High Yield Corporate Bond Market Summary – Week Ending 4/14/22
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High Yield Corporate Bond Market Summary: Week Ending 4/14/22
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 |
|---|---|---|---|
| OSCAR ACQUISITIONCO LLC | $985 million two-part notes; $400 million senior secured notes (B1/B), also $585 million eight-year senior unsecured notes (Caa1/CCC+) | JPM | 2nd Quarter 2022 |
| 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 4/8/22 – 4/14/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | EHOUSE 7.625 4/18/2022 | 7.63% | 04/18/22 | 27.00% | 30.56 | 24.06 |
| 2 | METINV 7.75 4/23/2023 REGS | 7.75% | 04/23/23 | 11.64% | 49.93 | 44.73 |
| 3 | RAD 7.7 2/15/2027 | 7.70% | 02/15/27 | 8.09% | 74.91 | 69.30 |
| 4 | DUNIAT 1.5 6/26/2028 | 1.50% | 06/26/28 | 7.80% | 28.24 | 26.20 |
| 5 | DTEREN 8.5 11/12/2024 REGS | 8.50% | 11/12/24 | 7.52% | 35.90 | 33.39 |
| 6 | REDPRO 8 4/13/2022 | 8.00% | 04/13/22 | 7.40% | 25.44 | 23.69 |
| 7 | BUMIIJ 8 12/11/2022 | 8.00% | 12/11/22 | 7.04% | 53.75 | 50.22 |
| 8 | SRILAN 6.75 4/18/2028 REGS | 6.75% | 04/18/28 | 6.11% | 39.81 | 37.52 |
| 9 | AGGHOL 5.5 5/17/2024 | 5.50% | 05/17/24 | 6.02% | 51.35 | 48.43 |
| 10 | CREDVA 8.875 2/7/2025 REGS | 8.88% | 02/07/25 | 5.86% | 49.35 | 46.61 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 4/8/22 – 4/14/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | SUNAC 7.95 8/8/2022 | 7.95% | 08/08/22 | -26.63% | 27.52 | 37.51 |
| 2 | RONXIN 8.75 10/25/2022 | 8.75% | 10/25/22 | -20.03% | 36.62 | 45.79 |
| 3 | CENCHI 7.25 7/16/2024 | 7.25% | 07/16/24 | -18.92% | 37.25 | 45.94 |
| 4 | TPHL 6.75 7/8/2025 | 6.75% | 07/08/25 | -17.40% | 44.77 | 54.21 |
| 5 | KWGPRO 5.875 11/10/2024 | 5.88% | 11/10/24 | -17.12% | 33.30 | 40.17 |
| 6 | EVRAZ 5.25 4/2/2024 REGS | 5.25% | 04/02/24 | -14.23% | 50.50 | 58.88 |
| 7 | BBBY 5.165 8/1/2044 | 5.17% | 08/01/44 | -14.02% | 56.87 | 66.15 |
| 8 | PWRLNG 6.25 8/10/2024 | 6.25% | 08/10/24 | -13.86% | 41.37 | 48.03 |
| 9 | SHIMAO 5.2 1/16/2027 | 5.20% | 01/16/27 | -13.07% | 27.83 | 32.01 |
| 10 | FTLNHD 4.8 12/15/2024 | 4.80% | 12/15/24 | -12.00% | 65.58 | 74.52 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 4/8/22 – 4/14/22 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 4/8/22 – 4/14/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 4/8/22 vs. the week ending 4/14/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SINHLD 9.5 10/18/2021 | 9.50% | 10/18/21 | 16 | 80 | 64 | 400% |
| 2 | MAXGPE 3.25 9/13/2023 | 3.25% | 09/13/23 | 51 | 105 | 54 | 106% |
| 3 | REDPRO 9.9 2/17/2024 | 9.90% | 02/17/24 | 6 | 56 | 50 | 833% |
| 4 | NGDCN 6.375 5/15/2025 | 6.38% | 05/15/25 | 128 | 175 | 47 | 37% |
| 5 | RABOBK 1.98 12/15/2027 REGS | 1.98% | 12/15/27 | 30 | 74 | 44 | 147% |
| 6 | HCA 5.875 5/1/2023 | 5.88% | 05/01/23 | 274 | 312 | 38 | 14% |
| 7 | NGVT 4.5 2/1/2026 144A | 4.50% | 02/01/26 | 201 | 237 | 36 | 18% |
| 8 | BCOLO 4.625 12/18/2029 | 4.63% | 12/18/29 | 144 | 180 | 36 | 25% |
| 9 | KHC 6.5 2/9/2040 | 6.50% | 02/09/40 | 266 | 301 | 35 | 13% |
| 10 | LOXAM 6 4/15/2025 | 6.00% | 04/15/25 | 144 | 176 | 32 | 22% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 4/8/22 – 4/14/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MGLLNS 4.279 3/15/2032 144A | 4.28% | 03/15/32 | 38 |
| 2 | FMCN 7.25 4/1/2023 | 7.25% | 04/01/23 | 38 |
| 3 | MGLLNS 5.05 3/15/2042 144A | 5.05% | 03/15/42 | 37 |
| 4 | NGLS 5.875 4/15/2026 | 5.88% | 04/15/26 | 37 |
| 5 | HCA 5.875 5/1/2023 | 5.88% | 05/01/23 | 36 |
| 6 | CLF 9.875 10/17/2025 | 9.88% | 10/17/25 | 36 |
| 7 | MGLLNS 5.141 3/15/2052 144A | 5.14% | 03/15/52 | 36 |
| 8 | GT 5 5/31/2026 | 5.00% | 05/31/26 | 35 |
| 9 | F 4.95 5/28/2027 | 4.95% | 05/28/27 | 35 |
| 10 | MGLLNS 5.391 3/15/2062 144A | 5.39% | 03/15/62 | 35 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 4/8/22 – 4/14/22 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 4/8/22 – 4/14/22
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