A | 10.88% | 02/28/26 | 9.00% | 90.39 | 82.93 | 17 |
| 7 | UKRAIN 0 5/31/2040 | 0.00% | 05/31/40 | 8.60% | 27.35 | 25.18 | 5 |
| 8 | AIMEGR 6.5 10/1/2025 144A | 6.50% | 10/01/25 | 8.59% | 65.79 | 60.59 | 19 |
| 9 | GTN 4.75 10/15/2030 144A | 4.75% | 10/15/30 | 8.54% | 68.27 | 62.90 | 25 |
| 10 | DHC 4.75 2/15/2028 | 4.75% | 02/15/28 | 8.27% | 63.14 | 58.32 | 22 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 5/12/23 – 5/19/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | VTRCOM 5.125 1/15/2028 REGS | 5.13% | 01/15/28 | -29.23% | 32.64 | 46.12 | 18 |
| 2 | CHINSC 7.375 4/9/2024 | 7.38% | 04/09/24 | -28.03% | 35.17 | 48.87 | 17 |
| 3 | DALWAN 11 1/20/2025 | 11.00% | 01/20/25 | -26.54% | 36.64 | 49.88 | 23 |
| 4 | RADPAR 9.25 2/1/2028 144A | 9.25% | 02/01/28 | -22.99% | 29.51 | 38.32 | 17 |
| 5 | ROADKG 7.75 PERP | 7.75% | NULL | -22.80% | 34.71 | 44.97 | 10 |
| 6 | UNIGEL 8.75 10/1/2026 REGS | 8.75% | 10/01/26 | -15.41% | 75.75 | 89.54 | 21 |
| 7 | HOME 4.875 7/15/2028 144A | 4.88% | 07/15/28 | -14.48% | 59.34 | 69.38 | 25 |
| 8 | TURKEY 6 1/14/2041 | 6.00% | 01/14/41 | -14.25% | 67.00 | 78.14 | 23 |
| 9 | AGILE 5.5 4/21/2025 | 5.50% | 04/21/25 | -13.04% | 26.44 | 30.40 | 16 |
| 10 | COFP 4.498 3/7/2024 | 4.50% | 03/07/24 | -11.68% | 26.95 | 30.51 | 22 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 5/12/23 – 5/19/23 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 5/12/23 – 5/19/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 5/12/23 vs. the week ending 5/19/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | TMUS 3.5 4/15/2031 | 3.50% | 04/15/31 | 213 | 263 | 50 | 23% |
| 2 | XEL 5.1 5/15/2053 | 5.10% | 05/15/53 | 269 | 318 | 49 | 18% |
| 3 | OI 5.375 1/15/2025 | 5.38% | 01/15/25 | 247 | 289 | 42 | 17% |
| 4 | NDASS 4.125 5/5/2028 | 4.13% | 05/05/28 | 179 | 220 | 41 | 23% |
| 5 | EIX 6.95 11/15/2029 | 6.95% | 11/15/29 | 154 | 194 | 40 | 26% |
| 6 | MOLAND 8 12/30/2024 144A | 8.00% | 12/30/24 | 24 | 60 | 36 | 150% |
| 7 | IEP 4.375 2/1/2029 | 4.38% | 02/01/29 | 180 | 216 | 36 | 20% |
| 8 | OI 5.875 8/15/2023 | 5.88% | 08/15/23 | 223 | 259 | 36 | 16% |
| 9 | IEP 5.25 5/15/2027 | 5.25% | 05/15/27 | 197 | 231 | 34 | 17% |
| 10 | TMUS 5.05 7/15/2033 | 5.05% | 07/15/33 | 320 | 352 | 32 | 10% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 5/12/23 – 5/19/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | F 5.584 3/18/2024 | 5.58% | 03/18/24 | 36 |
| 2 | VZ 5.05 5/9/2033 | 5.05% | 05/09/33 | 36 |
| 3 | XEL 5.1 5/15/2053 | 5.10% | 05/15/53 | 35 |
| 4 | TMUS 5.05 7/15/2033 | 5.05% | 07/15/33 | 35 |
| 5 | BALL 2.875 8/15/2030 | 2.88% | 08/15/30 | 35 |
| 6 | SOCGEN 7.875 12/29/2049 | 7.88% | NULL | 35 |
| 7 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 34 |
| 8 | BALL 6 6/15/2029 | 6.00% | 06/15/29 | 34 |
| 9 | THC 4.625 9/1/2024 | 4.63% | 09/01/24 | 34 |
| 10 | BALL 4 11/15/2023 | 4.00% | 11/15/23 | 33 |
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 5/12/23 – 5/19/23
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