Investment Grade Corporate Bond Market Summary – Week Ending 2/24/23
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Investment Grade Corporate Bond Market Summary: Week Ending 2/24/23
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 2/24/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Kellogg Co. (USD) 5.25% 3/1/2033 | Senior Notes | 400 | 99.823 | 5.27 | 140 |
| United Parcel Service Inc. (USD) 5.05% 3/3/2053 | Senior Notes | 1100 | 99.478 | 5.08 | 120 |
| Trimble (USD) 6.1% 3/15/2033 | Senior Notes | 800 | N/A | N/A | 225 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 2/17/23 – 2/24/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | DBR 0.5 2/15/2028 | 0.50% | 02/15/28 | 11.35% | 100.74 | 90.46 | 3 |
| 2 | ARYNSW FLT PERP | 0.00% | 12/29/49 | 9.98% | 85.86 | 78.07 | 8 |
| 3 | TNBMK 7.5 1/15/2096 | 7.50% | 01/15/96 | 8.64% | 105.37 | 96.99 | 3 |
| 4 | CHJMAO 4.4 3/4/2025 | 4.40% | 03/04/25 | 7.23% | 95.44 | 89.00 | 4 |
| 5 | IFC 0 12/11/2025 | 0.00% | 12/11/25 | 6.18% | 53.64 | 50.52 | 2 |
| 6 | IBRD 12.25 8/10/2026 | 12.25% | 08/10/26 | 6.16% | 64.70 | 60.95 | 2 |
| 7 | EBRD 0 10/7/2025 | 0.00% | 10/07/25 | 5.91% | 53.55 | 50.56 | 2 |
| 8 | AIG 6.25 3/15/2037 | 6.25% | 03/15/37 | 5.83% | 97.06 | 91.72 | 4 |
| 9 | EIB 11 4/20/2026 | 11.00% | 04/20/26 | 5.67% | 73.62 | 69.67 | 2 |
| 10 | FEMSA 3.5 1/16/2050 | 3.50% | 01/16/50 | 5.31% | 75.53 | 71.73 | 14 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 2/17/23 – 2/24/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CS 4.5 3/21/2024 | 4.50% | 03/21/24 | -6.60% | 58.37 | 62.50 | 2 |
| 2 | CNRCN 2.45 5/1/2050 | 2.45% | 05/01/50 | -6.08% | 60.86 | 64.80 | 21 |
| 3 | COGARD 7.25 4/8/2026 | 7.25% | 04/08/26 | -6.03% | 64.06 | 68.17 | 25 |
| 4 | CKINF 4 PERP | 4.00% | 01/29/99 | -5.59% | 72.91 | 77.23 | 11 |
| 5 | SPG 3.8 7/15/2050 | 3.80% | 07/15/50 | -5.56% | 72.03 | 76.27 | 21 |
| 6 | T 3.3 2/1/2052 | 3.30% | 02/01/52 | -5.52% | 66.42 | 70.29 | 21 |
| 7 | ENBCN 3.4 8/1/2051 | 3.40% | 08/01/51 | -5.50% | 65.78 | 69.61 | 35 |
| 8 | ARNDTN 3.25 11/12/2032 | 3.25% | 11/12/32 | -5.47% | 61.98 | 65.57 | 2 |
| 9 | VER 2.85 12/15/2032 | 2.85% | 12/15/32 | -5.37% | 76.96 | 81.33 | 4 |
| 10 | PCG 4 12/1/2046 | 4.00% | 12/01/46 | -5.33% | 67.10 | 70.88 | 12 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 2/17/23 – 2/24/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -281 bps | 7.21% | 10.02% |
| 2 | Energy: Oil & Gas | -10 bps | 5.58% | 5.68% |
| 3 | High Tech Industries | -7 bps | 5.15% | 5.23% |
| 4 | Services: Consumer | -4 bps | 6.23% | 6.27% |
| 5 | Hotel, Gaming & Leisure | -3 bps | 5.40% | 5.43% |
| 6 | Media: Broadcasting & Subscription | -2 bps | 5.57% | 5.59% |
