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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.

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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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