High Yield Corporate Bond Market Summary – Week Ending 2/20/26

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
Energos Infrastructure	$1.5B senior secured notes	CITI	Q1 2026
Cooper-Standard Holdings Inc.	$1.1B senior secured notes	BofA	Q1 2026

Top 10 Performers

Showcases the top 10 HY Corp performers based on the largest bid price increases between 2/13/26 – 2/20/26

Rank	Bond Name	Coupon	Maturity	Change	PRC	PRC-1W	Dealers
1	RAX 3.5 5/15/2028 144A	3.50%	05/15/28	▲ 17.45%	29.09	24.77	13
2	TPGGR 8.875 7/11/2028	8.88%	07/11/28	▲ 15.23%	81.22	70.48	5
3	CSNABZ 8.875 12/5/2030 REGS	8.88%	12/05/30	▲ 7.44%	81.25	75.63	26
4	ERAFP 6.5 11/30/2029	6.50%	11/30/29	▲ 6.04%	96.27	90.79	21
5	IONPLA 6.875 9/30/2032 REGS	6.88%	09/30/32	▲ 5.96%	85.41	80.61	20
6	JELD 7 9/1/2032 144A	7.00%	09/01/32	▲ 5.94%	61.63	58.17	26
7	XRX 5.5 8/15/2028 144A	5.50%	08/15/28	▲ 5.20%	42.01	39.93	24
8	MPW 3.5 3/15/2031	3.50%	03/15/31	▲ 4.89%	77.75	74.13	18
9	OGN 7.875 5/15/2034 144A	7.88%	05/15/34	▲ 4.47%	93.15	89.16	29
10	AIRBAL 14.5 8/14/2029 REGS	14.50%	08/14/29	▲ 4.44%	95.65	91.58	17

Bottom 10 Performers

Showcases the bottom 10 HY Corp performers based on the largest bid price decreases between 2/13/26 – 2/20/26

Rank	Bond Name	Coupon	Maturity	Change	PRC	PRC-1W	Dealers
1	XRX 13.5 4/15/2031 144A	13.50%	04/15/31	▼ -15.57%	52.33	61.97	20
2	ARQIVA 8.625 7/1/2030	8.63%	07/01/30	▼ -13.86%	82.60	95.90	20
3	MLTPLN 6.75 3/31/2031 144A	6.75%	03/31/31	▼ -9.13%	70.38	77.45	12
4	TRUK 6.25 2/1/2029 144A	6.25%	02/01/29	▼ -6.92%	39.75	42.70	18
5	ABEGET 10.5 11/15/2030 144A	10.50%	11/15/30	▼ -6.85%	93.15	100.00	20
6	SYNA 0.75 12/1/2031	0.75%	12/01/31	▼ -6.28%	114.56	122.23	8
7	HTZ 5 12/1/2029 144A	5.00%	12/01/29	▼ -5.66%	60.38	64.00	25
8	BRASKM 7.125 7/22/2041 144A	7.13%	07/22/41	▼ -5.14%	37.06	39.06	24
9	ADVSAL 6.5 11/15/2028 144A	6.50%	11/15/28	▼ -4.96%	81.75	86.02	16
10	ASTONM 10 3/31/2029 REGS	10.00%	03/31/29	▼ -4.84%	82.00	86.17	26

Avg Industry Price

Displays the HY Corp average industry price by sector between 2/13/26 – 2/20/26. Results are based on 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 2/13/26 – 2/20/26

Top Quote Volume Movers: This Week vs Last Week

Exhibits the HY Corps with the largest increase in quote volume for the week ending 2/13/26 vs. the week ending 2/20/26

Rank	Tranche	Coupon	Maturity	Prior Week	This Week	Increase	% Increase
1	APLD 9.25 12/15/2030 REGS	9.25%	12/15/30	130	331	201	155%
2	VENTGL 4.125 8/15/2031 REGS	4.13%	08/15/31	118	301	183	155%
3	TIBX 9 9/30/2029 REGS	9.00%	09/30/29	118	293	175	148%
4	MADIAQ 4.125 6/30/2028 REGS	4.13%	06/30/28	78	211	133	171%
5	PRSESE 3.375 8/31/2027 REGS	3.38%	08/31/27	80	204	124	155%
6	MHED 7.375 9/1/2031 144A	7.38%	09/01/31	60	164	104	173%
7	VRT 4.125 11/15/2028 REGS	4.13%	11/15/28	68	170	102	150%
8	CVLGHT 3.875 9/15/2027 REGS	3.88%	09/15/27	52	149	97	187%
9	KEMONE 5.625 11/15/2028 144A	5.63%	11/15/28	120	208	88	73%
10	ATLC 9.75 9/1/2030 144A	9.75%	09/01/30	69	155	86	125%

Most Quoted HY Corps

Ranks the HY Corps that were quoted by the highest number of dealers between 2/13/26 – 2/20/26

Rank	Tranche	Coupon	Maturity	Dealers
1	BACR 4.375 PERP	7.09%	NULL	39
2	SANTAN 9.625 PERP	8.98%	NULL	38
3	BACR 8 PERP	9.11%	NULL	38
4	BACR 9.625 PERP	9.63%	NULL	37
5	FMCN 9.375 3/1/2029 144A	9.38%	03/01/29	36
6	FMCN 9.375 3/1/2029 REGS	9.38%	03/01/29	36
7	SANTAN 9.625 PERP	8.99%	NULL	36
8	F 5.753 4/6/2033	5.75%	04/06/33	36
9	ACI 4.625 1/15/2027 144A	4.63%	01/15/27	36
10	SOCGEN 8.5 PERP REGS	7.83%	NULL	35

Bid-Offer Spread by Industry

Results are based on 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 2/13/26 – 2/20/26

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