Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 2/17/23

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 2/17/23, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Amgen Inc. (USD) 5.15% 3/2/2028 Senior Notes 3750 99.826 5.19 115
AT&T Inc. (USD) 5.539% 2/20/2026 Global Notes 1750 100 5.54 N/A
Whirlpool Corp. (USD) 5.5% 3/1/2033 Senior Notes 300 99.914 5.51 175

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 2/10/23 – 2/17/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 NBHA 0.75 6/28/2028 0.75% 06/28/28 16.06% 96.52 83.16 3
2 SYDBDC 0 11/2/2029 4.33% 11/02/29 12.83% 93.94 83.26 2
3 NGGLN 1.808 10/26/2037 1.81% 10/26/37 11.38% 176.90 158.83 2
4 CARDFP 1.89 11/6/2031 1.89% 11/06/31 9.52% 65.70 59.99 2
5 FOY 4.25 5/19/2025 4.25% 05/19/25 8.00% 88.79 82.21 17
6 GAZPRU 3.125 11/17/2023 3.13% 11/17/23 7.35% 80.34 74.84 6
7 ADANIG 4.375 9/8/2024 REGS 4.38% 09/08/24 6.54% 83.10 78.00 35
8 CASTSS 3.125 PERP 3.13% 03/02/99 6.11% 76.16 71.78 16
9 ADSEZ 4.375 7/3/2029 REGS 4.38% 07/03/29 5.18% 81.38 77.37 38
10 EBRD 0 1/26/2026 0.00% 01/26/26 4.74% 56.47 53.92 3

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 2/10/23 – 2/17/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 SINOCE 4.75 1/14/2030 4.75% 01/14/30 -10.74% 60.05 67.28 22
2 KMI 3.25 8/1/2050 3.25% 08/01/50 -8.91% 61.59 67.61 24
3 CB 2.85 12/15/2051 2.85% 12/15/51 -8.88% 65.41 71.78 22
4 BAX 3.132 12/1/2051 3.13% 12/01/51 -8.05% 61.41 66.78 17
5 INTC 3.2 8/12/2061 3.20% 08/12/61 -8.00% 59.69 64.88 28
6 HGB 3 10/27/2038 3.00% 10/27/38 -7.32% 53.50 57.72 3
7 ENBCN 4.5 6/10/2044 4.50% 06/10/44 -6.94% 81.14 87.18 23
8 CS 4.875 5/15/2045 4.88% 05/15/45 -6.87% 76.79 82.46 20
9 IFF 5 9/26/2048 5.00% 09/26/48 -6.84% 85.73 92.02 21
10 ICADFP 3.375 9/29/2023 3.38% 09/29/23 -6.64% 90.86 97.32 3

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 2/10/23 – 2/17/23

RANK INDUSTRY CHANGE YLD YLD-1W
1 Energy: Electricity -283 bps 7.30% 10.14%
2 Utilities: Water 0 bps 4.27% 4.27%
3 High Tech Industries 1 bps 5.06% 5.06%
4 Energy: Oil & Gas 5 bps 5.55% 5.49%
5 Media: Advertising, Printing & Publishing 7 bps 5.64% 5.57%
6 Media: Broadcasting & Subscription 12 bps 5.46% 5.34%
7 Telecommunications 15 bps 4.82% 4.67%
8 Environmental Industries 17 bps 4.79% 4.62%
9 Healthcare & Pharmaceuticals 18 bps 5.19% 5.01%
10 Retail 20 bps 5.19% 5.00%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 2/10/23 – 2/17/23

RANK INDUSTRY CHANGE YLD YLD-1W
1 Consumer Goods: Durable 78 bps 5.13% 4.35%
2 Containers, Packaging, & Glass 58 bps 5.95% 5.37%
3 Transportation: Consumer 58 bps 6.12% 5.54%
4 Chemicals, Plastics & Rubber 50 bps 5.43% 4.93%
5 Transportation: Cargo 48 bps 5.30% 4.82%
6 Capital Equipment 47 bps 4.65% 4.18%
7 Sovereign & Public Finance 46 bps 4.93% 4.47%
8 Finance 41 bps 5.12% 4.71%
9 Forest Products & Paper 38 bps 4.90% 4.51%
10 Banking 37 bps 4.91% 4.54%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 2/10/23 – 2/17/23

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 2/10/23 – 2/17/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 2/10/23 vs. the week ending 2/17/23

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 MTB 5.053 1/27/2034 5.05% 01/27/34 60 406 346 577%
2 NYLIFE 4.55 1/28/2033 REGS 4.55% 01/28/33 62 158 96 155%
3 NYKRE 4 10/1/2028 4.00% 10/01/28 12 106 94 783%
4 CP 1.35 12/2/2024 1.35% 12/02/24 100 185 85 85%
5 PEP 3.6 2/18/2028 3.60% 02/18/28 213 274 61 29%
6 PEP 3.9 7/18/2032 3.90% 07/18/32 211 270 59 28%
7 HPQ 3.4 6/17/2030 3.40% 06/17/30 207 266 59 29%
8 PEP 4.2 7/18/2052 4.20% 07/18/52 201 259 58 29%
9 STZ 5 2/2/2026 5.00% 02/02/26 106 164 58 55%
10 ORCL 5.55 2/6/2053 5.55% 02/06/53 292 349 57 20%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 2/10/23 – 2/17/23

RANK TRANCHE COUPON MATURITY DEALERS
1 KEY 5 1/26/2033 5.00% 01/26/33 47
2 PNC 5.068 1/24/2034 5.07% 01/24/34 43
3 STT 4.821 1/26/2034 4.82% 01/26/34 42
4 COF 5.817 2/1/2034 5.82% 02/01/34 42
5 BK 4.706 2/1/2034 4.71% 02/01/34 42
6 INTC 4.15 8/5/2032 4.15% 08/05/32 41
7 COF 5.468 2/1/2029 5.47% 02/01/29 41
8 RY 5 2/1/2033 5.00% 02/01/33 41
9 NEE 5.05 2/28/2033 5.05% 02/28/33 41
10 MTB 5.053 1/27/2034 5.05% 01/27/34 41

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 2/10/23 – 2/17/23

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 2/10/23 – 2/17/23

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