Investment Grade Corporate Bond Market Summary – Week Ending 11/25/22
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Investment Grade Corporate Bond Market Summary: Week Ending 11/25/22
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 11/25/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| New England Power Co. (USD) 5.936% 11/25/2052 | Senior Notes | 300 | 100 | 5.94 | 200 |
| Swedish Export Credit (USD) 4.625% 11/28/2025 | Senior Notes | 1750 | 99.917 | 4.65 | N/A |
| Rakuten Inc. (USD) 10.25% 11/30/2024 | Senior Notes | 500 | 96.968 | 11.98 | 748 |
| New England Power Co. (USD) 5.936% 11/25/2052 | Senior Notes | 300 | 100 | 5.94 | 200 |
| Discover Financial Services (USD) 6.7% 11/29/2032 | Senior Notes | 750 | 99.462 | 6.77 | 295 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 11/18/22 – 11/25/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | GAZPRU 4.95 3/23/2027 | 4.95% | 03/23/27 | 16.27% | 69.11 | 59.44 | 5 |
| 2 | CARDFP 2.125 3/7/2028 | 2.13% | 03/07/28 | 12.43% | 82.28 | 73.19 | 13 |
| 3 | LNGFOR 3.95 9/16/2029 | 3.95% | 09/16/29 | 11.23% | 62.97 | 56.61 | 21 |
| 4 | SWANHS 3.625 3/5/2048 | 3.63% | 03/05/48 | 10.95% | 74.44 | 67.09 | 13 |
| 5 | SMCGL 6.5 PERP | 6.50% | 04/25/99 | 10.22% | 77.59 | 70.40 | 13 |
| 6 | ADSEZ 5 8/2/2041 REGS | 5.00% | 08/02/41 | 9.54% | 70.72 | 64.56 | 21 |
| 7 | SLOVGB 2.25 6/12/2068 | 2.25% | 06/12/68 | 9.16% | 82.87 | 75.92 | 4 |
| 8 | EFSF 0.7 1/17/2053 | 0.70% | 01/17/53 | 8.99% | 59.33 | 54.43 | 2 |
| 9 | ULFP 1.75 7/1/2049 | 1.75% | 07/01/49 | 8.54% | 64.28 | 59.22 | 15 |
| 10 | SVELEV 2.8 2/10/2051 REGS | 2.80% | 02/10/51 | 8.51% | 62.79 | 57.86 | 4 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 11/18/22 – 11/25/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PFCLN 9.75 11/15/2026 REGS | 9.75% | 11/15/26 | -14.72% | 60.53 | 70.98 | 17 |
| 2 | LRGLBL FLT 2/3/2025 | 9.11% | 02/03/25 | -8.52% | 75.01 | 81.99 | 2 |
| 3 | GZINFU 4.75 4/3/2024 | 4.75% | 04/03/24 | -6.51% | 88.05 | 94.18 | 13 |
| 4 | CHNGDU 2.8 9/24/2024 | 2.80% | 09/24/24 | -4.61% | 94.67 | 99.25 | 2 |
| 5 | POSAV 7.5 PERP | 7.50% | 11/18/99 | -4.04% | 78.23 | 81.53 | 3 |
| 6 | FOOBON 6.25 5/15/2026 REGS | 6.25% | 05/15/26 | -3.51% | 69.26 | 71.78 | 12 |
| 7 | GYCGR 2.75 PERP | 2.75% | 09/22/99 | -3.48% | 73.22 | 75.86 | 11 |
| 8 | JINJII 1 9/25/2024 | 1.00% | 09/25/24 | -3.21% | 85.84 | 88.68 | 3 |
| 9 | BSTDBK 0.35 3/15/2027 | 0.35% | 03/15/27 | -3.12% | 74.06 | 76.45 | 2 |
| 10 | LUKOIL 4.75 11/2/2026 | 4.75% | 11/02/26 | -2.89% | 74.54 | 76.76 | 7 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 11/18/22 – 11/25/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Consumer Goods: Non-Durable | -28 bps | 4.43% | 4.70% |
| 2 | Insurance | -22 bps | 5.47% | 5.69% |
| 3 | Real Estate | -21 bps | 7.36% | 7.57% |
| 4 | Consumer Goods: Durable | -19 bps | 4.67% | 4.86% |
