Investment Grade Corporate Bond Market Summary – Week Ending 3/3/23
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Investment Grade Corporate Bond Market Summary: Week Ending 3/3/23
Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 2/24/23 – 3/3/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | EIB 0 2/16/2027 | 0.00% | 02/16/27 | 10.55% | 54.77 | 49.54 | 2 |
| 2 | IFC 0 9/23/2026 | 0.00% | 09/23/26 | 9.78% | 52.25 | 47.59 | 2 |
| 3 | ADANIG 4.375 9/8/2024 144A | 4.38% | 09/08/24 | 8.76% | 85.74 | 78.83 | 5 |
| 4 | FLAMES 5.1 3/1/2042 | 5.10% | 03/01/42 | 8.47% | 102.99 | 94.95 | 2 |
| 5 | IBRD 12.25 8/10/2026 | 12.25% | 08/10/26 | 8.22% | 70.02 | 64.70 | 2 |
| 6 | SECBEN 7.45 10/1/2033 | 7.45% | 10/01/33 | 7.66% | 105.52 | 98.01 | 7 |
| 7 | EBRD 0 1/26/2026 | 0.00% | 01/26/26 | 6.98% | 62.08 | 58.03 | 3 |
| 8 | COGARD 3.875 10/22/2030 | 3.88% | 10/22/30 | 6.50% | 52.64 | 49.43 | 25 |
| 9 | EDC 30 12/5/2025 | 30.00% | 12/05/25 | 5.26% | 99.28 | 94.31 | 2 |
| 10 | UKPONE 0.032 10/7/2025 | 0.03% | 10/07/25 | 5.22% | 92.42 | 87.84 | 2 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 2/24/23 – 3/3/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PSHNA 4.95 7/15/2039 REGS | 4.95% | 07/15/39 | -11.86% | 76.06 | 86.30 | 2 |
| 2 | ARNDTN 5.25 PERP | 5.25% | 06/21/99 | -8.86% | 50.69 | 55.62 | 13 |
| 3 | HYSAN 4.85 PERP | 4.85% | 08/25/99 | -7.33% | 76.82 | 82.90 | 15 |
| 4 | ANNGR 1 1/28/2041 | 1.00% | 01/28/41 | -7.02% | 50.34 | 54.14 | 16 |
| 5 | CHINA 0.625 11/25/2035 | 0.63% | 11/25/35 | -6.87% | 68.26 | 73.30 | 12 |
| 6 | NRW 1.75 7/11/2068 | 1.75% | 07/11/68 | -6.01% | 61.61 | 65.55 | 2 |
| 7 | SWK 2.75 11/15/2050 | 2.75% | 11/15/50 | -5.76% | 56.94 | 60.42 | 19 |
| 8 | CAT 6.95 5/1/2042 | 6.95% | 05/01/42 | -5.69% | 107.91 | 114.42 | 3 |
| 9 | MCO 3.25 5/20/2050 | 3.25% | 05/20/50 | -5.67% | 66.39 | 70.37 | 12 |
| 10 | LLY 1.7 11/1/2049 | 1.70% | 11/01/49 | -5.65% | 62.97 | 66.75 | 15 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 2/24/23 – 3/3/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Consumer | -3 bps | 5.68% | 5.70% |
| 2 | Consumer Goods: Non-Durable | -2 bps | 4.69% | 4.71% |
| 3 | Media: Broadcasting & Subscription | 0 bps | 5.73% | 5.72% |
| 4 | Energy: Oil & Gas | 5 bps | 5.73% | 5.68% |
| 5 | Insurance | 5 bps | 5.51% | 5.45% |
| 6 | High Tech Industries | 7 bps | 5.38% | 5.31% |
| 7 | Hotel, Gaming & Leisure | 8 bps | 5.54% | 5.46% |
| 8 | Media: Advertising, Printing & Publishing | 11 bps | 6.09% | 5.98% |
| 9 | Services: Consumer | 12 bps | 6.54% | 6.42% |
| 10 | Telecommunications | 12 bps | 5.06% | 4.94% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 2/24/23 – 3/3/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | 56 bps | 5.22% | 4.66% |
| 2 | Consumer Goods: Durable | 53 bps | 5.28% | 4.75% |
| 3 | Metals & Mining | 46 bps | 5.82% | 5.35% |
| 4 | Transportation: Cargo | 44 bps | 5.55% | 5.10% |
| 5 | Forest Products & Paper | 38 bps | 5.18% | 4.80% |
| 6 | Utilities: Water | 35 bps | 4.85% | 4.50% |
| 7 | Capital Equipment | 34 bps | 4.84% | 4.50% |
| 8 | Energy: Electricity | 33 bps | 10.36% | 10.03% |
| 9 | Chemicals, Plastics & Rubber | 32 bps | 5.55% | 5.23% |
| 10 | Real Estate | 31 bps | 6.48% | 6.17% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 2/24/23 – 3/3/23 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 2/24/23 – 3/3/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 2/24/23 vs. the week ending 3/3/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | BRKHEC 4.6 5/1/2053 | 4.60% | 05/01/53 | 25 | 165 | 140 | 560% |
| 2 | Q 2.5 4/9/2024 | 2.50% | 04/09/24 | 6 | 71 | 65 | 1083% |
| 3 | SO 3.875 11/15/2025 | 3.88% | 11/15/25 | 82 | 135 | 53 | 65% |
| 4 | FHLB 4.625 3/14/2025 | 4.63% | 03/14/25 | 29 | 79 | 50 | 172% |
| 5 | VLVY FLT 11/16/2026 | 0.00% | 11/16/26 | 22 | 70 | 48 | 218% |
| 6 | IR 4.25 6/15/2023 | 4.25% | 06/15/23 | 46 | 94 | 48 | 104% |
| 7 | STANLN 3.971 3/30/2026 REGS | 3.97% | 03/30/26 | 155 | 200 | 45 | 29% |
| 8 | CS 5.5 8/20/2026 | 5.50% | 08/20/26 | 140 | 182 | 42 | 30% |
| 9 | NEE 5.25 2/28/2053 | 5.25% | 02/28/53 | 358 | 395 | 37 | 10% |
| 10 | LLOYDS 3.75 3/18/2028 | 3.75% | 03/18/28 | 155 | 192 | 37 | 24% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 2/24/23 – 3/3/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | NEE 5.05 2/28/2033 | 5.05% | 02/28/33 | 42 |
| 2 | BPLN 4.812 2/13/2033 | 4.81% | 02/13/33 | 41 |
| 3 | INTC 4.15 8/5/2032 | 4.15% | 08/05/32 | 40 |
| 4 | CVS 5.25 2/21/2033 | 5.25% | 02/21/33 | 40 |
| 5 | NEE 5.25 2/28/2053 | 5.25% | 02/28/53 | 40 |
| 6 | KEY 5 1/26/2033 | 5.00% | 01/26/33 | 40 |
| 7 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 40 |
| 8 | ADSEZ 3.375 7/24/2024 REGS | 3.38% | 07/24/24 | 39 |
| 9 | JPM 4.912 7/25/2033 | 4.91% | 07/25/33 | 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 2/24/23 – 3/3/23 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 2/24/23 – 3/3/23
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