High Yield Corporate Bond Market Summary – Week Ending 3/25/22
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High Yield Corporate Bond Market Summary: Week Ending 3/25/22
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 3/25/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Owens & Minor Inc. (USD) 6.625% 4/1/2030 | Senior Notes | 600 | 100 | 6.63 | 426 |
| Ford Motor Credit Co. (USD) 4.95% 5/28/2027 | Senior Notes | 1500 | 99.987 | 4.95 | 261.7 |
| Embecta Corp. (USD) 6.75% 2/15/2030 | Senior Secured Notes | 200 | 98.517 | 7 | 467 |
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 3/18/22 – 3/25/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CENCHI 6.875 8/8/2022 | 6.88% | 08/08/22 | 42.84% | 63.55 | 44.49 |
| 2 | CHINSC 7.375 4/9/2024 | 7.38% | 04/09/24 | 38.17% | 44.89 | 32.49 |
| 3 | ROADKG 5.2 1/12/2026 | 5.20% | 01/12/26 | 28.06% | 68.15 | 53.22 |
| 4 | EVRAZ 5.375 3/20/2023 | 5.38% | 03/20/23 | 27.89% | 59.57 | 46.58 |
| 5 | GUNVOR 6.25 9/30/2026 | 6.25% | 09/30/26 | 19.06% | 80.57 | 67.67 |
| 6 | GRNLGR 6.75 9/26/2023 | 6.75% | 09/26/23 | 18.62% | 53.09 | 44.75 |
| 7 | HPDLF 6.8 12/28/2023 | 6.80% | 12/28/23 | 17.95% | 66.18 | 56.11 |
| 8 | TLN 6.5 6/1/2025 | 6.50% | 06/01/25 | 17.54% | 30.20 | 25.69 |
| 9 | CIFIHG 6.55 3/28/2024 | 6.55% | 03/28/24 | 13.69% | 76.27 | 67.09 |
| 10 | DTEKOG 6.75 12/31/2026 | 6.75% | 12/31/26 | 12.90% | 29.82 | 26.41 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 3/18/22 – 3/25/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | SUNAC 7.25 6/14/2022 | 7.25% | 06/14/22 | -25.40% | 28.38 | 38.04 |
| 2 | CREDVA 8.875 2/7/2025 REGS | 8.88% | 02/07/25 | -22.84% | 46.69 | 60.50 |
| 3 | UNIFIN 8.875 PERP REGS | 8.88% | 01/29/99 | -20.62% | 33.48 | 42.18 |
| 4 | KERPW 6.5 10/17/2024 REGS | 6.50% | 10/17/24 | -20.23% | 39.08 | 48.99 |
| 5 | METINV 8.5 4/23/2026 REGS | 8.50% | 04/23/26 | -19.79% | 38.10 | 47.51 |
| 6 | RONXIN 8.75 10/25/2022 | 8.75% | 10/25/22 | -19.18% | 27.68 | 34.25 |
| 7 | MHPSA 7.75 5/10/2024 | 7.75% | 05/10/24 | -14.90% | 39.33 | 46.21 |
| 8 | ROADKG 7 PERP | 7.00% | 06/23/99 | -14.41% | 63.52 | 74.21 |
| 9 | CREDVA 9.75 7/27/2022 REGS | 9.75% | 07/27/22 | -13.34% | 80.29 | 92.65 |
| 10 | WAIR 8.5 11/15/2024 144A | 8.50% | 11/15/24 | -11.65% | 72.59 | 82.16 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 3/18/22 – 3/25/22 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 3/18/22 – 3/25/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 3/18/22 vs. the week ending 3/25/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ZHPRHK 5.98 4/13/2022 | 5.98% | 04/13/22 | 90 | 222 | 132 | 147% |
| 2 | SHIMAO 5.2 1/16/2027 | 5.20% | 01/16/27 | 158 | 270 | 112 | 71% |
| 3 | EVERRE 10.5 4/11/2024 | 10.50% | 04/11/24 | 152 | 256 | 104 | 68% |
| 4 | TPHL 5.75 4/26/2022 | 5.75% | 04/26/22 | 144 | 240 | 96 | 67% |
| 5 | CNP 3 3/1/2032 | 3.00% | 03/01/32 | 156 | 250 | 94 | 60% |
| 6 | TIANHL 12 10/24/2023 | 12.00% | 10/24/23 | 132 | 226 | 94 | 71% |
| 7 | STYRO 2.25 1/16/2027 REGS | 2.25% | 01/16/27 | 134 | 220 | 86 | 64% |
| 8 | SUNSHI 10.25 3/18/2022 | 10.25% | 03/18/22 | 56 | 140 | 84 | 150% |
| 9 | CSCHCN 7.25 11/20/2022 | 7.25% | 11/20/22 | 102 | 168 | 66 | 65% |
| 10 | SHIMAO 5.2 1/30/2025 | 5.20% | 01/30/25 | 198 | 260 | 62 | 31% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 3/18/22 – 3/25/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MGLLNS 4.279 3/15/2032 144A | 4.28% | 03/15/32 | 40 |
| 2 | MGLLNS 5.05 3/15/2042 144A | 5.05% | 03/15/42 | 40 |
| 3 | TMUS 4 4/15/2022 | 4.00% | 04/15/22 | 38 |
| 4 | GT 4.875 3/15/2027 | 4.88% | 03/15/27 | 38 |
| 5 | TROX 6.5 5/1/2025 144A | 6.50% | 05/01/25 | 38 |
| 6 | WES 4 7/1/2022 | 4.00% | 07/01/22 | 37 |
| 7 | LUMN 5.8 3/15/2022 | 5.80% | 03/15/22 | 37 |
| 8 | MGLLNS 3.755 3/15/2027 144A | 3.76% | 03/15/27 | 36 |
| 9 | GT 5 5/31/2026 | 5.00% | 05/31/26 | 36 |
| 10 | M 2.875 2/15/2023 | 2.88% | 02/15/23 | 36 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 3/18/22 – 3/25/22 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 3/18/22 – 3/25/22
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