Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 12/2/22

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 12/2/22, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Public Service Electric & Gas Co. (USD) 4.9% 12/15/2032 Senior Notes 400 99.935 4.91 113
Flex LTD (USD) 6% 1/15/2028 Senior Notes 400 99.073 6.21 225
Bank of Nova Scotia (USD) 5.25% 12/6/2024 Senior Notes 1000 99.908 5.3 90
Southwest Gas Corp. (USD) 5.8% 12/1/2027 Senior Notes 300 99.867 5.83 190
Pacificorp (USD) 5.35% 12/1/2053 First Mortgage Bond 1100 99.7 5.37 153

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 11/25/22 – 12/2/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 GLPCHI 4 7/2/2024 4.00% 07/02/24 30.09% 70.14 53.92 6
2 COGARD 8 1/27/2024 8.00% 01/27/24 25.71% 64.69 51.46 23
3 SHUION 5.5 6/29/2026 5.50% 06/29/26 21.68% 73.96 60.79 16
4 GLPSP 3.875 6/4/2025 3.88% 06/04/25 20.25% 76.57 63.68 15
5 PEAKRN 5.35 PERP 5.35% 10/28/99 17.99% 73.92 62.65 5
6 LNGFOR 4.5 1/16/2028 4.50% 01/16/28 17.24% 78.82 67.23 21
7 SDSELE 5.5 7/23/2026 REGS 5.50% 07/23/26 15.03% 63.24 54.98 16
8 AACTEC 3.75 6/2/2031 3.75% 06/02/31 14.30% 66.44 58.13 16
9 XIAOMI 4.1 7/14/2051 144A 4.10% 07/14/51 13.08% 57.39 50.75 4
10 MEITUA 3.05 10/28/2030 REGS 3.05% 10/28/30 11.05% 75.67 68.14 23

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 11/25/22 – 12/2/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 GYCGR 2.75 PERP 2.75% 09/22/99 -16.51% 61.13 73.22 11
2 FOOBON 6.25 5/15/2026 REGS 6.25% 05/15/26 -12.13% 60.86 69.26 12
3 ARNDTN 5.25 PERP 5.25% 06/21/99 -11.63% 54.96 62.19 12
4 UNANA 1.375 9/14/2030 1.38% 09/14/30 -7.85% 79.44 86.21 15
5 CS 9.75 11/21/2023 5.91% 11/21/23 -7.39% 85.96 92.81 4
6 NGGLN 1.819 5/11/2056 1.82% 05/11/56 -7.06% 91.10 98.01 2
7 THAMES 1.771 8/28/2057 1.77% 08/28/57 -6.96% 85.39 91.78 4
8 UU 1.435 11/21/2056 1.44% 11/21/56 -6.67% 93.72 100.42 3
9 SSELN 1.429 10/20/2056 1.43% 10/20/56 -5.48% 85.48 90.44 3
10 VOD 3 8/12/2056 3.00% 08/12/56 -5.36% 64.94 68.61 16

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 11/25/22 – 12/2/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Media: Diversified & Production -77 bps 4.53% 5.31%
2 High Tech Industries -41 bps 4.81% 5.22%
3 Real Estate -32 bps 6.95% 7.27%
4 Healthcare & Pharmaceuticals -28 bps 5.13% 5.41%
5 Retail -26 bps 5.15% 5.41%
6 Hotel, Gaming & Leisure -25 bps 5.36% 5.61%
7 Aerospace & Defense -25 bps 5.65% 5.90%
8 Media: Broadcasting & Subscription -19 bps 4.90% 5.09%
9 Media: Advertising, Printing & Publishing -17 bps 5.40% 5.57%
10 Telecommunications -17 bps 4.58% 4.75%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 11/25/22 – 12/2/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Consumer Goods: Durable 79 bps 5.23% 4.44%
2 Sovereign & Public Finance 58 bps 4.93% 4.35%
3 Containers, Packaging, & Glass 35 bps 5.69% 5.34%
4 Services: Business 31 bps 4.85% 4.54%
5 Capital Equipment 30 bps 4.68% 4.37%
6 Transportation: Cargo 27 bps 8.24% 7.97%
7 Beverage, Food & Tobacco 20 bps 4.68% 4.48%
8 Utilities: Water 18 bps 4.71% 4.52%
9 Metals & Mining 18 bps 5.64% 5.46%
10 Transportation: Consumer 17 bps 6.49% 6.32%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 11/25/22 – 12/02/22

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 11/25/22 – 12/2/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 11/25/22 vs. the week ending 12/2/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 CNP 0 3/2/2023 1.70% 02/02/31 29 74 45 155%
2 CAT 4.9 1/17/2025 4.90% 01/17/25 264 308 44 17%
3 MIZUHO 2.869 9/13/2030 2.87% 09/13/30 125 166 41 33%
4 AL 3.375 7/1/2025 3.38% 07/01/25 162 200 38 23%
5 MQGAU 4 7/29/2025 4.00% 07/29/25 113 151 38 34%
6 AL 2.875 1/15/2026 2.88% 01/15/26 185 221 36 19%
7 C 3.785 3/17/2033 3.79% 03/17/33 157 192 35 22%
8 NYLIFE 0.55 4/26/2024 144A 0.55% 04/26/24 104 139 35 34%
9 C 6.27 11/17/2033 6.27% 11/17/33 280 314 34 12%
10 MQGAU 3.9 1/15/2026 3.90% 01/15/26 129 163 34 26%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 11/25/22 – 12/2/22

RANK TRANCHE COUPON MATURITY DEALERS
1 TOYOTA 5.45 11/10/2027 5.45% 11/10/27 39
2 ORCL 6.25 11/9/2032 6.25% 11/09/32 36
3 AMZN 3.6 4/13/2032 3.60% 04/13/32 36
4 DIS 2.65 1/13/2031 2.65% 01/13/31 36
5 AAPL 3.95 8/8/2052 3.95% 08/08/52 35
6 ORCL 6.9 11/9/2052 6.90% 11/09/52 34
7 BA 5.15 5/1/2030 5.15% 05/01/30 34
8 AAPL 3.35 8/8/2032 3.35% 08/08/32 34
9 TOYOTA 5.4 11/10/2025 5.40% 11/10/25 34
10 UNH 5.3 2/15/2030 5.30% 02/15/30 34

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 11/25/22 – 12/02/22

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 11/25/22 – 12/2/22

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