High Yield Corporate Bond Market Summary – Week Ending 3/4/22
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High Yield Corporate Bond Market Summary: Week Ending 3/4/22
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 3/4/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Macy’s Retail Holdings Inc. (USD) 6.125% 3/15/2032 | Senior Notes | 100 | 100 | 6.13 | 428 |
| Macy’s Retail Holdings Inc. (USD) 5.875% 3/15/2030 | Senior Notes | 425 | 100 | 5.88 | 407 |
| Bellring Distribution LLC (USD) 7% 3/15/2030 | Senior Notes | 840 | 100 | 7 | 535 |
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 |
|---|---|---|---|
| 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 2/25/22 – 3/4/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | UNIFIN 8.875 PERP REGS | 8.88% | 01/29/99 | 21.47% | 43.00 | 35.40 |
| 2 | KLXE 11.5 11/1/2025 144A | 11.50% | 11/01/25 | 17.48% | 63.46 | 54.02 |
| 3 | SANDCN 12.5 3/15/2025 | 12.50% | 03/15/25 | 11.08% | 58.87 | 53.00 |
| 4 | EVHC 8.75 10/15/2026 144A | 8.75% | 10/15/26 | 8.71% | 53.08 | 48.82 |
| 5 | WSTC 8.5 10/15/2025 144A | 8.50% | 10/15/25 | 7.99% | 98.34 | 91.07 |
| 6 | REGI 5.875 6/1/2028 144A | 5.88% | 06/01/28 | 7.67% | 107.78 | 100.10 |
| 7 | ATGE 5.5 3/1/2028 144A | 5.50% | 03/01/28 | 7.42% | 96.15 | 89.51 |
| 8 | GRTWST 12 9/1/2025 144A | 12.00% | 09/01/25 | 7.00% | 111.41 | 104.12 |
| 9 | APLNIJ 5.95 6/2/2024 | 5.95% | 06/02/24 | 6.25% | 56.19 | 52.89 |
| 10 | AIRM 8 5/15/2025 | 8.00% | 05/15/25 | 5.47% | 82.37 | 78.10 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 2/25/22 – 3/4/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | INTHOL 8.375 5/13/2026 REGS | 8.38% | 05/13/26 | -64.01% | 26.19 | 72.77 |
| 2 | SUNAC 6.5 1/26/2026 | 6.50% | 01/26/26 | -41.14% | 27.34 | 46.45 |
| 3 | UKRAIN 7.75 9/1/2022 | 7.75% | 09/01/22 | -40.45% | 38.02 | 63.84 |
| 4 | MHPSA 6.95 4/3/2026 REGS | 6.95% | 04/03/26 | -38.44% | 45.65 | 74.16 |
| 5 | KERPW 6.5 10/17/2024 REGS | 6.50% | 10/17/24 | -32.46% | 29.98 | 44.39 |
| 6 | KWGPRO 7.875 9/1/2023 | 7.88% | 09/01/23 | -30.72% | 36.31 | 52.42 |
| 7 | FUTLAN 6 8/12/2024 | 6.00% | 08/12/24 | -30.06% | 40.38 | 57.73 |
| 8 | PWRLNG 6.95 7/23/2023 | 6.95% | 07/23/23 | -29.28% | 41.94 | 59.31 |
| 9 | FTLNHD 4.625 10/15/2025 | 4.63% | 10/15/25 | -28.24% | 41.52 | 57.86 |
| 10 | CHINSC 7.25 4/19/2023 | 7.25% | 04/19/23 | -26.72% | 57.15 | 78.00 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 2/25/22 – 3/4/22 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 2/25/22 – 3/4/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 2/25/22 vs. the week ending 3/4/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SJMHOL 4.5 1/27/2026 | 4.50% | 01/27/26 | 40 | 170 | 130 | 325% |
| 2 | SJMHOL 4.85 1/27/2028 | 4.85% | 01/27/28 | 40 | 156 | 116 | 290% |
| 3 | LNZING 5.25 5/15/2029 REGS | 5.25% | 05/15/29 | 83 | 176 | 93 | 112% |
| 4 | BXSL 3.625 1/15/2026 | 3.63% | 01/15/26 | 20 | 84 | 64 | 320% |
| 5 | RRC 5.875 7/1/2022 | 5.88% | 07/01/22 | 100 | 160 | 60 | 60% |
| 6 | PBI 4.7 4/1/2023 | 4.70% | 04/01/23 | 95 | 153 | 58 | 61% |
| 7 | TMUS 4 4/15/2022 | 4.00% | 04/15/22 | 260 | 311 | 51 | 20% |
| 8 | UKRAIN 8.994 2/1/2024 REGS | 8.99% | 02/01/24 | 180 | 230 | 50 | 28% |
| 9 | APG 4.125 7/15/2029 REGS | 4.13% | 07/15/29 | 33 | 78 | 45 | 136% |
| 10 | UKRAIN 7.375 9/25/2032 REGS | 7.38% | 09/25/32 | 190 | 234 | 44 | 23% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 2/25/22 – 3/4/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | IBM 2.72 2/9/2032 | 2.72% | 02/09/32 | 38 |
| 2 | THC 7.5 4/1/2025 144A | 7.50% | 04/01/25 | 38 |
| 3 | TMUS 4 4/15/2022 | 4.00% | 04/15/22 | 37 |
| 4 | IBM 2.2 2/9/2027 | 2.20% | 02/09/27 | 37 |
| 5 | GT 4.875 3/15/2027 | 4.88% | 03/15/27 | 37 |
| 6 | GT 5 5/31/2026 | 5.00% | 05/31/26 | 37 |
| 7 | TROX 6.5 5/1/2025 144A | 6.50% | 05/01/25 | 36 |
| 8 | CHTR 5.125 5/1/2027 | 5.13% | 05/01/27 | 36 |
| 9 | MGM 7.75 3/15/2022 | 7.75% | 03/15/22 | 35 |
| 10 | DISH 5 3/15/2023 | 5.00% | 03/15/23 | 35 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 2/25/22 – 3/4/22 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 2/25/22 – 3/4/22
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