A selection of the bonds that moved the most yesterday in investment grade (IG) and high yield (HY):

BONDS MOVERS - USD IG

• Issuer: Hong Kong Xiangyu Investment Co Ltd (Hong Kong) | Coupon: 3.43% | Maturity: 26/8/2026 | Rating: BBB | ISIN: XS1756497944 | Option-adjusted spread up by 35.6 bp to 121.7 bp, with the yield to worst at 8.0% and the bond now trading down to 106.0 cents on the dollar (1Y price range: 105.7-109.1).
• Issuer: Zhongyuan Asset Management Co Ltd (Zhengzhou, China (Mainland)) | Coupon: 1.25% | Maturity: 27/4/2026 | Rating: BBB- | ISIN: XS2066225553 | Option-adjusted spread up by 32.3 bp to 45.1 bp (CDS basis: 5.3bp), with the yield to worst at 30.2% and the bond now trading down to 99.3 cents on the dollar (1Y price range: 99.0-99.4).
• Issuer: Chongqing NanAn Urban Construction Development Group Co Ltd (Chongqing, China (Mainland)) | Coupon: 2.40% | Maturity: 11/9/2024 | Rating: BBB | ISIN: XS1918034692 | Option-adjusted spread down by 35.6 bp to 67.0 bp, with the yield to worst at 3.4% and the bond now trading up to 103.8 cents on the dollar (1Y price range: 103.3-104.8).

BONDS MOVERS - USD HY

• Issuer: WeWork Companies Inc (New York City, New York (US)) | Coupon: 7.88% | Maturity: 1/5/2025 | Rating: CC | ISIN: USU96217AA99 | Option-adjusted spread up by 16.8 bp to 853.3 bp, with the yield to worst at 8.7% and the bond now trading down to 96.3 cents on the dollar (1Y price range: 67.5-99.8).
• Issuer: Arcos Dorados Holdings Inc (British Virgin Islands) | Coupon: 6.63% | Maturity: 27/9/2023 | Rating: BB | ISIN: USG0457FAD99 | Option-adjusted spread up by 10.8 bp to 266.6 bp, with the yield to worst at 2.4% and the bond now trading down to 108.4 cents on the dollar (1Y price range: 107.8-109.8).
• Issuer: Netflix Inc (Los Gatos, California (US)) | Coupon: 4.88% | Maturity: 15/6/2030 | Rating: BB+ | ISIN: USU74079AQ46 | Option-adjusted spread up by 9.8 bp to 139.3 bp, with the yield to worst at 2.8% and the bond now trading down to 115.5 cents on the dollar (1Y price range: 112.5-122.0).
• Issuer: St Marys Cement Inc Canada (TORONTO, Canada) | Coupon: 5.75% | Maturity: 28/1/2027 | Rating: BB+ | ISIN: USC86068AA80 | Option-adjusted spread up by 9.7 bp to 181.5 bp, with the yield to worst at 2.6% and the bond now trading down to 114.8 cents on the dollar (1Y price range: 112.8-117.3).
• Issuer: Carnival Corp (Miami, Panama) | Coupon: 5.75% | Maturity: 1/3/2027 | Rating: B | ISIN: USP2121VAL82 | Option-adjusted spread down by 11.8 bp to 360.8 bp (CDS basis: -22.9bp), with the yield to worst at 4.5% and the bond now trading up to 105.1 cents on the dollar (1Y price range: 99.1-106.5).
• Issuer: Continental Resources Inc (Oklahoma City, Oklahoma (US)) | Coupon: 5.75% | Maturity: 15/1/2031 | Rating: BB+ | ISIN: USU21180AG60 | Option-adjusted spread down by 12.3 bp to 217.2 bp, with the yield to worst at 3.6% and the bond now trading up to 116.0 cents on the dollar (1Y price range: 107.8-116.0).
• Issuer: EnerSys (Reading, Pennsylvania (US)) | Coupon: 5.00% | Maturity: 30/4/2023 | Rating: BB- | ISIN: USU2928LAA36 | Option-adjusted spread down by 13.9 bp to 188.5 bp, with the yield to worst at 2.0% and the bond now trading up to 104.9 cents on the dollar (1Y price range: 103.8-105.8).
• Issuer: Taylor Morrison Communities Inc (Scottsdale, Arizona (US)) | Coupon: 5.75% | Maturity: 15/1/2028 | Rating: BB- | ISIN: USU8760NAB56 | Option-adjusted spread down by 19.5 bp to 233.8 bp, with the yield to worst at 3.4% and the bond now trading up to 112.8 cents on the dollar (1Y price range: 108.5-113.5).
• Issuer: MHP Lux SA (Luxembourg, Luxembourg) | Coupon: 6.25% | Maturity: 19/9/2029 | Rating: B | ISIN: XS2010044894 | Option-adjusted spread down by 25.8 bp to 551.8 bp, with the yield to worst at 6.7% and the bond now trading up to 96.5 cents on the dollar (1Y price range: 93.0-103.3).  

