High Yield Corporate Bond Market Summary – Week Ending 2/25/22
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High Yield Corporate Bond Market Summary: Week Ending 2/25/22
Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.
New Issues
HY Corp bond new issues for the week ending 2/25/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| NCL Corp. LTD (USD) 7.75% 2/15/2029 | Senior Notes | 600 | 100 | 8 | 572 |
| Scientific Games Intl. Inc. (USD) 6.625% 3/1/2030 | Senior Notes | 800 | 100 | 7 | 484 |
| Corus Entertainment (CAD) 6% 2/28/2030 | Senior Notes | 250 | 100 | 6 | 415 |
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 |
|---|---|---|---|
| Bellring Distribution, LLC | $840 million senior notes due 2032 (B3/B) | JPM | Week of February 21st |
| Viasat Inc. | $1.6 billion senior notes | BofA | 1st Quarter 2022 |
Top 10 Winners
Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 2/18/22 – 2/25/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | RONXIN 8.75 10/25/2022 | 8.75% | 10/25/22 | 39.85% | 40.43 | 28.91 |
| 2 | TPHL 6.75 7/16/2023 | 6.75% | 07/16/23 | 11.73% | 45.84 | 41.03 |
| 3 | UNIFIN 7 1/15/2025 | 7.00% | 01/15/25 | 9.20% | 58.68 | 53.74 |
| 4 | TEN 5 7/15/2026 | 5.00% | 07/15/26 | 8.84% | 99.52 | 91.44 |
| 5 | REDSUN 9.95 4/11/2022 | 9.95% | 04/11/22 | 6.91% | 65.50 | 61.27 |
| 6 | GEOPRO 7.75 6/18/2024 | 7.75% | 06/18/24 | 6.88% | 97.28 | 91.02 |
| 7 | MTOR 4.5 12/15/2028 144A | 4.50% | 12/15/28 | 6.80% | 101.92 | 95.43 |
| 8 | CBSR 6.75 3/31/2029 144A | 6.75% | 03/31/29 | 5.97% | 93.49 | 88.22 |
| 9 | PENIPA 8.5 11/15/2027 144A | 8.50% | 11/15/27 | 5.92% | 110.78 | 104.59 |
| 10 | SPMIM 3.75 9/8/2023 | 3.75% | 09/08/23 | 4.20% | 93.37 | 89.61 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 2/18/22 – 2/25/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | UKRAIN 9.75 11/1/2028 REGS | 9.75% | 11/01/28 | -51.78% | 43.83 | 90.90 |
| 2 | UKRAVT 6.25 6/24/2028 REGS | 6.25% | 06/24/28 | -51.65% | 36.57 | 75.64 |
| 3 | KERPW 6.5 10/17/2024 REGS | 6.50% | 10/17/24 | -51.30% | 44.39 | 91.16 |
| 4 | CRBKMO 7.625 PERP REGS | 7.63% | 01/04/99 | -40.81% | 44.56 | 75.28 |
| 5 | PGILLN 3.25 10/14/2028 REGS | 3.25% | 10/14/28 | -27.00% | 65.70 | 90.00 |
| 6 | METINV 5.625 6/17/2025 REGS | 5.63% | 06/17/25 | -21.51% | 67.20 | 85.62 |
| 7 | AGGHOL 5.5 5/17/2024 | 5.50% | 05/17/24 | -20.62% | 47.46 | 59.79 |
| 8 | PWRLNG 6.25 8/10/2024 | 6.25% | 08/10/24 | -19.97% | 55.41 | 69.23 |
| 9 | SUNAC 7.5 2/1/2024 | 7.50% | 02/01/24 | -16.99% | 48.13 | 57.98 |
| 10 | RSHB 8.5 10/16/2023 | 8.50% | 10/16/23 | -15.34% | 84.69 | 100.04 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 2/18/22 – 2/25/22 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 2/18/22 – 2/25/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 2/18/22 vs. the week ending 2/25/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SMG 4 4/1/2031 | 4.00% | 04/01/31 | 38 | 150 | 112 | 295% |
| 2 | SRIRJK 6.875 3/27/2024 | 6.88% | 03/27/24 | 109 | 148 | 39 | 36% |
| 3 | LOXAM 4.5 2/15/2027 REGS | 4.50% | 02/15/27 | 181 | 211 | 30 | 17% |
| 4 | SBUX 3 2/14/2032 | 3.00% | 02/14/32 | 287 | 316 | 29 | 10% |
| 5 | CPS 13 6/1/2024 144A | 13.00% | 06/01/24 | 261 | 287 | 26 | 10% |
| 6 | CF 4.95 6/1/2043 | 4.95% | 06/01/43 | 184 | 209 | 25 | 14% |
| 7 | DPB 0 PERP | 0.00% | 12/29/49 | 90 | 114 | 24 | 27% |
| 8 | TMUS 2.625 4/15/2026 | 2.63% | 04/15/26 | 245 | 269 | 24 | 10% |
| 9 | LNG 4.625 10/15/2028 | 4.63% | 10/15/28 | 181 | 204 | 23 | 13% |
| 10 | TMUS 2.625 2/15/2029 | 2.63% | 02/15/29 | 244 | 266 | 22 | 9% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 2/18/22 – 2/25/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AR 5 3/1/2025 | 5.00% | 03/01/25 | 39 |
| 2 | AMC 10.5 4/15/2025 144A | 10.50% | 04/15/25 | 39 |
| 3 | THC 7.5 4/1/2025 144A | 7.50% | 04/01/25 | 38 |
| 4 | IBM 2.2 2/9/2027 | 2.20% | 02/09/27 | 37 |
| 5 | CHTR 5.125 5/1/2027 | 5.13% | 05/01/27 | 37 |
| 6 | IBM 2.72 2/9/2032 | 2.72% | 02/09/32 | 36 |
| 7 | CHTR 4.25 2/1/2031 144A | 4.25% | 02/01/31 | 36 |
| 8 | F 3.339 3/28/2022 | 3.34% | 03/28/22 | 36 |
| 9 | GT 5 5/31/2026 | 5.00% | 05/31/26 | 36 |
| 10 | TROX 6.5 5/1/2025 144A | 6.50% | 05/01/25 | 36 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 2/18/22 – 2/25/22 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 2/18/22 – 2/25/22
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