Data as of 23 September 2026 · Source: iShares LQD and HYG ETF holdings (BlackRock) · Updated daily
The dominance of high-yield issuers in this ranking reflects the considerable fragmentation that characterises the speculative-grade market, where even the largest names command relatively modest outstanding volumes compared with their investment-grade counterparts. CCO Holdings, the cable infrastructure arm of Charter Communications, leads with $0.3bn across 13 separate issues, underscoring the sector’s reliance on leveraged financing structures. The prominence of TransDigm and NRG Energy speaks to sustained investor appetite for aerospace components and energy transition plays, whilst Tenet Healthcare’s position highlights the healthcare sector’s continued access to high-yield capital markets. Perhaps most striking is the appearance of Venture Global entities in two separate positions, reflecting the substantial debt financing required for liquefied natural gas export infrastructure — a sector that has attracted considerable speculative capital amid shifting global energy dynamics. The presence of a treasury cash fund within the HYG holdings warrants attention, suggesting liquidity management considerations within the ETF structure itself. OneMain Finance’s inclusion, with 14 bonds outstanding, illustrates the consumer lending sector’s dependence on bond market funding. This concentration in capital-intensive industries — energy, healthcare, telecommunications infrastructure — reveals a market structure wherein leveraged growth strategies remain firmly in favour among yield-seeking investors.
Top 50 US Corporate Bond Issuers by Market Value Outstanding
| # | Issuer | Market Value | Grade | Bonds |
|---|---|---|---|---|
| 1 | CCO HOLDINGS LLC | $0.31bn | HY | 13 |
| 2 | TRANSDIGM INC | $0.25bn | HY | 13 |
| 3 | NRG ENERGY INC | $0.16bn | HY | 12 |
| 4 | TENET HEALTHCARE CORP | $0.15bn | HY | 10 |
| 5 | VENTURE GLOBAL LNG INC | $0.15bn | HY | 6 |
| 6 | BLK CSH FND TREASURY SL AGENCY | $0.14bn | HY | 1 |
| 7 | ONEMAIN FINANCE CORP | $0.14bn | HY | 14 |
| 8 | CENTENE CORPORATION | $0.14bn | HY | 5 |
| 9 | CLOUD SOFTWARE GROUP INC | $0.14bn | HY | 4 |
| 10 | VENTURE GLOBAL PLAQUEMINES LNG LLC | $0.14bn | HY | 6 |
| 11 | SUNOCO LP (TEXAS) | $0.13bn | HY | 14 |
| 12 | IRON MOUNTAIN INC | $0.13bn | HY | 10 |
| 13 | HILTON DOMESTIC OPERATING COMPANY | $0.12bn | HY | 10 |
| 14 | CHS/COMMUNITY HEALTH SYSTEMS INC | $0.11bn | HY | 7 |
| 15 | UNITED RENTALS (NORTH AMERICA) INC | $0.11bn | HY | 8 |
| 16 | CELANESE US HOLDINGS LLC | $0.10bn | HY | 9 |
| 17 | ECHOSTAR CORP | $0.10bn | HY | 2 |
| 18 | LEVEL 3 FINANCING INC | $0.10bn | HY | 4 |
| 19 | ROCKET COMPANIES INC | $0.10bn | HY | 6 |
| 20 | NISSAN MOTOR CO LTD | $0.09bn | HY | 5 |
| 21 | UNITI SERVICES LLC | $0.09bn | HY | 6 |
| 22 | SIRIUS XM RADIO LLC | $0.09bn | HY | 6 |
| 23 | COREWEAVE INC | $0.09bn | HY | 4 |
| 24 | ALBERTSONS COMPANIES INC | $0.09bn | HY | 7 |
| 25 | POST HOLDINGS INC | $0.09bn | HY | 6 |
| 26 | 1011778 BC UNLIMITED LIABILITY CO | $0.09bn | HY | 6 |
| 27 | TALEN ENERGY SUPPLY LLC | $0.09bn | HY | 4 |
| 28 | 1261229 BC LTD | $0.09bn | HY | 1 |
| 29 | SM ENERGY CO | $0.09bn | HY | 7 |
| 30 | OAK EAGLE ACQUIRECO INC | $0.08bn | HY | 2 |
| 31 | ASURION LLC | $0.08bn | HY | 2 |
| 32 | CLEVELAND-CLIFFS INC | $0.08bn | HY | 6 |
| 33 | HUB INTERNATIONAL LTD | $0.08bn | HY | 3 |
| 34 | NEXSTAR MEDIA INC | $0.08bn | HY | 3 |
| 35 | STANDARD BUILDING SOLUTIONS INC | $0.08bn | HY | 6 |
| 36 | DIRECTV FINANCING LLC | $0.08bn | HY | 4 |
| 37 | CSC HOLDINGS LLC | $0.08bn | HY | 11 |
| 38 | UNIVISION COMMUNICATIONS INC | $0.08bn | HY | 5 |
| 39 | DAVITA INC | $0.08bn | HY | 4 |
| 40 | CAESARS ENTERTAINMENT INC | $0.07bn | HY | 4 |
| 41 | MERIDIAN ARC HOLDCO LLC | $0.07bn | HY | 1 |
| 42 | ALLIED UNIVERSAL HOLDCO LLC | $0.07bn | HY | 4 |
| 43 | BLOCK INC | $0.07bn | HY | 4 |
| 44 | NEPTUNE BIDCO US INC | $0.07bn | HY | 3 |
| 45 | QXO BUILDING PRODUCTS INC | $0.07bn | HY | 3 |
| 46 | QUIKRETE HOLDINGS INC | $0.07bn | HY | 2 |
| 47 | ALLIANT HOLDINGS INTERMEDIATE LLC | $0.07bn | HY | 6 |
| 48 | VENTURE GLOBAL CALCASIEU PASS LLC | $0.07bn | HY | 5 |
| 49 | ALTICE FRANCE SA (FRANCE) | $0.07bn | HY | 4 |
| 50 | PENNYMAC FINANCIAL SERVICES INC | $0.06bn | HY | 7 |
Market values represent holdings within iShares LQD (investment grade) and HYG (high yield) ETFs only and are a proxy for — not the complete picture of — bonds outstanding. Actual bonds outstanding will be higher. Source: BlackRock iShares. Data refreshed daily after market close.