Investment Grade Corporate Bond Market Summary – Week Ending 2/3/23
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Investment Grade Corporate Bond Market Summary: Week Ending 2/3/23
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 2/3/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Oracle Corp. (USD) 4.5% 5/6/2028 | Senior Notes | 750 | 99.806 | 4.54 | 105 |
| National Rural Utilities Cooperative Finance Corp. (USD) 4.45% 3/13/2026 | Senior Notes | 600 | 99.929 | 4.47 | 70 |
| Alexandria Real Estate Equities Inc. (USD) 4.75% 4/15/2035 | Senior Notes | 500 | 99.741 | 4.78 | 137.5 |
| Tyco Electronics Group SA (USD) 4.5% 2/13/2026 | Senior Notes | 500 | 99.811 | 4.56 | 60 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 1/27/23 – 2/3/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | GYCGR 2.5 PERP | 2.50% | 04/23/99 | 21.28% | 57.72 | 47.60 | 12 |
| 2 | ARNDTN 3.375 PERP | 3.38% | 09/23/99 | 16.78% | 57.12 | 48.91 | 15 |
| 3 | HEIMST 6.75 PERP | 6.75% | 01/15/99 | 11.35% | 51.54 | 46.29 | 12 |
| 4 | XIAOMI 4.1 7/14/2051 144A | 4.10% | 07/14/51 | 9.47% | 71.79 | 65.58 | 4 |
| 5 | ROMANI 4 2/14/2051 144A | 4.00% | 02/14/51 | 8.53% | 75.10 | 69.20 | 3 |
| 6 | BNP FLT PERP | 5.17% | 09/29/49 | 7.69% | 79.90 | 74.19 | 11 |
| 7 | CITCON 3.625 PERP | 3.63% | 09/10/99 | 7.58% | 55.71 | 51.78 | 13 |
| 8 | CTPNV 1.5 9/27/2031 | 1.50% | 09/27/31 | 7.02% | 72.02 | 67.29 | 17 |
| 9 | CHIOLI 5.35 11/15/2042 | 5.35% | 11/15/42 | 6.26% | 94.77 | 89.19 | 13 |
| 10 | SMCGL 5.95 PERP | 5.95% | 11/05/99 | 6.14% | 91.85 | 86.54 | 7 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 1/27/23 – 2/3/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ADTIN 4 8/3/2026 | 4.00% | 08/03/26 | -11.60% | 74.85 | 84.67 | 35 |
| 2 | ADSEZ 3.828 2/2/2032 REGS | 3.83% | 02/02/32 | -11.34% | 63.91 | 72.08 | 33 |
| 3 | ADINCO 3 2/16/2031 144A | 3.00% | 02/16/31 | -9.64% | 70.27 | 77.77 | 3 |
| 4 | SLOREP 1.175 2/13/2062 | 1.18% | 02/13/62 | -5.56% | 52.40 | 55.49 | 5 |
| 5 | LUKOIL 4.75 11/2/2026 | 4.75% | 11/02/26 | -3.91% | 72.46 | 75.41 | 8 |
| 6 | NRW 1.375 1/15/2120 | 1.38% | 01/15/20 | -3.84% | 51.59 | 53.65 | 3 |
| 7 | TOLHOS 4.982 11/15/2045 | 4.98% | 11/15/45 | -3.58% | 61.17 | 63.44 | 6 |
| 8 | ENFRAG 5.375 12/30/2030 REGS | 5.38% | 12/30/30 | -3.57% | 70.90 | 73.53 | 14 |
| 9 | DERSTG 1.625 12/9/2024 | 1.63% | 12/09/24 | -3.12% | 90.73 | 93.66 | 6 |
| 10 | CCB FLT 12/21/2024 | 0.00% | 12/21/24 | -3.02% | 96.19 | 99.19 | 7 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 1/27/23 – 2/3/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | -46 bps | 4.36% | 4.83% |
| 2 | Media: Broadcasting & Subscription | -39 bps | 4.89% | 5.28% |
| 3 | Consumer Goods: Non-Durable | -30 bps | 3.95% | 4.25% |
| 4 | Telecommunications | -28 bps | 4.32% | 4.60% |
