High Yield Corporate Bond Market Summary – Week Ending 6/3/22
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High Yield Corporate Bond Market Summary: Week Ending 6/3/22
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 6/3/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| EQM Midstream Partners (USD) 7.5% 6/1/2027 | N/A | 500 | 100 | 7.5 | 469 |
| Darling Ingredients Inc. (USD) 6% 6/15/2030 | N/A | 750 | 100 | 6 | 318 |
Forward Calendar
The following are lists of upcoming high-yield corporate bond offerings in the United States
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Maxar Technologies Inc. | $500 million senior secured notes due 2027 | BofA | 2nd Quarter 2022 |
| Intertape Polymer Group Inc. | $400 million unsecured notes | Credit Suisse | 2nd Quarter 2022 |
| Tenneco | $3 billion high-yield notes: $2 billion senior secured notes and $1 billion senior unsecured notes; also $3 billion senior secured credit facilities | 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 5/27/22 – 6/3/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CENCHI 7.65 8/27/2023 | 7.65% | 08/27/23 | 54.48% | 54.03 | 34.97 |
| 2 | TPCG 10.5 8/1/2024 144A | 10.50% | 08/01/24 | 40.12% | 51.48 | 36.74 |
| 3 | GRNLGR 5.75 9/26/2022 | 5.75% | 09/26/22 | 36.18% | 46.38 | 34.06 |
| 4 | UNIFIN 7.25 9/27/2023 | 7.25% | 09/27/23 | 30.36% | 71.63 | 54.95 |
| 5 | RUALRU 5.3 5/3/2023 | 5.30% | 05/03/23 | 25.38% | 40.09 | 31.98 |
| 6 | TLWLN 7 3/1/2025 REGS | 7.00% | 03/01/25 | 18.50% | 91.35 | 77.09 |
| 7 | PRIMIN 9 2/15/2030 144A | 9.00% | 02/15/30 | 14.04% | 79.59 | 69.79 |
| 8 | BTUN 6.75 10/31/2023 REGS | 6.75% | 10/31/23 | 13.03% | 70.84 | 62.67 |
| 9 | PWRLNG 4 7/25/2022 | 4.00% | 07/25/22 | 12.52% | 58.03 | 51.57 |
| 10 | WAIR 9 11/15/2026 144A | 9.00% | 11/15/26 | 11.70% | 58.84 | 52.67 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 5/27/22 – 6/3/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | GRNLGR 7.25 1/22/2025 | 7.25% | 01/22/25 | -22.64% | 27.06 | 34.98 |
| 2 | KWGPRO 7.875 9/1/2023 | 7.88% | 09/01/23 | -20.16% | 31.11 | 38.96 |
| 3 | CHINSC 5.95 9/29/2024 | 5.95% | 09/29/24 | -18.89% | 43.99 | 54.24 |
| 4 | CSCHCN 10.75 4/11/2023 | 10.75% | 04/11/23 | -17.98% | 73.70 | 89.85 |
| 5 | TPHL 6.75 7/8/2025 | 6.75% | 07/08/25 | -14.21% | 29.70 | 34.62 |
| 6 | ALLMD 10.5 2/15/2028 | 10.50% | 02/15/28 | -13.29% | 61.93 | 71.43 |
| 7 | REDSUN 10.5 10/3/2022 | 10.50% | 10/03/22 | -10.45% | 33.41 | 37.31 |
| 8 | YPFDAR 8.5 7/28/2025 | 8.50% | 07/28/25 | -8.15% | 78.92 | 85.92 |
| 9 | GHANA 8.627 6/16/2049 REGS | 8.63% | 06/16/49 | -6.95% | 50.14 | 53.89 |
| 10 | JIAZHO 12 6/8/2022 | 12.00% | 06/08/22 | -6.11% | 36.86 | 39.26 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 5/27/22 – 6/3/22 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 5/27/22 – 6/3/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 5/27/22 vs. the week ending 6/3/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | CCL 7.625 3/1/2026 REGS | 7.63% | 03/01/26 | 20 | 166 | 146 | 730% |
| 2 | RABOBK 3.649 4/6/2028 REGS | 3.65% | 04/06/28 | 46 | 138 | 92 | 200% |
| 3 | RCL 5.375 7/15/2027 REGS | 5.38% | 07/15/27 | 119 | 202 | 83 | 70% |
| 4 | RRC 8.25 1/15/2029 | 8.25% | 01/15/29 | 82 | 156 | 74 | 90% |
| 5 | GT 5.25 7/15/2031 | 5.25% | 07/15/31 | 30 | 100 | 70 | 233% |
| 6 | RKTRM 3.625 3/1/2029 144A | 3.63% | 03/01/29 | 65 | 134 | 69 | 106% |
| 7 | SWN 5.375 2/1/2029 | 5.38% | 02/01/29 | 38 | 104 | 66 | 174% |
| 8 | CMLP 8 4/1/2029 144A | 8.00% | 04/01/29 | 46 | 112 | 66 | 143% |
| 9 | RKTRM 3.875 3/1/2031 144A | 3.88% | 03/01/31 | 60 | 125 | 65 | 108% |
| 10 | UWMLLC 5.5 4/15/2029 144A | 5.50% | 04/15/29 | 45 | 101 | 56 | 124% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 5/27/22 – 6/3/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | FMCN 7.25 4/1/2023 | 7.25% | 04/01/23 | 43 |
| 2 | BYD 8.625 6/1/2025 144A | 8.63% | 06/01/25 | 38 |
| 3 | DTV 5.875 8/15/2027 144A | 5.88% | 08/15/27 | 37 |
| 4 | BLDR 6.75 6/1/2027 144A | 6.75% | 06/01/27 | 36 |
| 5 | OMF 8.875 6/1/2025 | 8.88% | 06/01/25 | 36 |
| 6 | CVNA 10.25 5/1/2030 144A | 10.25% | 05/01/30 | 36 |
| 7 | CHTR 4.25 2/1/2031 144A | 4.25% | 02/01/31 | 36 |
| 8 | SBH 8.75 4/30/2025 144A | 8.75% | 04/30/25 | 36 |
| 9 | COMM 6 3/1/2026 144A | 6.00% | 03/01/26 | 35 |
| 10 | FYBR 8.75 5/15/2030 144A | 8.75% | 05/15/30 | 35 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 5/27/22 – 6/3/22 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 5/27/22 – 6/3/22
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