Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 1/6/23
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 1/6/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| PACCAR Financial Corp. (USD) 4.6% 1/10/2028 | Senior Notes | 300 | 99.832 | 4.64 | 78 |
| General Motors Financial Co. Inc. (USD) 6% 1/9/2028 | Senior Notes | 1000 | 99.991 | 6 | 215 |
| Eversource Energy (USD) 5.15% 1/15/2053 | First & General Mortgage Bonds | 300 | 99.319 | 5.19 | 133 |
| Credit Suisse AG (New York Branch) (USD) 7.95% 1/9/2025 | Senior Notes | 1249 | 99.8 | 8.06 | 370 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 12/30/22 – 1/6/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | SINOCE 2.7 1/13/2025 | 2.70% | 01/13/25 | 34.79% | 74.26 | 55.09 | 17 |
| 2 | COGARD 5.625 1/14/2030 | 5.63% | 01/14/30 | 21.35% | 63.13 | 52.02 | 22 |
| 3 | REDOPE 5.875 10/12/2031 | 5.88% | 10/12/31 | 12.62% | 103.61 | 92.00 | 2 |
| 4 | LNGFOR 3.95 9/16/2029 | 3.95% | 09/16/29 | 11.44% | 80.34 | 72.10 | 22 |
| 5 | SLOREP 1.175 2/13/2062 | 1.18% | 02/13/62 | 10.00% | 50.37 | 45.79 | 4 |
| 6 | RINFP 1.375 3/26/2028 | 1.38% | 03/26/28 | 9.77% | 80.11 | 72.99 | 11 |
| 7 | GLPCHI 2.95 3/29/2026 | 2.95% | 03/29/26 | 8.81% | 77.22 | 70.97 | 15 |
| 8 | EGGER 4.875 PERP | 4.88% | 03/12/99 | 8.20% | 103.65 | 95.79 | 4 |
| 9 | ORAFP 1.375 9/4/2049 | 1.38% | 09/04/49 | 7.95% | 69.39 | 64.28 | 16 |
| 10 | PEP 1.05 10/9/2050 | 1.05% | 10/09/50 | 7.91% | 63.21 | 58.58 | 15 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 12/30/22 – 1/6/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | PARHLT 3.452 11/1/2050 | 3.45% | 11/01/50 | -7.66% | 72.68 | 78.70 | 2 |
| 2 | SOCGEN 5 12/20/2029 | 5.00% | 12/20/29 | -7.43% | 89.47 | 96.65 | 2 |
| 3 | PBYGR 5.5 6/19/2025 | 5.50% | 06/19/25 | -7.27% | 64.19 | 69.22 | 2 |
| 4 | ISRELE 8.1 12/15/2096 | 8.10% | 12/15/96 | -6.58% | 118.83 | 127.20 | 5 |
| 5 | BAC 2.551 2/4/2028 | 5.35% | 02/04/28 | -6.41% | 89.68 | 95.82 | 6 |
| 6 | JNHITE 2.5 6/23/2024 | 2.50% | 06/23/24 | -6.20% | 93.80 | 100.00 | 3 |
| 7 | ICBCAS 3.2 6/1/2024 | 3.20% | 06/01/24 | -5.59% | 93.68 | 99.23 | 8 |
| 8 | MSFLCZ 3.15 3/10/2024 | 3.15% | 03/10/24 | -5.51% | 88.18 | 93.32 | 4 |
| 9 | RUSSIA 5.875 9/16/2043 | 5.88% | 09/16/43 | -5.18% | 60.66 | 63.97 | 5 |
| 10 | FDUS 3.5 11/15/2026 | 3.50% | 11/15/26 | -4.65% | 82.59 | 86.62 | 4 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 12/30/22 – 1/6/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Transportation: Consumer | -88 bps | 6.33% | 7.21% |
| 2 | Media: Diversified & Production | -61 bps | 4.80% | 5.41% |
| 3 | Media: Broadcasting & Subscription | -55 bps | 5.11% | 5.65% |
| 4 | Telecommunications | -31 bps | 4.82% | 5.14% |
