Investment Grade Corporate Bond Market Summary – Week Ending 1/27/23
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Investment Grade Corporate Bond Market Summary: Week Ending 1/27/23
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 1/27/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Norfolk Southern Corp. (USD) 4.45% 3/1/2033 | Senior Notes | 500 | 99.65 | 4.49 | 100 |
| Kinder Morgan Inc. (USD) 5.2% 6/1/2033 | Senior Notes | 1500 | 99.683 | 5.24 | 175 |
| Capital One Financial Corp. (USD) 5.817% 2/1/2034 | Senior Notes | 1250 | 100 | 5.82 | 235 |
| Toronto-Dominion Bank (USD) 5% 1/27/2025 | Floating Rate Notes | 175 | 100 | 5 | N/A |
| Procter & Gamble Co. (USD) 4.05% 1/26/2033 | Senior Notes | 850 | 99.992 | 4.05 | 53 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 1/20/23 – 1/27/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PBYGR 5.5 6/19/2025 | 5.50% | 06/19/25 | 10.29% | 62.96 | 57.08 | 2 |
| 2 | STT FLT 6/15/2047 | 5.75% | 06/15/47 | 7.97% | 83.95 | 77.76 | 6 |
| 3 | AABOND 7.375 7/31/2029 | 7.38% | 07/31/29 | 7.68% | 95.92 | 89.08 | 13 |
| 4 | ISPIM 4.375 1/12/2048 | 4.38% | 01/12/48 | 6.27% | 73.53 | 69.20 | 13 |
| 5 | CTPNV 1.5 9/27/2031 | 1.50% | 09/27/31 | 6.21% | 67.29 | 63.35 | 16 |
| 6 | UU 1.435 11/21/2056 | 1.44% | 11/21/56 | 6.04% | 94.40 | 89.02 | 3 |
| 7 | ETR 5.15 6/1/2045 | 5.15% | 06/01/45 | 5.96% | 97.61 | 92.11 | 4 |
| 8 | KEL 1.462 8/1/2051 | 1.46% | 08/01/51 | 5.90% | 89.54 | 84.55 | 3 |
| 9 | TSE 5.125 4/1/2029 144A | 5.13% | 04/01/29 | 5.83% | 73.39 | 69.35 | 4 |
| 10 | ORBIA 5.5 1/15/2048 REGS | 5.50% | 01/15/48 | 5.63% | 88.45 | 83.73 | 14 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 1/20/23 – 1/27/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ADANEM 3.867 7/22/2031 REGS | 3.87% | 07/22/31 | -14.59% | 67.01 | 78.46 | 23 |
| 2 | ADSEZ 4.375 7/3/2029 144A | 4.38% | 07/03/29 | -13.91% | 75.27 | 87.43 | 3 |
| 3 | ADINCO 3 2/16/2031 REGS | 3.00% | 02/16/31 | -8.18% | 75.48 | 82.20 | 19 |
| 4 | ADTIN 4 8/3/2026 | 4.00% | 08/03/26 | -6.86% | 84.67 | 90.90 | 25 |
| 5 | VTRS 3.85 6/22/2040 144A | 3.85% | 06/22/40 | -6.76% | 77.74 | 83.38 | 2 |
| 6 | TMO 1.875 10/1/2049 | 1.88% | 10/01/49 | -6.21% | 66.50 | 70.90 | 14 |
| 7 | SLOVGB 2.25 6/12/2068 | 2.25% | 06/12/68 | -5.71% | 75.22 | 79.78 | 6 |
| 8 | MDT 1.75 7/2/2049 | 1.75% | 07/02/49 | -5.70% | 64.85 | 68.77 | 14 |
| 9 | GAZPRU 2.95 1/27/2029 144A | 2.95% | 01/27/29 | -5.57% | 63.20 | 66.92 | 4 |
| 10 | SLOVGB 1 10/13/2051 | 1.00% | 10/13/51 | -5.49% | 53.61 | 56.72 | 5 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 1/20/23 – 1/27/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | -38 bps | 4.48% | 4.86% |
| 2 | 0 | -17 bps | 8.50% | 8.68% |
| 3 | Services: Consumer | -15 bps | 5.79% | 5.94% |
| 4 | Media: Advertising, Printing & Publishing | -13 bps | 5.43% | 5.56% |
