High Yield Corporate Bond Market Summary – Week Ending 6/23/23
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High Yield Corporate Bond Market Summary: Week Ending 6/23/23
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 |
|---|---|---|---|
| Highpeak Energy Inc. | $575 million senior notes due 2028 | BAML | Q2 2023 |
| Windsor Holdings Iii, Llc (Univar Solutions Inc.) | $1.8 billion seven-year senior secured notes (B2/B+/BB+) | JP | Q2 2023 |
| Viasat Inc. | $1.6 billion senior notes | BAML | Q2 2023 |
| Aventiv Technologies Llc | $400 million four-year first-lien senior secured notes (B3/B) | DB | Q2 2023 |
| Pegasus Merger Co. (Tenneco Inc.) | $1 billion six-year senior secured notes | BAML | Q2 2023 |
| Connect Holding Ii Llc (Brightspeed) | $1.865 billion senior secured | BAML | Q2 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 6/16/23 – 6/23/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | RAILUA 7.875 7/15/2028 | 7.88% | 07/15/28 | 14.33% | 34.23 | 29.94 | 19 |
| 2 | BKIR 8.125 PERP | 8.13% | NULL | 11.72% | 115.44 | 103.33 | 4 |
| 3 | TKCHOL 10.5 5/15/2029 144A | 10.50% | 05/15/29 | 8.14% | 75.13 | 69.47 | 14 |
| 4 | SRILAN 5.875 7/25/2022 | 5.88% | 07/25/22 | 8.09% | 42.20 | 39.04 | 15 |
| 5 | MANGRV 7.775 10/9/2025 REGS | 7.78% | 10/09/25 | 7.77% | 75.95 | 70.47 | 9 |
| 6 | LUMN 4.5 1/15/2029 144A | 4.50% | 01/15/29 | 7.47% | 48.26 | 44.91 | 20 |
| 7 | INTHOL 8.375 5/13/2026 REGS | 8.38% | 05/13/26 | 7.42% | 55.57 | 51.73 | 19 |
| 8 | PKSTAN 7.875 3/31/2036 | 7.88% | 03/31/36 | 7.35% | 35.85 | 33.40 | 21 |
| 9 | CFIELD 6.625 8/1/2026 144A | 6.63% | 08/01/26 | 6.32% | 72.73 | 68.41 | 12 |
| 10 | SABHLD 11.25 12/15/2027 144A | 11.25% | 12/15/27 | 5.10% | 83.39 | 79.35 | 18 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 6/16/23 – 6/23/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CHINSC 7.375 4/9/2024 | 7.38% | 04/09/24 | -13.82% | 34.52 | 40.06 | 18 |
| 2 | AGILE 5.5 4/21/2025 | 5.50% | 04/21/25 | -11.25% | 31.58 | 35.59 | 20 |
| 3 | ROADKG 5.125 7/26/2026 | 5.13% | 07/26/26 | -10.68% | 48.93 | 54.78 | 19 |
| 4 | SPLS 10.75 4/15/2027 | 10.75% | 04/15/27 | -9.74% | 57.16 | 63.33 | 25 |
| 5 | FTLNHD 4.5 5/2/2026 | 4.50% | 05/02/26 | -9.39% | 43.76 | 48.30 | 15 |
| 6 | FUTLAN 4.45 7/13/2025 | 4.45% | 07/13/25 | -8.50% | 53.16 | 58.10 | 14 |
| 7 | GRNLGR 6.75 6/25/2024 | 6.75% | 06/25/24 | -7.86% | 29.99 | 32.55 | 16 |
| 8 | RAX 5.375 12/1/2028 144A | 5.38% | 12/01/28 | -7.34% | 31.72 | 34.24 | 17 |
| 9 | PROGST 3.25 12/15/2024 REGS | 3.25% | 12/15/24 | -6.48% | 63.10 | 67.47 | 17 |
| 10 | GTN 4.75 10/15/2030 144A | 4.75% | 10/15/30 | -6.48% | 64.65 | 69.12 | 23 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 6/16/23 – 6/23/23 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 6/16/23 – 6/23/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 6/16/23 vs. the week ending 6/23/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | WYNMAC 4.875 10/1/2024 144A | 4.88% | 10/01/24 | 65 | 238 | 173 | 266% |
| 2 | WYNMAC 5.125 12/15/2029 144A | 5.13% | 12/15/29 | 85 | 256 | 171 | 201% |
| 3 | WYNMAC 5.625 8/26/2028 144A | 5.63% | 08/26/28 | 95 | 254 | 159 | 167% |
| 4 | WYNMAC 5.5 10/1/2027 144A | 5.50% | 10/01/27 | 80 | 236 | 156 | 195% |
| 5 | MPEL 5.375 12/4/2029 144A | 5.38% | 12/04/29 | 60 | 214 | 154 | 257% |
| 6 | WYNMAC 5.5 1/15/2026 144A | 5.50% | 01/15/26 | 79 | 229 | 150 | 190% |
| 7 | MPEL 5.625 7/17/2027 144A | 5.63% | 07/17/27 | 68 | 214 | 146 | 215% |
| 8 | MGMCHI 5.875 5/15/2026 144A | 5.88% | 05/15/26 | 65 | 210 | 145 | 223% |
| 9 | MPEL 5.75 7/21/2028 144A | 5.75% | 07/21/28 | 65 | 210 | 145 | 223% |
| 10 | MPEL 5.25 4/26/2026 144A | 5.25% | 04/26/26 | 60 | 204 | 144 | 240% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 6/16/23 – 6/23/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 35 |
| 2 | SOCGEN 7.875 12/29/2049 | 7.88% | NULL | 35 |
| 3 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 34 |
| 4 | F 7.2 6/10/2030 | 7.20% | 06/10/30 | 34 |
| 5 | BNP 7.375 12/29/2049 | 7.38% | NULL | 34 |
| 6 | UBS 7 PERP | 7.00% | NULL | 33 |
| 7 | TEVA 2.8 7/21/2023 | 2.80% | 07/21/23 | 33 |
| 8 | BACR 8 PERP | 8.00% | 12/15/99 | 33 |
| 9 | STX 4.875 3/1/2024 | 4.88% | 03/01/24 | 32 |
| 10 | DANBNK 7 PERP | 7.00% | 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 6/16/23 – 6/23/23
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