High Yield Corporate Bond Market Summary – Week Ending 9/30/22
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High Yield Corporate Bond Market Summary: Week Ending 9/30/22
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 |
|---|---|---|---|
| Connect Holding II LLC | $1.865 billion senior secured notes due 2029 | BCLY | Q4 2022 |
| Tenneco Inc. | $3 billion high-yield notes – $2 billion secured notes and $1 billion unsecured notes | N/A | Q4 2022 |
Top 10 Winners
Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 9/23/22 – 9/30/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | GRNLGR 5.6 11/13/2022 | 5.60% | 11/13/22 | 7.80% | 82.67 | 76.69 |
| 2 | MTNLN 6.75 1/31/2023 REGS | 6.75% | 01/31/23 | 6.21% | 78.05 | 73.49 |
| 3 | MPEL 5.375 12/4/2029 144A | 5.38% | 12/04/29 | 6.08% | 61.86 | 58.31 |
| 4 | BHCCN 5.25 1/30/2030 144A | 5.25% | 01/30/30 | 5.20% | 37.36 | 35.52 |
| 5 | MGMCHI 5.25 6/18/2025 144A | 5.25% | 06/18/25 | 4.60% | 83.75 | 80.07 |
| 6 | FOSUNI 5.05 1/27/2027 | 5.05% | 01/27/27 | 4.47% | 36.87 | 35.29 |
| 7 | STDCTY 7 2/15/2027 REGS | 7.00% | 02/15/27 | 4.05% | 83.46 | 80.21 |
| 8 | EXTNRG 8.125 5/1/2025 | 8.13% | 05/01/25 | 3.48% | 101.15 | 97.75 |
| 9 | LUMN 5.125 12/15/2026 144A | 5.13% | 12/15/26 | 3.46% | 85.98 | 83.10 |
| 10 | SJMHOL 4.5 1/27/2026 | 4.50% | 01/27/26 | 3.33% | 68.17 | 65.97 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 9/23/22 – 9/30/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CIFIHG 5.5 1/23/2023 | 5.50% | 01/23/23 | -46.10% | 45.38 | 84.19 |
| 2 | FTLNHD 4.625 10/15/2025 | 4.63% | 10/15/25 | -25.96% | 32.61 | 44.04 |
| 3 | FUTLAN 4.45 7/13/2025 | 4.45% | 07/13/25 | -24.95% | 34.26 | 45.65 |
| 4 | PKSTAN 8.25 4/15/2024 | 8.25% | 04/15/24 | -24.83% | 40.92 | 54.44 |
| 5 | DLLTD 8 4/1/2025 144A | 8.00% | 04/01/25 | -24.21% | 38.25 | 50.47 |
| 6 | ROADKG 6 9/4/2025 | 6.00% | 09/04/25 | -21.31% | 40.64 | 51.65 |
| 7 | WHLPRO 6.5 5/15/2029 144A | 6.50% | 05/15/29 | -19.87% | 45.88 | 57.25 |
| 8 | ECUA 0.5 7/31/2040 REGS | 0.50% | 07/31/40 | -18.45% | 29.85 | 36.61 |
| 9 | AGILE 5.75 1/2/2025 | 5.75% | 01/02/25 | -18.11% | 29.07 | 35.50 |
| 10 | CENCHI 7.9 11/7/2023 | 7.90% | 11/07/23 | -17.84% | 26.06 | 31.72 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 9/23/22 – 9/30/22 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 9/23/22 – 9/30/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 9/23/22 vs. the week ending 9/30/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | CSTM 5.875 2/15/2026 144A | 5.88% | 02/15/26 | 30 | 161 | 131 | 437% |
| 2 | CSTM 5.625 6/15/2028 144A | 5.63% | 06/15/28 | 55 | 184 | 129 | 235% |
| 3 | CSTM 3.75 4/15/2029 144A | 3.75% | 04/15/29 | 48 | 174 | 126 | 263% |
| 4 | BBWI 6.625 10/1/2030 144A | 6.63% | 10/01/30 | 276 | 313 | 37 | 13% |
| 5 | TMUS 5.2 1/15/2033 | 5.20% | 01/15/33 | 287 | 324 | 37 | 13% |
| 6 | RCL 8.25 4/1/2005 | 8.25% | 04/01/05 | 9 | 45 | 36 | 400% |
| 7 | LUMN 7.5 4/1/2024 | 7.50% | 04/01/24 | 254 | 286 | 32 | 13% |
| 8 | YUM 5.35 11/1/2043 | 5.35% | 11/01/43 | 170 | 201 | 31 | 18% |
| 9 | YUM 5.375 4/1/2032 | 5.38% | 04/01/32 | 191 | 222 | 31 | 16% |
| 10 | LUMN 7.995 6/1/2036 | 8.00% | 06/01/36 | 286 | 315 | 29 | 10% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 9/23/22 – 9/30/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MGM 6 3/15/2023 | 6.00% | 03/15/23 | 37 |
| 2 | BACR 8 PERP | 8.00% | 12/15/99 | 35 |
| 3 | MGM 6.75 5/1/2025 | 6.75% | 05/01/25 | 34 |
| 4 | GT 4.875 3/15/2027 | 4.88% | 03/15/27 | 34 |
| 5 | ARGENT 0.5 7/9/2030 | 0.50% | 07/09/30 | 34 |
| 6 | AXL 6.5 4/1/2027 | 6.50% | 04/01/27 | 34 |
| 7 | NWL 3.85 4/1/2023 | 3.85% | 04/01/23 | 34 |
| 8 | MGM 4.625 9/1/2026 | 4.63% | 09/01/26 | 34 |
| 9 | ARGENT 1 7/9/2029 | 1.00% | 07/09/29 | 33 |
| 10 | TMUS 5.2 1/15/2033 | 5.20% | 01/15/33 | 33 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 9/23/22 – 9/30/22 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 9/23/22 – 9/30/22
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