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High Yield Corporate Bond Market Summary:
Week Ending 4/8/22
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 4/8/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| FMG Resources PTY LTD (USD) 5.875% 4/15/2030 | N/A | 700 | 100 | 5.88 | 324 |
| Burford Capital PLC (USD) 6.875% 4/15/2030 | N/A | 360 | 99.242 | 7 | N/A |
| Entegris Inc. (USD) 4.75% 4/15/2029 | N/A | 1600 | 99.523 | 4.83 | 215 |
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 | $3 billion high-yield notes | N/A | 2nd Quarter 2022 |
| VIASAT INC. | $1.6 billion senior notes | BofA | 2nd Quarter 2022 |
Top 10 Winners
Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 4/1/22 – 4/8/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | REDSUN 9.7 4/16/2023 | 9.70% | 04/16/23 | 81.76% | 32.81 | 18.05 |
| 2 | TLN 6.5 6/1/2025 | 6.50% | 06/01/25 | 53.36% | 34.25 | 22.33 |
| 3 | LOGPH 5.25 2/23/2023 | 5.25% | 02/23/23 | 47.42% | 34.04 | 23.09 |
| 4 | RONXIN 8.1 6/9/2023 | 8.10% | 06/09/23 | 40.50% | 27.36 | 19.47 |
| 5 | AGILE 6.05 10/13/2025 | 6.05% | 10/13/25 | 37.14% | 43.91 | 32.02 |
| 6 | EHOUSE 7.6 6/10/2023 | 7.60% | 06/10/23 | 36.49% | 28.40 | 20.81 |
| 7 | TPHL 6.75 7/8/2025 | 6.75% | 07/08/25 | 36.10% | 54.21 | 39.83 |
| 8 | KAISAG 6.5 12/7/2021 | 6.50% | 12/07/21 | 35.73% | 25.81 | 19.02 |
| 9 | PWRLNG 6.95 7/23/2023 | 6.95% | 07/23/23 | 33.54% | 52.05 | 38.98 |
| 10 | SUNAC 7 7/9/2025 | 7.00% | 07/09/25 | 29.68% | 31.39 | 24.21 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 4/1/22 – 4/8/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | SRILAN 5.875 7/25/2022 | 5.88% | 07/25/22 | -21.06% | 52.47 | 66.46 |
| 2 | GFMEGA 8.25 2/11/2025 REGS | 8.25% | 02/11/25 | -14.56% | 65.35 | 76.48 |
| 3 | EVHC 8.75 10/15/2026 144A | 8.75% | 10/15/26 | -13.38% | 40.96 | 47.29 |
| 4 | RAD 7.7 2/15/2027 | 7.70% | 02/15/27 | -9.81% | 69.30 | 76.84 |
| 5 | UKRAIN 4.375 1/27/2030 REGS | 4.38% | 01/27/30 | -9.68% | 38.06 | 42.14 |
| 6 | VIP 3.375 11/25/2027 REGS | 3.38% | 11/25/27 | -9.37% | 52.59 | 58.03 |
| 7 | GUNVOR 6.25 9/30/2026 | 6.25% | 09/30/26 | -8.84% | 78.28 | 85.88 |
| 8 | PKSTAN 8.875 4/8/2051 REGS | 8.88% | 04/08/51 | -8.69% | 63.63 | 69.68 |
| 9 | TPCG 10.5 8/1/2024 144A | 10.50% | 08/01/24 | -7.98% | 36.49 | 39.66 |
| 10 | APLNIJ 5.95 6/2/2024 | 5.95% | 06/02/24 | -7.67% | 50.13 | 54.29 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 4/1/22 – 4/8/22
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 4/1/22 – 4/8/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 4/1/22 vs. the week ending 4/8/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | EHOUSE 7.625 4/18/2022 | 7.63% | 04/18/22 | 45 | 184 | 139 | 309% |
| 2 | PEMEX 6.7 2/16/2032 | 6.70% | 02/16/32 | 57 | 170 | 113 | 198% |
| 3 | KAISAG 8.5 6/30/2022 | 8.50% | 06/30/22 | 156 | 266 | 110 | 71% |
| 4 | PEMEX 6.875 10/16/2025 | 6.88% | 10/16/25 | 74 | 156 | 82 | 111% |
| 5 | BOIFIN 7.5 2/16/2027 REGS | 7.50% | 02/16/27 | 13 | 84 | 71 | 546% |
| 6 | DTEKUA 7 12/31/2027 | 7.00% | 12/31/27 | 116 | 179 | 63 | 54% |
| 7 | PGILLN 3.25 10/14/2028 REGS | 3.25% | 10/14/28 | 57 | 114 | 57 | 100% |
| 8 | LOW 4.25 4/1/2052 | 4.25% | 04/01/52 | 273 | 322 | 49 | 18% |
| 9 | BRAUIJ 2 10/15/2028 REGS | 2.00% | 10/15/28 | 12 | 60 | 48 | 400% |
| 10 | LOW 3.75 4/1/2032 | 3.75% | 04/01/32 | 269 | 316 | 47 | 17% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 4/1/22 – 4/8/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | MGLLNS 4.279 3/15/2032 144A | 4.28% | 03/15/32 | 41 |
| 2 | MGLLNS 5.05 3/15/2042 144A | 5.05% | 03/15/42 | 39 |
| 3 | NGLS 5.875 4/15/2026 | 5.88% | 04/15/26 | 38 |
| 4 | MGLLNS 3.755 3/15/2027 144A | 3.76% | 03/15/27 | 37 |
| 5 | MGLLNS 5.141 3/15/2052 144A | 5.14% | 03/15/52 | 37 |
| 6 | TROX 6.5 5/1/2025 144A | 6.50% | 05/01/25 | 36 |
| 7 | FMCN 7.25 4/1/2023 | 7.25% | 04/01/23 | 36 |
| 8 | CLF 9.875 10/17/2025 | 9.88% | 10/17/25 | 36 |
| 9 | MGLLNS 5.391 3/15/2062 144A | 5.39% | 03/15/62 | 35 |
| 10 | KHC 4.375 6/1/2046 | 4.38% | 06/01/46 | 35 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 4/1/22 – 4/8/22
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 4/1/22 – 4/8/22
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