High Yield Corporate Bond Market Summary – Week Ending 7/15/22
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High Yield Corporate Bond Market Summary: Week Ending 7/15/22
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 7/15/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Neogen Corp. (USD) 8.625% 7/20/2030 | N/A | 350 | 100 | 8.63 | 576 |
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 Inc. | $3 billion high-yield notes – $2 billion secured notes and $1 billion unsecured notes | N/A | Month of July |
| Cornerstone Building Brands Inc. | $600 million six-year seniorsecured notes | DB | Week of 11th July |
Top 10 Winners
Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 7/8/22 – 7/15/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | ASTONM 15 11/30/2026 REGS | 15.00% | 11/30/26 | 17.01% | 104.12 | 88.98 |
| 2 | HEIBOS 3.248 PERP | 3.25% | 11/19/99 | 15.37% | 72.49 | 62.83 |
| 3 | CPIPGR 4.875 PERP | 4.88% | 09/16/99 | 13.80% | 69.46 | 61.03 |
| 4 | CLISA 5.25 7/25/2027 REGS | 5.25% | 07/25/27 | 12.92% | 42.49 | 37.63 |
| 5 | ARGTES 15.5 10/17/2026 | 15.50% | 10/17/26 | 11.60% | 35.21 | 31.55 |
| 6 | YPFDAR 8.5 7/28/2025 | 8.50% | 07/28/25 | 8.16% | 66.86 | 61.82 |
| 7 | VEDLN 8 4/23/2023 REGS | 8.00% | 04/23/23 | 8.04% | 80.09 | 74.13 |
| 8 | USRENA 10.625 7/15/2027 144A | 10.63% | 07/15/27 | 7.28% | 39.43 | 36.75 |
| 9 | EAF 4.625 12/15/2028 144A | 4.63% | 12/15/28 | 6.40% | 85.26 | 80.13 |
| 10 | CNR 6.125 1/15/2029 144A | 6.13% | 01/15/29 | 5.68% | 70.49 | 66.70 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 7/8/22 – 7/15/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CIFIHG 5.375 PERP | 5.38% | 08/24/99 | -54.55% | 31.97 | 70.34 |
| 2 | CENCHI 7.25 4/24/2023 | 7.25% | 04/24/23 | -35.43% | 25.98 | 40.24 |
| 3 | CSCHCN 10.75 4/11/2023 | 10.75% | 04/11/23 | -29.62% | 46.44 | 65.99 |
| 4 | KERPW 6.5 10/17/2024 REGS | 6.50% | 10/17/24 | -29.36% | 32.12 | 45.47 |
| 5 | AXTEL 6.375 11/14/2024 REGS | 6.38% | 11/14/24 | -29.14% | 60.98 | 86.06 |
| 6 | GLBMRN 7 6/1/2028 | 7.00% | 06/01/28 | -28.46% | 42.06 | 58.79 |
| 7 | KIJAIJ 6.5 10/5/2023 | 6.50% | 10/05/23 | -24.29% | 47.36 | 62.54 |
| 8 | SRILAN 5.875 7/25/2022 | 5.88% | 07/25/22 | -24.14% | 30.13 | 39.71 |
| 9 | ROADKG 7 PERP | 7.00% | 06/23/99 | -23.81% | 30.00 | 39.38 |
| 10 | FTLNHD 4.5 5/2/2026 | 4.50% | 05/02/26 | -23.15% | 30.81 | 40.09 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 7/8/22 – 7/15/22 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 7/8/22 – 7/15/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 7/8/22 vs. the week ending 7/15/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | BANORT 5.875 PERP REGS | 0.00% | 02/24/99 | 28 | 150 | 122 | 436% |
| 2 | DANBNK 3.773 3/28/2025 144A | 3.77% | 03/28/25 | 12 | 108 | 96 | 800% |
| 3 | PETBRA 6.85 6/5/2015 | 6.85% | 06/05/15 | 190 | 266 | 76 | 40% |
| 4 | BXSL 2.85 9/30/2028 | 2.85% | 09/30/28 | 28 | 102 | 74 | 264% |
| 5 | SEB 6.875 2/15/2009 | 6.88% | 02/15/09 | 8 | 70 | 62 | 775% |
| 6 | MERLLN 5.75 6/15/2026 REGS | 5.75% | 06/15/26 | 152 | 210 | 58 | 38% |
| 7 | SOCGEN 4.75 PERP REGS | 4.75% | 05/26/99 | 239 | 297 | 58 | 24% |
| 8 | ATALIA 5.125 5/15/2025 REGS | 5.13% | 05/15/25 | 36 | 90 | 54 | 150% |
| 9 | F 3.35 11/1/2022 | 3.35% | 11/01/22 | 266 | 320 | 54 | 20% |
| 10 | DFS 3.45 7/27/2026 | 3.45% | 07/27/26 | 148 | 192 | 44 | 30% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 7/8/22 – 7/15/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | PBFENE 9.25 5/15/2025 144A | 9.25% | 05/15/25 | 36 |
| 2 | CHTR 4.25 2/1/2031 144A | 4.25% | 02/01/31 | 35 |
| 3 | MPEL 4.875 6/6/2025 | 4.88% | 06/06/25 | 35 |
| 4 | GT 4.875 3/15/2027 | 4.88% | 03/15/27 | 35 |
| 5 | BBDBCN 6 2/15/2028 144A | 6.00% | 02/15/28 | 35 |
| 6 | GT 5 5/31/2026 | 5.00% | 05/31/26 | 35 |
| 7 | F 4 11/13/2030 | 4.00% | 11/13/30 | 34 |
| 8 | WBD 5.141 3/15/2052 | 5.14% | 03/15/52 | 34 |
| 9 | WYNMAC 5.625 8/26/2028 REGS | 5.63% | 08/26/28 | 34 |
| 10 | POWSOL 8.5 5/15/2027 144A | 8.50% | 05/15/27 | 34 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 7/8/22 – 7/15/22 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 7/8/22 – 7/15/22
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