Corporates

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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.

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New Issues
IG Top/bottom performers
Industry top/bottom performers
5Yr Yld – Industry
Market Sentiment
Top Movers
Most Quoted IG
Bid Offer Spread
Bid Offer Volume

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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