| 5 | Telecommunications | -12 bps | 4.45% | 4.56% |
| 6 | Real Estate | -9 bps | 5.89% | 5.98% |
| 7 | High Tech Industries | -8 bps | 4.69% | 4.77% |
| 8 | Hotel, Gaming & Leisure | -5 bps | 5.16% | 5.21% |
| 9 | Retail | -2 bps | 4.86% | 4.88% |
| 10 | Healthcare & Pharmaceuticals | 0 bps | 4.94% | 4.93% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 1/20/23 – 1/27/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Consumer Goods: Durable | 49 bps | 4.69% | 4.20% |
| 2 | Media: Broadcasting & Subscription | 44 bps | 5.19% | 4.74% |
| 3 | Energy: Electricity | 32 bps | 6.95% | 6.63% |
| 4 | Finance | 31 bps | 5.05% | 4.74% |
| 5 | Capital Equipment | 30 bps | 4.31% | 4.01% |
| 6 | Forest Products & Paper | 29 bps | 4.58% | 4.29% |
| 7 | Utilities: Water | 29 bps | 4.51% | 4.22% |
| 8 | Sovereign & Public Finance | 28 bps | 4.50% | 4.22% |
| 9 | Banking | 26 bps | 4.77% | 4.51% |
| 10 | Transportation: Cargo | 26 bps | 4.87% | 4.61% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 1/20/23 – 1/27/23 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 1/20/23 – 1/27/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 1/20/23 vs. the week ending 1/27/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | AVGO 4.926 5/15/2037 144A | 4.93% | 05/15/37 | 60 | 213 | 153 | 255% |
| 2 | GS 3.102 2/24/2033 | 5.71% | 02/24/33 | 138 | 219 | 81 | 59% |
| 3 | RY 5 2/1/2033 | 5.00% | 02/01/33 | 325 | 394 | 69 | 21% |
| 4 | MS 2.943 1/21/2033 | 5.59% | 01/21/33 | 107 | 171 | 64 | 60% |
| 5 | SBAB 1.875 12/10/2025 | 1.88% | 12/10/25 | 95 | 159 | 64 | 67% |
| 6 | STLA 6.375 9/12/2032 144A | 6.38% | 09/12/32 | 154 | 216 | 62 | 40% |
| 7 | STT 4.164 8/4/2033 | 4.16% | 08/04/33 | 247 | 304 | 57 | 23% |
| 8 | INTC 3.75 8/5/2027 | 3.75% | 08/05/27 | 185 | 240 | 55 | 30% |
| 9 | VW FLT 6/7/2024 144A | 5.25% | 06/07/24 | 20 | 75 | 55 | 275% |
| 10 | ABBNVX 3.25 1/16/2027 | 3.25% | 01/16/27 | 90 | 145 | 55 | 61% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 1/20/23 – 1/27/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | RY 5 2/1/2033 | 5.00% | 02/01/33 | 40 |
| 2 | SUMIBK 5.766 1/13/2033 | 5.77% | 01/13/33 | 39 |
| 3 | NAB 4.944 1/12/2028 | 4.94% | 01/12/28 | 38 |
| 4 | PNC 5.068 1/24/2034 | 5.07% | 01/24/34 | 37 |
| 5 | MS 5.123 2/1/2029 | 5.12% | 02/01/29 | 36 |
| 6 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 36 |
| 7 | TOYOTA 4.625 1/12/2028 | 4.63% | 01/12/28 | 36 |
| 8 | TD 5.156 1/10/2028 | 5.16% | 01/10/28 | 36 |
| 9 | RY 4.875 1/12/2026 | 4.88% | 01/12/26 | 35 |
| 10 | UBS 5.959 1/12/2034 144A | 5.96% | 01/12/34 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 1/20/23 – 1/27/23 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 1/20/23 – 1/27/23
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