High Yield Corporate Bond Market Summary – Week Ending 4/22/22
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High Yield Corporate Bond Market Summary: Week Ending 4/22/22
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 4/22/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Vici Properties LLC (USD) 5.625% 5/15/2052 | Senior Notes | 750 | 99.379 | 5.67 | 275 |
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 4/14/22 – 4/22/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | MOBTEL 5 5/30/2023 | 5.00% | 05/30/23 | 22.18% | 25.31 | 20.72 |
| 2 | VIP 3.375 11/25/2027 REGS | 3.38% | 11/25/27 | 20.47% | 57.01 | 47.32 |
| 3 | ZHLGHD 12 4/17/2023 | 12.00% | 04/17/23 | 13.25% | 27.61 | 24.38 |
| 4 | TLN 6.5 9/15/2024 144A | 6.50% | 09/15/24 | 12.23% | 34.03 | 30.32 |
| 5 | REDPRO 11 8/6/2022 | 11.00% | 08/06/22 | 9.73% | 25.80 | 23.51 |
| 6 | SRILAN 5.75 4/18/2023 REGS | 5.75% | 04/18/23 | 9.26% | 43.79 | 40.08 |
| 7 | PGILLN 3.25 10/14/2028 REGS | 3.25% | 10/14/28 | 8.74% | 27.95 | 25.71 |
| 8 | METINV 7.75 10/17/2029 REGS | 7.75% | 10/17/29 | 8.35% | 52.16 | 48.14 |
| 9 | FINDEP 8 7/19/2024 REGS | 8.00% | 07/19/24 | 7.77% | 71.97 | 66.78 |
| 10 | SRAILT 7 6/25/2024 | 7.00% | 06/25/24 | 6.81% | 42.18 | 39.49 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 4/14/22 – 4/22/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | REV 6.25 8/1/2024 | 6.25% | 08/01/24 | -18.63% | 31.84 | 39.13 |
| 2 | ARGTES 15.5 10/17/2026 | 15.50% | 10/17/26 | -16.23% | 38.01 | 45.38 |
| 3 | PWRLNG 5.95 4/30/2025 | 5.95% | 04/30/25 | -13.15% | 34.38 | 39.59 |
| 4 | AGILE 5.5 4/21/2025 | 5.50% | 04/21/25 | -13.09% | 36.19 | 41.64 |
| 5 | LOGPH 5.25 2/23/2023 | 5.25% | 02/23/23 | -12.97% | 27.84 | 31.98 |
| 6 | ELSALV 7.65 6/15/2035 | 7.65% | 06/15/35 | -12.76% | 37.68 | 43.20 |
| 7 | GJTLIJ 8.95 6/23/2026 | 8.95% | 06/23/26 | -11.77% | 66.91 | 75.84 |
| 8 | KWGPRO 7.875 9/1/2023 | 7.88% | 09/01/23 | -11.53% | 37.76 | 42.68 |
| 9 | LOGPH 6.9 6/9/2024 | 6.90% | 06/09/24 | -11.52% | 26.55 | 30.01 |
| 10 | GRNLGR 7.25 1/22/2025 | 7.25% | 01/22/25 | -10.98% | 60.56 | 68.03 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 4/14/22 – 4/22/22 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 4/14/22 – 4/22/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 4/14/22 vs. the week ending 4/22/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ATHENA 6.5 2/15/2030 REGS | 6.50% | 02/15/30 | 58 | 183 | 125 | 216% |
| 2 | RABOBK 1.98 12/15/2027 REGS | 1.98% | 12/15/27 | 74 | 174 | 100 | 135% |
| 3 | ECUA 5 7/31/2030 144A | 5.00% | 07/31/30 | 22 | 112 | 90 | 409% |
| 4 | REDPRO 9.9 2/17/2024 | 9.90% | 02/17/24 | 56 | 140 | 84 | 150% |
| 5 | YANGOG 11.875 5/10/2023 | 11.88% | 05/10/23 | 14 | 78 | 64 | 457% |
| 6 | CRK 7.5 5/15/2025 | 7.50% | 05/15/25 | 227 | 289 | 62 | 27% |
| 7 | RRC 5 8/15/2022 | 5.00% | 08/15/22 | 185 | 244 | 59 | 32% |
| 8 | EMBC 6.75 2/15/2030 144A | 6.75% | 02/15/30 | 38 | 94 | 56 | 147% |
| 9 | INTEL 6.5 3/15/2030 REGS | 6.50% | 03/15/30 | 78 | 125 | 47 | 60% |
| 10 | CRBG 3.5 4/4/2025 144A | 3.50% | 04/04/25 | 154 | 195 | 41 | 27% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 4/14/22 – 4/22/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | FMCN 7.25 4/1/2023 | 7.25% | 04/01/23 | 37 |
| 2 | HCA 5.875 5/1/2023 | 5.88% | 05/01/23 | 36 |
| 3 | MGLLNS 4.279 3/15/2032 144A | 4.28% | 03/15/32 | 36 |
| 4 | F 4.95 5/28/2027 | 4.95% | 05/28/27 | 36 |
| 5 | MGLLNS 5.141 3/15/2052 144A | 5.14% | 03/15/52 | 36 |
| 6 | TWTR 5 3/1/2030 144A | 5.00% | 03/01/30 | 35 |
| 7 | MGLLNS 5.05 3/15/2042 144A | 5.05% | 03/15/42 | 35 |
| 8 | SBGI 5.875 3/15/2026 | 5.88% | 03/15/26 | 35 |
| 9 | DTV 5.875 8/15/2027 144A | 5.88% | 08/15/27 | 35 |
| 10 | GT 5 5/31/2026 | 5.00% | 05/31/26 | 35 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 4/14/22 – 4/22/22 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 4/14/22 – 4/22/22
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