BONDS MOVERS - EUR IG

• Issuer: Coca-Cola Co (Atlanta, Georgia (US)) | Coupon: 1.00% | Maturity: 9/3/2041 | Rating: A | ISIN: XS2307864020 | Option-adjusted spread up by 8.6 bp to 70.3 bp, with the yield to worst at 1.2% and the bond now trading down to 95.9 cents on the dollar (1Y price range: 95.8-99.4).
• Issuer: Grenke Finance PLC (Dublin, Ireland) | Coupon: 0.88% | Maturity: 7/10/2022 | Rating: BBB+ | ISIN: XS1678629186 | Option-adjusted spread down by 11.9 bp to 615.7 bp, with the yield to worst at 5.5% and the bond now trading up to 93.6 cents on the dollar (1Y price range: 82.0-94.8).
• Issuer: Hypo Vorarlberg Bank AG (Bregenz, Austria) | Coupon: 0.63% | Maturity: 19/9/2022 | Rating: A- | ISIN: XS1685589027 | Option-adjusted spread down by 17.6 bp to 73.2 bp, with the yield to worst at 0.1% and the bond now trading up to 100.6 cents on the dollar (1Y price range: 100.5-100.9).
• Issuer: CK Hutchison Finance (16) Ltd (Cayman Islands) | Coupon: 1.25% | Maturity: 6/4/2023 | Rating: A- | ISIN: XS1391085740 | Option-adjusted spread down by 21.0 bp to 46.0 bp, with the yield to worst at -0.1% and the bond now trading up to 102.5 cents on the dollar (1Y price range: 102.3-102.9).

BONDS MOVERS - EUR HY

• Issuer: Autostrade per l'Italia SpA (Rome, Italy) | Coupon: 1.88% | Maturity: 4/11/2025 | Rating: BB- | ISIN: XS1316569638 | Option-adjusted spread down by 9.4 bp to 160.8 bp (CDS basis: -5.6bp), with the yield to worst at 1.1% and the bond now trading up to 102.4 cents on the dollar (1Y price range: 99.8-103.3).
• Issuer: ZF Europe Finance BV (Amsterdam, Netherlands) | Coupon: 2.00% | Maturity: 23/2/2026 | Rating: BB+ | ISIN: XS2010039381 | Option-adjusted spread down by 9.5 bp to 207.8 bp, with the yield to worst at 1.7% and the bond now trading up to 100.8 cents on the dollar (1Y price range: 97.9-101.2).
• Issuer: Hanesbrands Finance Luxembourg SCA (Bertrange, Luxembourg) | Coupon: 3.50% | Maturity: 15/6/2024 | Rating: BB | ISIN: XS1419661118 | Option-adjusted spread down by 9.7 bp to 171.3 bp, with the yield to worst at 1.0% and the bond now trading up to 106.2 cents on the dollar (1Y price range: 104.7-106.2).
• Issuer: SoftBank Group Corp (Minato-Ku, Japan) | Coupon: 4.75% | Maturity: 30/7/2025 | Rating: BB- | ISIN: XS1266662334 | Option-adjusted spread down by 11.5 bp to 223.6 bp, with the yield to worst at 1.7% and the bond now trading up to 111.0 cents on the dollar (1Y price range: 108.2-112.3).
• Issuer: Netflix Inc (Los Gatos, California (US)) | Coupon: 3.88% | Maturity: 15/11/2029 | Rating: BB+ | ISIN: XS1989380172 | Option-adjusted spread down by 14.3 bp to 125.6 bp, with the yield to worst at 1.2% and the bond now trading up to 121.1 cents on the dollar (1Y price range: 114.9-123.2).
• Issuer: ZF Europe Finance BV (Amsterdam, Netherlands) | Coupon: 3.00% | Maturity: 23/10/2029 | Rating: BB+ | ISIN: XS2010039894 | Option-adjusted spread down by 14.4 bp to 233.3 bp, with the yield to worst at 2.2% and the bond now trading up to 104.8 cents on the dollar (1Y price range: 100.4-105.6).
• Issuer: Deutsche Lufthansa AG (Cologne, Germany) | Coupon: 3.00% | Maturity: 29/5/2026 | Rating: BB- | ISIN: XS2265369657 | Option-adjusted spread down by 14.8 bp to 327.5 bp (CDS basis: -35.1bp), with the yield to worst at 2.9% and the bond now trading up to 99.8 cents on the dollar (1Y price range: 95.7-100.4).
• Issuer: Teva Pharmaceutical Finance Netherlands II BV (Amsterdam, Netherlands) | Coupon: 1.63% | Maturity: 15/10/2028 | Rating: BB- | ISIN: XS1439749364 | Option-adjusted spread down by 16.0 bp to 336.2 bp, with the yield to worst at 3.2% and the bond now trading up to 89.1 cents on the dollar (1Y price range: 87.5-92.6).