Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 3/10/23

Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.

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New Issues

IG Corp bond new issues for the week ending 3/10/23, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Kentucky Utilities Co. (USD) 5.45% 4/15/2033 First Mortgage Bond 400 99.772 5.48 155
Idaho Power Corp. (USD) 5.5% 3/15/2053 First Mortgage Bond 400 99.057 5.56 N/A
HSBC USA Inc. (USD) 5.625% 3/17/2025 Senior Notes 1250 99.83 5.71 80
AEP Transmission Co. (USD) 5.4% 3/15/2053 Senior Notes 700 99.47 5.44 157

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 3/3/23 – 3/10/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 REDOPE 5.875 10/12/2031 5.88% 10/12/31 7.48% 101.04 94.00 2
2 TENN 1.125 6/9/2041 1.13% 06/09/41 7.35% 70.68 65.83 14
3 UNH 3.95 10/15/2042 3.95% 10/15/42 6.66% 85.16 79.85 11
4 KO 3 3/5/2051 3.00% 03/05/51 6.49% 72.40 67.98 21
5 NATMUT 5.3 11/18/2044 5.30% 11/18/44 5.80% 93.24 88.13 14
6 UNCOLO 1.625 6/4/2061 1.63% 06/04/61 5.76% 50.41 47.67 13
7 HAL 7.6 8/15/2096 7.60% 08/15/96 5.55% 99.28 94.06 11
8 THAMES 1.76 8/28/2062 1.76% 08/28/62 5.50% 79.53 75.38 9
9 SVTLN 1.56625 2/1/2058 1.57% 02/01/58 5.48% 85.94 81.47 5
10 RSG 3.05 3/1/2050 3.05% 03/01/50 5.35% 70.05 66.49 21

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 3/3/23 – 3/10/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 COGARD 5.625 1/14/2030 5.63% 01/14/30 -9.50% 56.64 62.59 24
2 SBBBSS 0.75 12/14/2028 0.75% 12/14/28 -8.51% 58.36 63.79 15
3 KGXGR 1.625 9/24/2025 1.63% 09/24/25 -6.70% 86.97 93.21 10
4 CS 4.5 3/21/2024 4.50% 03/21/24 -6.33% 54.27 57.94 2
5 LEGGR 1.625 11/28/2034 1.63% 11/28/34 -4.88% 65.50 68.86 12
6 BNCE 7.83 10/17/2031 7.83% 10/17/31 -4.75% 83.54 87.70 2
7 SBNY 4 10/15/2030 4.00% 10/15/30 -4.11% 87.10 90.84 6
8 JPM 3.65 4/29/2027 3.65% 04/29/27 -4.04% 83.01 86.50 2
9 BAYNGR 4.2 7/15/2034 144A 4.20% 07/15/34 -3.87% 83.36 86.72 4
10 EBRD 0 1/26/2026 0.00% 01/26/26 -3.68% 59.79 62.08 3

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 3/3/23 – 3/10/23

RANK INDUSTRY CHANGE YLD YLD-1W
1 Energy: Electricity -265 bps 7.33% 9.98%
2 Energy: Oil & Gas -38 bps 5.40% 5.78%
3 Services: Consumer -37 bps 6.24% 6.62%
4 Retail -28 bps 5.31% 5.59%
5 High Tech Industries -25 bps 5.23% 5.48%
6 Telecommunications -21 bps 4.88% 5.09%
7 Aerospace & Defense -21 bps 5.74% 5.95%
8 Environmental Industries -20 bps 4.94% 5.14%
9 Construction & Building -16 bps 4.72% 4.89%
10 Real Estate -14 bps 6.23% 6.38%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 3/3/23 – 3/10/23

RANK INDUSTRY CHANGE YLD YLD-1W
1 Sovereign & Public Finance 31 bps 5.06% 4.75%
2 0 24 bps 10.54% 10.30%
3 Metals & Mining 24 bps 5.70% 5.47%
4 Consumer Goods: Durable 23 bps 5.14% 4.91%
5 Transportation: Cargo 21 bps 5.44% 5.23%
6 Wholesale 17 bps 5.19% 5.01%
7 Transportation: Consumer 13 bps 5.72% 5.58%
8 Capital Equipment 12 bps 4.81% 4.69%
9 Finance 11 bps 5.33% 5.22%
10 Media: Broadcasting & Subscription 7 bps 5.80% 5.73%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 3/3/23 – 3/10/23

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 3/3/23 – 3/10/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/3/23 vs. the week ending 3/10/23

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 SPGI 2.7 3/1/2029 2.70% 03/01/29 21 127 106 505%
2 HSBC 8 7/3/2024 8.00% 07/03/24 52 149 97 187%
3 SPGI 4.25 5/1/2029 4.25% 05/01/29 18 109 91 506%
4 SPGI 3.7 3/1/2052 3.70% 03/01/52 38 128 90 237%
5 HSBC FIN CORP 0.00% 11/24/08 56 136 80 143%
6 SPGI 2.9 3/1/2032 2.90% 03/01/32 34 110 76 224%
7 SPGI 2.45 3/1/2027 2.45% 03/01/27 29 105 76 262%
8 NSANY 1.85 9/16/2026 144A 1.85% 09/16/26 231 296 65 28%
9 NSANY 4.345 9/17/2027 REGS 4.35% 09/17/27 224 281 57 25%
10 PG 3 3/25/2030 3.00% 03/25/30 199 252 53 27%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 3/3/23 – 3/10/23

RANK TRANCHE COUPON MATURITY DEALERS
1 INTC 5.2 2/10/2033 5.20% 02/10/33 43
2 NEE 5.05 2/28/2033 5.05% 02/28/33 42
3 BPLN 4.812 2/13/2033 4.81% 02/13/33 41
4 INTC 5.625 2/10/2043 5.63% 02/10/43 40
5 KEY 5 1/26/2033 5.00% 01/26/33 39
6 TFC 5.122 1/26/2034 5.12% 01/26/34 39
7 ORCL 4.9 2/6/2033 4.90% 02/06/33 38
8 CVS 5.25 2/21/2033 5.25% 02/21/33 38
9 INTC 5.7 2/10/2053 5.70% 02/10/53 38
10 JPM 4.912 7/25/2033 4.91% 07/25/33 38

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 3/3/23 – 3/10/23

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 3/3/23 – 3/10/23

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