High Yield Corporate Bond Market Summary – Week Ending 7/29/22
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High Yield Corporate Bond Market Summary: Week Ending 7/29/22
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 7/29/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Lenovo Group LTD (USD) 6.536% 7/27/2032 | Senior Notes | 625 | 100 | 6.54 | 350 |
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 |
Top 10 Winners
Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 7/22/22 – 7/29/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CENCHI 7.25 7/16/2024 | 7.25% | 07/16/24 | 63.96% | 28.06 | 17.11 |
| 2 | ELSALV 5.875 1/30/2025 REGS | 5.88% | 01/30/25 | 57.94% | 47.83 | 30.28 |
| 3 | ATALIA 6.625 5/15/2025 144A | 6.63% | 05/15/25 | 31.64% | 96.90 | 73.61 |
| 4 | IEA 6.625 8/15/2029 144A | 6.63% | 08/15/29 | 23.32% | 98.67 | 80.01 |
| 5 | TLN 10.5 1/15/2026 144A | 10.50% | 01/15/26 | 22.14% | 74.65 | 61.12 |
| 6 | ARGBON 2 1/9/2038 | 2.00% | 01/09/38 | 21.13% | 25.28 | 20.87 |
| 7 | STCITY 5 1/15/2029 REGS | 5.00% | 01/15/29 | 20.89% | 51.12 | 42.29 |
| 8 | EHICAR 7.75 11/14/2024 | 7.75% | 11/14/24 | 20.66% | 59.20 | 49.06 |
| 9 | BUENOS 3.9 9/1/2037 REGS | 3.90% | 09/01/37 | 18.85% | 30.21 | 25.42 |
| 10 | MPEL 5.75 7/21/2028 REGS | 5.75% | 07/21/28 | 18.75% | 70.92 | 59.72 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 7/22/22 – 7/29/22
| 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 7/22/22 – 7/29/22 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 7/22/22 – 7/29/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 7/22/22 vs. the week ending 7/29/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | EDF 5.625 10/23/2096 | 5.63% | 10/23/96 | 1 | 100 | 99 | 9900% |
| 2 | AEROMX 8.5 3/17/2027 REGS | 8.50% | 03/17/27 | 2 | 80 | 78 | 3900% |
| 3 | PETBRA 4.75 4/2/2038 | 4.75% | 04/02/38 | 97 | 159 | 62 | 64% |
| 4 | EDPPL 1.5 3/14/2082 | 1.50% | 03/14/82 | 108 | 163 | 55 | 51% |
| 5 | BENIN 5.75 3/26/2026 | 5.75% | 03/26/26 | 97 | 136 | 39 | 40% |
| 6 | PETBRA 5.093 1/15/2030 | 5.09% | 01/15/30 | 221 | 259 | 38 | 17% |
| 7 | PWRLNG 7.125 1/15/2024 | 7.13% | 01/15/24 | 8 | 44 | 36 | 450% |
| 8 | SKYFAM 13 7/8/2022 | 13.00% | 07/08/22 | 36 | 71 | 35 | 97% |
| 9 | OXY 5.5 12/1/2025 | 5.50% | 12/01/25 | 258 | 292 | 34 | 13% |
| 10 | ORSTED 2.25 11/24/2017 | 2.25% | 11/24/17 | 105 | 136 | 31 | 30% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 7/22/22 – 7/29/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | WBD 5.141 3/15/2052 | 5.14% | 03/15/52 | 37 |
| 2 | MPEL 4.875 6/6/2025 | 4.88% | 06/06/25 | 36 |
| 3 | GT 5 5/31/2026 | 5.00% | 05/31/26 | 36 |
| 4 | GT 4.875 3/15/2027 | 4.88% | 03/15/27 | 35 |
| 5 | MGM 5.75 6/15/2025 | 5.75% | 06/15/25 | 34 |
| 6 | POWSOL 8.5 5/15/2027 144A | 8.50% | 05/15/27 | 34 |
| 7 | TMUS 4.75 2/1/2028 | 4.75% | 02/01/28 | 34 |
| 8 | S 7.875 9/15/2023 | 7.88% | 09/15/23 | 34 |
| 9 | WYNMAC 5.125 12/15/2029 REGS | 5.13% | 12/15/29 | 34 |
| 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 7/22/22 – 7/29/22 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 7/22/22 – 7/29/22
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