High Yield Corporate Bond Market Summary – Week Ending 6/10/22
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High Yield Corporate Bond Market Summary: Week Ending 6/10/22
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 6/10/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Maxar Technologies Inc. (USD) 7.75% 6/15/2027 | Senior Secured Notes | 500 | 100 | 7.75 | 467 |
| Callon Petroleum Co. (USD) 7.5% 6/15/2030 | Senior Notes | 600 | 100 | 7.5 | 446 |
| KB Home (USD) 7.25% 6/15/2030 | Senior Notes | 350 | 100 | 7.25 | 424 |
| Cogent Communications Group Inc. (USD) 7% 6/15/2027 | Senior Notes | 450 | 100 | 7 | 400 |
Forward Calendar
The following are lists of upcoming high-yield corporate bond offerings in the United States
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Central Parent Inc. | $750 million seven-year senior secured first-lien notes | CS | Week of 13th June |
| Univision Communications Inc. | $500 million eight-year senior secured notes (B1/B+) | GS | Week of 13th June |
| Intertape Polymer Group Inc. | $400 million unsecured notes | CS | Week of 13th June |
| 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 6/3/22 – 6/10/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CENCHI 7.25 7/16/2024 | 7.25% | 07/16/24 | 82.38% | 48.13 | 26.39 |
| 2 | NAFTO 7.375 7/19/2022 | 7.38% | 07/19/22 | 32.23% | 72.97 | 55.19 |
| 3 | TLN 6 12/15/2036 | 6.00% | 12/15/36 | 25.66% | 66.22 | 52.70 |
| 4 | GRNLGR 5.6 11/13/2022 | 5.60% | 11/13/22 | 25.17% | 51.37 | 41.04 |
| 5 | PRGO 5.3 11/15/2043 | 5.30% | 11/15/43 | 16.11% | 96.55 | 83.15 |
| 6 | LVGEM 12 3/10/2023 | 12.00% | 03/10/23 | 15.57% | 68.22 | 59.03 |
| 7 | CSCHCN 10.875 10/26/2022 | 10.88% | 10/26/22 | 14.02% | 88.75 | 77.84 |
| 8 | ILAPCL 5.125 6/15/2033 REGS | 5.13% | 06/15/33 | 8.57% | 55.27 | 50.90 |
| 9 | FRIGOG 6.875 2/12/2025 REGS | 6.88% | 02/12/25 | 6.90% | 54.77 | 51.24 |
| 10 | LSFATL 7.75 2/15/2026 144A | 7.75% | 02/15/26 | 5.71% | 87.74 | 83.00 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 6/3/22 – 6/10/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CHINSC 7.375 4/9/2024 | 7.38% | 04/09/24 | -28.36% | 34.38 | 47.99 |
| 2 | RUALRU 4.85 2/1/2023 REGS | 4.85% | 02/01/23 | -22.43% | 31.02 | 39.99 |
| 3 | TPHL 6.6 3/2/2023 | 6.60% | 03/02/23 | -18.77% | 38.32 | 47.18 |
| 4 | PWRLNG 7.125 11/8/2022 | 7.13% | 11/08/22 | -18.10% | 26.93 | 32.88 |
| 5 | UKRGB 15.84 2/26/2025 | 15.84% | 02/26/25 | -16.67% | 40.00 | 48.00 |
| 6 | ELSALV 7.1246 1/20/2050 REGS | 7.12% | 01/20/50 | -10.97% | 35.84 | 40.25 |
| 7 | KENINT 8.25 2/28/2048 REGS | 8.25% | 02/28/48 | -9.99% | 69.39 | 77.09 |
| 8 | KORIFP 2.25 10/15/2028 | 2.25% | 10/15/28 | -9.40% | 77.07 | 85.06 |
| 9 | TURKEY 6 1/14/2041 | 6.00% | 01/14/41 | -8.77% | 65.96 | 72.31 |
| 10 | GRAANU 4.625 10/15/2026 REGS | 4.63% | 10/15/26 | -8.54% | 78.37 | 85.69 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 6/3/22 – 6/10/22 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 6/3/22 – 6/10/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 6/3/22 vs. the week ending 6/10/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | TELEFO 2.376 PERP | 2.38% | 02/12/99 | 14 | 146 | 132 | 943% |
| 2 | GT 5.25 7/15/2031 | 5.25% | 07/15/31 | 100 | 231 | 131 | 131% |
| 3 | POLY 4.75 3/1/2029 144A | 4.75% | 03/01/29 | 105 | 225 | 120 | 114% |
| 4 | ARGENT 2 1/9/2038 | 2.00% | 01/09/38 | 144 | 261 | 117 | 81% |
| 5 | ZD 4.625 10/15/2030 144A | 4.63% | 10/15/30 | 70 | 177 | 107 | 153% |
| 6 | ARGENT 0.125 7/9/2041 | 2.50% | 07/09/41 | 154 | 256 | 102 | 66% |
| 7 | CCL 7.625 3/1/2026 REGS | 7.63% | 03/01/26 | 166 | 268 | 102 | 61% |
| 8 | GT 5 7/15/2029 | 5.00% | 07/15/29 | 104 | 203 | 99 | 95% |
| 9 | CIVI 5 10/15/2026 144A | 5.00% | 10/15/26 | 77 | 175 | 98 | 127% |
| 10 | UWMLLC 5.5 4/15/2029 144A | 5.50% | 04/15/29 | 101 | 195 | 94 | 93% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 6/3/22 – 6/10/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | FMCN 7.25 4/1/2023 | 7.25% | 04/01/23 | 41 |
| 2 | PBFENE 9.25 5/15/2025 144A | 9.25% | 05/15/25 | 40 |
| 3 | BLDR 6.75 6/1/2027 144A | 6.75% | 06/01/27 | 39 |
| 4 | BYD 8.625 6/1/2025 144A | 8.63% | 06/01/25 | 38 |
| 5 | TWTR 5 3/1/2030 144A | 5.00% | 03/01/30 | 36 |
| 6 | DTV 5.875 8/15/2027 144A | 5.88% | 08/15/27 | 36 |
| 7 | CHTR 5.5 5/1/2026 | 5.50% | 05/01/26 | 36 |
| 8 | CHTR 4.25 2/1/2031 144A | 4.25% | 02/01/31 | 35 |
| 9 | SVC 5 8/15/2022 | 5.00% | 08/15/22 | 35 |
| 10 | QVCN 4.375 3/15/2023 | 4.38% | 03/15/23 | 35 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 6/3/22 – 6/10/22 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 6/3/22 – 6/10/22
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