美国高收益债券周报

Unleashed Credit markets hit the ground running to start the year, with bothhigh yield and high grade absorbing heavy supply with ease.Refinancing activity dominated high-yield issuance, as spreadstightened, yields compressed, and risk appetite extended downthe ratings spectrum, including a notable pickup in triple-C deals. At the same time, high-grade desks navigated a historic issuancesurge, shattering multiday volume records as issuers tappedevery part of the curve amid still-accommodative policy andlooming maturity walls. — Commentary, page 4 Stat of the week Including the biggest three-day influx on record ($85billion-plus Jan. 5-7), LCD’s US IG corporate issuancetotal hit $335 billion for the last 12 weeks, a recordforthe period,versus roughly$240 billion each forthe comparable spans in 2024 and 2025, and $230billion in 2023. Inside this week. . . Note: vertical lines indicate dates when flow-name constituents were updated.Source: PitchBook | LCD High-yield secondary: Favorable conditionspage 5The secondary market started 2026 on a firm footing despite a fragilegeopolitical landscape as investors focused on a trickle of mostlydovish economic data and a deluge of new issuance driven by a 2029refinancing cliff. That’s as yields dropped to their lowest levels sincethe Fed first started hiking rates in early 2022, and spreads dipped toa 10-month low. The average bid for LCD’s 15-bond sample of flow-name high-yield bonds advanced 52 bps to a 14-week high of 94.39. High-yield primary: Risk on page 4 Thenew-issue high-yield market sprang into action this week,delivering a wave of refinancing-driven deals. Pro forma volumethrough Jan. 9 is $9.5 billion, up sharply from $3.3 billion in thefirst week of 2025. The asset class is off to a positive start to 2026,posting a 0.34% return through Jan. 7, according to the S&P USIssued High Yield Corporate Bond Index. The index’s average spreadtightened six basis points week-over-week, to T+265. High-grade: March of the giants Distressed: Empty till page 6 AI and other animal spirits — and a towering maturity wall throughthe end of the decade — informed sell-side projections for recordIG issuance this year, and a sizzling start is only fueling a sense ofwhat’s possible. High-volume sessions at the start of 2026 — deskspriced more than $34 billion each on Monday and Tuesday, andnearly $17 billion on Wednesday — resulted in the biggest three-daytotal ($85.2 billion) on record, per LCD. Distressed news over the past several weeks has been exceedinglybusy, dominated by liability management exercises and a delugeof ratings agency downgrades. In corporate news, the auction forpackaging companyArdagh Group’s CDS was taking shape despitedisagreements. After an external panel of experts clarified the timingof the restructuring event, two funds are now clashing over whichassets issued by the company can be brought to the auction. High-yield primary market: Risk on The new-issue high-yield market spranginto action this week, delivering a wave ofrefinancing-driven deals. Pro forma volumethrough Jan. 9 is $9.5 billion, up sharplyfrom $3.3 billion in the first week of 2025. The asset class is off to a positive start to2026, posting a 0.34% return through Jan. 7,according to the S&P US Issued High YieldCorporate Bond Index. The index’s average spread tightenedsix basis points week-over-week, toT+265, while the average yield to worstcompressed 18 bps, to 6.48%. Triple-Cpaper has led the rally with a 0.67% return,compared to 0.28% for BB bonds and 0.32%for B bonds. Indeed, this week’s docketfeatured a notable presence of triple-Crated deals: of 13 tranches marketedthrough Thursday, four carried at least oneCCC rating. Amusement park operatorSix FlagsEntertainment(BB-/B2) emerged with a$1 billion, six-year (non-call 2.5) seniornotes deal targeting 2027 bond maturities.The new issue cleared tight of 8.75-9% guidance, after being presented tothe buyside with initial price thoughtssuggesting a low-to-mid-9% yield. Thebonds are rated B+/Caa1, with negative/stable outlooks. S&P said its negativeoutlook reflects the potential for adowngrade over the next 12 months if theagency no longer believes it is plausible forSix Flags to reduce leverage below 5.5x. SixFlags last tapped the market in April 2024with $850 million of 6.625% senior securednotes due 2032 at par — a much lower costthan today’s deal. in the 7-7.125% range, and the 10-yearbonds with a 7.375-7.50% yield. The net proceeds will support generalcorporate purposes, including thefull redemption of the issuer’s 5.50%senior notes due 2026 and the partialredemption of its 5.125% senior notes due2027. Proceeds will also fund potentialbuybacks of Charter class A common stockand common units of Charter Holdings, andwill also pay related fees and expenses.Charter is rated BB+/Ba2/BB+ at S&P,Moody’s and Fitch. The outlook is stableat S&P and Moody’s, and on rating watchpositive at Fitch. Existing unsecured debtratings are