Investment Grade Corporate Bond Market Summary – Week Ending 11/18/22
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Investment Grade Corporate Bond Market Summary: Week Ending 11/18/22
Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.
New Issues
IG Corp bond new issues for the week ending 11/18/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| General Mills Inc. (USD) 5.241% 11/18/2025 | Senior Notes | 500 | 100 | 5.24 | 110 |
| Dominion Energy Inc. (USD) 5.375% 11/15/2032 | Senior Notes | 850 | 99.489 | 5.44 | 175 |
| Athene Holding LTD (USD) 6.65% 2/1/2033 | Senior Notes | 400 | 99.721 | 6.69 | 300 |
| Texas Instruments Inc. (USD) 4.7% 11/18/2024 | Senior Notes | 300 | 99.955 | 4.72 | 35 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 11/10/22 – 11/18/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CHJMAO 4.25 7/23/2029 | 4.25% | 07/23/29 | 19.75% | 64.53 | 53.89 |
| 2 | COGARD 4.75 1/17/2023 | 4.75% | 01/17/23 | 19.16% | 87.95 | 73.80 |
| 3 | GAZPRU 3 6/29/2027 | 3.00% | 06/29/27 | 18.49% | 69.87 | 58.96 |
| 4 | ULFP 1.75 7/1/2049 | 1.75% | 07/01/49 | 17.19% | 59.22 | 50.54 |
| 5 | HYSAN 4.85 PERP | 4.85% | 08/25/99 | 16.94% | 72.97 | 62.40 |
| 6 | CPDEV 3.85 7/14/2025 | 3.85% | 07/14/25 | 16.92% | 70.21 | 60.05 |
| 7 | VNKRLE 3.15 5/12/2025 | 3.15% | 05/12/25 | 15.42% | 82.85 | 71.78 |
| 8 | TENCNT 3.29 6/3/2060 144A | 3.29% | 06/03/60 | 14.98% | 55.44 | 48.22 |
| 9 | BABA 4.4 12/6/2057 | 4.40% | 12/06/57 | 14.64% | 71.57 | 62.43 |
| 10 | TOPTB 3.75 6/18/2050 144A | 3.75% | 06/18/50 | 14.33% | 60.30 | 52.74 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 11/10/22 – 11/18/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | UBSAV 5.5 PERP | 5.50% | 12/31/99 | -6.38% | 68.77 | 73.46 |
| 2 | AINV 4.5 7/16/2026 | 4.50% | 07/16/26 | -4.92% | 81.20 | 85.41 |
| 3 | SBUX 0 2/14/2024 | 3.38% | 02/14/24 | -4.31% | 94.95 | 99.23 |
| 4 | GSELEC 3.7 9/29/2024 | 3.70% | 09/29/24 | -4.18% | 86.48 | 90.25 |
| 5 | CELEO 5.2 6/22/2047 | 5.20% | 06/22/47 | -3.47% | 81.42 | 84.35 |
| 6 | TWX 5.35 12/15/2043 | 5.35% | 12/15/43 | -3.41% | 77.59 | 80.33 |
| 7 | CZGB FLT 11/19/2027 | 7.23% | 11/19/27 | -3.40% | 95.61 | 98.97 |
| 8 | VW 1.25 12/15/2025 | 1.25% | 12/15/25 | -3.24% | 89.45 | 92.44 |
| 9 | SDSELE 5.5 7/23/2026 REGS | 5.50% | 07/23/26 | -3.08% | 54.68 | 56.41 |
| 10 | PERU 5.4 8/12/2034 144A | 5.40% | 08/12/34 | -3.01% | 79.96 | 82.44 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 11/10/22 – 11/18/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -328 bps | 4.40% | 7.68% |
| 2 | Real Estate | -104 bps | 7.74% | 8.78% |
| 3 | Transportation: Cargo | -101 bps | 8.97% | 9.97% |
| 4 | Retail | -33 bps | 5.44% | 5.77% |
| 5 | Energy: Oil & Gas | -32 bps | 5.54% | 5.86% |
| 6 | Healthcare & Pharmaceuticals | -26 bps | 5.34% | 5.60% |
| 7 | Insurance | -12 bps | 5.66% | 5.79% |
| 8 | Telecommunications | -9 bps | 4.80% | 4.89% |
| 9 | Media: Broadcasting & Subscription | -8 bps | 5.27% | 5.34% |
| 10 | Hotel, Gaming & Leisure | -2 bps | 5.95% | 5.97% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 11/10/22 – 11/18/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Capital Equipment | 113 bps | 5.04% | 3.91% |
| 2 | Metals & Mining | 81 bps | 5.93% | 5.13% |
| 3 | Transportation: Consumer | 79 bps | 6.79% | 6.00% |
| 4 | Consumer Goods: Non-Durable | 67 bps | 5.02% | 4.35% |
| 5 | Aerospace & Defense | 67 bps | 6.02% | 5.35% |
| 6 | Consumer Goods: Durable | 65 bps | 5.26% | 4.61% |
| 7 | Sovereign & Public Finance | 58 bps | 5.13% | 4.56% |
| 8 | Beverage, Food & Tobacco | 52 bps | 5.00% | 4.49% |
| 9 | Services: Consumer | 49 bps | 6.90% | 6.41% |
| 10 | Forest Products & Paper | 44 bps | 4.80% | 4.36% |
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 11/10/22 – 11/18/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 11/10/22 vs. the week ending 11/18/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SOCGEN 4 7/12/2027 | 4.00% | 07/12/27 | 84 | 145 | 61 | 73% |
| 2 | SAVE 8 9/20/2025 REGS | 8.00% | 09/20/25 | 152 | 205 | 53 | 35% |
| 3 | HSBC 4.041 3/13/2028 | 4.04% | 03/13/28 | 169 | 219 | 50 | 30% |
| 4 | HSBC 4.292 9/12/2026 | 4.29% | 09/12/26 | 153 | 203 | 50 | 33% |
| 5 | DANBNK FLT 4/1/2028 REGS | 4.30% | 04/01/28 | 96 | 144 | 48 | 50% |
| 6 | RABOBK 3.649 4/6/2028 REGS | 3.65% | 04/06/28 | 100 | 148 | 48 | 48% |
| 7 | BNP 9.25 1/7/2025 | 9.25% | 01/07/25 | 10 | 56 | 46 | 460% |
| 8 | MUFG 3.837 4/17/2026 | 3.84% | 04/17/26 | 139 | 183 | 44 | 32% |
| 9 | HSBC 3.973 5/22/2030 | 3.97% | 05/22/30 | 199 | 239 | 40 | 20% |
| 10 | MIZUHO 3.153 7/16/2030 | 3.15% | 07/16/30 | 127 | 166 | 39 | 31% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 11/10/22 – 11/18/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 40 |
| 2 | AAPL 3.35 8/8/2032 | 3.35% | 08/08/32 | 40 |
| 3 | UNH 5.875 2/15/2053 | 5.88% | 02/15/53 | 39 |
| 4 | AAPL 3.95 8/8/2052 | 3.95% | 08/08/52 | 38 |
| 5 | UNH 5.35 2/15/2033 | 5.35% | 02/15/33 | 38 |
| 6 | TOYOTA 5.45 11/10/2027 | 5.45% | 11/10/27 | 38 |
| 7 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 37 |
| 8 | LMT 5.25 1/15/2033 | 5.25% | 01/15/33 | 36 |
| 9 | ORCL 3.95 3/25/2051 | 3.95% | 03/25/51 | 36 |
| 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 11/10/22 – 11/18/22
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