High Yield Corporate Bond Market Summary – Week Ending 3/18/22
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High Yield Corporate Bond Market Summary: Week Ending 3/18/22
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 |
|---|---|---|---|
| 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 3/11/22 – 3/18/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | UKRAIN 0 5/31/2040 | 1.26% | 05/31/40 | 45.52% | 25.20 | 17.32 |
| 2 | KERPW 6.5 10/17/2024 REGS | 6.50% | 10/17/24 | 35.45% | 48.99 | 36.17 |
| 3 | NPCUKR 6.875 11/9/2026 REGS | 6.88% | 11/09/26 | 31.54% | 31.99 | 24.32 |
| 4 | VODUKR 6.2 2/11/2025 REGS | 6.20% | 02/11/25 | 30.65% | 42.81 | 32.77 |
| 5 | METINV 7.75 4/23/2023 REGS | 7.75% | 04/23/23 | 29.29% | 47.43 | 36.68 |
| 6 | UKRAVT 6.25 6/24/2028 REGS | 6.25% | 06/24/28 | 29.15% | 32.07 | 24.83 |
| 7 | MHPSA 6.95 4/3/2026 REGS | 6.95% | 04/03/26 | 27.41% | 45.76 | 35.92 |
| 8 | KWGPRO 7.4 1/13/2027 | 7.40% | 01/13/27 | 25.43% | 25.88 | 20.64 |
| 9 | VIP 3.375 11/25/2027 REGS | 3.38% | 11/25/27 | 21.87% | 58.38 | 47.90 |
| 10 | CIFIHG 6.45 11/7/2024 | 6.45% | 11/07/24 | 20.75% | 65.67 | 54.39 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 3/11/22 – 3/18/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | TLN 10.5 1/15/2026 144A | 10.50% | 01/15/26 | -31.25% | 27.19 | 39.55 |
| 2 | SUNAC 7.95 8/8/2022 | 7.95% | 08/08/22 | -29.14% | 34.11 | 48.13 |
| 3 | CHINSC 7.375 4/9/2024 | 7.38% | 04/09/24 | -22.67% | 32.49 | 42.01 |
| 4 | PWRLNG 6.95 7/23/2023 | 6.95% | 07/23/23 | -20.01% | 26.79 | 33.49 |
| 5 | CENCHI 7.75 5/24/2024 | 7.75% | 05/24/24 | -19.83% | 26.48 | 33.03 |
| 6 | FTLNHD 4.8 12/15/2024 | 4.80% | 12/15/24 | -17.60% | 32.88 | 39.91 |
| 7 | PROGST 3.25 12/15/2024 REGS | 3.25% | 12/15/24 | -16.87% | 74.47 | 89.58 |
| 8 | HPDLF 6.8 12/28/2023 | 6.80% | 12/28/23 | -15.65% | 56.11 | 66.52 |
| 9 | FUTLAN 6.15 4/15/2023 | 6.15% | 04/15/23 | -15.23% | 40.06 | 47.26 |
| 10 | HPDLF 7 5/18/2024 | 7.00% | 05/18/24 | -13.92% | 56.15 | 65.23 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 3/11/22 – 3/18/22 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 3/11/22 – 3/18/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 3/11/22 vs. the week ending 3/18/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | KWGPRO 6 9/15/2022 | 6.00% | 09/15/22 | 20 | 195 | 175 | 875% |
| 2 | TPHL 5.75 4/26/2022 | 5.75% | 04/26/22 | 13 | 144 | 131 | 1008% |
| 3 | CNP 3.6 3/1/2052 | 3.60% | 03/01/52 | 115 | 243 | 128 | 111% |
| 4 | TIANHL 12 10/24/2023 | 12.00% | 10/24/23 | 12 | 132 | 120 | 1000% |
| 5 | EVERRE 10.5 4/11/2024 | 10.50% | 04/11/24 | 49 | 152 | 103 | 210% |
| 6 | FTLNHD 5 8/8/2022 | 5.00% | 08/08/22 | 65 | 162 | 97 | 149% |
| 7 | CHFOTN 9 7/31/2021 | 9.00% | 07/31/21 | 35 | 128 | 93 | 266% |
| 8 | CRS 4.45 3/1/2023 | 4.45% | 03/01/23 | 150 | 220 | 70 | 47% |
| 9 | DUK 3.55 3/15/2052 | 3.55% | 03/15/52 | 280 | 322 | 42 | 15% |
| 10 | METINV 8.5 4/23/2026 REGS | 8.50% | 04/23/26 | 140 | 180 | 40 | 29% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 3/11/22 – 3/18/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | TMUS 4 4/15/2022 | 4.00% | 04/15/22 | 40 |
| 2 | TROX 6.5 5/1/2025 144A | 6.50% | 05/01/25 | 39 |
| 3 | GT 4.875 3/15/2027 | 4.88% | 03/15/27 | 38 |
| 4 | LUMN 5.8 3/15/2022 | 5.80% | 03/15/22 | 38 |
| 5 | MGLLNS 5.05 3/15/2042 144A | 5.05% | 03/15/42 | 38 |
| 6 | MGLLNS 4.279 3/15/2032 144A | 4.28% | 03/15/32 | 38 |
| 7 | M 2.875 2/15/2023 | 2.88% | 02/15/23 | 37 |
| 8 | WES 4 7/1/2022 | 4.00% | 07/01/22 | 37 |
| 9 | GT 5 5/31/2026 | 5.00% | 05/31/26 | 36 |
| 10 | MEGCN 6.5 1/15/2025 | 6.50% | 01/15/25 | 36 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 3/11/22 – 3/18/22 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 3/11/22 – 3/18/22
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