High Yield Corporate Bond Market Summary – Week Ending 9/22/23
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High Yield Corporate Bond Market Summary: Week Ending 9/22/23
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 |
|---|---|---|---|
| International Petroleum Corp | $200 million add-on to 7¼% senior notes due 2027 | N/A | N/A |
| NCR Atleos Escrow Corp | $1.05 billion seven-year senior secured notes (B2/B+) | JPM | 3rd Quarter 2023 |
| 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 9/15/23 – 9/22/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | IDEABB 6.375 7/30/2026 REGS | 6.38% | 07/30/26 | 28.20% | 77.77 | 60.66 | 18 |
| 2 | ANACAP FLT 8/1/2024 | 8.59% | 08/01/24 | 24.25% | 64.17 | 51.65 | 12 |
| 3 | LUMN 7.65 3/15/2042 | 7.65% | 03/15/42 | 24.10% | 32.68 | 26.34 | 21 |
| 4 | ISPIM 5.875 PERP | 5.88% | NULL | 16.88% | 96.13 | 82.24 | 25 |
| 5 | FOURSN 8.75 6/15/2019 | 8.75% | 06/15/19 | 14.82% | 40.30 | 35.10 | 4 |
| 6 | VOLCAN 4.375 2/11/2026 REGS | 4.38% | 02/11/26 | 14.22% | 56.62 | 49.58 | 17 |
| 7 | CHGRAU 9.109 PERP | 9.91% | NULL | 12.85% | 77.71 | 68.86 | 14 |
| 8 | QWECOM 6.875 7/15/2028 | 6.88% | 07/15/28 | 11.19% | 47.89 | 43.07 | 4 |
| 9 | RAX 5.375 12/1/2028 144A | 5.38% | 12/01/28 | 10.58% | 32.86 | 29.72 | 17 |
| 10 | HRINTH 5.5 4/27/2047 | 5.50% | 04/27/47 | 10.17% | 74.62 | 67.73 | 21 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 9/15/23 – 9/22/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TLRY 5.2 6/15/2027 | 5.20% | 06/15/27 | -18.17% | 116.34 | 142.17 | 6 |
| 2 | FUTLAN 4.45 7/13/2025 | 4.45% | 07/13/25 | -15.15% | 30.28 | 35.68 | 14 |
| 3 | FTLNHD 4.625 10/15/2025 | 4.63% | 10/15/25 | -13.75% | 29.40 | 34.08 | 15 |
| 4 | NWDEVL 4.125 PERP | 4.13% | NULL | -11.59% | 46.24 | 52.30 | 22 |
| 5 | GEMDAL 4.95 8/12/2024 | 4.95% | 08/12/24 | -10.72% | 46.26 | 51.81 | 16 |
| 6 | VTRFIN 6.375 7/15/2028 REGS | 6.38% | 07/15/28 | -8.63% | 40.54 | 44.37 | 17 |
| 7 | DALWAN 11 2/13/2026 | 11.00% | 02/13/26 | -8.01% | 40.89 | 44.45 | 23 |
| 8 | GRAANU FLT 10/15/2026 REGS | 8.34% | 10/15/26 | -7.79% | 81.22 | 88.07 | 13 |
| 9 | MIK 7.875 5/1/2029 144A | 7.88% | 05/01/29 | -7.44% | 65.89 | 71.19 | 27 |
| 10 | WOMCHI 4.7 1/22/2028 REGS | 4.70% | 01/22/28 | -7.30% | 62.18 | 67.07 | 14 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 9/15/23 – 9/22/23 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 9/15/23 – 9/22/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 9/15/23 vs. the week ending 9/22/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ICELTD FLT 12/15/2027 REGS | 0.00% | 12/15/27 | 35 | 111 | 76 | 217% |
| 2 | ARNDTN 0.375 4/15/2027 | 0.38% | 04/15/27 | 115 | 187 | 72 | 63% |
| 3 | ARNDTN 1 1/7/2025 | 1.00% | 01/07/25 | 108 | 177 | 69 | 64% |
| 4 | ARNDTN 1.625 1/31/2028 | 1.63% | 01/31/28 | 115 | 182 | 67 | 58% |
| 5 | ARNDTN 3 10/16/2029 | 3.00% | 10/16/29 | 90 | 153 | 63 | 70% |
| 6 | ARNDTN 1.5 5/28/2026 | 1.50% | 05/28/26 | 100 | 162 | 62 | 62% |
| 7 | ARNDTN 0.625 7/9/2025 | 0.63% | 07/09/25 | 113 | 172 | 59 | 52% |
| 8 | ARNDTN 1.625 PERP | 1.63% | NULL | 94 | 153 | 59 | 63% |
| 9 | ARNDTN 3.375 PERP | 3.38% | NULL | 103 | 160 | 57 | 55% |
| 10 | ARNDTN 1.45 7/9/2028 | 1.45% | 07/09/28 | 115 | 167 | 52 | 45% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 9/15/23 – 9/22/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | WYNMAC 5.625 8/26/2028 144A | 5.63% | 08/26/28 | 34 |
| 2 | ARGENT 3.625 7/9/2046 | 3.63% | 07/09/46 | 34 |
| 3 | ARGENT 1 7/9/2029 | 1.00% | 07/09/29 | 34 |
| 4 | DUK 5.75 9/15/2033 | 5.75% | 09/15/33 | 34 |
| 5 | ARGENT 0.75 7/9/2030 | 0.75% | 07/09/30 | 34 |
| 6 | ARGENT 3.625 7/9/2035 | 3.63% | 07/09/35 | 34 |
| 7 | ARGENT 3.5 7/9/2041 | 3.50% | 07/09/41 | 34 |
| 8 | WYNMAC 5.5 10/1/2027 144A | 5.50% | 10/01/27 | 33 |
| 9 | MPEL 4.875 6/6/2025 | 4.88% | 06/06/25 | 33 |
| 10 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 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 9/15/23 – 9/22/23
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