Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 11/4/22

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 11/4/22, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Southern California Edison Co. (USD) 5.95% 11/1/2032 First & General Mortgage Bonds 750 99.349 6.04 N/A
State Street Corp. (USD) 5.82% 11/4/2028 Senior Notes 500 100 5.82 155
Goldman Sachs Group Inc. (USD) 7% 10/29/2032 N/A 90 100 7 N/A
Comcast Corp. (USD) 5.5% 11/15/2032 Senior Notes 1000 99.368 5.58 150

Top 10 Winners

Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 10/28/22 – 11/4/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 BPCECB 0.375 1/21/2032 0.38% 01/21/32 9.23% 77.47 70.92
2 HIMARK 6.125 5/15/2041 6.13% 05/15/41 5.73% 95.05 89.91
3 T 5.3 8/15/2058 5.30% 08/15/58 4.43% 85.29 81.67
4 UNIMEL 4.25 12/15/2042 4.25% 12/15/42 4.03% 82.17 78.99
5 MEXCAT 4.25 10/31/2026 4.25% 10/31/26 3.99% 93.10 89.52
6 MUNHYP 1.875 8/25/2032 1.88% 08/25/32 3.59% 90.01 86.89
7 HALEON 3.125 3/24/2025 144A 3.13% 03/24/25 2.95% 99.22 96.37
8 AVA 5.7 7/1/2037 5.70% 07/01/37 2.83% 95.56 92.93
9 TWX 6.25 3/29/2041 6.25% 03/29/41 2.66% 88.16 85.88
10 BNSF 3.442 6/16/2028 3.44% 06/16/28 2.59% 94.09 91.72

Top 10 Losers

Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 10/28/22 – 11/4/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 CKINF 4 PERP 4.00% 01/29/99 -11.87% 65.07 73.84
2 PEAKRN 5.35 PERP 5.35% 10/28/99 -10.17% 59.55 66.29
3 BCDHGR 3.25 7/15/2026 3.25% 07/15/26 -9.74% 73.06 80.94
4 DE 0 3/7/2025 3.52% 03/07/25 -9.07% 90.01 98.99
5 FRESHK 3.375 2/18/2025 3.38% 02/18/25 -8.69% 76.06 83.30
6 VNKRLE 5.35 3/11/2024 5.35% 03/11/24 -8.09% 74.03 80.55
7 RACAPI 5.029 5/12/2049 5.03% 05/12/49 -7.49% 85.32 92.22
8 CS 9.75 11/21/2023 5.91% 11/21/23 -6.63% 91.69 98.19
9 UNICHI 4.411 10/1/2044 4.41% 10/01/44 -5.82% 86.07 91.40
10 ESRCAY 5.65 PERP 5.65% 03/02/99 -5.38% 88.00 93.00

Top 10 Industry Winners

Showcases the top 10 IG industry “winners” based on the largest yield increases between 10/28/22 – 11/4/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Retail 6 bps 6.06% 6.00%
2 Real Estate 7 bps 9.01% 8.95%
3 Telecommunications 9 bps 5.24% 5.15%
4 Banking 10 bps 5.54% 5.44%
5 Media: Advertising, Printing & Publishing 10 bps 6.06% 5.95%
6 Insurance 13 bps 6.16% 6.03%
7 Aerospace & Defense 14 bps 6.34% 6.20%
8 Metals & Mining 16 bps 6.30% 6.14%
9 Wholesale 16 bps 5.64% 5.48%
10 Media: Broadcasting & Subscription 18 bps 5.83% 5.65%

Top 10 Industry Losers

Showcases the top 10 IG industry “losers” based on the largest yield decreases between 10/28/22 – 11/4/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Transportation: Cargo 124 bps 9.07% 7.82%
2 Consumer Goods: Durable 121 bps 6.00% 4.79%
3 Capital Equipment 118 bps 5.68% 4.50%
4 Services: Business 86 bps 5.90% 5.04%
5 Services: Consumer 73 bps 7.43% 6.70%
6 Consumer Goods: Non-Durable 64 bps 5.48% 4.83%
7 Sovereign & Public Finance 54 bps 5.48% 4.94%
8 Chemicals, Plastics & Rubber 54 bps 6.37% 5.83%
9 Utilities: Water 48 bps 5.20% 4.72%
10 High Tech Industries 47 bps 5.83% 5.36%

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 10/28/22 – 11/4/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 10/28/22 vs. the week ending 11/4/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 KBCBB 1.25 9/21/2027 1.25% 09/21/27 25 110 85 340%
2 AXP 3.3 5/3/2027 3.30% 05/03/27 99 172 73 74%
3 BAC 4.3 11/15/2015 4.30% 11/15/15 13 74 61 469%
4 BX 1.625 8/5/2028 144A 1.63% 08/05/28 115 175 60 52%
5 DANBNK 4.375 6/12/2028 REGS 4.38% 06/12/28 103 160 57 55%
6 MQGAU 4.098 6/21/2028 144A 4.10% 06/21/28 78 127 49 63%
7 LITHUN 1.625 6/19/2049 1.63% 06/19/49 32 80 48 150%
8 BX 2.55 3/30/2032 144A 2.55% 03/30/32 158 205 47 30%
9 MQGAU 4.442 6/21/2033 144A 4.44% 06/21/33 93 139 46 49%
10 SECBEN FLT PERP REGS 6.50% 12/31/99 34 79 45 132%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 10/28/22 – 11/4/22

RANK TRANCHE COUPON MATURITY DEALERS
1 AMZN 3.6 4/13/2032 3.60% 04/13/32 40
2 AAPL 3.95 8/8/2052 3.95% 08/08/52 40
3 AAPL 3.35 8/8/2032 3.35% 08/08/32 39
4 VZ 3.55 3/22/2051 3.55% 03/22/51 39
5 DIS 2.65 1/13/2031 2.65% 01/13/31 39
6 BPLN 2.721 1/12/2032 2.72% 01/12/32 38
7 INTC 4.15 8/5/2032 4.15% 08/05/32 38
8 UNH 5.875 2/15/2053 5.88% 02/15/53 38
9 CMCSA 1.5 2/15/2031 1.50% 02/15/31 38
10 INTC 4.9 8/5/2052 4.90% 08/05/52 37

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 10/28/22 – 11/4/22

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