High Yield Corporate Bond Market Summary – Week Ending 9/16/22
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High Yield Corporate Bond Market Summary: Week Ending 9/16/22
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 9/16/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| CNX Resources Corp. (USD) 7.375% 1/15/2031 | Senior Notes | 500 | 100 | 7.38 | 394 |
Forward Calendar
The following are lists of upcoming high-yield corporate bond offerings in the United States
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Citrix Systems Inc. | Expected $7.95 billion: including $4 billion senior secured notes and $3.95 billion unsecured notes | Credit Suisse | September 2022 |
| Tenneco Inc. | $3 billion high-yield notes – $2 billion secured notes and $1 billion unsecured notes | N/A | September 2022 |
| Tellurian, Inc. | $1 billion units comprised of 11¼% seniorsecured note due 2027 | N/A | September 2022 |
Top 10 Winners
Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 9/9/22 – 9/16/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | ROADKG 5.9 3/5/2025 | 5.90% | 03/05/25 | 27.46% | 56.31 | 44.18 |
| 2 | APLNIJ 5.95 6/2/2024 | 5.95% | 06/02/24 | 25.51% | 51.63 | 41.13 |
| 3 | GHANA 7.75 4/7/2029 REGS | 7.75% | 04/07/29 | 13.96% | 44.04 | 38.64 |
| 4 | EXIMUK 9.95 11/14/2029 | 9.95% | 11/14/29 | 13.15% | 31.83 | 28.13 |
| 5 | GRNLGR 5.875 7/3/2024 | 5.88% | 07/03/24 | 12.64% | 41.68 | 37.01 |
| 6 | AZUPOE 3.575 8/19/2026 REGS | 3.58% | 08/19/26 | 11.59% | 71.82 | 64.36 |
| 7 | EGYPT 7.5 2/16/2061 REGS | 7.50% | 02/16/61 | 9.15% | 62.29 | 57.07 |
| 8 | ZENENT 12.5 9/13/2023 | 12.50% | 09/13/23 | 8.31% | 64.99 | 60.00 |
| 9 | BALY 5.875 9/1/2031 144A | 5.88% | 09/01/31 | 7.95% | 75.75 | 70.17 |
| 10 | KWGPRO 6 9/15/2022 | 6.00% | 09/15/22 | 7.64% | 34.36 | 31.92 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 9/9/22 – 9/16/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | FOSUNI 6.85 7/2/2024 | 6.85% | 07/02/24 | -20.78% | 50.85 | 64.19 |
| 2 | WHLPRO 6.5 5/15/2029 144A | 6.50% | 05/15/29 | -18.72% | 57.70 | 70.99 |
| 3 | NATCIN 5.75 8/15/2026 | 5.75% | 08/15/26 | -25.07% | 36.70 | 48.98 |
| 4 | MDLNIJ 0 6/30/2025 | 3.00% | 06/30/25 | -12.56% | 39.10 | 44.71 |
| 5 | SFLY 8.5 10/1/2026 144A | 8.50% | 10/01/26 | -11.55% | 64.52 | 72.95 |
| 6 | NCR 5 10/1/2028 144A | 5.00% | 10/01/28 | -11.40% | 82.56 | 93.18 |
| 7 | DHC 4.75 2/15/2028 | 4.75% | 02/15/28 | -10.92% | 61.92 | 69.51 |
| 8 | INTLGR 6.125 4/1/2029 144A | 6.13% | 04/01/29 | -7.39% | 50.12 | 54.12 |
| 9 | DEXICN 9.95 12/3/2022 | 9.95% | 12/03/22 | -6.83% | 55.80 | 59.88 |
| 10 | ZAMBIN 8.97 7/30/2027 | 8.97% | 07/30/27 | -5.64% | 56.24 | 59.60 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 9/9/22 – 9/16/22 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 9/9/22 – 9/16/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 9/9/22 vs. the week ending 9/16/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | MNK 10 4/15/2025 144A | 10.00% | 04/15/25 | 112 | 185 | 73 | 65% |
| 2 | UKRAIN 4.375 1/27/2032 144A | 4.38% | 01/27/32 | 97 | 158 | 61 | 63% |
| 3 | NWL 3.85 4/1/2023 | 3.85% | 04/01/23 | 212 | 265 | 53 | 25% |
| 4 | GM 5.6 10/15/2032 | 5.60% | 10/15/32 | 287 | 328 | 41 | 14% |
| 5 | F 5.584 3/18/2024 | 5.58% | 03/18/24 | 273 | 313 | 40 | 15% |
| 6 | JBSSBZ 5.125 2/1/2028 144A | 5.13% | 02/01/28 | 180 | 220 | 40 | 22% |
| 7 | JBSSBZ 5.75 4/1/2033 144A | 5.75% | 04/01/33 | 159 | 195 | 36 | 23% |
| 8 | PCG 4.95 7/1/2050 | 4.95% | 07/01/50 | 176 | 211 | 35 | 20% |
| 9 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 328 | 363 | 35 | 11% |
| 10 | F 2.3 2/10/2025 | 2.30% | 02/10/25 | 300 | 334 | 34 | 11% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 9/9/22 – 9/16/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | BACR 8 PERP | 8.00% | 12/15/99 | 38 |
| 2 | GT 4.875 3/15/2027 | 4.88% | 03/15/27 | 37 |
| 3 | F 6.1 8/19/2032 | 6.10% | 08/19/32 | 36 |
| 4 | WYNMAC 5.125 12/15/2029 REGS | 5.13% | 12/15/29 | 35 |
| 5 | RCL 5.25 11/15/2022 | 5.25% | 11/15/22 | 35 |
| 6 | MPEL 4.875 6/6/2025 | 4.88% | 06/06/25 | 35 |
| 7 | WBD 5.141 3/15/2052 | 5.14% | 03/15/52 | 34 |
| 8 | WYNMAC 4.875 10/1/2024 REGS | 4.88% | 10/01/24 | 34 |
| 9 | CHTR 4.4 4/1/2033 | 4.40% | 04/01/33 | 34 |
| 10 | MGM 5.5 4/15/2027 | 5.50% | 04/15/27 | 34 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 9/9/22 – 9/16/22 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 9/9/22 – 9/16/22
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