High Yield Corporate Bond Market Summary – Week Ending 12/19/25

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
–	–	–	–

Top 10 Performers

Showcases the top 10 HY Corp performers based on the largest bid price increases between 12/12/25 – 12/19/25

Rank	Bond Name	Coupon	Maturity	Change	PRC	PRC-1W	Dealers
1	CNECN 5.75 11/24/2028 144A	5.75%	11/24/28	▲ 19.98%	30.02	25.02	20
2	PRIMIN 9 2/15/2030 144A	9.00%	02/15/30	▲ 19.78%	34.10	28.47	16
3	ALBAAR 11 11/1/2031 REGS	11.00%	11/01/31	▲ 17.52%	71.00	60.42	13
4	ASCRES 9 11/1/2027 144A	9.00%	11/01/27	▲ 10.54%	127.13	115.01	22
5	OMI 4.5 3/31/2029 144A	4.50%	03/31/29	▲ 10.19%	74.85	67.93	20
6	TRUK 6.25 2/1/2029 144A	6.25%	02/01/29	▲ 8.18%	41.92	38.75	17
7	RADIAT 4.5 9/15/2026 144A	4.50%	09/15/26	▲ 5.95%	96.35	90.94	8
8	BUENOS 6.625 9/1/2037 REGS	6.63%	09/01/37	▲ 5.68%	76.68	72.56	17
9	ALTICE 9.625 7/15/2027 144A	9.63%	07/15/27	▲ 4.38%	74.80	71.67	24
10	ARGBON 3.5 7/9/2041	3.72%	07/09/41	▲ 4.29%	70.06	67.18	9

Bottom 10 Performers

Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 12/12/25 – 12/19/25

Rank	Bond Name	Coupon	Maturity	Change	PRC	PRC-1W	Dealers
1	RAX 3.5 5/15/2028 144A	3.50%	05/15/28	▼ -17.26%	33.49	40.48	11
2	BRIEAS 11 1/31/2030 144A	11.00%	01/31/30	▼ -12.99%	28.18	32.39	18
3	XRX 13.5 4/15/2031 144A	13.50%	04/15/31	▼ -12.24%	77.40	88.20	8
4	KIKCN 8.25 6/30/2031 144A	8.25%	06/30/31	▼ -11.88%	60.50	68.65	19
5	STYRO 9.625 3/15/2029 144A	9.63%	03/15/29	▼ -10.22%	75.00	83.54	19
6	OBEBLD 9.5 4/15/2030 144A	9.50%	04/15/30	▼ -9.71%	44.09	48.84	20
7	VENZ 8.25 10/13/2024	8.25%	10/13/24	▼ -7.17%	26.80	28.87	22
8	MARA 2.125 9/1/2031	2.13%	09/01/31	▼ -6.91%	86.16	92.56	5
9	PDVSA 9.75 5/17/2035 REGS	9.75%	05/17/35	▼ -6.80%	25.50	27.36	25
10	LABL 8.625 10/1/2031 144A	8.63%	10/01/31	▼ -5.58%	54.44	57.66	11

Avg Industry Price

Displays the HY Corp average industry price by sector between 12/12/25 – 12/19/25 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 12/12/25 – 12/19/25

Top Quote Volume Movers: This Week vs Last Week

Exhibits the HY Corps with the largest increase in quote volume for the week ending 12/12/25 vs. the week ending 12/19/25

Rank	Tranche	Coupon	Maturity	Prior Week	This Week	Increase	% Increase
1	BAKIDE 6.99 2/20/2032 144A	6.99%	02/20/32	46	230	184	▲ 400%
2	BAKIDE 7.45 11/15/2029 144A	7.45%	11/15/29	45	225	180	▲ 400%
3	FREMOR 6.875 5/1/2031 REGS	6.88%	05/01/31	2	152	150	▲ 7500%
4	JHXAU 6.125 7/31/2032 REGS	6.13%	07/31/32	38	171	133	▲ 350%
5	MODULA 4.75 11/30/2028 144A	4.75%	11/30/28	72	180	108	▲ 150%
6	LILAPR 5.125 7/15/2029 REGS	5.13%	07/15/29	29	135	106	▲ 366%
7	JHXAU 5 1/15/2028 REGS	5.00%	01/15/28	38	140	102	▲ 268%
8	YUM 4.75 6/1/2027 REGS	4.75%	06/01/27	164	265	101	▲ 62%
9	GLOBAU 8.375 1/15/2029 REGS	8.38%	01/15/29	147	245	98	▲ 67%
10	GLOBAU 8.75 1/15/2032 REGS	8.75%	01/15/32	147	245	98	▲ 67%

Most Quoted HY Corps

Ranks the HY Corps that were quoted by the highest number of dealers between 12/12/25 – 12/19/25

Rank	Tranche	Coupon	Maturity	Dealers
1	BACR 6.125 PERP	0.00%	10/25/29	39
2	INTNED 5.75 PERP	8.08%	–	38
3	BACR 7.625 PERP	7.63%	–	38
4	SANTAN 9.625 PERP	9.04%	–	38
5	BNP 7.375 PERP	7.03%	–	38
6	BACR 4.375 PERP	7.15%	–	37
7	BACR 8 PERP	9.17%	–	37
8	BNP 4.625 PERP REGS	6.94%	–	37
9	STANLN 4.3 PERP REGS	6.88%	–	37
10	LLOYDS 6.75 PERP	8.56%	–	37

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 12/12/25 – 12/19/25

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