High Yield Corporate Bond Market Summary – Week Ending 6/7/24
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High Yield Corporate Bond Market Summary: Week Ending 6/7/24
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 |
Top 10 Performers
Showcases the top 10 HY Corp performers based on the largest bid price increases between 5/31/24 – 6/7/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | IHRT 8.375 5/1/2027 | 8.38% | 05/01/27 | 24.20% | 43.16 | 34.75 | 26 |
| 2 | ATOFP 1.125 4/17/2026 | 1.13% | 04/17/26 | 20.32% | 26.42 | 21.96 | 7 |
| 3 | KPERST 6.5 9/1/2026 REGS | 6.50% | 09/01/26 | 17.45% | 57.33 | 48.81 | 21 |
| 4 | SFRFP 8 5/15/2027 REGS | 8.00% | 05/15/27 | 12.74% | 35.51 | 31.50 | 20 |
| 5 | COMM 7.125 7/1/2028 144A | 7.13% | 07/01/28 | 11.79% | 44.62 | 39.91 | 24 |
| 6 | PFLEID FLT 4/15/2026 REGS | 8.66% | 04/15/26 | 10.99% | 82.77 | 74.57 | 16 |
| 7 | ROADKG 5.125 7/26/2026 | 5.13% | 07/26/26 | 10.09% | 25.48 | 23.15 | 23 |
| 8 | LNDPT 6.125 4/1/2028 144A | 6.13% | 04/01/28 | 8.48% | 74.42 | 68.60 | 20 |
| 9 | FUTLAN 4.45 7/13/2025 | 4.45% | 07/13/25 | 8.26% | 80.16 | 74.05 | 17 |
| 10 | VTRFIN 6.375 7/15/2028 REGS | 6.38% | 07/15/28 | 7.98% | 73.50 | 68.07 | 20 |
Bottom 10 Performers
Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 5/31/24 – 6/7/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SATS 6.625 8/1/2026 | 6.63% | 08/01/26 | -21.63% | 39.38 | 50.25 | 23 |
| 2 | EMBARQ 7.995 6/1/2036 | 8.00% | 06/01/36 | -12.25% | 27.08 | 30.86 | 15 |
| 3 | ARGENT 0.75 7/9/2030 | 0.75% | 07/09/30 | -9.65% | 51.34 | 56.82 | 27 |
| 4 | BUENOS 5.5 9/1/2037 144A | 5.50% | 09/01/37 | -8.06% | 35.00 | 38.07 | 10 |
| 5 | ALNMED 10.5 2/15/2028 | 10.50% | 02/15/28 | -8.00% | 45.25 | 49.19 | 12 |
| 6 | UONE 7.375 2/1/2028 144A | 7.38% | 02/01/28 | -8.00% | 73.29 | 79.67 | 19 |
| 7 | MLTPLN 5.75 11/1/2028 144A | 5.75% | 11/01/28 | -7.79% | 56.43 | 61.20 | 17 |
| 8 | HTZ 5 12/1/2029 144A | 5.00% | 12/01/29 | -5.93% | 62.17 | 66.08 | 29 |
| 9 | UNIT 6.5 2/15/2029 144A | 6.50% | 02/15/29 | -5.85% | 67.50 | 71.69 | 19 |
| 10 | BHCCN 5.25 2/15/2031 | 5.25% | 02/15/31 | -5.74% | 47.87 | 50.79 | 17 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 5/31/24 – 6/7/24 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 5/31/24 – 6/7/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 5/31/24 vs. the week ending 6/7/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | BANBRA 0 12/29/2049 | 8.75% | NULL | 0 | 128 | 128 | N/A |
| 2 | BACR FLT 5/31/2036 | 4.97% | 05/31/36 | 158 | 204 | 46 | 29% |
| 3 | LGF 5.5 8/15/2029 144A | 5.50% | 08/15/29 | 54 | 99 | 45 | 83% |
| 4 | USFOOD 7.25 1/15/2032 144A | 7.25% | 01/15/32 | 83 | 128 | 45 | 54% |
| 5 | PCG 6.95 3/15/2034 | 6.95% | 03/15/34 | 138 | 180 | 42 | 30% |
| 6 | MBGGR 3.25 1/10/2032 | 3.25% | 01/10/32 | 240 | 277 | 37 | 15% |
| 7 | PORSCH 4.25 9/27/2030 | 4.25% | 09/27/30 | 185 | 220 | 35 | 19% |
| 8 | TMUS 3.375 4/15/2029 | 3.38% | 04/15/29 | 218 | 252 | 34 | 16% |
| 9 | CNECN 5.75 11/24/2028 144A | 5.75% | 11/24/28 | 203 | 236 | 33 | 16% |
| 10 | ARLP 7.5 5/1/2025 144A | 7.50% | 05/01/25 | 130 | 162 | 32 | 25% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 5/31/24 – 6/7/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | BACR 8 PERP | 8.00% | 12/15/99 | 39 |
| 2 | BNP 8.5 PERP REGS | 8.50% | 08/14/99 | 36 |
| 3 | BACR 9.625 PERP | 9.63% | 12/15/99 | 36 |
| 4 | BACR 6.125 PERP | 6.13% | NULL | 36 |
| 5 | BACR 4.375 PERP | 4.38% | NULL | 36 |
| 6 | SANTAN 9.625 PERP | 9.63% | 11/21/99 | 35 |
| 7 | NWG 8.125 PERP | NULL | NULL | 35 |
| 8 | INTNED 6.5 PERP | 6.50% | NULL | 35 |
| 9 | CYH 8 3/15/2026 144A | 8.00% | 03/15/26 | 35 |
| 10 | LLOYDS 7.5 PERP | 7.50% | NULL | 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 5/31/24 – 6/7/24
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