Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 4/21/23
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 4/21/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Morgan Stanley (USD) 5.164% 4/20/2029 | Senior Notes | 2750 | 100 | 5.16 | N/A |
| Bank of America Corp. (USD) 5.288% 4/25/2034 | Senior Notes | 5000 | 100 | 5.29 | 168 |
| Mars Inc. (USD) 4.75% 4/20/2033 | Senior Notes | 1000 | 100 | 4.75 | 117 |
| Cargill Inc. (USD) 4.75% 4/24/2033 | Senior Notes | 500 | 99.709 | 4.79 | 120 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 4/14/23 – 4/21/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | WAL 3 6/15/2031 | 3.00% | 06/15/31 | 14.21% | 79.53 | 69.63 | 17 |
| 2 | SIVB 3.5 1/29/2025 | 3.50% | 01/29/25 | 13.99% | 67.75 | 59.43 | 25 |
| 3 | ZION 3.25 10/29/2029 | 3.25% | 10/29/29 | 7.16% | 77.61 | 72.43 | 19 |
| 4 | CITCON 4.496 PERP | 7.76% | NULL | 6.86% | 62.76 | 58.73 | 17 |
| 5 | GAZPRU 2.25 11/22/2024 | 2.25% | 11/22/24 | 6.85% | 80.18 | 75.04 | 5 |
| 6 | MET 10.75 8/1/2039 | 10.75% | 08/01/39 | 5.40% | 135.04 | 128.12 | 14 |
| 7 | ARNDTN 5.375 3/21/2029 | 5.38% | 03/21/29 | 5.20% | 73.74 | 70.09 | 12 |
| 8 | CONGLO 6 8/30/2034 | 6.00% | 08/30/34 | 5.19% | 86.35 | 82.09 | 3 |
| 9 | ADSEZ 4 7/30/2027 REGS | 4.00% | 07/30/27 | 5.06% | 83.70 | 79.67 | 31 |
| 10 | CMA 4 7/27/2025 | 4.00% | 07/27/25 | 4.99% | 92.45 | 88.06 | 18 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 4/14/23 – 4/21/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | COGARD 7.25 4/8/2026 | 7.25% | 04/08/26 | -13.16% | 53.87 | 62.03 | 23 |
| 2 | HOWUNI 5.209 10/1/2052 | 5.21% | 10/01/52 | -10.63% | 75.34 | 84.30 | 2 |
| 3 | EURDEV 1 3/17/2026 | 1.00% | 03/17/26 | -8.92% | 71.29 | 78.27 | 5 |
| 4 | UU 1.702 11/21/2057 | 1.70% | 11/21/57 | -7.00% | 89.78 | 96.54 | 5 |
| 5 | NGGLN 1.819 5/11/2056 | 1.82% | 05/11/56 | -6.45% | 82.22 | 87.89 | 4 |
| 6 | OPI 3.45 10/15/2031 | 3.45% | 10/15/31 | -6.21% | 51.11 | 54.49 | 29 |
| 7 | SVTLN 1.5225 8/1/2058 | 1.52% | 08/01/58 | -6.20% | 80.58 | 85.90 | 3 |
| 8 | CAT 3.25 4/9/2050 | 3.25% | 04/09/50 | -5.89% | 76.16 | 80.92 | 26 |
| 9 | BRKHEC 4.1 9/15/2042 | 4.10% | 09/15/42 | -5.57% | 79.97 | 84.69 | 8 |
| 10 | JABHOL 3.75 5/28/2051 REGS | 3.75% | 05/28/51 | -5.46% | 64.17 | 67.88 | 5 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 4/14/23 – 4/21/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Transportation: Cargo | -122 bps | 5.04% | 6.26% |
| 2 | Real Estate | -21 bps | 6.47% | 6.68% |
| 3 | Media: Advertising, Printing & Publishing | -5 bps | 6.81% | 6.87% |
| 4 | Finance | -4 bps | 5.21% | 5.25% |
| 5 | Retail | -4 bps | 5.10% | 5.14% |
| 6 | Insurance | 2 bps | 5.45% | 5.43% |
