High Yield Corporate Bond Market Summary – Week Ending 5/13/22
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High Yield Corporate Bond Market Summary: Week Ending 5/13/22
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 5/13/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Vistra Operations Co LLC (USD) 5.125% 5/13/2025 | N/A | 1100 | 99.808 | 5.2 | 238 |
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 5/6/22 – 5/13/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | TLN 6.5 9/15/2024 144A | 6.50% | 09/15/24 | 50.67% | 55.30 | 36.70 |
| 2 | USG 4.875 6/1/2027 | 4.88% | 06/01/27 | 21.20% | 101.81 | 84.00 |
| 3 | JIAZHO 11.5 4/7/2024 | 11.50% | 04/07/24 | 9.20% | 31.29 | 28.65 |
| 4 | UKRAIN 7.75 9/1/2022 | 7.75% | 09/01/22 | 8.98% | 62.34 | 57.20 |
| 5 | HLBCNH 11 3/24/2023 | 11.00% | 03/24/23 | 8.11% | 35.55 | 32.88 |
| 6 | EHOUSE 7.6 6/10/2023 | 7.60% | 06/10/23 | 8.11% | 29.47 | 27.26 |
| 7 | OSCHAD 8.25 3/20/2025 | 9.63% | 03/20/25 | 7.51% | 40.87 | 38.01 |
| 8 | CPS 5.625 11/15/2026 | 5.63% | 11/15/26 | 7.26% | 42.79 | 39.89 |
| 9 | ELLAKT 6.375 12/15/2024 REGS | 6.38% | 12/15/24 | 6.59% | 96.82 | 90.83 |
| 10 | BANIJA 6.5 3/1/2026 REGS | 6.50% | 03/01/26 | 5.66% | 98.94 | 93.64 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 5/6/22 – 5/13/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | DBD 8.5 4/15/2024 | 8.50% | 04/15/24 | -42.12% | 43.04 | 74.36 |
| 2 | MNK 5.625 10/15/2023 | 5.63% | 10/15/23 | -21.75% | 40.39 | 51.62 |
| 3 | PRTY 6.625 8/1/2026 144A | 6.63% | 08/01/26 | -21.32% | 61.05 | 77.59 |
| 4 | BHCCN 7 1/15/2028 144A | 7.00% | 01/15/28 | -20.74% | 61.36 | 77.42 |
| 5 | KWGPRO 5.875 11/10/2024 | 5.88% | 11/10/24 | -19.54% | 26.60 | 33.06 |
| 6 | NATCIN 5.75 8/15/2026 | 5.75% | 08/15/26 | -18.42% | 56.43 | 69.17 |
| 7 | SUNAC 7.25 6/14/2022 | 7.25% | 06/14/22 | -17.10% | 25.48 | 30.74 |
| 8 | AMC 10 6/15/2026 144A | 10.00% | 06/15/26 | -16.07% | 69.55 | 82.87 |
| 9 | TPHL 5.55 6/4/2024 | 5.55% | 06/04/24 | -15.27% | 42.15 | 49.75 |
| 10 | FTLNHD 4.625 10/15/2025 | 4.63% | 10/15/25 | -14.74% | 51.51 | 60.41 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 5/6/22 – 5/13/22 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 5/6/22 – 5/13/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 5/6/22 vs. the week ending 5/13/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SUNSHI 10.25 9/15/2022 | 10.25% | 09/15/22 | 49 | 135 | 86 | 176% |
| 2 | SUNSHI 8.25 11/25/2023 | 8.25% | 11/25/23 | 59 | 125 | 66 | 112% |
| 3 | SINHLD 10.5 6/18/2022 | 10.50% | 06/18/22 | 70 | 130 | 60 | 86% |
| 4 | OSCHAD 9.375 3/10/2023 | 9.38% | 03/10/23 | 44 | 100 | 56 | 127% |
| 5 | ENDP 6.125 4/1/2029 REGS | 6.13% | 04/01/29 | 210 | 264 | 54 | 26% |
| 6 | HLBCNH 11 3/24/2023 | 11.00% | 03/24/23 | 30 | 80 | 50 | 167% |
| 7 | HONGSL 9.875 8/27/2022 | 9.88% | 08/27/22 | 24 | 74 | 50 | 208% |
| 8 | NLOK 3.95 6/15/2022 | 3.95% | 06/15/22 | 192 | 235 | 43 | 22% |
| 9 | JZCITY 5.5 PERP | 5.50% | 10/27/99 | 28 | 70 | 42 | 150% |
| 10 | QPARKH 0 3/1/2026 REGS | 2.00% | 03/01/26 | 98 | 140 | 42 | 43% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 5/6/22 – 5/13/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | OMF 8.875 6/1/2025 | 8.88% | 06/01/25 | 38 |
| 2 | FMCN 7.25 4/1/2023 | 7.25% | 04/01/23 | 38 |
| 3 | TWTR 3.875 12/15/2027 144A | 3.88% | 12/15/27 | 36 |
| 4 | COMM 6 3/1/2026 144A | 6.00% | 03/01/26 | 36 |
| 5 | CVNA 4.875 9/1/2029 144A | 4.88% | 09/01/29 | 36 |
| 6 | SBH 8.75 4/30/2025 144A | 8.75% | 04/30/25 | 36 |
| 7 | CHTR 4.25 2/1/2031 144A | 4.25% | 02/01/31 | 35 |
| 8 | CVNA 5.5 4/15/2027 144A | 5.50% | 04/15/27 | 35 |
| 9 | COIN 3.375 10/1/2028 144A | 3.38% | 10/01/28 | 35 |
| 10 | CVNA 5.875 10/1/2028 144A | 5.88% | 10/01/28 | 35 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 5/6/22 – 5/13/22 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 5/6/22 – 5/13/22
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