Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 10/28/22

Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.

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New Issues

IG Corp bond new issues for the week ending 10/28/22, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Elevance Health Inc. (USD) 5.5% 10/15/2032 Senior Notes 650 99.384 5.58 155
Truist Financial Corp. (USD) 5.9% 10/28/2026 Senior Notes 750 100 5.9 150
PNC Financial Services Group Inc. (USD) 6.037% 10/28/2033 Floating Rate Notes 1500 100 6.04 195
Northern Trust Corp. (USD) 6.125% 11/2/2032 Subordinated Notes 1000 99.646 6.17 215

Top 10 Winners

Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 10/21/22 – 10/28/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 BRKHEC 2.25 10/9/2059 2.25% 10/09/59 14.13% 57.61 50.47
2 CAMBRG 2.35 6/27/2078 2.35% 06/27/78 13.63% 62.03 54.59
3 RAGB 1.5 11/2/2086 1.50% 11/02/86 13.61% 62.23 54.77
4 EDF 6 1/23/2014 6.00% 01/23/14 12.93% 92.32 81.75
5 UNCOLO 1.625 6/4/2061 1.63% 06/04/61 12.89% 53.23 47.15
6 RDSALN 1.75 9/10/2052 1.75% 09/10/52 12.81% 51.87 45.98
7 BRK 2.625 6/19/2059 2.63% 06/19/59 12.56% 63.73 56.62
8 UNISOU 2.25 4/11/2057 2.25% 04/11/57 12.56% 60.13 53.43
9 LIVEWE 1.875 2/18/2056 1.88% 02/18/56 12.41% 50.43 44.86
10 GUINNE 2 4/22/2055 2.00% 04/22/55 12.37% 51.57 45.90

Top 10 Losers

Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 10/21/22 – 10/28/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 VNKRLE 3.975 11/9/2027 3.98% 11/09/27 -23.35% 55.75 72.73
2 ENFRAG 5.375 12/30/2030 REGS 5.38% 12/30/30 -11.02% 52.00 58.44
3 SHUION 6.15 8/24/2024 6.15% 08/24/24 -9.29% 59.99 66.14
4 CITCON FLT PERP 7.67% 11/22/99 -8.49% 61.82 67.56
5 ADANIG 4.375 9/8/2024 REGS 4.38% 09/08/24 -7.77% 74.84 81.14
6 STOR 2.7 12/1/2031 2.70% 12/01/31 -7.49% 75.66 81.79
7 CTPNV 1.25 6/21/2029 1.25% 06/21/29 -7.48% 60.50 65.39
8 SBBBSS 0.75 12/14/2028 0.75% 12/14/28 -7.44% 54.55 58.94
9 CPIPGR 1.625 4/23/2027 1.63% 04/23/27 -7.30% 67.83 73.17
10 DICGR 2.25 9/22/2026 2.25% 09/22/26 -7.23% 57.48 61.96

Top 10 Industry Winners

Showcases the top 10 IG industry “winners” based on the largest yield increases between 10/21/22 – 10/28/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Energy: Electricity -52 bps 4.47% 4.99%
2 Media: Diversified & Production -37 bps 5.18% 5.55%
3 Telecommunications -34 bps 5.10% 5.44%
4 Beverage, Food & Tobacco -32 bps 4.97% 5.29%
5 High Tech Industries -31 bps 5.33% 5.64%
6 Media: Broadcasting & Subscription -29 bps 5.69% 5.98%
7 Energy: Oil & Gas -28 bps 6.35% 6.62%
8 Utilities: Electric -20 bps 5.67% 5.87%
9 Insurance -20 bps 6.09% 6.29%
10 Automotive -19 bps 5.84% 6.04%

Top 10 Industry Losers

Showcases the top 10 IG industry “losers” based on the largest yield decreases between 10/21/22 – 10/28/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Real Estate 132 bps 9.53% 8.21%
2 Transportation: Cargo 91 bps 8.95% 8.05%
3 Consumer Goods: Durable 84 bps 5.95% 5.11%
4 Healthcare & Pharmaceuticals 48 bps 5.74% 5.26%
5 Aerospace & Defense 35 bps 6.69% 6.35%
6 Transportation: Consumer 31 bps 7.05% 6.74%
7 Capital Equipment 31 bps 5.38% 5.08%
8 Sovereign & Public Finance 26 bps 5.35% 5.09%
9 Services: Consumer 26 bps 7.29% 7.03%
10 Metals & Mining 21 bps 6.43% 6.22%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 9/23/22 – 9/30/22

Results are based on 5 select industry sectors, however, we offer data across 36 sectors

Sentiment

Reveals the percent of IG Corps increasing in price (advancers) vs. IG Corps decreasing in price (decliners) between 10/21/22 – 10/28/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 10/21/22 vs. the week ending 10/28/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 RY 1.2 4/27/2026 1.20% 04/27/26 195 252 57 29%
2 TD 8.125 10/31/2082 8.13% 10/31/82 214 256 42 20%
3 INTC 3.7 7/29/2025 3.70% 07/29/25 219 259 40 18%
4 DOW 4.25 10/1/2034 4.25% 10/01/34 180 218 38 21%
5 COST 1.375 6/20/2027 1.38% 06/20/27 193 231 38 20%
6 RY 4.24 8/3/2027 4.24% 08/03/27 235 271 36 15%
7 RY 0.875 1/20/2026 0.88% 01/20/26 202 236 34 17%
8 RY 2.25 11/1/2024 2.25% 11/01/24 202 236 34 17%
9 BAC 3.248 10/21/2027 3.25% 10/21/27 134 168 34 25%
10 INTC 2.875 5/11/2024 2.88% 05/11/24 111 145 34 31%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 10/21/22 – 10/28/22

RANK TRANCHE COUPON MATURITY DEALERS
1 AAPL 3.95 8/8/2052 3.95% 08/08/52 40
2 AAPL 3.35 8/8/2032 3.35% 08/08/32 38
3 VZ 3.55 3/22/2051 3.55% 03/22/51 38
4 DIS 2.65 1/13/2031 2.65% 01/13/31 37
5 CMCSA 1.5 2/15/2031 1.50% 02/15/31 36
6 INTC 4.9 8/5/2052 4.90% 08/05/52 36
7 AAPL 2.375 2/8/2041 2.38% 02/08/41 36
8 ORCL 3.95 3/25/2051 3.95% 03/25/51 36
9 XOM 3.452 4/15/2051 3.45% 04/15/51 36
10 AMZN 3.6 4/13/2032 3.60% 04/13/32 36

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 9/23/22 – 9/30/22

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 10/21/22 – 10/28/22

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