High Yield Corporate Bond Market Summary – Week Ending 11/3/23
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High Yield Corporate Bond Market Summary: Week Ending 11/3/23
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 10/27/23 – 11/3/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LUMN 7.2 12/1/2025 | 7.20% | 12/01/25 | 14.68% | 79.98 | 69.74 | 6 |
| 2 | ZYXI 5 5/15/2026 | 5.00% | 05/15/26 | 14.56% | 105.46 | 92.06 | 2 |
| 3 | UKRAIN 7.75 9/1/2026 | 7.75% | 09/01/26 | 11.82% | 30.46 | 27.24 | 21 |
| 4 | SBGI 5.5 3/1/2030 144A | 5.50% | 03/01/30 | 10.35% | 60.20 | 54.56 | 21 |
| 5 | COLOM 3.875 2/15/2061 | 3.88% | 02/15/61 | 10.35% | 55.20 | 50.03 | 26 |
| 6 | ARGID 5.25 8/15/2027 144A | 5.25% | 08/15/27 | 9.98% | 76.54 | 69.60 | 7 |
| 7 | CTL 5.625 4/1/2025 | 5.63% | 04/01/25 | 9.58% | 85.92 | 78.40 | 18 |
| 8 | VOLCAN 4.375 2/11/2026 REGS | 4.38% | 02/11/26 | 9.18% | 52.15 | 47.77 | 15 |
| 9 | LINTA 8.25 2/1/2030 | 8.25% | 02/01/30 | 8.46% | 27.96 | 25.78 | 17 |
| 10 | SOAF 7.3 4/20/2052 | 7.30% | 04/20/52 | 8.17% | 82.49 | 76.26 | 17 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 10/27/23 – 11/3/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | COMM 5 3/15/2027 | 5.00% | 03/15/27 | -31.33% | 35.50 | 51.70 | 27 |
| 2 | LVLT 3.625 1/15/2029 144A | 3.63% | 01/15/29 | -22.92% | 40.46 | 52.49 | 24 |
| 3 | PLDEVE 7.75 11/15/2025 144A | 7.75% | 11/15/25 | -14.61% | 57.50 | 67.33 | 9 |
| 4 | FMCN 8.625 6/1/2031 144A | 8.63% | 06/01/31 | -14.24% | 82.54 | 96.25 | 30 |
| 5 | ARDFIN 6.5 6/30/2027 144A | 6.50% | 06/30/27 | -13.17% | 57.91 | 66.69 | 8 |
| 6 | CYH 6.875 4/15/2029 144A | 6.88% | 04/15/29 | -11.67% | 41.35 | 46.81 | 20 |
| 7 | ARDFIN 6.5 6/30/2027 REGS | 6.50% | 06/30/27 | -9.10% | 58.40 | 64.24 | 20 |
| 8 | RAX 3.5 2/15/2028 144A | 3.50% | 02/15/28 | -8.53% | 40.62 | 44.41 | 17 |
| 9 | EAF 9.875 12/15/2028 REGS | 9.88% | 12/15/28 | -8.07% | 81.56 | 88.72 | 15 |
| 10 | CUMINT 6.75 7/1/2026 144A | 6.75% | 07/01/26 | -5.72% | 68.65 | 72.82 | 18 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 10/27/23 – 11/3/23 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 10/27/23 – 11/3/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 10/27/23 vs. the week ending 11/3/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ALNMED 10.5 2/15/2028 | 10.50% | 02/15/28 | 39 | 135 | 96 | 246% |
| 2 | F 6.95 3/6/2026 | 6.95% | 03/06/26 | 120 | 208 | 88 | 73% |
| 3 | F 2.9 2/16/2028 | 2.90% | 02/16/28 | 110 | 183 | 73 | 66% |
| 4 | VENZ 7.75 10/13/2019 | 7.75% | 10/13/19 | 175 | 247 | 72 | 41% |
| 5 | F 4.75 1/15/2043 | 4.75% | 01/15/43 | 226 | 295 | 69 | 31% |
| 6 | F 4.125 8/17/2027 | 4.13% | 08/17/27 | 240 | 304 | 64 | 27% |
| 7 | F 5.113 5/3/2029 | 5.11% | 05/03/29 | 270 | 334 | 64 | 24% |
| 8 | F 4.389 1/8/2026 | 4.39% | 01/08/26 | 235 | 297 | 62 | 26% |
| 9 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 275 | 335 | 60 | 22% |
| 10 | F 7.35 11/4/2027 | 7.35% | 11/04/27 | 270 | 329 | 59 | 22% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 10/27/23 – 11/3/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | F 7.35 11/4/2027 | 7.35% | 11/04/27 | 39 |
| 2 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 38 |
| 3 | F 3.375 11/13/2025 | 3.38% | 11/13/25 | 38 |
| 4 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 38 |
| 5 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 38 |
| 6 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 38 |
| 7 | F 5.113 5/3/2029 | 5.11% | 05/03/29 | 38 |
| 8 | F 3.25 2/12/2032 | 3.25% | 02/12/32 | 37 |
| 9 | F 7.2 6/10/2030 | 7.20% | 06/10/30 | 36 |
| 10 | F 4.95 5/28/2027 | 4.95% | 05/28/27 | 36 |
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 10/27/23 – 11/3/23
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