High Yield Corporate Bond Market Summary – Week Ending 4/1/22
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High Yield Corporate Bond Market Summary: Week Ending 4/1/22
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 4/1/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUE9D (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Paramount Group Inc. (USD) 6.375% 3/30/2062 | Subordinated Debentures | 1000 | 100 | 6.38 | – |
Forward Calendar
The following are lists of upcoming high-yield corporate bond offerings in the United States
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| TENNECO | $3 billion high-yield notes | N/A | 2nd Quarter 2022 |
| VIASAT INC. | $1.6 billion senior notes | BofA | 2nd Quarter 2022 |
Top 10 Winners
Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 3/25/22 – 4/1/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | GAZPRU 4.5985 PERP REGS | 4.60% | 12/31/99 | 124.39% | 25.90 | 11.54 |
| 2 | FTLNHD 4.5 5/2/2026 | 4.50% | 05/02/26 | 102.76% | 64.01 | 31.57 |
| 3 | FUTLAN 6 8/12/2024 | 6.00% | 08/12/24 | 97.44% | 69.19 | 35.04 |
| 4 | TPHL 6.75 7/8/2025 | 6.75% | 07/08/25 | 89.15% | 39.83 | 21.06 |
| 5 | CHINSC 7 5/2/2025 | 7.00% | 05/02/25 | 52.12% | 58.77 | 38.63 |
| 6 | KWGPRO 5.875 11/10/2024 | 5.88% | 11/10/24 | 50.70% | 38.50 | 25.55 |
| 7 | GRNLGR 6.75 3/3/2024 | 6.75% | 03/03/24 | 41.48% | 69.51 | 49.13 |
| 8 | PWRLNG 4.9 5/13/2026 | 4.90% | 05/13/26 | 41.04% | 33.70 | 23.89 |
| 9 | SUNAC 6.5 1/10/2025 | 6.50% | 01/10/25 | 40.70% | 25.23 | 17.93 |
| 10 | AGILE 5.75 1/2/2025 | 5.75% | 01/02/25 | 35.52% | 35.24 | 26.00 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 3/25/22 – 4/1/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | PGILLN 3.25 10/14/2028 REGS | 3.25% | 10/14/28 | -22.88% | 26.57 | 34.45 |
| 2 | WAIR 9 11/15/2026 144A | 9.00% | 11/15/26 | -20.21% | 66.15 | 82.91 |
| 3 | TPCG 10.5 8/1/2024 144A | 10.50% | 08/01/24 | -12.58% | 39.66 | 45.36 |
| 4 | EXLINT 11.5 7/15/2026 144A | 11.50% | 07/15/26 | -12.50% | 47.21 | 53.95 |
| 5 | JIAYUA 12 10/30/2022 | 12.00% | 10/30/22 | -8.99% | 38.68 | 42.51 |
| 6 | FINDEP 8 7/19/2024 REGS | 8.00% | 07/19/24 | -8.59% | 60.81 | 66.52 |
| 7 | SRILAN 6.85 3/14/2024 REGS | 6.85% | 03/14/24 | -7.25% | 47.95 | 51.70 |
| 8 | GFMEGA 8.25 2/11/2025 REGS | 8.25% | 02/11/25 | -4.92% | 76.48 | 80.44 |
| 9 | DOCUFO 10.25 7/24/2024 REGS | 10.25% | 07/24/24 | -4.15% | 66.12 | 68.99 |
| 10 | MGMTGE 8.85 2/8/2024 REGS | 8.85% | 02/08/24 | -3.93% | 85.54 | 89.04 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 3/25/22 – 4/1/22 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 3/25/22 – 4/1/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 3/25/22 vs. the week ending 4/1/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ANGOL 9.125 11/26/2049 REGS | 4.13% | 03/01/25 | 40 | 167 | 127 | 318% |
| 2 | CETERA 7.5 4/1/2029 144A | 7.50% | 04/01/29 | 43 | 144 | 101 | 235% |
| 3 | LBGV 6.375 3/9/2020 | 6.38% | 03/09/20 | 5 | 104 | 99 | 1980% |
| 4 | LBGV 6.15 6/19/2020 | 6.15% | 06/19/20 | 5 | 98 | 93 | 1860% |
| 5 | LBGV 5.8 4/14/2020 | 5.80% | 04/14/20 | 5 | 94 | 89 | 1780% |
| 6 | KHC 7.125 8/1/2039 | 7.13% | 08/01/39 | 196 | 258 | 62 | 32% |
| 7 | CF 3.45 6/1/2023 | 3.45% | 06/01/23 | 147 | 195 | 48 | 33% |
| 8 | BBGI 8.625 2/1/2026 144A | 8.63% | 02/01/26 | 111 | 155 | 44 | 40% |
| 9 | KHC 6.875 1/26/2039 144A | 6.88% | 01/26/39 | 214 | 256 | 42 | 20% |
| 10 | MPLX 4.95 3/14/2052 | 4.95% | 03/14/52 | 255 | 294 | 39 | 15% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 3/25/22 – 4/1/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MGLLNS 4.279 3/15/2032 144A | 4.28% | 03/15/32 | 41 |
| 2 | MGLLNS 5.05 3/15/2042 144A | 5.05% | 03/15/42 | 39 |
| 3 | NGLS 5.875 4/15/2026 | 5.88% | 04/15/26 | 39 |
| 4 | GT 4.875 3/15/2027 | 4.88% | 03/15/27 | 37 |
| 5 | MGLLNS 3.755 3/15/2027 144A | 3.76% | 03/15/27 | 37 |
| 6 | MEGCN 6.5 1/15/2025 | 6.50% | 01/15/25 | 37 |
| 7 | TROX 6.5 5/1/2025 144A | 6.50% | 05/01/25 | 37 |
| 8 | TMUS 4 4/15/2022 | 4.00% | 04/15/22 | 37 |
| 9 | NUAN 5.625 12/15/2026 | 5.63% | 12/15/26 | 36 |
| 10 | MGLLNS 5.141 3/15/2052 144A | 5.14% | 03/15/52 | 36 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 3/25/22 – 4/1/22 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 3/25/22 – 4/1/22
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