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High Yield Corporate Bond Market Summary:
Week Ending 9/23/22
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 9/23/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Royal Caribbean Cruises LTD (USD) 8.25% 1/15/2029 | Senior Secured Notes | 1000 | 100 | 8.25 | 438 |
| Tibco Software Inc. (USD) 6.5% 3/31/2029 | Senior Secured Notes | 4000 | 98.25 | 9.99 | 625 |
| EQT Corp. (USD) 5.7% 4/1/2028 | Senior Notes | 500 | 99.629 | 5.78 | 205 |
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 | Week of 26th September |
| Tenneco Inc. | $3 billion high-yield notes – $2 billion secured notes and $1 billion unsecured notes | N/A | N/A |
Top 10 Winners
Showcases the top 10 HY Corp “winners” based on the largest bid price increases between 9/16/22 – 9/23/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | KWGPRO 7.875 9/1/2023 | 7.88% | 09/01/23 | 21.84% | 25.22 | 20.70 |
| 2 | ELSALV 5.875 1/30/2025 | 5.88% | 01/30/25 | 18.08% | 57.65 | 48.82 |
| 3 | CHINSC 7.25 4/19/2023 | 7.25% | 04/19/23 | 17.32% | 35.64 | 30.38 |
| 4 | MHPSA 6.95 4/3/2026 REGS | 6.95% | 04/03/26 | 13.37% | 52.79 | 46.56 |
| 5 | PRMHLD 6.375 3/1/2027 REGS | 6.38% | 03/01/27 | 9.83% | 92.67 | 84.38 |
| 6 | BHCCN 5 2/15/2029 144A | 5.00% | 02/15/29 | 8.50% | 37.49 | 34.55 |
| 7 | CANHEA 6.25 10/1/2028 144A | 6.25% | 10/01/28 | 8.10% | 95.62 | 88.46 |
| 8 | FLY 7 10/15/2024 REGS | 7.00% | 10/15/24 | 8.00% | 75.92 | 70.29 |
| 9 | GWTH 10 4/11/2025 | 10.00% | 04/11/25 | 7.27% | 33.19 | 30.94 |
| 10 | GUNVOR 6.25 9/30/2026 | 6.25% | 09/30/26 | 7.21% | 86.80 | 80.96 |
Top 10 Losers
Showcases the top 10 HY Corp “losers” based on the largest bid price decreases between 9/16/22 – 9/23/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | LUMN 7.995 6/1/2036 | 8.00% | 06/01/36 | -33.21% | 48.63 | 72.82 |
| 2 | OIBRBZ 10 7/27/2025 | 10.00% | 07/27/25 | -27.37% | 31.08 | 42.79 |
| 3 | AGILE 6.05 10/13/2025 | 6.05% | 10/13/25 | -24.44% | 32.33 | 42.79 |
| 4 | CIFIHG 4.375 4/12/2027 | 4.38% | 04/12/27 | -16.10% | 38.30 | 45.65 |
| 5 | FOSUNI 6.85 7/2/2024 | 6.85% | 07/02/24 | -12.86% | 44.31 | 50.85 |
| 6 | ROADKG 5.2 1/12/2026 | 5.20% | 01/12/26 | -12.32% | 42.72 | 48.72 |
| 7 | CECGR 1.75 6/24/2026 | 1.75% | 06/24/26 | -12.20% | 63.29 | 72.09 |
| 8 | PKSTAN 8.25 4/15/2024 | 8.25% | 04/15/24 | -11.69% | 54.44 | 61.65 |
| 9 | BBBY 3.749 8/1/2024 | 3.75% | 08/01/24 | -11.55% | 35.44 | 40.06 |
| 10 | RIG 7.5 4/15/2031 | 7.50% | 04/15/31 | -11.25% | 52.80 | 59.49 |
Avg Industry Price
Displays the HY Corp average industry price by sector between 9/16/22 – 9/23/22
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 9/16/22 – 9/23/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the HY Corps with the largest increase in quote volume for the week ending 9/16/22 vs. the week ending 9/23/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | YESTAR 9.5 12/30/2026 | 9.50% | 12/30/26 | 30 | 94 | 64 | 213% |
| 2 | ISPIM 5.875 PERP | 5.88% | 03/01/99 | 167 | 220 | 53 | 32% |
| 3 | NCR 5.75 9/1/2027 144A | 5.75% | 09/01/27 | 233 | 281 | 48 | 21% |
| 4 | ALPHSA 9 2/10/2025 REGS | 9.00% | 02/10/25 | 96 | 140 | 44 | 46% |
| 5 | WYNFIN 5.125 10/1/2029 144A | 5.13% | 10/01/29 | 280 | 318 | 38 | 14% |
| 6 | FOSUNI 5.95 1/29/2023 | 5.95% | 01/29/23 | 226 | 263 | 37 | 16% |
| 7 | ADNT 9 4/15/2025 144A | 9.00% | 04/15/25 | 130 | 167 | 37 | 28% |
| 8 | NCR 5.125 4/15/2029 144A | 5.13% | 04/15/29 | 251 | 287 | 36 | 14% |
| 9 | NCR 5.25 10/1/2030 144A | 5.25% | 10/01/30 | 232 | 268 | 36 | 16% |
| 10 | RDHGCL 7.8 3/20/2024 | 7.80% | 03/20/24 | 72 | 106 | 34 | 47% |
Most Quoted HY Corps
Ranks the HY Corps that were quoted by the highest number of dealers between 9/16/22 – 9/23/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | MGM 6 3/15/2023 | 6.00% | 03/15/23 | 36 |
| 2 | GT 4.875 3/15/2027 | 4.88% | 03/15/27 | 35 |
| 3 | ARGENT 0.5 7/9/2030 | 0.50% | 07/09/30 | 35 |
| 4 | BACR 8 PERP | 8.00% | 12/15/99 | 35 |
| 5 | AXL 6.5 4/1/2027 | 6.50% | 04/01/27 | 34 |
| 6 | WBD 5.141 3/15/2052 | 5.14% | 03/15/52 | 34 |
| 7 | MGM 6.75 5/1/2025 | 6.75% | 05/01/25 | 33 |
| 8 | UBS 5 PERP | 5.00% | 01/31/99 | 33 |
| 9 | TDG 8 12/15/2025 144A | 8.00% | 12/15/25 | 33 |
| 10 | LVLT 5.375 5/1/2025 | 5.38% | 05/01/25 | 33 |
Bid-Offer Spread by Industry
Displays the HY Corp average bid-offer spread by industry between 9/16/22 – 9/23/22
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 9/16/22 – 9/23/22
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