High Yield Corporate Bond Market Summary – Week Ending 4/5/24
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High Yield Corporate Bond Market Summary: Week Ending 4/5/24
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 3/28/24 – 4/5/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | DBBYRB 6.75 5/2/2024 REGS | 6.75% | 05/02/24 | 18.48% | 46.06 | 38.87 | 7 |
| 2 | EBS 3.875 8/15/2028 144A | 3.88% | 08/15/28 | 10.34% | 50.43 | 45.71 | 19 |
| 3 | BHCCN 7.25 5/30/2029 144A | 7.25% | 05/30/29 | 8.65% | 47.37 | 43.60 | 19 |
| 4 | ARNDTN 2.875 PERP | 2.88% | NULL | 8.50% | 55.90 | 51.52 | 17 |
| 5 | VTRFIN 6.375 7/15/2028 REGS | 6.38% | 07/15/28 | 8.43% | 61.09 | 56.34 | 18 |
| 6 | INTRUM 11.875 7/3/2025 | 11.88% | 07/03/25 | 8.33% | 68.22 | 62.98 | 3 |
| 7 | ARGENT 0.125 7/9/2030 | 0.13% | 07/09/30 | 7.98% | 51.61 | 47.80 | 10 |
| 8 | SFRFP 6 2/15/2028 144A | 6.00% | 02/15/28 | 7.28% | 30.38 | 28.32 | 10 |
| 9 | CLARFP 4.125 PERP | 4.13% | NULL | 5.87% | 65.47 | 61.84 | 12 |
| 10 | VTRCOM 4.375 4/15/2029 REGS | 4.38% | 04/15/29 | 5.82% | 71.85 | 67.90 | 17 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 3/28/24 – 4/5/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SFRFP 8 5/15/2027 REGS | 8.00% | 05/15/27 | -44.92% | 33.10 | 60.10 | 23 |
| 2 | WOMCHI 6.875 11/26/2024 REGS | 6.88% | 11/26/24 | -28.07% | 35.26 | 49.02 | 18 |
| 3 | TELSAT 4.875 6/1/2027 144A | 4.88% | 06/01/27 | -25.24% | 42.00 | 56.18 | 17 |
| 4 | TSE 5.125 4/1/2029 REGS | 5.13% | 04/01/29 | -18.58% | 26.02 | 31.96 | 18 |
| 5 | LVLT 3.75 7/15/2029 144A | 3.75% | 07/15/29 | -11.56% | 37.79 | 42.73 | 16 |
| 6 | LUMN 7.65 3/15/2042 | 7.65% | 03/15/42 | -11.48% | 31.80 | 35.92 | 13 |
| 7 | UKRAIN 7.75 9/1/2027 REGS | 7.75% | 09/01/27 | -10.71% | 32.87 | 36.82 | 20 |
| 8 | ALNMED 10.5 2/15/2028 | 10.50% | 02/15/28 | -9.05% | 41.98 | 46.15 | 17 |
| 9 | PROGST 3.25 12/15/2024 REGS | 3.25% | 12/15/24 | -7.35% | 41.97 | 45.30 | 12 |
| 10 | SSP 5.375 1/15/2031 144A | 5.38% | 01/15/31 | -7.26% | 57.04 | 61.51 | 22 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 3/28/24 – 4/5/24 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 3/28/24 – 4/5/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 3/28/24 vs. the week ending 4/5/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | VEONHD 4 4/9/2025 REGS | 4.00% | 04/09/25 | 20 | 87 | 67 | 335% |
| 2 | NWHM 8.25 10/15/2027 144A | 8.25% | 10/15/27 | 104 | 157 | 53 | 51% |
| 3 | VMED 4.125 8/15/2030 144A | 4.13% | 08/15/30 | 10 | 57 | 47 | 470% |
| 4 | SURCEN 10 4/15/2027 144A | 10.00% | 04/15/27 | 161 | 205 | 44 | 27% |
| 5 | SURCEN 6.75 7/1/2025 144A | 6.75% | 07/01/25 | 152 | 195 | 43 | 28% |
| 6 | UIS 6.875 11/1/2027 144A | 6.88% | 11/01/27 | 168 | 207 | 39 | 23% |
| 7 | VEONHD 3.375 11/25/2027 REGS | 3.38% | 11/25/27 | 58 | 94 | 36 | 62% |
| 8 | JANEST 4.5 11/15/2029 REGS | 4.50% | 11/15/29 | 54 | 89 | 35 | 65% |
| 9 | FTAI 6.5 10/1/2025 144A | 6.50% | 10/01/25 | 160 | 194 | 34 | 21% |
| 10 | CURO 7.5 8/1/2028 | 7.50% | 08/01/28 | 90 | 120 | 30 | 33% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 3/28/24 – 4/5/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MGM 6.75 5/1/2025 | 6.75% | 05/01/25 | 38 |
| 2 | F 6.125 3/8/2034 | 6.13% | 03/08/34 | 36 |
| 3 | F 5.8 3/8/2029 | 5.80% | 03/08/29 | 36 |
| 4 | BACR 8 PERP | 8.00% | 12/15/99 | 36 |
| 5 | VVV 4.25 2/15/2030 | 4.25% | 02/15/30 | 35 |
| 6 | BZH 6.75 3/15/2025 | 6.75% | 03/15/25 | 35 |
| 7 | F 3.25 2/12/2032 | 3.25% | 02/12/32 | 35 |
| 8 | INTNED 3.875 PERP | 3.88% | NULL | 35 |
| 9 | USAC 6.875 4/1/2026 | 6.88% | 04/01/26 | 34 |
| 10 | PR 6.875 4/1/2027 144A | 6.88% | 04/01/27 | 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 3/28/24 – 4/5/24
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