Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 3/17/23
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 3/17/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Citigroup Global Markets (USD) 5% 5/28/2029 | Senior Notes | 272 | 100 | 5 | N/A |
| Louisville Gas & Electric Co. (USD) 5.45% 4/15/2033 | First Mortgage Bond | 400 | 99.772 | 5.48 | 155 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 3/10/23 – 3/17/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | NRW 1.375 1/15/2120 | 1.38% | 01/15/20 | 12.10% | 51.86 | 46.26 | 2 |
| 2 | FRC 4.625 2/13/2047 | 4.63% | 02/13/47 | 10.21% | 66.60 | 60.43 | 28 |
| 3 | DIS 3.8 5/13/2060 | 3.80% | 05/13/60 | 9.60% | 82.85 | 75.59 | 25 |
| 4 | NWGLN 1.7118 7/16/2049 | 1.71% | 07/16/49 | 9.37% | 93.71 | 85.68 | 2 |
| 5 | GBHK 1.59 3/4/2036 | 1.59% | 03/04/36 | 8.70% | 79.91 | 73.51 | 3 |
| 6 | INTC 4.1 5/19/2046 | 4.10% | 05/19/46 | 8.65% | 87.67 | 80.69 | 17 |
| 7 | SLOREP 1.175 2/13/2062 | 1.18% | 02/13/62 | 8.56% | 55.71 | 51.32 | 3 |
| 8 | KEL 1.75756 2/1/2054 | 1.76% | 02/01/54 | 8.45% | 97.34 | 89.76 | 3 |
| 9 | UU 1.435 11/21/2056 | 1.44% | 11/21/56 | 8.29% | 92.18 | 85.12 | 6 |
| 10 | THRGN 0.375 12/1/2051 | 0.38% | 12/01/51 | 8.19% | 50.22 | 46.42 | 2 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 3/10/23 – 3/17/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | CS 0 3/30/2023 | 6.50% | 03/30/23 | -40.52% | 57.65 | 96.93 | 15 |
| 2 | WAL 3 6/15/2031 | 3.00% | 06/15/31 | -25.48% | 64.76 | 86.90 | 12 |
| 3 | SOLISB FLT 1/6/2024 | 8.98% | 01/06/24 | -23.09% | 75.38 | 98.00 | 2 |
| 4 | ZION 3.25 10/29/2029 | 3.25% | 10/29/29 | -22.09% | 63.98 | 82.13 | 18 |
| 5 | SIVB 1.8 2/2/2031 | 1.80% | 02/02/31 | -21.26% | 55.37 | 70.32 | 44 |
| 6 | ALLY 4.7 5/15/2032 | 4.70% | 05/15/32 | -20.67% | 60.61 | 76.40 | 4 |
| 7 | COF 3.95 PERP | 6.84% | 09/01/99 | -15.23% | 70.49 | 83.16 | 16 |
| 8 | ICPLN 2.5 1/28/2030 | 2.50% | 01/28/30 | -13.65% | 63.58 | 73.63 | 8 |
| 9 | MTB 5.125 PERP | 5.13% | 12/29/49 | -13.36% | 79.05 | 91.23 | 15 |
| 10 | LNC 0 4/20/2067 | 6.85% | 04/20/67 | -11.82% | 60.66 | 68.79 | 5 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 3/10/23 – 3/17/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Healthcare & Pharmaceuticals | -69 bps | 4.57% | 5.26% |
| 2 | Media: Broadcasting & Subscription | -38 bps | 5.46% | 5.84% |
| 3 | Energy: Oil & Gas | -37 bps | 5.23% | 5.61% |
| 4 | High Tech Industries | -27 bps | 5.05% | 5.33% |
| 5 | Telecommunications | -23 bps | 4.71% | 4.94% |
| 6 | Media: Diversified & Production | -21 bps | 4.78% | 4.99% |
| 7 | Environmental Industries | -21 bps | 4.73% | 4.93% |
| 8 | Hotel, Gaming & Leisure | -18 bps | 5.43% | 5.61% |
| 9 | Wholesale | -15 bps | 4.99% | 5.14% |
| 10 | Utilities: Electric | -15 bps | 4.95% | 5.10% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 3/10/23 – 3/17/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Transportation: Consumer | 28 bps | 5.83% | 5.55% |
| 2 | Banking | 23 bps | 5.30% | 5.07% |
| 3 | Insurance | 22 bps | 5.70% | 5.48% |
| 4 | Finance | 19 bps | 5.44% | 5.25% |
| 5 | Metals & Mining | 16 bps | 5.53% | 5.37% |
| 6 | Sovereign & Public Finance | 12 bps | 4.89% | 4.77% |
| 7 | Containers, Packaging, & Glass | 7 bps | 5.89% | 5.82% |
| 8 | Forest Products & Paper | 1 bps | 4.78% | 4.77% |
| 9 | Real Estate | -1 bps | 6.39% | 6.40% |
| 10 | Aerospace & Defense | -2 bps | 5.69% | 5.71% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/10/23 – 3/17/23
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 3/10/23 – 3/17/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/10/23 vs. the week ending 3/17/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | SIVB 4.345 4/29/2028 | 6.01% | 04/29/28 | 138 | 397 | 259 | 188% |
| 2 | SIVB 3.5 1/29/2025 | 3.50% | 01/29/25 | 100 | 352 | 252 | 252% |
| 3 | SIVB 2.1 5/15/2028 | 2.10% | 05/15/28 | 153 | 390 | 237 | 155% |
| 4 | SIVB 1.8 10/28/2026 | 1.80% | 10/28/26 | 196 | 431 | 235 | 120% |
| 5 | SIVB 3.125 6/5/2030 | 3.13% | 06/05/30 | 195 | 427 | 232 | 119% |
| 6 | SIVB 1.8 2/2/2031 | 1.80% | 02/02/31 | 226 | 443 | 217 | 96% |
| 7 | SIVB 4.57 4/29/2033 | 6.27% | 04/29/33 | 214 | 403 | 189 | 88% |
| 8 | AAWW 8.5 2/15/2030 144A | 8.50% | 02/15/30 | 15 | 162 | 147 | 980% |
| 9 | FRC 4.375 8/1/2046 | 4.38% | 08/01/46 | 113 | 258 | 145 | 128% |
| 10 | FRC 4.625 2/13/2047 | 4.63% | 02/13/47 | 115 | 255 | 140 | 122% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 3/10/23 – 3/17/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | SIVB 1.8 10/28/2026 | 1.80% | 10/28/26 | 45 |
| 2 | SIVB 1.8 2/2/2031 | 1.80% | 02/02/31 | 44 |
| 3 | SIVB 4.345 4/29/2028 | 6.01% | 04/29/28 | 43 |
| 4 | PNC 5.068 1/24/2034 | 5.07% | 01/24/34 | 43 |
| 5 | TFC 5.122 1/26/2034 | 5.12% | 01/26/34 | 43 |
| 6 | KEY 5 1/26/2033 | 5.00% | 01/26/33 | 43 |
| 7 | SIVB 4.57 4/29/2033 | 6.27% | 04/29/33 | 42 |
| 8 | SIVB 3.125 6/5/2030 | 3.13% | 06/05/30 | 42 |
| 9 | SIVB 2.1 5/15/2028 | 2.10% | 05/15/28 | 41 |
| 10 | JPM 4.912 7/25/2033 | 4.91% | 07/25/33 | 39 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 3/10/23 – 3/17/23
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 3/10/23 – 3/17/23
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