High Yield Corporate Bond Market Summary – Week Ending 3/8/24
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High Yield Corporate Bond Market Summary: Week Ending 3/8/24
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 | ISSUE INFORMATION | BROKER DEALER | EXPECTED ISSUE DATE |
|---|---|---|---|
| Brightspeed | $1.865 billion senior secured notes | 1st Quarter 2024 | |
| Clear Channel Outdoor Holdings | $865 million senior secured notes | JPM | 1st Quarter 2024 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 3/1/24 – 3/8/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PBBGR 4.679 6/28/2027 | 4.68% | 06/28/27 | 29.98% | 48.32 | 37.18 | 22 |
| 2 | BOPREA 5 10/31/2027 | 5.00% | 10/31/27 | 27.43% | 80.95 | 63.52 | 12 |
| 3 | SECBEN 7 PERP REGS | 7.00% | NULL | 13.31% | 79.50 | 70.17 | 3 |
| 4 | UKRAIN 6.876 5/21/2031 REGS | 6.88% | 05/21/31 | 13.05% | 28.46 | 25.18 | 21 |
| 5 | SFRFP 4 2/15/2028 REGS | 4.00% | 02/15/28 | 12.84% | 52.99 | 46.96 | 21 |
| 6 | ECUA 0 7/31/2030 REGS | 0.00% | 07/31/30 | 12.76% | 47.42 | 42.05 | 24 |
| 7 | CPIPGR 4.875 PERP | 4.88% | NULL | 11.85% | 50.10 | 44.79 | 13 |
| 8 | PKSTAN 8.875 4/8/2051 REGS | 8.88% | 04/08/51 | 10.89% | 75.40 | 68.00 | 23 |
| 9 | GHANA 8.875 5/7/2042 REGS | 8.88% | 05/07/42 | 10.24% | 46.41 | 42.10 | 19 |
| 10 | TOTALP 7.5 11/12/2025 REGS | 7.50% | 11/12/25 | 10.10% | 65.40 | 59.40 | 15 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 3/1/24 – 3/8/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ARDFIN 6.5 6/30/2027 REGS | 6.50% | 06/30/27 | -10.43% | 40.37 | 45.07 | 21 |
| 2 | CMGMCO 8.875 12/15/2027 144A | 8.88% | 12/15/27 | -9.69% | 62.96 | 69.72 | 20 |
| 3 | WW 4.5 4/15/2029 144A | 4.50% | 04/15/29 | -8.61% | 46.15 | 50.50 | 20 |
| 4 | BUENOS 5.5 9/1/2037 144A | 5.50% | 09/01/37 | -8.16% | 31.03 | 33.79 | 10 |
| 5 | COMM 5 3/15/2027 | 5.00% | 03/15/27 | -5.56% | 36.59 | 38.75 | 21 |
| 6 | DALWAN 11 1/20/2025 | 11.00% | 01/20/25 | -5.46% | 75.87 | 80.25 | 19 |
| 7 | BTSG 6.75 2/1/2027 | 6.75% | 02/01/27 | -5.41% | 38.59 | 40.80 | 6 |
| 8 | VEDLN 9.25 4/23/2026 REGS | 9.25% | 04/23/26 | -5.40% | 83.00 | 87.73 | 13 |
| 9 | GRFSM 3.875 10/15/2028 REGS | 3.88% | 10/15/28 | -5.07% | 81.82 | 86.19 | 12 |
| 10 | SCN 10.75 8/31/2029 | 10.75% | 08/31/29 | -4.57% | 49.13 | 51.48 | 2 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 3/1/24 – 3/8/24 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 3/1/24 – 3/8/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 3/1/24 vs. the week ending 3/8/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | FMGAU 4.5 9/15/2027 REGS | 4.50% | 09/15/27 | 20 | 124 | 104 | 520% |
| 2 | MBGGR 3.45 1/6/2027 REGS | 3.45% | 01/06/27 | 35 | 115 | 80 | 229% |
| 3 | ROLLS 5.75 10/15/2027 REGS | 5.75% | 10/15/27 | 99 | 178 | 79 | 80% |
| 4 | MBGGR 3.5 8/3/2025 REGS | 3.50% | 08/03/25 | 45 | 108 | 63 | 140% |
| 5 | MINAU 8.125 5/1/2027 144A | 8.13% | 05/01/27 | 98 | 160 | 62 | 63% |
| 6 | GLOBAU 8.375 1/15/2029 | 8.38% | 01/15/29 | 45 | 106 | 61 | 136% |
| 7 | DOMREP 6.875 1/29/2026 REGS | 6.88% | 01/29/26 | 24 | 84 | 60 | 250% |
| 8 | USAC 6.875 4/1/2026 | 6.88% | 04/01/26 | 223 | 280 | 57 | 26% |
| 9 | PARGUY 5.4 3/30/2050 REGS | 5.40% | 03/30/50 | 20 | 76 | 56 | 280% |
| 10 | GLOBAU 8.75 1/15/2032 | 8.75% | 01/15/32 | 35 | 91 | 56 | 160% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 3/1/24 – 3/8/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | USAC 6.875 4/1/2026 | 6.88% | 04/01/26 | 38 |
| 2 | BALL 5.25 7/1/2025 | 5.25% | 07/01/25 | 37 |
| 3 | TMUS 5.05 7/15/2033 | 5.05% | 07/15/33 | 36 |
| 4 | SANTAN 9.625 PERP | 9.63% | 11/21/99 | 35 |
| 5 | SOCGEN 9.375 PERP REGS | 9.38% | 11/22/99 | 34 |
| 6 | TDG 6.25 3/15/2026 144A | 6.25% | 03/15/26 | 34 |
| 7 | INTNED 3.875 PERP | 3.88% | NULL | 34 |
| 8 | TMUS 5.15 4/15/2034 | 5.15% | 04/15/34 | 34 |
| 9 | FMCN 7.5 4/1/2025 144A | 7.50% | 04/01/25 | 34 |
| 10 | CHTR 5.25 4/1/2053 | 5.25% | 04/01/53 | 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 3/1/24 – 3/8/24
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