High Yield Corporate Bond Market Summary – Week Ending 10/20/23
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High Yield Corporate Bond Market Summary: Week Ending 10/20/23
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 |
| Venture Global | $4 billion senior secured notes | JPM | 4th Quarter 2023 |
| Aretec Group Inc. | $700 million senior secured notes | UBS | 4th Quarter 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 10/13/23 – 10/20/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PDVSA 8.5 10/27/2020 | 8.50% | 10/27/20 | 35.34% | 67.20 | 49.66 | 13 |
| 2 | QVCN 4.375 9/1/2028 | 4.38% | 09/01/28 | 16.00% | 54.42 | 46.92 | 21 |
| 3 | VSTO 4.5 3/15/2029 144A | 4.50% | 03/15/29 | 15.30% | 94.81 | 82.23 | 19 |
| 4 | RAD 8 11/15/2026 144A | 8.00% | 11/15/26 | 8.77% | 70.44 | 64.77 | 23 |
| 5 | SRILAN 5.75 4/18/2023 REGS | 5.75% | 04/18/23 | 6.94% | 50.64 | 47.35 | 17 |
| 6 | FYBR 6 1/15/2030 144A | 6.00% | 01/15/30 | 6.80% | 76.57 | 71.70 | 24 |
| 7 | TOTALP 7.5 11/12/2025 REGS | 7.50% | 11/12/25 | 5.64% | 69.20 | 65.50 | 18 |
| 8 | SSP 5.375 1/15/2031 144A | 5.38% | 01/15/31 | 5.08% | 65.90 | 62.72 | 20 |
| 9 | VSAT 6.5 7/15/2028 144A | 6.50% | 07/15/28 | 4.64% | 72.88 | 69.65 | 20 |
| 10 | PKSTAN 8.25 4/15/2024 | 8.25% | 04/15/24 | 4.28% | 83.03 | 79.63 | 25 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 10/13/23 – 10/20/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | GLPSP 4.5 PERP | 8.36% | NULL | -14.63% | 29.41 | 34.45 | 16 |
| 2 | DALWAN 11 2/13/2026 | 11.00% | 02/13/26 | -11.08% | 30.44 | 34.23 | 20 |
| 3 | BAKIDE 6.99 2/20/2032 REGS | 6.99% | 02/20/32 | -9.95% | 53.85 | 59.80 | 19 |
| 4 | HOMB 3.125 1/30/2032 | 3.13% | 01/30/32 | -9.16% | 75.17 | 82.76 | 2 |
| 5 | GHANA 8.125 1/18/2026 REGS | 8.13% | 01/18/26 | -8.98% | 41.85 | 45.98 | 19 |
| 6 | VTRCOM 4.375 4/15/2029 REGS | 4.38% | 04/15/29 | -8.81% | 43.30 | 47.49 | 17 |
| 7 | SFRFP 10.5 5/15/2027 144A | 10.50% | 05/15/27 | -8.56% | 56.83 | 62.15 | 7 |
| 8 | FUTLAN 6 8/12/2024 | 6.00% | 08/12/24 | -8.53% | 46.63 | 50.98 | 17 |
| 9 | WOMCHI 4.7 1/22/2028 REGS | 4.70% | 01/22/28 | -8.31% | 53.63 | 58.50 | 13 |
| 10 | GHANA 7.875 3/26/2027 REGS | 7.88% | 03/26/27 | -8.18% | 40.69 | 44.32 | 19 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 10/13/23 – 10/20/23 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 10/13/23 – 10/20/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 10/13/23 vs. the week ending 10/20/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | MCAIRH 8.375 5/1/2028 REGS | 8.38% | 05/01/28 | 32 | 120 | 88 | 275% |
| 2 | MEDCIJ 7.375 5/14/2026 REGS | 7.38% | 05/14/26 | 226 | 290 | 64 | 28% |
| 3 | MEDCIJ 6.75 1/30/2025 REGS | 6.75% | 01/30/25 | 253 | 305 | 52 | 21% |
| 4 | LVIATH 6.75 6/30/2030 | 6.75% | 06/30/30 | 178 | 224 | 46 | 26% |
| 5 | LVIATH 6.125 6/30/2025 | 6.13% | 06/30/25 | 176 | 217 | 41 | 23% |
| 6 | MEDCIJ 6.375 1/30/2027 REGS | 6.38% | 01/30/27 | 249 | 290 | 41 | 16% |
| 7 | LVIATH 6.5 6/30/2027 | 6.50% | 06/30/27 | 180 | 220 | 40 | 22% |
| 8 | MEDCIJ 6.95 11/12/2028 REGS | 6.95% | 11/12/28 | 254 | 290 | 36 | 14% |
| 9 | MBGGR 2.7 6/14/2024 144A | 2.70% | 06/14/24 | 95 | 130 | 35 | 37% |
| 10 | ELEBRA 4.625 2/4/2030 REGS | 4.63% | 02/04/30 | 130 | 164 | 34 | 26% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 10/13/23 – 10/20/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | WYNMAC 5.125 12/15/2029 144A | 5.13% | 12/15/29 | 35 |
| 2 | WYNMAC 5.5 10/1/2027 144A | 5.50% | 10/01/27 | 34 |
| 3 | SHLFDI 8.25 2/15/2025 144A | 8.25% | 02/15/25 | 34 |
| 4 | WYNMAC 4.875 10/1/2024 144A | 4.88% | 10/01/24 | 33 |
| 5 | SHLFDI 8.875 11/15/2024 144A | 8.88% | 11/15/24 | 33 |
| 6 | LOW 5.15 7/1/2033 | 5.15% | 07/01/33 | 32 |
| 7 | WYNMAC 5.625 8/26/2028 144A | 5.63% | 08/26/28 | 32 |
| 8 | CHTR 7.375 3/1/2031 144A | 7.38% | 03/01/31 | 32 |
| 9 | TEVA 3.15 10/1/2026 | 3.15% | 10/01/26 | 32 |
| 10 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 31 |
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 10/13/23 – 10/20/23
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