Corporates

GET OUR CORPORATE MARKET SUMMARIES STRAIGHT TO YOUR INBOX.  LEARN MORE

Investment Grade Corporate Bond Market Summary:
Week Ending 3/31/23

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

Quick Links

New Issues

IG Corp bond new issues for the week ending 3/31/23, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Western Midstream Operating, LP (USD) 6.15% 4/1/2033 Senior Notes 750 99.728 6.18 262.5
Pacific Life Global Fdg MTN (USD) 4.9% 4/4/2028 Senior Notes 400 99.613 4.99 135
Aviation Capital Group LLC (USD) 6.25% 4/15/2028 Senior Notes 600 99.199 6.44 275
Allstate Corp. (USD) 5.25% 3/30/2033 Senior Notes 750 99.831 5.27 170

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 3/24/23 – 3/31/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 ORSTED 1.5 11/26/2029 1.50% 11/26/29 21.91% 88.22 72.37 13
2 ACAFP 4 PERP 4.00% 10/14/99 11.04% 82.97 74.72 25
3 PACW 3.25 5/1/2031 3.25% 05/01/31 10.25% 65.40 59.32 16
4 BK 3.75 PERP 3.75% 03/20/99 7.76% 82.13 76.22 18
5 DB 1.375 2/17/2032 1.38% 02/17/32 7.24% 73.64 68.66 19
6 RABOBK 6.5 PERP 6.50% NULL 6.89% 95.91 89.73 20
7 CABKSM 8.25 PERP 8.25% 08/13/99 6.83% 92.52 86.60 20
8 BACR 9.25 PERP 9.25% 03/06/99 6.54% 90.06 84.53 21
9 HSBC 4.75 PERP 4.75% 07/04/99 6.49% 80.19 75.31 26
10 FRLBP 3 PERP 3.00% 05/20/99 6.39% 63.96 60.12 19

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 3/24/23 – 3/31/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 HPP 3.25 1/15/2030 3.25% 01/15/30 -12.82% 62.71 71.93 18
2 GYCGR 2.75 PERP 2.75% 09/22/99 -10.36% 59.32 66.18 9
3 HIW 2.6 2/1/2031 2.60% 02/01/31 -8.22% 69.16 75.36 17
4 OPI 3.45 10/15/2031 3.45% 10/15/31 -8.12% 54.60 59.43 19
5 ARNDTN 3.625 4/10/2031 3.63% 04/10/31 -8.06% 60.22 65.50 16
6 CPIPGR 1.75 1/14/2030 1.75% 01/14/30 -7.93% 56.97 61.88 15
7 VNO 3.4 6/1/2031 3.40% 06/01/31 -7.30% 67.60 72.93 20
8 KRC 3.05 2/15/2030 3.05% 02/15/30 -7.02% 73.00 78.51 17
9 ULFP 2.875 PERP 2.88% 04/25/99 -6.62% 76.80 82.25 17
10 BXP 4.5 12/1/2028 4.50% 12/01/28 -6.08% 85.55 91.09 20

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 3/24/23 – 3/31/23

RANK INDUSTRY CHANGE YLD YLD-1W
1 Services: Business -6 bps 4.28% 4.34%
2 Media: Diversified & Production -2 bps 4.61% 4.64%
3 Media: Broadcasting & Subscription 2 bps 5.62% 5.60%
4 Media: Advertising, Printing & Publishing 9 bps 7.00% 6.91%
5 Banking 10 bps 5.24% 5.14%
6 Transportation: Consumer 10 bps 5.64% 5.54%
7 Services: Consumer 13 bps 6.52% 6.40%
8 Energy: Oil & Gas 13 bps 5.39% 5.25%
9 Containers, Packaging, & Glass 15 bps 6.05% 5.90%
10 Wholesale 15 bps 4.98% 4.83%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 3/24/23 – 3/31/23

RANK INDUSTRY CHANGE YLD YLD-1W
1 Real Estate 79 bps 7.07% 6.28%
2 Energy: Electricity 63 bps 7.16% 6.53%
3 Sovereign & Public Finance 51 bps 4.83% 4.32%
4 Utilities: Water 49 bps 4.67% 4.18%
5 Metals & Mining 45 bps 5.38% 4.93%
6 Transportation: Cargo 38 bps 5.14% 4.76%
7 Forest Products & Paper 37 bps 4.71% 4.33%
8 Chemicals, Plastics & Rubber 34 bps 5.10% 4.76%
9 Healthcare & Pharmaceuticals 32 bps 5.11% 4.78%
10 Utilities: Oil & Gas 30 bps 5.19% 4.90%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 3/24/23 – 3/31/23

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 3/24/23 – 3/31/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/24/23 vs. the week ending 3/31/23

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 HOLNSW 3 5/12/2032 3.00% 05/12/32 60 126 66 110%
2 TTEFP 1.405 9/3/2031 1.41% 09/03/31 70 134 64 91%
3 TTEFP 1.491 4/8/2027 1.49% 04/08/27 35 99 64 183%
4 TTEFP 1.535 5/31/2039 1.54% 05/31/39 35 97 62 177%
5 NGGLN 1.75 9/9/2031 1.75% 09/09/31 55 117 62 113%
6 WAL 3 6/15/2031 3.00% 06/15/31 121 183 62 51%
7 ACAFP 8.125 PERP 8.13% 10/29/49 30 90 60 200%
8 TTEFP 2.125 9/18/2029 2.13% 09/18/29 80 138 58 73%
9 NGGLN 5.75 12/10/2040 5.75% 12/10/40 53 109 56 106%
10 CS 3.8 9/29/2023 3.80% 09/29/23 76 132 56 74%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 3/24/23 – 3/31/23

RANK TRANCHE COUPON MATURITY DEALERS
1 USB 4.839 2/1/2034 4.84% 02/01/34 47
2 PNC 5.068 1/24/2034 5.07% 01/24/34 46
3 KEY 5 1/26/2033 5.00% 01/26/33 45
4 SIVB 1.8 10/28/2026 1.80% 10/28/26 45
5 SIVB 3.125 6/5/2030 3.13% 06/05/30 44
6 TFC 5.122 1/26/2034 5.12% 01/26/34 43
7 SIVB 1.8 2/2/2031 1.80% 02/02/31 43
8 SIVB 4.345 4/29/2028 6.01% 04/29/28 43
9 WFC 4.897 7/25/2033 4.90% 07/25/33 42
10 BAC 5.015 7/22/2033 5.02% 07/22/33 42

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 3/24/23 – 3/31/23

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 3/24/23 – 3/31/23

Stay up-to-date with weekly summaries.

SUBSCRIBE

Stay up-to-date with weekly summaries and blogs.

SOLVE Media & Insights Examples

MARKET SUMMARIES

INSIGHTS

NEWS & ANNOUNCEMENTS