High Yield Corporate Bond Market Summary – Week Ending 8/18/23
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High Yield Corporate Bond Market Summary: Week Ending 8/18/23
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 | BofA | 3rd Quarter 2023 |
| Viasat Inc. | $1.6 billion senior notes | BofA | 3rd Quarter 2023 |
| Brightspeed | $1.865 billion senior secured | N/A | 3rd Quarter 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 8/11/23 – 8/18/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | AMC 5.75 6/15/2025 | 5.75% | 06/15/25 | 22.17% | 71.68 | 58.67 | 12 |
| 2 | ORIFLM 5.125 5/4/2026 144A | 5.13% | 05/04/26 | 15.20% | 34.08 | 29.58 | 3 |
| 3 | RADPAR 5.25 12/15/2025 144A | 5.25% | 12/15/25 | 11.65% | 74.64 | 66.85 | 20 |
| 4 | TELSAT 6.5 10/15/2027 144A | 6.50% | 10/15/27 | 10.99% | 47.23 | 42.55 | 20 |
| 5 | TMH 6.375 2/1/2025 | 6.38% | 02/01/25 | 10.63% | 61.79 | 55.85 | 17 |
| 6 | UNSTSV 8 11/15/2029 144A | 8.00% | 11/15/29 | 10.30% | 67.12 | 60.85 | 13 |
| 7 | AIMEGR 6.5 10/1/2025 144A | 6.50% | 10/01/25 | 9.57% | 68.60 | 62.61 | 14 |
| 8 | SBGI 5.5 3/1/2030 144A | 5.50% | 03/01/30 | 8.22% | 56.82 | 52.50 | 21 |
| 9 | BHCCN 9.25 4/1/2026 144A | 9.25% | 04/01/26 | 8.21% | 89.94 | 83.11 | 20 |
| 10 | USRENA 10.625 7/15/2027 144A | 10.63% | 07/15/27 | 7.45% | 39.38 | 36.65 | 11 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 8/11/23 – 8/18/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CANHEA 6.25 10/1/2028 144A | 6.25% | 10/01/28 | -53.65% | 31.59 | 68.15 | 16 |
| 2 | GEMDAL 4.95 8/12/2024 | 4.95% | 08/12/24 | -28.61% | 38.03 | 53.28 | 13 |
| 3 | NWDEVL 5.25 PERP | 5.25% | NULL | -16.88% | 70.22 | 84.48 | 13 |
| 4 | FTLNHD 4.8 12/15/2024 | 4.80% | 12/15/24 | -13.99% | 29.14 | 33.89 | 18 |
| 5 | HRINTH 4.25 11/7/2027 | 4.25% | 11/07/27 | -12.68% | 72.63 | 83.18 | 23 |
| 6 | GLPSP 4.5 PERP | 7.88% | NULL | -11.99% | 30.99 | 35.21 | 11 |
| 7 | FOSUNI 5.05 1/27/2027 | 5.05% | 01/27/27 | -10.62% | 60.00 | 67.13 | 19 |
| 8 | ARGTES 15.5 10/17/2026 | 15.50% | 10/17/26 | -9.86% | 25.02 | 27.75 | 2 |
| 9 | FUTLAN 6 8/12/2024 | 6.00% | 08/12/24 | -9.61% | 42.91 | 47.47 | 16 |
| 10 | PKSTAN 8.875 4/8/2051 REGS | 8.88% | 04/08/51 | -9.32% | 44.89 | 49.50 | 22 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 8/11/23 – 8/18/23 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 8/11/23 – 8/18/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 8/11/23 vs. the week ending 8/18/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ARGENT 0.75 7/9/2030 | 0.75% | 07/09/30 | 106 | 272 | 166 | 157% |
| 2 | ARGENT 3.625 7/9/2046 | 3.63% | 07/09/46 | 152 | 280 | 128 | 84% |
| 3 | ARGENT 3.625 7/9/2035 | 3.63% | 07/09/35 | 163 | 290 | 127 | 78% |
| 4 | NVRI 5.75 7/31/2027 144A | 5.75% | 07/31/27 | 59 | 183 | 124 | 210% |
| 5 | FREMOR 7.625 5/1/2026 | 7.63% | 05/01/26 | 17 | 140 | 123 | 724% |
| 6 | FI 4.4 7/1/2049 | 4.40% | 07/01/49 | 92 | 212 | 120 | 130% |
| 7 | FI 2.65 6/1/2030 | 2.65% | 06/01/30 | 55 | 175 | 120 | 218% |
| 8 | SUMMPL 9 10/15/2026 144A | 9.00% | 10/15/26 | 59 | 178 | 119 | 202% |
| 9 | OBDC 2.625 1/15/2027 | 2.63% | 01/15/27 | 66 | 173 | 107 | 162% |
| 10 | OBDC 2.875 6/11/2028 | 2.88% | 06/11/28 | 101 | 193 | 92 | 91% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 8/11/23 – 8/18/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 34 |
| 2 | WYNMAC 5.5 10/1/2027 144A | 5.50% | 10/01/27 | 33 |
| 3 | WYNMAC 5.5 1/15/2026 144A | 5.50% | 01/15/26 | 32 |
| 4 | AXP 5.625 7/28/2034 | 5.63% | 07/28/34 | 32 |
| 5 | ARGENT 3.5 7/9/2041 | 3.50% | 07/09/41 | 32 |
| 6 | ARGENT 1 7/9/2029 | 1.00% | 07/09/29 | 32 |
| 7 | CCL 10.5 2/1/2026 144A | 10.50% | 02/01/26 | 32 |
| 8 | WYNMAC 5.125 12/15/2029 144A | 5.13% | 12/15/29 | 32 |
| 9 | LOW 5.15 7/1/2033 | 5.15% | 07/01/33 | 32 |
| 10 | EMBRBZ 5.05 6/15/2025 | 5.05% | 06/15/25 | 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 8/11/23 – 8/18/23
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