High Yield Corporate Bond Market Summary – Week Ending 3/22/24
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High Yield Corporate Bond Market Summary: Week Ending 3/22/24
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 3/15/24 – 3/22/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | VTRFIN 6.375 7/15/2028 REGS | 6.38% | 07/15/28 | 21.41% | 56.12 | 46.23 | 16 |
| 2 | ARNDTN 2.125 PERP | 2.13% | NULL | 17.61% | 51.49 | 43.78 | 11 |
| 3 | UNSTSV 8 11/15/2029 144A | 8.00% | 11/15/29 | 14.31% | 53.49 | 46.79 | 16 |
| 4 | VTRCOM 5.125 1/15/2028 REGS | 5.13% | 01/15/28 | 12.46% | 70.72 | 62.89 | 16 |
| 5 | ARNDTN 2.875 PERP | 2.88% | NULL | 13.81% | 51.13 | 44.92 | 17 |
| 6 | ARGENT 2 1/9/2038 | 2.00% | 01/09/38 | 10.47% | 46.32 | 41.93 | 10 |
| 7 | CPIPGR 4.875 PERP | 4.88% | NULL | 9.79% | 57.78 | 52.62 | 13 |
| 8 | PAKWNP 7.5 6/4/2031 | 7.50% | 06/04/31 | 9.57% | 73.52 | 67.10 | 17 |
| 9 | RIG 4.625 9/30/2029 | 4.63% | 09/30/29 | 8.12% | 197.75 | 182.90 | 3 |
| 10 | NOVA 11.75 10/1/2028 144A | 11.75% | 10/01/28 | 6.57% | 71.24 | 66.84 | 19 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 3/15/24 – 3/22/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SFRFP 6 2/15/2028 144A | 6.00% | 02/15/28 | -46.56% | 28.38 | 53.10 | 9 |
| 2 | ALTICE 4.75 1/15/2028 REGS | 4.75% | 01/15/28 | -25.30% | 65.68 | 87.92 | 24 |
| 3 | ARDFIN 6.5 6/30/2027 144A | 6.50% | 06/30/27 | -23.43% | 29.52 | 38.55 | 7 |
| 4 | ARGID 5.25 8/15/2027 144A | 5.25% | 08/15/27 | -17.08% | 57.45 | 69.29 | 9 |
| 5 | HILOHO 9.75 11/18/2024 144A | 9.75% | 11/18/24 | -16.25% | 63.76 | 76.13 | 15 |
| 6 | CSCHLD 5.75 1/15/2030 144A | 5.75% | 01/15/30 | -9.59% | 52.28 | 57.82 | 23 |
| 7 | INTRUM FLT 10/1/2024 | 7.29% | 10/01/24 | -8.88% | 72.94 | 80.06 | 3 |
| 8 | MONMIN 0 PERP | 0.00% | NULL | -8.34% | 99.73 | 108.80 | 3 |
| 9 | TOTALP 7.5 11/12/2025 REGS | 7.50% | 11/12/25 | -6.12% | 60.00 | 63.91 | 15 |
| 10 | ARGID 2.125 8/15/2026 REGS | 2.13% | 08/15/26 | -5.98% | 82.94 | 88.22 | 10 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 3/15/24 – 3/22/24 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 3/15/24 – 3/22/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 3/15/24 vs. the week ending 3/22/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ASTONM 10.5 11/30/2025 144A | 10.50% | 11/30/25 | 178 | 261 | 83 | 47% |
| 2 | NWL 4.875 6/1/2025 | 4.88% | 06/01/25 | 209 | 265 | 56 | 27% |
| 3 | GALIAR 8.25 7/19/2026 REGS | 7.96% | 07/19/26 | 46 | 102 | 56 | 122% |
| 4 | BZH 6.75 3/15/2025 | 6.75% | 03/15/25 | 244 | 300 | 56 | 23% |
| 5 | URWFP 2 6/29/2032 | 2.00% | 06/29/32 | 128 | 180 | 52 | 41% |
| 6 | HLF 7.875 9/1/2025 144A | 7.88% | 09/01/25 | 166 | 217 | 51 | 31% |
| 7 | URWFP 0.625 5/4/2027 | 0.63% | 05/04/27 | 130 | 180 | 50 | 38% |
| 8 | EPC 5.5 6/1/2028 144A | 5.50% | 06/01/28 | 142 | 190 | 48 | 34% |
| 9 | VVV 4.25 2/15/2030 | 4.25% | 02/15/30 | 250 | 297 | 47 | 19% |
| 10 | GFLCN 4.25 6/1/2025 144A | 4.25% | 06/01/25 | 176 | 221 | 45 | 26% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 3/15/24 – 3/22/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | USAC 6.875 4/1/2026 | 6.88% | 04/01/26 | 38 |
| 2 | TMUS 5.05 7/15/2033 | 5.05% | 07/15/33 | 37 |
| 3 | F 6.125 3/8/2034 | 6.13% | 03/08/34 | 37 |
| 4 | F 5.8 3/8/2029 | 5.80% | 03/08/29 | 37 |
| 5 | SANTAN 9.625 PERP | 9.63% | 11/21/99 | 35 |
| 6 | BZH 6.75 3/15/2025 | 6.75% | 03/15/25 | 35 |
| 7 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 35 |
| 8 | BALL 5.25 7/1/2025 | 5.25% | 07/01/25 | 35 |
| 9 | F 3.25 2/12/2032 | 3.25% | 02/12/32 | 35 |
| 10 | PR 6.875 4/1/2027 144A | 6.88% | 04/01/27 | 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 3/15/24 – 3/22/24
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