| 5 | Telecommunications | -19 bps | 4.69% | 4.88% |
| 6 | Media: Broadcasting & Subscription | -18 bps | 5.06% | 5.24% |
| 7 | Beverage, Food & Tobacco | -16 bps | 4.53% | 4.68% |
| 8 | Media: Diversified & Production | -15 bps | 4.69% | 4.84% |
| 9 | Banking | -13 bps | 4.99% | 5.12% |
| 10 | Hotel, Gaming & Leisure | -12 bps | 5.64% | 5.76% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 11/18/22 – 11/25/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Cargo | 185 bps | 9.65% | 7.80% |
| 2 | Sovereign & Public Finance | 50 bps | 5.04% | 4.54% |
| 3 | Capital Equipment | 38 bps | 4.90% | 4.52% |
| 4 | Utilities: Water | 38 bps | 4.93% | 4.56% |
| 5 | Containers, Packaging, & Glass | 36 bps | 5.67% | 5.31% |
| 6 | Transportation: Consumer | 35 bps | 6.71% | 6.37% |
| 7 | Energy: Electricity | 23 bps | 4.56% | 4.33% |
| 8 | High Tech Industries | 18 bps | 5.27% | 5.09% |
| 9 | Services: Business | 15 bps | 4.84% | 4.69% |
| 10 | Aerospace & Defense | 14 bps | 5.98% | 5.84% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 11/18/22 – 11/25/22 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 11/18/22 – 11/25/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 11/18/22 vs. the week ending 11/25/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | PRU 5.125 3/1/2052 | 5.13% | 03/01/52 | 34 | 114 | 80 | 235% |
| 2 | VW 0.875 12/14/2023 | 0.88% | 12/14/23 | 12 | 60 | 48 | 400% |
| 3 | CB 1.375 9/15/2030 | 1.38% | 09/15/30 | 191 | 235 | 44 | 23% |
| 4 | NATMUT 3.9 11/30/2049 144A | 3.90% | 11/30/49 | 143 | 185 | 42 | 29% |
| 5 | CB 3.15 3/15/2025 | 3.15% | 03/15/25 | 107 | 147 | 40 | 37% |
| 6 | FNF 2.45 3/15/2031 | 2.45% | 03/15/31 | 105 | 145 | 40 | 38% |
| 7 | AFL 3.6 4/1/2030 | 3.60% | 04/01/30 | 175 | 215 | 40 | 23% |
| 8 | GZINFU 4.75 4/3/2024 | 4.75% | 04/03/24 | 88 | 127 | 39 | 44% |
| 9 | PGR 3 3/15/2032 | 3.00% | 03/15/32 | 180 | 218 | 38 | 21% |
| 10 | PGR 3.7 3/15/2052 | 3.70% | 03/15/52 | 160 | 198 | 38 | 24% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 11/18/22 – 11/25/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | TOYOTA 5.45 11/10/2027 | 5.45% | 11/10/27 | 39 |
| 2 | UNH 5.875 2/15/2053 | 5.88% | 02/15/53 | 38 |
| 3 | UNH 5.35 2/15/2033 | 5.35% | 02/15/33 | 37 |
| 4 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 35 |
| 5 | KMI 4.8 2/1/2033 | 4.80% | 02/01/33 | 35 |
| 6 | ORCL 6.25 11/9/2032 | 6.25% | 11/09/32 | 35 |
| 7 | UNH 5.3 2/15/2030 | 5.30% | 02/15/30 | 35 |
| 8 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 35 |
| 9 | AAPL 3.95 8/8/2052 | 3.95% | 08/08/52 | 34 |
| 10 | LMT 5.25 1/15/2033 | 5.25% | 01/15/33 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 11/18/22 – 11/25/22 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 11/18/22 – 11/25/22
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