| 5 | Services: Business | -27 bps | 3.99% | 4.26% |
| 6 | Insurance | -26 bps | 4.85% | 5.11% |
| 7 | Hotel, Gaming & Leisure | -23 bps | 4.93% | 5.16% |
| 8 | Energy: Oil & Gas | -22 bps | 5.02% | 5.25% |
| 9 | Beverage, Food & Tobacco | -22 bps | 4.18% | 4.40% |
| 10 | Construction & Building | -19 bps | 4.20% | 4.39% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 1/27/23 – 2/3/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Metals & Mining | 84 bps | 5.60% | 4.76% |
| 2 | Transportation: Cargo | 33 bps | 5.02% | 4.69% |
| 3 | Energy: Electricity | 33 bps | 6.97% | 6.64% |
| 4 | Forest Products & Paper | 20 bps | 4.54% | 4.34% |
| 5 | Sovereign & Public Finance | 16 bps | 4.39% | 4.23% |
| 6 | High Tech Industries | 9 bps | 4.77% | 4.68% |
| 7 | Aerospace & Defense | 5 bps | 5.35% | 5.30% |
| 8 | Transportation: Consumer | 1 bps | 5.59% | 5.58% |
| 9 | Consumer Goods: Durable | 0 bps | 4.46% | 4.45% |
| 10 | Real Estate | 0 bps | 5.87% | 5.87% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 1/27/23 – 2/3/23 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 1/27/23 – 2/3/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 1/27/23 vs. the week ending 2/3/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SANLTD 2.85 3/8/2029 | 2.85% | 03/08/29 | 118 | 242 | 124 | 105% |
| 2 | MET 5 1/6/2026 REGS | 5.00% | 01/06/26 | 31 | 136 | 105 | 339% |
| 3 | ADANEM 3.949 2/12/2030 REGS | 3.95% | 02/12/30 | 242 | 331 | 89 | 37% |
| 4 | ADSEZ 4 7/30/2027 REGS | 4.00% | 07/30/27 | 228 | 313 | 85 | 37% |
| 5 | ADSEZ 4.375 7/3/2029 REGS | 4.38% | 07/03/29 | 234 | 315 | 81 | 35% |
| 6 | ADTIN 4 8/3/2026 | 4.00% | 08/03/26 | 234 | 314 | 80 | 34% |
| 7 | ADANEM 3.867 7/22/2031 REGS | 3.87% | 07/22/31 | 207 | 284 | 77 | 37% |
| 8 | ADSEZ 3.1 2/2/2031 REGS | 3.10% | 02/02/31 | 238 | 314 | 76 | 32% |
| 9 | ADSEZ 5 8/2/2041 REGS | 5.00% | 08/02/41 | 227 | 303 | 76 | 33% |
| 10 | ADSEZ 4.2 8/4/2027 REGS | 4.20% | 08/04/27 | 232 | 307 | 75 | 32% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 1/27/23 – 2/3/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | KEY 5 1/26/2033 | 5.00% | 01/26/33 | 43 |
| 2 | RY 5 2/1/2033 | 5.00% | 02/01/33 | 41 |
| 3 | STT 4.821 1/26/2034 | 4.82% | 01/26/34 | 39 |
| 4 | SUMIBK 5.766 1/13/2033 | 5.77% | 01/13/33 | 39 |
| 5 | NAB 4.944 1/12/2028 | 4.94% | 01/12/28 | 39 |
| 6 | RY 4.9 1/12/2028 | 4.90% | 01/12/28 | 38 |
| 7 | MS 5.123 2/1/2029 | 5.12% | 02/01/29 | 38 |
| 8 | TFC 5.122 1/26/2034 | 5.12% | 01/26/34 | 38 |
| 9 | ADANEM 3.949 2/12/2030 REGS | 3.95% | 02/12/30 | 37 |
| 10 | TOYOTA 4.625 1/12/2028 | 4.63% | 01/12/28 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 1/27/23 – 2/3/23 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 1/27/23 – 2/3/23
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