High Yield Corporate Bond Market Summary – Week Ending 12/15/23
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High Yield Corporate Bond Market Summary: Week Ending 12/15/23
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 12/8/23 – 12/15/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | DALWAN 11 1/20/2025 | 11.00% | 01/20/25 | 74.06% | 65.89 | 37.85 | 22 |
| 2 | SURINM 0 12/31/2050 REGS | 0.00% | 12/31/50 | 66.93% | 38.98 | 23.35 | 8 |
| 3 | LUMN 4.5 1/15/2029 144A | 4.50% | 01/15/29 | 32.90% | 28.83 | 21.69 | 17 |
| 4 | SFRFP 6 2/15/2028 144A | 6.00% | 02/15/28 | 17.97% | 47.12 | 39.94 | 7 |
| 5 | FLOAT 10 9/24/2026 | 10.00% | 09/24/26 | 17.14% | 87.81 | 74.96 | 5 |
| 6 | M 4.3 2/15/2043 | 4.30% | 02/15/43 | 16.86% | 72.75 | 62.25 | 26 |
| 7 | ATOFP 1 11/12/2029 | 1.00% | 11/12/29 | 14.75% | 52.85 | 46.06 | 20 |
| 8 | RADIAT 6.5 9/15/2028 144A | 6.50% | 09/15/28 | 14.29% | 50.04 | 43.79 | 21 |
| 9 | LMRTSP 7.25 6/19/2024 | 7.25% | 06/19/24 | 13.63% | 76.70 | 67.50 | 20 |
| 10 | ARDFIN 6.5 6/30/2027 144A | 6.50% | 06/30/27 | 12.18% | 53.74 | 47.91 | 9 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 12/8/23 – 12/15/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | HRGNO 11 2/14/2025 | 11.00% | 02/14/25 | -26.46% | 61.12 | 83.12 | 5 |
| 2 | NDB 8.5 PERP | 8.50% | NULL | -11.47% | 67.80 | 76.58 | 5 |
| 3 | GOLLBZ 7 1/31/2025 144A | 7.00% | 01/31/25 | -10.95% | 34.16 | 38.36 | 15 |
| 4 | THAMES 4.625 5/19/2026 REGS | 4.63% | 05/19/26 | -7.70% | 49.00 | 53.09 | 18 |
| 5 | BRASKM 8.5 1/23/2081 144A | 8.50% | 01/23/81 | -4.81% | 83.36 | 87.57 | 16 |
| 6 | M 6.7 7/15/2034 | 6.70% | 07/15/34 | -4.18% | 80.16 | 83.66 | 14 |
| 7 | KPERST 6.5 9/1/2026 REGS | 6.50% | 09/01/26 | -4.14% | 52.40 | 54.66 | 18 |
| 8 | ECUA 3.5 7/31/2035 REGS | 3.50% | 07/31/35 | -3.99% | 34.01 | 35.42 | 25 |
| 9 | RAD 8 11/15/2026 144A | 8.00% | 11/15/26 | -3.61% | 70.70 | 73.35 | 21 |
| 10 | DLLTD 13 12/31/2025 144A | 13.00% | 12/31/25 | -3.57% | 66.90 | 69.38 | 6 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 12/8/23 – 12/15/23 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 12/8/23 – 12/15/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 12/8/23 vs. the week ending 12/15/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | NDAFH 2.875 8/24/2032 | 2.88% | 08/24/32 | 148 | 228 | 80 | 54% |
| 2 | NDAFH 2.5 5/23/2029 | 2.50% | 05/23/29 | 145 | 223 | 78 | 54% |
| 3 | LEBAN 8.25 4/12/2021 REGS | 8.25% | 04/12/21 | 30 | 106 | 76 | 253% |
| 4 | NDAFH 3.6 6/6/2025 144A | 3.60% | 06/06/25 | 76 | 145 | 69 | 91% |
| 5 | NDAFH 4.75 9/22/2025 144A | 4.75% | 09/22/25 | 85 | 145 | 60 | 71% |
| 6 | NDAFH 1.125 2/16/2027 | 1.13% | 02/16/27 | 170 | 230 | 60 | 35% |
| 7 | RZNCAN 9.375 5/1/2029 144A | 9.38% | 05/01/29 | 133 | 181 | 48 | 36% |
| 8 | DINO 5 2/1/2028 144A | 5.00% | 02/01/28 | 12 | 59 | 47 | 392% |
| 9 | M 5.125 1/15/2042 | 5.13% | 01/15/42 | 220 | 267 | 47 | 21% |
| 10 | LFBANK 4 1/18/2027 | 4.00% | 01/18/27 | 95 | 140 | 45 | 47% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 12/8/23 – 12/15/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 39 |
| 2 | F 6.8 5/12/2028 | 6.80% | 05/12/28 | 38 |
| 3 | F 7.35 3/6/2030 | 7.35% | 03/06/30 | 38 |
| 4 | VTLE 9.5 1/15/2025 | 9.50% | 01/15/25 | 38 |
| 5 | F 5.113 5/3/2029 | 5.11% | 05/03/29 | 38 |
| 6 | F 3.25 2/12/2032 | 3.25% | 02/12/32 | 36 |
| 7 | OMF 6.125 3/15/2024 | 6.13% | 03/15/24 | 36 |
| 8 | F 4.389 1/8/2026 | 4.39% | 01/08/26 | 35 |
| 9 | BBDBCN 7.5 3/15/2025 | 7.50% | 03/15/25 | 35 |
| 10 | F 3.625 6/17/2031 | 3.63% | 06/17/31 | 35 |
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 12/8/23 – 12/15/23
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