Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 4/7/23
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 4/7/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| CNH Industrial Capital LLC (USD) 4.55% 4/10/2028 | Senior Notes | 600 | 98.857 | 4.81 | 140 |
| General Motors Financial Co. Inc. (USD) 5.4% 4/6/2026 | Senior Notes | 1250 | 99.872 | 5.45 | 170 |
| Evergy Inc. (USD) 4.95% 4/15/2033 | Senior Notes | 300 | 99.873 | 4.97 | 153 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 3/31/23 – 4/7/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | HSBC FLT PERP | 8.27% | NULL | 36.54% | 99.20 | 72.65 | 11 |
| 2 | PFCLN 9.75 11/15/2026 144A | 9.75% | 11/15/26 | 34.57% | 74.41 | 55.29 | 3 |
| 3 | BNP FLT PERP | 5.35% | NULL | 16.76% | 85.21 | 72.98 | 12 |
| 4 | DNBNO FLT PERP | 5.42% | NULL | 14.53% | 74.25 | 64.83 | 13 |
| 5 | KSS 5.55 7/17/2045 | 5.55% | 07/17/45 | 11.58% | 59.38 | 53.21 | 20 |
| 6 | BXP 2.45 10/1/2033 | 2.45% | 10/01/33 | 10.79% | 68.93 | 62.22 | 24 |
| 7 | HPP 3.95 11/1/2027 | 3.95% | 11/01/27 | 9.60% | 76.82 | 70.09 | 15 |
| 8 | JNJ 2.45 9/1/2060 | 2.45% | 09/01/60 | 9.14% | 67.50 | 61.84 | 19 |
| 9 | TELSEC FLT 9/10/2031 | 0.00% | 09/10/31 | 9.12% | 91.05 | 83.44 | 8 |
| 10 | WFC 3.9 5/1/2045 | 3.90% | 05/01/45 | 8.51% | 81.42 | 75.03 | 15 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 3/31/23 – 4/7/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | EXOIM 3.125 2/15/2038 | 3.13% | 02/15/38 | -7.29% | 81.82 | 88.26 | 4 |
| 2 | SIVB 4.57 4/29/2033 | 6.79% | 04/29/33 | -7.21% | 53.76 | 57.94 | 40 |
| 3 | OFFUTT 5.46 9/1/2050 | 5.46% | 09/01/50 | -6.30% | 91.24 | 97.37 | 2 |
| 4 | HCOB 0.5 9/22/2026 | 0.50% | 09/22/26 | -6.14% | 81.91 | 87.27 | 13 |
| 5 | SCHW 4 PERP | 4.00% | NULL | -5.97% | 73.73 | 78.41 | 16 |
| 6 | FTBELV 5.27 12/15/2047 | 5.27% | 12/15/47 | -5.92% | 94.12 | 100.05 | 2 |
| 7 | BAC 4.3 PERP | 7.84% | NULL | -5.63% | 88.37 | 93.64 | 16 |
| 8 | FRSTSO 5.625 10/1/2046 | 5.63% | 10/01/46 | -5.43% | 96.02 | 101.54 | 2 |
| 9 | NETGAS 3.5 7/28/2026 | 3.50% | 07/28/26 | -5.25% | 62.55 | 66.02 | 5 |
| 10 | SLOVGB 4.5 5/10/2026 | 4.50% | 05/10/26 | -5.14% | 95.35 | 100.52 | 5 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 3/31/23 – 4/7/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Energy: Electricity | -154 bps | 5.11% | 6.66% |
| 2 | Real Estate | -143 bps | 5.55% | 6.98% |
| 3 | Services: Consumer | -131 bps | 5.22% | 6.53% |
| 4 | Insurance | -89 bps | 4.74% | 5.63% |
| 5 | Media: Broadcasting & Subscription | -70 bps | 4.95% | 5.65% |
| 6 | Media: Diversified & Production | -69 bps | 4.30% | 5.00% |
| 7 | Healthcare & Pharmaceuticals | -54 bps | 4.52% | 5.07% |
| 8 | Retail | -52 bps | 4.70% | 5.22% |
| 9 | Services: Business | -37 bps | 4.19% | 4.56% |
| 10 | Energy: Oil & Gas | -36 bps | 4.97% | 5.33% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 3/31/23 – 4/7/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Chemicals, Plastics & Rubber | 90 bps | 5.85% | 4.95% |
| 2 | Transportation: Consumer | 83 bps | 6.42% | 5.59% |
| 3 | Containers, Packaging, & Glass | 47 bps | 6.35% | 5.89% |
| 4 | Capital Equipment | 36 bps | 4.70% | 4.33% |
| 5 | Hotel, Gaming & Leisure | 33 bps | 5.61% | 5.28% |
| 6 | Consumer Goods: Durable | 25 bps | 4.88% | 4.63% |
| 7 | Aerospace & Defense | 23 bps | 5.72% | 5.49% |
| 8 | Construction & Building | 17 bps | 4.62% | 4.45% |
| 9 | Telecommunications | 13 bps | 4.93% | 4.80% |
| 10 | Utilities: Water | 6 bps | 4.58% | 4.53% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/31/23 – 4/7/23
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 3/31/23 – 4/7/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/31/23 vs. the week ending 4/7/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | SANLTD 2.85 3/8/2029 REGS | 2.85% | 03/08/29 | 27 | 144 | 117 | 433% |
| 2 | AOXGR 2.125 4/12/2023 | 2.13% | 04/12/23 | 40 | 118 | 78 | 195% |
| 3 | DTRGR 5.15 1/16/2026 REGS | 5.15% | 01/16/26 | 50 | 123 | 73 | 146% |
| 4 | ORSTED 1.5 11/26/2029 | 1.50% | 11/26/29 | 70 | 130 | 60 | 86% |
| 5 | OPI 4.25 5/15/2024 | 4.25% | 05/15/24 | 189 | 242 | 53 | 28% |
| 6 | PDM 4.45 3/15/2024 | 4.45% | 03/15/24 | 62 | 114 | 52 | 84% |
| 7 | VOSGR 4 PERP | 4.00% | NULL | 10 | 60 | 50 | 500% |
| 8 | KRC 3.45 12/15/2024 | 3.45% | 12/15/24 | 116 | 163 | 47 | 41% |
| 9 | XYL 2.25 1/30/2031 | 2.25% | 01/30/31 | 84 | 131 | 47 | 56% |
| 10 | VNO 3.5 1/15/2025 | 3.50% | 01/15/25 | 172 | 218 | 46 | 27% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 3/31/23 – 4/7/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | SIVB 3.125 6/5/2030 | 3.13% | 06/05/30 | 43 |
| 2 | USB 4.839 2/1/2034 | 4.84% | 02/01/34 | 43 |
| 3 | PNC 5.068 1/24/2034 | 5.07% | 01/24/34 | 42 |
| 4 | SIVB 1.8 2/2/2031 | 1.80% | 02/02/31 | 42 |
| 5 | SIVB 1.8 10/28/2026 | 1.80% | 10/28/26 | 42 |
| 6 | SIVB 2.1 5/15/2028 | 2.10% | 05/15/28 | 40 |
| 7 | KEY 5 1/26/2033 | 5.00% | 01/26/33 | 40 |
| 8 | SIVB 4.57 4/29/2033 | 6.79% | 04/29/33 | 40 |
| 9 | SIVB 4.345 4/29/2028 | 6.53% | 04/29/28 | 40 |
| 10 | WFC 4.897 7/25/2033 | 4.90% | 07/25/33 | 39 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 3/31/23 – 4/7/23
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 3/31/23 – 4/7/23
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