High Yield Corporate Bond Market Summary – Week Ending 6/17/22
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High Yield Corporate Bond Market Summary: Week Ending 6/17/22
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 6/17/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Bank of Nova Scotia (CAD) 7.023% 7/27/2082 | Senior Notes | 1500 | 100 | 7.02 | N/A |
| Home Trust Co. (CAD) 5.317% 6/13/2024 | Senior Notes | 200 | 100 | 5.32 | 225 |
| Univision Communications Inc. (USD) 7.375% 6/30/2030 | Senior Notes | 500 | 99.255 | 7.5 | 445 |
Forward Calendar
The following are lists of upcoming high-yield corporate bond offerings in the United States
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Intertape Polymer Group Inc. | $400 million unsecured notes | CS | Week of 13th June |
| Tenneco | $3 billion high-yield notes: $2 billion senior secured notes and $1 billion senior unsecured notes; also $3 billion senior secured credit facilities | 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 6/10/22 – 6/17/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | NASNO 7.25 11/11/2022 | 7.25% | 11/11/22 | 12.54% | 47.74 | 42.42 |
| 2 | GRNLGR 5.75 9/26/2022 | 5.75% | 09/26/22 | 12.53% | 59.46 | 52.84 |
| 3 | EUROTG 9 10/22/2025 REGS | 9.00% | 10/22/25 | 7.31% | 41.49 | 38.67 |
| 4 | KLTXMX 8.875 4/11/2022 | 8.88% | 04/11/22 | 6.57% | 64.36 | 60.39 |
| 5 | PWRLNG 7.125 11/8/2022 | 7.13% | 11/08/22 | 6.43% | 28.66 | 26.93 |
| 6 | ILAPCL 5.125 6/15/2033 REGS | 5.13% | 06/15/33 | 6.12% | 58.65 | 55.27 |
| 7 | DTEKOG 6.75 12/31/2026 | 6.75% | 12/31/26 | 5.39% | 43.45 | 41.23 |
| 8 | NAFTO 7.375 7/19/2022 | 7.38% | 07/19/22 | 5.31% | 76.85 | 72.97 |
| 9 | ABK 5.1 6/7/2020 | 5.10% | NULL | 4.40% | 90.47 | 86.66 |
| 10 | CHINSC 7.375 4/9/2024 | 7.38% | 04/09/24 | 4.05% | 35.77 | 34.38 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 6/10/22 – 6/17/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | FOSUNI 5.05 1/27/2027 | 5.05% | 01/27/27 | -23.26% | 63.89 | 83.25 |
| 2 | CHEDRP 7.55 12/1/2022 | 7.55% | 12/01/22 | -21.61% | 35.33 | 45.07 |
| 3 | OIBRBZ 10 7/27/2025 | 10.00% | 07/27/25 | -15.27% | 62.88 | 74.21 |
| 4 | IPFLN 9.75 11/12/2025 | 9.75% | 11/12/25 | -14.47% | 73.48 | 85.92 |
| 5 | DOUGR 8.25 10/1/2026 REGS | 8.25% | 10/01/26 | -12.73% | 57.93 | 66.37 |
| 6 | YPFDAR 8.5 7/28/2025 | 8.50% | 07/28/25 | -12.03% | 75.10 | 85.37 |
| 7 | SFRFP 6 2/15/2028 144A | 6.00% | 02/15/28 | -12.02% | 70.97 | 80.66 |
| 8 | ROADKG 6.7 9/30/2024 | 6.70% | 09/30/24 | -11.83% | 62.61 | 71.01 |
| 9 | CENCHI 7.5 7/14/2025 | 7.50% | 07/14/25 | -11.73% | 41.64 | 47.17 |
| 10 | USLBMH 6.25 1/15/2029 144A | 6.25% | 01/15/29 | -11.73% | 68.35 | 77.43 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 6/10/22 – 6/17/22 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 6/10/22 – 6/17/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 6/10/22 vs. the week ending 6/17/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | PBFENE 9.25 5/15/2025 144A | 9.25% | 05/15/25 | 320 | 380 | 60 | 19% |
| 2 | ICBCAS 3.2 6/1/2024 | 3.20% | 06/01/24 | 64 | 111 | 47 | 73% |
| 3 | DTEKUA 7.5 12/31/2027 | 7.50% | 12/31/27 | 129 | 174 | 45 | 35% |
| 4 | CPE 6.125 10/1/2024 | 6.13% | 10/01/24 | 271 | 313 | 42 | 15% |
| 5 | F 3.087 1/9/2023 | 3.09% | 01/09/23 | 255 | 290 | 35 | 14% |
| 6 | CDRSM 6.75 11/1/2021 | 12.75% | 11/30/27 | 102 | 136 | 34 | 33% |
| 7 | MTG 5.75 8/15/2023 | 5.75% | 08/15/23 | 135 | 169 | 34 | 25% |
| 8 | UWMLLC 5.5 4/15/2029 144A | 5.50% | 04/15/29 | 195 | 228 | 33 | 17% |
| 9 | CPE 9 4/1/2025 144A | 9.00% | 04/01/25 | 245 | 278 | 33 | 13% |
| 10 | GT 5.25 7/15/2031 | 5.25% | 07/15/31 | 231 | 264 | 33 | 14% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 6/10/22 – 6/17/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | PBFENE 9.25 5/15/2025 144A | 9.25% | 05/15/25 | 44 |
| 2 | FMCN 7.25 4/1/2023 | 7.25% | 04/01/23 | 41 |
| 3 | BLDR 6.75 6/1/2027 144A | 6.75% | 06/01/27 | 39 |
| 4 | CPE 6.125 10/1/2024 | 6.13% | 10/01/24 | 38 |
| 5 | BYD 8.625 6/1/2025 144A | 8.63% | 06/01/25 | 38 |
| 6 | TWTR 5 3/1/2030 144A | 5.00% | 03/01/30 | 35 |
| 7 | THC 6.75 6/15/2023 | 6.75% | 06/15/23 | 35 |
| 8 | DISH 5.875 7/15/2022 | 5.88% | 07/15/22 | 35 |
| 9 | F 2.979 8/3/2022 | 2.98% | 08/03/22 | 35 |
| 10 | CHTR 4.25 2/1/2031 144A | 4.25% | 02/01/31 | 34 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 6/10/22 – 6/17/22 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 6/10/22 – 6/17/22
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