High Yield Corporate Bond Market Summary – Week Ending 6/24/22
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High Yield Corporate Bond Market Summary: Week Ending 6/24/22
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 6/24/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Choice Properties Real Estate Investment Trust (CAD) 6.003% 6/24/2032 | Senior Notes | 500 | 100 | 6 | 252 |
| Entegris Inc. (USD) 5.95% 6/15/2030 | Senior Notes | 895 | 90.832 | 7.5 | 417 |
| Iris Escrow Issuer Corp (USD) 10% 12/15/2028 | Senior Notes | 400 | 98.842 | 10.25 | 685 |
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 |
| Column 1 Value 4 | Column 2 Value 4 | Column 3 Value 4 | Column 4 Value 4 |
Top 10 Winners
Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 6/17/22 – 6/24/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | BORFIN 6 9/17/2026 REGS | 6.00% | 09/17/26 | 145.51% | 25.01 | 10.19 |
| 2 | EUROTG 9 10/22/2025 REGS | 9.00% | 10/22/25 | 32.23% | 54.87 | 41.49 |
| 3 | CHEDRP 7.55 12/1/2022 | 7.55% | 12/01/22 | 13.24% | 40.01 | 35.33 |
| 4 | UNIFIN 7 1/15/2025 | 7.00% | 01/15/25 | 10.24% | 63.55 | 57.65 |
| 5 | BUMIIJ 8 12/11/2022 | 8.00% | 12/11/22 | 9.47% | 62.87 | 57.44 |
| 6 | FOSUNI 3.3 10/9/2022 | 3.30% | 10/09/22 | 8.37% | 98.25 | 90.67 |
| 7 | MCFE 7.375 2/15/2030 144A | 7.38% | 02/15/30 | 5.54% | 84.70 | 80.26 |
| 8 | AGILE 5.125 8/14/2022 | 5.13% | 08/14/22 | 5.38% | 74.11 | 70.32 |
| 9 | BOPRLN 7.625 11/30/2025 REGS | 7.63% | 11/30/25 | 5.21% | 72.21 | 68.63 |
| 10 | RAD 7.5 7/1/2025 144A | 7.50% | 07/01/25 | 5.12% | 84.21 | 80.11 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 6/17/22 – 6/24/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | VEDLN 6.125 8/9/2024 REGS | 6.13% | 08/09/24 | -17.66% | 64.16 | 77.92 |
| 2 | SJMHOL 4.85 1/27/2028 | 4.85% | 01/27/28 | -16.33% | 55.35 | 66.16 |
| 3 | USLBMH 7.75 4/1/2027 144A | 7.75% | 04/01/27 | -15.00% | 64.37 | 75.72 |
| 4 | UKRAIN 7.304 3/15/2033 REGS | 7.25% | 03/15/33 | -14.54% | 27.07 | 31.68 |
| 5 | MPEL 5.375 12/4/2029 144A | 5.38% | 12/04/29 | -14.19% | 60.09 | 70.03 |
| 6 | REDSUN 10.5 10/3/2022 | 10.50% | 10/03/22 | -13.49% | 27.32 | 31.59 |
| 7 | STCITY 5 1/15/2029 REGS | 5.00% | 01/15/29 | -13.47% | 50.55 | 58.42 |
| 8 | WYNMAC 5.125 12/15/2029 REGS | 5.13% | 12/15/29 | -13.31% | 60.17 | 69.41 |
| 9 | FOSUNI 5.95 10/19/2025 | 5.95% | 10/19/25 | -12.95% | 63.43 | 72.86 |
| 10 | LMRTSP 7.5 2/9/2026 | 7.50% | 02/09/26 | -10.78% | 85.04 | 95.31 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 6/17/22 – 6/24/22 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 6/17/22 – 6/24/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 6/17/22 vs. the week ending 6/24/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | DAFAPG 12.375 7/30/2022 | 12.38% | 07/30/22 | 45 | 109 | 64 | 142% |
| 2 | VMED 4 1/31/2029 144A | 4.00% | 01/31/29 | 3 | 61 | 58 | 1933% |
| 3 | FOSUNI 5.5 8/17/2023 | 5.50% | 08/17/23 | 175 | 229 | 54 | 31% |
| 4 | FOSUNI 5.95 1/29/2023 | 5.95% | 01/29/23 | 198 | 251 | 53 | 27% |
| 5 | FOSUNI 4.35 5/6/2023 | 4.35% | 05/06/23 | 87 | 135 | 48 | 55% |
| 6 | GILHDG 8.5 5/2/2023 REGS | 8.50% | 05/02/23 | 77 | 124 | 47 | 61% |
| 7 | ECOPET 5.375 6/26/2026 | 5.38% | 06/26/26 | 228 | 272 | 44 | 19% |
| 8 | FOSUNI 6.85 7/2/2024 | 6.85% | 07/02/24 | 171 | 215 | 44 | 26% |
| 9 | ECOPET 4.625 11/2/2031 | 4.63% | 11/02/31 | 254 | 296 | 42 | 17% |
| 10 | DAEHIM 5.875 6/1/2025 144A | 5.88% | 06/01/25 | 34 | 76 | 42 | 124% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 6/17/22 – 6/24/22
| 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 | 39 |
| 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 | CHTR 4.25 2/1/2031 144A | 4.25% | 02/01/31 | 36 |
| 6 | F 2.979 8/3/2022 | 2.98% | 08/03/22 | 36 |
| 7 | DISH 5.875 11/15/2024 | 5.88% | 11/15/24 | 35 |
| 8 | DISH 5.875 7/15/2022 | 5.88% | 07/15/22 | 35 |
| 9 | CPE 9 4/1/2025 144A | 9.00% | 04/01/25 | 35 |
| 10 | BALL 4 11/15/2023 | 4.00% | 11/15/23 | 35 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 6/17/22 – 6/24/22 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 6/17/22 – 6/24/22
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