Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 11/10/22

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 11/10/22, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Zoetis Inc. (USD) 5.4% 11/14/2025 Senior Notes 600 99.927 5.43 85
Wisconsin Public Service Corp. (USD) 5.35% 11/10/2025 Senior Notes 300 99.978 5.36 72
Nutrien LTD (USD) 5.95% 11/7/2025 Senior Notes 500 99.892 5.99 135
Ameren Illinois Co. (USD) 5.9% 12/1/2052 First Mortgage Bond 350 99.691 5.92 163

Top 10 Winners

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

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 LNGFOR 4.5 1/16/2028 4.50% 01/16/28 108.75% 61.92 29.66
2 VNKRLE 3.5 11/12/2029 3.50% 11/12/29 45.04% 62.36 42.99
3 CHJMAO 4.25 7/23/2029 4.25% 07/23/29 41.06% 53.89 38.20
4 YUEXIU 2.8 1/20/2026 2.80% 01/20/26 23.64% 80.24 64.90
5 TOLHOS 5.325 11/15/2028 5.33% 11/15/28 21.37% 79.46 65.47
6 ENFRAG 5.375 12/30/2030 REGS 5.38% 12/30/30 18.58% 61.60 51.95
7 SOCGEN 4 7/12/2027 4.00% 07/12/27 14.09% 100.68 88.25
8 KYOBOL FLT 6/15/2052 REGS 5.90% 06/15/52 13.86% 85.69 75.26
9 KEBHNB FLT PERP REGS 3.50% 04/19/99 12.69% 82.14 72.89
10 SHINFN FLT PERP REGS 2.88% 05/12/99 12.58% 77.48 68.82

Top 10 Losers

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

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 GLPSP 3.875 6/4/2025 3.88% 06/04/25 -12.30% 57.85 65.96
2 MSTE 6.125 6/15/2028 6.13% 06/15/28 -11.42% 73.82 83.33
3 RCFFP 3.75 6/24/2029 3.75% 06/24/29 -8.58% 87.09 95.26
4 ZHHFGR 4.25 7/3/2024 4.25% 07/03/24 -6.87% 75.72 81.30
5 LNC FLT 4/20/2067 5.78% 04/20/67 -6.40% 62.46 66.73
6 YXREIT 2.65 2/2/2026 2.65% 02/02/26 -5.49% 70.19 74.27
7 AACTEC 2.625 6/2/2026 2.63% 06/02/26 -5.40% 68.87 72.81
8 GYCGR 1.5 PERP 1.50% 06/09/99 -4.58% 50.53 52.95
9 BNKEA 4.875 4/22/2032 4.88% 04/22/32 -3.94% 80.72 84.04
10 PINGRE 2.75 7/29/2024 2.75% 07/29/24 -3.50% 80.09 82.99

Top 10 Industry Winners

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

RANK INDUSTRY CHANGE YLD YLD-1W
1 Forest Products & Paper -112 bps 4.13% 5.25%
2 Consumer Goods: Non-Durable -95 bps 4.15% 5.10%
3 Media: Diversified & Production -82 bps 4.61% 5.42%
4 High Tech Industries -78 bps 4.98% 5.76%
5 Metals & Mining -77 bps 5.22% 6.00%
6 Media: Advertising, Printing & Publishing -77 bps 5.29% 6.06%
7 Automotive -67 bps 5.10% 5.77%
8 Beverage, Food & Tobacco -58 bps 4.54% 5.11%
9 Capital Equipment -57 bps 4.37% 4.94%
10 Telecommunications -51 bps 4.80% 5.30%

Top 10 Industry Losers

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

RANK INDUSTRY CHANGE YLD YLD-1W
1 Transportation: Cargo 492 bps 13.13% 8.22%
2 Energy: Electricity 306 bps 7.75% 4.69%
3 Sovereign & Public Finance 48 bps 5.32% 4.84%
4 Containers, Packaging, & Glass 35 bps 6.23% 5.89%
5 Services: Business 15 bps 5.25% 5.10%
6 Hotel, Gaming & Leisure 7 bps 6.13% 6.05%
7 Services: Consumer 0 bps 6.77% 6.77%
8 Utilities: Water -4 bps 4.88% 4.91%
9 Healthcare & Pharmaceuticals -10 bps 5.74% 5.84%
10 Wholesale -11 bps 5.55% 5.66%

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 11/4/22 – 11/10/22

Top Quote Volume Movers: This Week vs Last Week

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

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 KYOBOL FLT 6/15/2052 REGS 5.90% 06/15/52 93 153 60 65%
2 DOW 2.1 9/15/2030 2.10% 09/15/30 135 181 46 34%
3 PNC 6.037 10/28/2033 6.04% 10/28/33 239 282 43 18%
4 USB 2.677 1/27/2033 2.68% 01/27/33 176 217 41 23%
5 ANTOLN 2.375 10/14/2030 REGS 2.38% 10/14/30 108 146 38 35%
6 BMO 1.25 9/15/2026 1.25% 09/15/26 205 243 38 19%
7 LMT 5.7 11/15/2054 5.70% 11/15/54 305 343 38 12%
8 SHINFN 5.875 PERP 5.88% 08/13/99 77 112 35 45%
9 KEBHNB FLT PERP REGS 3.50% 04/19/99 82 116 34 41%
10 NTRCN 5 4/1/2049 5.00% 04/01/49 156 190 34 22%

Most Quoted IG Corps

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

RANK TRANCHE COUPON MATURITY DEALERS
1 AAPL 3.95 8/8/2052 3.95% 08/08/52 39
2 LMT 5.25 1/15/2033 5.25% 01/15/33 39
3 AMZN 3.6 4/13/2032 3.60% 04/13/32 38
4 DOW 6.3 3/15/2033 6.30% 03/15/33 38
5 AAPL 3.35 8/8/2032 3.35% 08/08/32 38
6 UNH 5.875 2/15/2053 5.88% 02/15/53 38
7 ORCL 3.95 3/25/2051 3.95% 03/25/51 37
8 DIS 2.65 1/13/2031 2.65% 01/13/31 37
9 UNH 5.35 2/15/2033 5.35% 02/15/33 37
10 BPLN 2.721 1/12/2032 2.72% 01/12/32 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 11/4/22 – 11/10/22

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