High Yield Corporate Bond Market Summary – Week Ending 7/22/22
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High Yield Corporate Bond Market Summary: Week Ending 7/22/22
Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.
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 7/15/22 – 7/22/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | ELSALV 7.625 9/21/2034 | 7.63% | 09/21/34 | 27.47% | 29.55 | 23.18 |
| 2 | MHPSA 6.95 4/3/2026 REGS | 6.95% | 04/03/26 | 23.20% | 41.48 | 33.67 |
| 3 | ECUA 1 7/31/2035 REGS | 1.00% | 07/31/35 | 22.11% | 46.68 | 38.23 |
| 4 | YPFDAR 7 12/15/2047 REGS | 7.00% | 12/15/47 | 20.22% | 48.51 | 40.36 |
| 5 | ANGOL 9.125 11/26/2049 REGS | 9.13% | 11/26/49 | 19.31% | 71.61 | 60.02 |
| 6 | SENEGL 5.375 6/8/2037 REGS | 5.38% | 06/08/37 | 17.48% | 65.86 | 56.06 |
| 7 | MCLAUT 7.5 8/1/2026 144A | 7.50% | 08/01/26 | 17.40% | 86.39 | 73.59 |
| 8 | NGERIA 7.625 11/28/2047 REGS | 7.63% | 11/28/47 | 17.33% | 61.73 | 52.61 |
| 9 | INCMBZ 5.75 7/17/2024 REGS | 5.75% | 07/17/24 | 17.25% | 70.00 | 59.70 |
| 10 | SRILAN 6.125 6/3/2025 REGS | 6.13% | 06/03/25 | 16.18% | 28.38 | 24.43 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 7/15/22 – 7/22/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CSCHCN 7.25 11/20/2022 | 7.25% | 11/20/22 | -26.84% | 45.23 | 61.82 |
| 2 | UKRAIN 7.75 9/1/2022 | 7.75% | 09/01/22 | -24.17% | 30.86 | 40.70 |
| 3 | FTLNHD 4.625 10/15/2025 | 4.63% | 10/15/25 | -19.40% | 25.98 | 32.23 |
| 4 | EHICAR 7.75 11/14/2024 | 7.75% | 11/14/24 | -15.79% | 49.06 | 58.26 |
| 5 | PKSTAN 8.25 4/15/2024 | 8.25% | 04/15/24 | -13.70% | 59.43 | 68.86 |
| 6 | ROADKG 7.95 12/31/2049 | 7.95% | 12/31/49 | -13.52% | 31.27 | 36.16 |
| 7 | CIFIHG 6.45 11/7/2024 | 6.45% | 11/07/24 | -11.99% | 37.51 | 42.62 |
| 8 | AGILE 5.75 1/2/2025 | 5.75% | 01/02/25 | -11.82% | 25.62 | 29.06 |
| 9 | PAKWNP 7.5 6/4/2031 | 7.50% | 06/04/31 | -11.40% | 43.26 | 48.83 |
| 10 | FUTLAN 6.15 4/15/2023 | 6.15% | 04/15/23 | -11.32% | 62.28 | 70.23 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 7/15/22 – 7/22/22 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 7/15/22 – 7/22/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 7/15/22 vs. the week ending 7/22/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | MNK 10 4/15/2025 | 10.00% | 04/15/25 | 52 | 166 | 114 | 219% |
| 2 | ACCESS 9.125 PERP 144A | 9.13% | 07/07/99 | 11 | 60 | 49 | 445% |
| 3 | CQP 3.25 1/31/2032 | 3.25% | 01/31/32 | 162 | 210 | 48 | 30% |
| 4 | VMED 5 7/15/2030 144A | 5.00% | 07/15/30 | 90 | 135 | 45 | 50% |
| 5 | MDLNIJ 0 6/30/2025 | 3.00% | 06/30/25 | 29 | 71 | 42 | 145% |
| 6 | CINDBK 3.25 9/10/2014 | 3.25% | 09/10/14 | 30 | 70 | 40 | 133% |
| 7 | ASTONM 10.5 11/30/2025 REGS | 10.50% | 11/30/25 | 215 | 251 | 36 | 17% |
| 8 | SKYFAM 13 12/16/2023 | 13.00% | 12/16/23 | 14 | 48 | 34 | 243% |
| 9 | FE 3.9 7/15/2027 | 3.90% | 07/15/27 | 167 | 201 | 34 | 20% |
| 10 | SUNSHI 5.3 1/11/2022 | 5.30% | 01/11/22 | 16 | 48 | 32 | 200% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 7/15/22 – 7/22/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | GT 5 5/31/2026 | 5.00% | 05/31/26 | 36 |
| 2 | WBD 5.141 3/15/2052 | 5.14% | 03/15/52 | 36 |
| 3 | PBFENE 9.25 5/15/2025 144A | 9.25% | 05/15/25 | 35 |
| 4 | MGM 5.5 4/15/2027 | 5.50% | 04/15/27 | 35 |
| 5 | GT 4.875 3/15/2027 | 4.88% | 03/15/27 | 35 |
| 6 | UBS 5 PERP | 5.00% | 01/31/99 | 35 |
| 7 | S 7.875 9/15/2023 | 7.88% | 09/15/23 | 35 |
| 8 | CHTR 4.25 2/1/2031 144A | 4.25% | 02/01/31 | 35 |
| 9 | F 3.625 6/17/2031 | 3.63% | 06/17/31 | 34 |
| 10 | MGM 6 3/15/2023 | 6.00% | 03/15/23 | 34 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 7/15/22 – 7/22/22 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 7/15/22 – 7/22/22
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