High Yield Corporate Bond Market Summary – Week Ending 9/29/23
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High Yield Corporate Bond Market Summary: Week Ending 9/29/23
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 | 4th Quarter 2023 |
| Brightspeed | $1.865 billion senior secured | N/A | 4th Quarter 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 9/22/23 – 9/29/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CANHEA 6.25 10/1/2028 144A | 6.25% | 10/01/28 | 38.49% | 44.60 | 32.21 | 14 |
| 2 | SELNSW 12 10/1/2026 | 12.00% | 10/01/26 | 24.04% | 39.78 | 32.07 | 9 |
| 3 | NAFTO 7.125 7/19/2026 | 7.13% | 07/19/26 | 23.96% | 47.45 | 38.28 | 19 |
| 4 | ILAPCL 5.125 6/15/2033 REGS | 5.13% | 06/15/33 | 23.13% | 51.95 | 42.19 | 11 |
| 5 | MHPSA 7.75 5/10/2024 REGS | 7.75% | 05/10/24 | 22.52% | 84.28 | 68.79 | 23 |
| 6 | CHGRAU 9.109 PERP | 9.91% | NULL | 19.85% | 93.13 | 77.71 | 13 |
| 7 | RAILUA 7.875 7/15/2028 | 7.88% | 07/15/28 | 18.92% | 47.22 | 39.70 | 20 |
| 8 | METINV 5.625 6/17/2025 REGS | 5.63% | 06/17/25 | 9.65% | 77.79 | 70.94 | 24 |
| 9 | VEDLN 8.95 3/11/2025 REGS | 8.95% | 03/11/25 | 6.84% | 74.56 | 69.78 | 30 |
| 10 | RADPAR 9.25 2/1/2028 144A | 9.25% | 02/01/28 | 6.24% | 40.25 | 37.88 | 18 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 9/22/23 – 9/29/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | HOME 7.125 7/15/2029 144A | 7.13% | 07/15/29 | -32.65% | 28.26 | 41.96 | 15 |
| 2 | DALWAN 11 1/20/2025 | 11.00% | 01/20/25 | -15.30% | 38.17 | 45.07 | 23 |
| 3 | FUTLAN 4.45 7/13/2025 | 4.45% | 07/13/25 | -12.74% | 26.42 | 30.28 | 17 |
| 4 | HEFOSO 8.5 6/1/2026 144A | 8.50% | 06/01/26 | -11.77% | 30.76 | 34.86 | 11 |
| 5 | ROADKG 5.2 1/12/2026 | 5.20% | 01/12/26 | -10.63% | 36.76 | 41.13 | 20 |
| 6 | FTLNHD 4.8 12/15/2024 | 4.80% | 12/15/24 | -10.20% | 35.94 | 40.02 | 21 |
| 7 | RFLB 4.5 7/16/2025 | 4.50% | 07/16/25 | -9.21% | 32.52 | 35.82 | 2 |
| 8 | CYH 6.875 4/1/2028 144A | 6.88% | 04/01/28 | -8.37% | 53.37 | 58.24 | 17 |
| 9 | YLLGSP 5.125 5/20/2026 | 5.13% | 05/20/26 | -7.86% | 58.05 | 63.00 | 19 |
| 10 | CVNA 13 6/1/2030 144A | 13.00% | 06/01/30 | -7.59% | 76.76 | 83.07 | 19 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 9/22/23 – 9/29/23 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 9/22/23 – 9/29/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 9/22/23 vs. the week ending 9/29/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | TDG 6.875 12/15/2030 144A | 6.88% | 12/15/30 | 7 | 161 | 154 | 2200% |
| 2 | TENDAM FLT 3/31/2028 144A | 0.00% | 03/31/28 | 21 | 68 | 47 | 224% |
| 3 | MONMIN 12.5 9/13/2026 | 12.50% | 09/13/26 | 140 | 181 | 41 | 29% |
| 4 | FIREBC FLT 2/6/2028 144A | 0.00% | 02/06/28 | 64 | 101 | 37 | 58% |
| 5 | NWL 4.2 4/1/2026 | 4.20% | 04/01/26 | 213 | 249 | 36 | 17% |
| 6 | LMRTSP 7.25 6/19/2024 | 7.25% | 06/19/24 | 178 | 211 | 33 | 19% |
| 7 | VTLE 10.125 1/15/2028 | 10.13% | 01/15/28 | 224 | 256 | 32 | 14% |
| 8 | ROADKG 7.95 12/31/2049 | 7.95% | NULL | 159 | 191 | 32 | 20% |
| 9 | HRINTH 5 11/19/2025 | 5.00% | 11/19/25 | 231 | 261 | 30 | 13% |
| 10 | HBAN FLT PERP | 6.30% | 06/15/28 | 70 | 100 | 30 | 43% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 9/22/23 – 9/29/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | WYNMAC 5.5 10/1/2027 144A | 5.50% | 10/01/27 | 33 |
| 2 | WYNMAC 5.625 8/26/2028 144A | 5.63% | 08/26/28 | 33 |
| 3 | TTMTIN 7.75 10/15/2025 REGS | 7.75% | 10/15/25 | 33 |
| 4 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 33 |
| 5 | ARGENT 0.75 7/9/2030 | 0.75% | 07/09/30 | 32 |
| 6 | ARGENT 3.625 7/9/2035 | 3.63% | 07/09/35 | 32 |
| 7 | ARGENT 3.5 7/9/2041 | 3.50% | 07/09/41 | 32 |
| 8 | ARGENT 3.625 7/9/2046 | 3.63% | 07/09/46 | 32 |
| 9 | MPEL 4.875 6/6/2025 | 4.88% | 06/06/25 | 32 |
| 10 | USFOOD 6.25 4/15/2025 144A | 6.25% | 04/15/25 | 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 9/22/23 – 9/29/23
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