High Yield Corporate Bond Market Summary – Week Ending 12/8/23
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High Yield Corporate Bond Market Summary: Week Ending 12/8/23
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 |
|---|---|---|---|
| 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 12/1/23 – 12/8/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ACPROD 6.375 5/15/2029 144A | 6.38% | 05/15/29 | 23.74% | 75.25 | 60.81 | 16 |
| 2 | DALWAN 11 2/13/2026 | 11.00% | 02/13/26 | 21.80% | 34.43 | 28.26 | 23 |
| 3 | PLDEVE 7.75 11/15/2025 144A | 7.75% | 11/15/25 | 20.26% | 78.03 | 64.89 | 12 |
| 4 | HA 5.75 1/20/2026 144A | 5.75% | 01/20/26 | 16.21% | 92.13 | 79.28 | 27 |
| 5 | USRENA 10.625 7/15/2027 144A | 10.63% | 07/15/27 | 13.62% | 47.70 | 41.98 | 8 |
| 6 | BHCCN 6.25 2/15/2029 144A | 6.25% | 02/15/29 | 13.45% | 40.26 | 35.49 | 17 |
| 7 | VTRCOM 4.375 4/15/2029 REGS | 4.38% | 04/15/29 | 11.95% | 45.92 | 41.01 | 14 |
| 8 | UNSTSV 8 11/15/2029 144A | 8.00% | 11/15/29 | 9.83% | 50.27 | 45.77 | 19 |
| 9 | SCCPWR 8 12/31/2028 144A | 8.00% | 12/31/28 | 9.03% | 43.63 | 40.01 | 7 |
| 10 | WEWORK 15 8/15/2027 | 15.00% | 08/15/27 | 9.03% | 33.38 | 30.62 | 10 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 12/1/23 – 12/8/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | BRNKGR 2.25 9/22/2026 | 2.25% | 09/22/26 | -20.19% | 29.41 | 36.85 | 15 |
| 2 | GEMDAL 4.95 8/12/2024 | 4.95% | 08/12/24 | -15.99% | 41.15 | 48.98 | 17 |
| 3 | FUTLAN 4.45 7/13/2025 | 4.45% | 07/13/25 | -15.03% | 27.10 | 31.89 | 16 |
| 4 | ROADKG 5.9 3/5/2025 | 5.90% | 03/05/25 | -13.50% | 51.74 | 59.81 | 20 |
| 5 | BRASKM 7.125 7/22/2041 | 7.13% | 07/22/41 | -13.25% | 78.64 | 90.64 | 20 |
| 6 | BAKIDE 7.45 11/15/2029 REGS | 7.45% | 11/15/29 | -12.59% | 59.17 | 67.69 | 18 |
| 7 | FTLNHD 4.625 10/15/2025 | 4.63% | 10/15/25 | -11.18% | 25.40 | 28.60 | 17 |
| 8 | THAMES 4.625 5/19/2026 REGS | 4.63% | 05/19/26 | -10.05% | 53.09 | 59.02 | 17 |
| 9 | FRAX 7.5 9/30/2029 144A | 7.50% | 09/30/29 | -8.81% | 47.74 | 52.36 | 20 |
| 10 | LOGM 5.5 9/1/2027 144A | 5.50% | 09/01/27 | -8.50% | 53.59 | 58.57 | 15 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 12/1/23 – 12/8/23 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 12/1/23 – 12/8/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 12/1/23 vs. the week ending 12/8/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | HHH 4.125 2/1/2029 144A | 4.13% | 02/01/29 | 63 | 178 | 115 | 183% |
| 2 | HHH 4.375 2/1/2031 144A | 4.38% | 02/01/31 | 67 | 180 | 113 | 169% |
| 3 | VYX 5.125 4/15/2029 144A | 5.13% | 04/15/29 | 66 | 178 | 112 | 170% |
| 4 | VYX 5.25 10/1/2030 144A | 5.25% | 10/01/30 | 40 | 150 | 110 | 275% |
| 5 | HHH 5.375 8/1/2028 144A | 5.38% | 08/01/28 | 67 | 176 | 109 | 163% |
| 6 | VYX 5 10/1/2028 144A | 5.00% | 10/01/28 | 50 | 154 | 104 | 208% |
| 7 | OBDC 3.4 7/15/2026 | 3.40% | 07/15/26 | 34 | 134 | 100 | 294% |
| 8 | NDAFH 1.5 9/30/2026 REGS | 1.50% | 09/30/26 | 75 | 165 | 90 | 120% |
| 9 | COR 4.3 12/15/2047 | 4.30% | 12/15/47 | 20 | 107 | 87 | 435% |
| 10 | NDAFH 0.75 8/28/2025 REGS | 0.75% | 08/28/25 | 50 | 135 | 85 | 170% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 12/1/23 – 12/8/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | F 5.113 5/3/2029 | 5.11% | 05/03/29 | 38 |
| 2 | VTLE 9.5 1/15/2025 | 9.50% | 01/15/25 | 37 |
| 3 | F 5.125 6/16/2025 | 5.13% | 06/16/25 | 37 |
| 4 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 37 |
| 5 | OMF 6.125 3/15/2024 | 6.13% | 03/15/24 | 37 |
| 6 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 36 |
| 7 | BBDBCN 7.5 3/15/2025 | 7.50% | 03/15/25 | 36 |
| 8 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 35 |
| 9 | F 7.122 11/7/2033 | 7.12% | 11/07/33 | 35 |
| 10 | ST 5.625 11/1/2024 | 5.63% | 11/01/24 | 34 |
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 12/1/23 – 12/8/23
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