| 7 | Transportation: Consumer | 2 bps | 5.93% | 5.91% |
| 8 | Chemicals, Plastics & Rubber | 5 bps | 5.35% | 5.30% |
| 9 | Beverage, Food & Tobacco | 6 bps | 4.70% | 4.64% |
| 10 | Telecommunications | 7 bps | 4.97% | 4.90% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 2/17/23 – 2/24/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Metals & Mining | 59 bps | 5.69% | 5.11% |
| 2 | Sovereign & Public Finance | 45 bps | 4.96% | 4.51% |
| 3 | Transportation: Cargo | 36 bps | 5.43% | 5.07% |
| 4 | Forest Products & Paper | 34 bps | 5.07% | 4.72% |
| 5 | Capital Equipment | 26 bps | 4.71% | 4.45% |
| 6 | Consumer Goods: Durable | 26 bps | 5.13% | 4.87% |
| 7 | Wholesale | 25 bps | 5.06% | 4.81% |
| 8 | Banking | 24 bps | 4.97% | 4.72% |
| 9 | Utilities: Water | 23 bps | 4.53% | 4.30% |
| 10 | Utilities: Oil & Gas | 23 bps | 5.51% | 5.28% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 2/17/23 – 2/24/23 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 2/17/23 – 2/24/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 2/17/23 vs. the week ending 2/24/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | BRASKM 7.25 2/13/2033 REGS | 7.25% | 02/13/33 | 95 | 232 | 137 | 144% |
| 2 | AVGO 3.875 1/15/2027 144A | 3.88% | 01/15/27 | 52 | 142 | 90 | 173% |
| 3 | CVECN 5.4 6/15/2047 144A | 5.40% | 06/15/47 | 44 | 125 | 81 | 184% |
| 4 | DELL 8.1 7/15/2036 144A | 8.10% | 07/15/36 | 38 | 114 | 76 | 200% |
| 5 | CS 5.5 9/30/2026 | 5.50% | 09/30/26 | 30 | 100 | 70 | 233% |
| 6 | CVECN 5.25 6/15/2037 144A | 5.25% | 06/15/37 | 32 | 100 | 68 | 213% |
| 7 | CVECN 4.25 4/15/2027 144A | 4.25% | 04/15/27 | 32 | 97 | 65 | 203% |
| 8 | AMCR 3.625 4/28/2026 144A | 3.63% | 04/28/26 | 20 | 70 | 50 | 250% |
| 9 | RWE 3.625 2/13/2029 | 3.63% | 02/13/29 | 106 | 155 | 49 | 46% |
| 10 | RWE 4.125 2/13/2035 | 4.13% | 02/13/35 | 91 | 140 | 49 | 54% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 2/17/23 – 2/24/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | KEY 5 1/26/2033 | 5.00% | 01/26/33 | 42 |
| 2 | BK 4.706 2/1/2034 | 4.71% | 02/01/34 | 41 |
| 3 | COF 5.468 2/1/2029 | 5.47% | 02/01/29 | 41 |
| 4 | COF 5.817 2/1/2034 | 5.82% | 02/01/34 | 41 |
| 5 | INTC 4.15 8/5/2032 | 4.15% | 08/05/32 | 40 |
| 6 | NEE 5.05 2/28/2033 | 5.05% | 02/28/33 | 40 |
| 7 | BPLN 4.812 2/13/2033 | 4.81% | 02/13/33 | 40 |
| 8 | MTB 5.053 1/27/2034 | 5.05% | 01/27/34 | 40 |
| 9 | TFC 5.122 1/26/2034 | 5.12% | 01/26/34 | 39 |
| 10 | META 3.85 8/15/2032 | 3.85% | 08/15/32 | 39 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 2/17/23 – 2/24/23 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 2/17/23 – 2/24/23
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