High Yield Corporate Bond Market Summary – Week Ending 11/17/23
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High Yield Corporate Bond Market Summary: Week Ending 11/17/23
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 |
|---|---|---|---|
| Veritiv Corp. | $600MM high yield notes | GS | Q4 2023 |
| Brightspeed | $1.865B senior secured | N/A | Q4 2023 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 11/10/23 – 11/17/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | RADPAR 9.25 2/1/2028 144A | 9.25% | 02/01/28 | 22.86% | 45.73 | 37.22 | 20 |
| 2 | DALWAN 11 2/13/2026 | 11.00% | 02/13/26 | 17.74% | 33.36 | 28.34 | 21 |
| 3 | TLWLN 7 3/1/2025 144A | 7.00% | 03/01/25 | 16.87% | 91.44 | 78.25 | 4 |
| 4 | LINTA 8.25 2/1/2030 | 8.25% | 02/01/30 | 15.79% | 37.98 | 32.80 | 17 |
| 5 | GRAANU 4.625 10/15/2026 REGS | 4.63% | 10/15/26 | 14.23% | 72.51 | 63.48 | 19 |
| 6 | LVLT 3.75 7/15/2029 144A | 3.75% | 07/15/29 | 11.76% | 38.13 | 34.12 | 23 |
| 7 | HA 5.75 1/20/2026 144A | 5.75% | 01/20/26 | 11.15% | 77.98 | 70.15 | 28 |
| 8 | INTLGR 6.125 4/1/2029 144A | 6.13% | 04/01/29 | 10.70% | 62.79 | 56.72 | 10 |
| 9 | PKSTAN 6 4/8/2026 REGS | 6.00% | 04/08/26 | 10.36% | 60.24 | 54.59 | 23 |
| 10 | LIFUNG 5.25 PERP | 5.25% | NULL | 10.13% | 37.56 | 34.11 | 10 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 11/10/23 – 11/17/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | UNSTSV 8 11/15/2029 144A | 8.00% | 11/15/29 | -15.46% | 37.85 | 44.77 | 16 |
| 2 | USACUT 6.375 3/1/2026 144A | 6.38% | 03/01/26 | -13.20% | 75.38 | 86.84 | 17 |
| 3 | HEIBOS 3.248 PERP | 3.25% | 11/19/99 | -11.32% | 47.00 | 53.00 | 20 |
| 4 | BOLIVI 7.5 3/2/2030 REGS | 7.50% | 03/02/30 | -8.63% | 56.67 | 62.02 | 12 |
| 5 | TOTALP 6.375 9/20/2028 REGS | 6.38% | 09/20/28 | -8.53% | 37.51 | 41.00 | 17 |
| 6 | SFRFP 4 2/15/2028 REGS | 4.00% | 02/15/28 | -7.12% | 37.29 | 40.15 | 24 |
| 7 | RADIAT 6.5 9/15/2028 144A | 6.50% | 09/15/28 | -6.27% | 46.78 | 49.91 | 20 |
| 8 | BHCCN 6.25 2/15/2029 144A | 6.25% | 02/15/29 | -5.95% | 34.66 | 36.85 | 17 |
| 9 | VERITS 7.5 9/1/2025 144A | 7.50% | 09/01/25 | -5.50% | 76.96 | 81.44 | 20 |
| 10 | ARDFIN 6.5 6/30/2027 144A | 6.50% | 06/30/27 | -5.02% | 53.38 | 56.19 | 8 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 11/10/23 – 11/17/23 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 11/10/23 – 11/17/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 11/10/23 vs. the week ending 11/17/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | FMGAU 5.875 4/15/2030 144A | 5.88% | 04/15/30 | 124 | 227 | 103 | 83% |
| 2 | FMGAU 6.125 4/15/2032 144A | 6.13% | 04/15/32 | 132 | 232 | 100 | 76% |
| 3 | ECUA 6 7/31/2030 REGS | 6.16% | 07/31/30 | 157 | 235 | 78 | 50% |
| 4 | EVA 6.5 1/15/2026 144A | 6.50% | 01/15/26 | 207 | 282 | 75 | 36% |
| 5 | ISPIM 5.875 PERP | 5.88% | NULL | 160 | 220 | 60 | 38% |
| 6 | EGBLFN 8.5 10/30/2025 144A | 8.50% | 10/30/25 | 55 | 112 | 57 | 104% |
| 7 | MOZAM 9 9/15/2031 144A | 9.00% | 09/15/31 | 32 | 86 | 54 | 169% |
| 8 | EGBLFN 6.75 2/7/2025 144A | 6.75% | 02/07/25 | 55 | 104 | 49 | 89% |
| 9 | OMF 9 1/15/2029 | 9.00% | 01/15/29 | 244 | 284 | 40 | 16% |
| 10 | CLR 3.8 6/1/2024 | 3.80% | 06/01/24 | 65 | 101 | 36 | 55% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 11/10/23 – 11/17/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 42 |
| 2 | F 3.375 11/13/2025 | 3.38% | 11/13/25 | 40 |
| 3 | F 5.113 5/3/2029 | 5.11% | 05/03/29 | 40 |
| 4 | F 7.35 11/4/2027 | 7.35% | 11/04/27 | 39 |
| 5 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 39 |
| 6 | F 3.25 2/12/2032 | 3.25% | 02/12/32 | 39 |
| 7 | F 4.389 1/8/2026 | 4.39% | 01/08/26 | 38 |
| 8 | F 6.95 6/10/2026 | 6.95% | 06/10/26 | 38 |
| 9 | F 5.125 6/16/2025 | 5.13% | 06/16/25 | 38 |
| 10 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 38 |
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 11/10/23 – 11/17/23
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