The Week In Review: High Yield Corporate Bonds

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Includes: AAL, APU, DYN, FTR, HYG, JNK, LEHMQ, NRG, PHB
by: The Financial Lexicon

Here's your week in review for the high yield corporate bond market:

During the trading week of January 23rd, $25.236 billion of publicly-traded high yield corporate bonds (NYSEARCA:HYG) changed hands. Advancers outpaced decliners every day of the week, although the ratio of advancers to decliners ended the week at its low point, 1.26 to 1. The heaviest dollar volume of the week was on Thursday, the same day that advancers outpaced decliners by the largest amount of the week: 2.10 to 1.

Below is a table outlining last week's pertinent bond-specific information from the high yield corporate bond (NYSEARCA:JNK) market:

High Yield 1/23/2012 1/24/2012 1/25/2012 1/26/2012 1/27/2012
Total Issues Traded 1,353 1,403 1,381 1,385 1,319
Advancers 731 724 716 837 656
Decliners 477 507 518 399 521
Unchanged 76 77 77 75 73
Dollar Volume (Billions) $4.596 $4.366 $5.908 $6.345 $4.021
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In terms of the most actively traded issues, debt from the lowest reaches of non-investment grade dominated. Two companies among the top two most actively traded issues from each day, AmeriGas (NYSE:APU) and Frontier Communications (NYSE:FTR), were exceptions. Their debt ratings are in the Ba/BB neighborhood, much higher than their counterparts on the list.

Below is a table outlining the most actively traded and second most actively traded high yield corporates (NYSEARCA:PHB) of the week, broken down by day:

High Yield Most Actively Traded Second Most Actively Traded
Monday, 1/23/2012 Lehman Brothers (OTC:LEHMQ), CUSIP: 52517PR60 Lehman Brothers, CUSIP: 52517P4C2
Tuesday, 1/24/2012 Genon Escrow Corp. (NYSE:GEN), CUSIP: 37244DAC3 American Airlines (AAMRQ.PK), CUSIP: 023771R67
Wednesday, 1/25/2012 First Data, CUSIP: 319963AV6 AmeriGas Fin., CUSIP: 03077JAB6
Thursday, 1/26/2012 Lehman Brothers, CUSIP: 5252M0BZ9 Edison Mission Energy, CUSIP: 281023AR2
Friday, 1/27/2012 NGC Corp. (NYSE:DYN), CUSIP: 62912PAC5 Frontier Communications, CUSIP: 35906AAF5
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Disclaimer: All data mentioned in this article came from FINRA's Trade Reporting and Compliance Engine (TRACE). I cannot vouch for the accuracy of FINRA's data.