| 7 | Media: Broadcasting & Subscription | 2 bps | 5.73% | 5.71% |
| 8 | Media: Diversified & Production | 3 bps | 4.48% | 4.45% |
| 9 | Telecommunications | 3 bps | 4.53% | 4.50% |
| 10 | Forest Products & Paper | 3 bps | 4.57% | 4.54% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 4/14/23 – 4/21/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Energy: Electricity | 338 bps | 9.90% | 6.52% |
| 2 | Consumer Goods: Durable | 48 bps | 4.87% | 4.38% |
| 3 | Metals & Mining | 41 bps | 5.54% | 5.13% |
| 4 | Sovereign & Public Finance | 37 bps | 4.84% | 4.47% |
| 5 | Transportation: Consumer | 29 bps | 5.66% | 5.37% |
| 6 | Aerospace & Defense | 22 bps | 5.56% | 5.33% |
| 7 | Containers, Packaging, & Glass | 22 bps | 5.89% | 5.67% |
| 8 | Healthcare & Pharmaceuticals | 22 bps | 5.00% | 4.78% |
| 9 | 0 | 22 bps | 9.37% | 9.15% |
| 10 | Chemicals, Plastics & Rubber | 20 bps | 5.25% | 5.04% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/14/23 – 4/21/23
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 4/14/23 – 4/21/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 4/14/23 vs. the week ending 4/21/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | KOROIL 4.875 4/3/2028 REGS | 4.88% | 04/03/28 | 108 | 168 | 60 | 56% |
| 2 | HSBC 4.041 3/13/2028 | 4.04% | 03/13/28 | 149 | 199 | 50 | 34% |
| 3 | LIFUNG 5 8/18/2025 | 5.00% | 08/18/25 | 50 | 98 | 48 | 96% |
| 4 | CARR 2.722 2/15/2030 | 2.72% | 02/15/30 | 179 | 227 | 48 | 27% |
| 5 | MSFT 3.3 2/6/2027 | 3.30% | 02/06/27 | 252 | 298 | 46 | 18% |
| 6 | ARNDTN 7.078 PERP | 7.08% | NULL | 120 | 166 | 46 | 38% |
| 7 | SANLTD 5.9 8/8/2028 | 5.90% | 08/08/28 | 205 | 250 | 45 | 22% |
| 8 | MUFG 3.837 4/17/2026 | 3.84% | 04/17/26 | 179 | 223 | 44 | 25% |
| 9 | MIZUHO 2.869 9/13/2030 | 2.87% | 09/13/30 | 145 | 188 | 43 | 30% |
| 10 | KOROIL 4.75 4/3/2026 REGS | 4.75% | 04/03/26 | 109 | 152 | 43 | 39% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 4/14/23 – 4/21/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | USB 4.839 2/1/2034 | 4.84% | 02/01/34 | 43 |
| 2 | PNC 5.068 1/24/2034 | 5.07% | 01/24/34 | 42 |
| 3 | TFC 5.122 1/26/2034 | 5.12% | 01/26/34 | 42 |
| 4 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 42 |
| 5 | META 3.85 8/15/2032 | 3.85% | 08/15/32 | 40 |
| 6 | WFC 4.897 7/25/2033 | 4.90% | 07/25/33 | 39 |
| 7 | MS 6.342 10/18/2033 | 6.34% | 10/18/33 | 38 |
| 8 | BAC 5.015 7/22/2033 | 5.02% | 07/22/33 | 38 |
| 9 | INTC 5.7 2/10/2053 | 5.70% | 02/10/53 | 37 |
| 10 | KEY 5 1/26/2033 | 5.00% | 01/26/33 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 4/14/23 – 4/21/23
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 4/14/23 – 4/21/23
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