| 5 | Wholesale | -30 bps | 4.90% | 5.20% |
| 6 | Beverage, Food & Tobacco | -23 bps | 4.60% | 4.83% |
| 7 | Retail | -23 bps | 5.25% | 5.47% |
| 8 | Construction & Building | -22 bps | 4.82% | 5.04% |
| 9 | Media: Advertising, Printing & Publishing | -19 bps | 5.91% | 6.10% |
| 10 | Real Estate | -19 bps | 6.76% | 6.95% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 12/30/22 – 1/6/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Metals & Mining | 21 bps | 5.49% | 5.28% |
| 2 | Automotive | 19 bps | 5.27% | 5.08% |
| 3 | Forest Products & Paper | 13 bps | 4.96% | 4.83% |
| 4 | Capital Equipment | 12 bps | 4.61% | 4.49% |
| 5 | Finance | 4 bps | 5.52% | 5.48% |
| 6 | Utilities: Water | 4 bps | 4.75% | 4.71% |
| 7 | Energy: Electricity | 4 bps | 5.22% | 5.18% |
| 8 | Consumer Goods: Durable | 4 bps | 4.66% | 4.62% |
| 9 | Sovereign & Public Finance | 1 bps | 4.88% | 4.87% |
| 10 | Banking | 0 bps | 5.23% | 5.22% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 12/30/22 – 1/6/23
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 12/30/22 – 1/6/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 12/30/22 vs. the week ending 1/6/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | MRK 6.55 9/15/2037 | 6.55% | 09/15/37 | 21 | 121 | 100 | 476% |
| 2 | VZ 2.355 3/15/2032 | 2.36% | 03/15/32 | 163 | 233 | 70 | 43% |
| 3 | APO 4.95 1/14/2050 REGS | 4.95% | 01/14/50 | 20 | 90 | 70 | 350% |
| 4 | ILTYIM 4.375 10/7/2031 | 4.38% | 10/07/31 | 5 | 72 | 67 | 1340% |
| 5 | ADCBUH 4.5 9/14/2027 | 4.50% | 09/14/27 | 57 | 115 | 58 | 102% |
| 6 | SUMDIG 2.875 8/12/2031 REGS | 2.88% | 08/12/31 | 87 | 133 | 46 | 53% |
| 7 | HKAA 1.75 1/12/2027 REGS | 1.75% | 01/12/27 | 87 | 129 | 42 | 48% |
| 8 | MO 3.4 2/4/2041 | 3.40% | 02/04/41 | 142 | 184 | 42 | 30% |
| 9 | DE 2 6/17/2031 | 2.00% | 06/17/31 | 209 | 250 | 41 | 20% |
| 10 | GXO 2.65 7/15/2031 | 2.65% | 07/15/31 | 22 | 62 | 40 | 182% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 12/30/22 – 1/6/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | JPM 4.912 7/25/2033 | 4.91% | 07/25/33 | 34 |
| 2 | AAPL 3.95 8/8/2052 | 3.95% | 08/08/52 | 34 |
| 3 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 33 |
| 4 | CVS 5.05 3/25/2048 | 5.05% | 03/25/48 | 33 |
| 5 | AAPL 3.35 8/8/2032 | 3.35% | 08/08/32 | 33 |
| 6 | BPLN 2.721 1/12/2032 | 2.72% | 01/12/32 | 33 |
| 7 | LMT 5.25 1/15/2033 | 5.25% | 01/15/33 | 33 |
| 8 | ORCL 6.25 11/9/2032 | 6.25% | 11/09/32 | 33 |
| 9 | MS 6.342 10/18/2033 | 6.34% | 10/18/33 | 33 |
| 10 | UNH 5.35 2/15/2033 | 5.35% | 02/15/33 | 33 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 12/30/22 – 1/6/23
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 12/30/22 – 1/6/23
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