Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 4/28/23
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 4/28/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Constellation Brands Inc. (USD) 4.9% 5/1/2033 | Senior Notes | 750 | 99.306 | 4.99 | 147 |
| American Express Co. (USD) 4.989% 5/1/2026 | Senior Notes | 1250 | 100 | 4.99 | 98 |
| Royal Bank of Canada (USD) 4.95% 4/25/2025 | Senior Notes | 1600 | 99.935 | 4.98 | 85 |
| Crown Castle Intl Corp. (USD) 5.1% 4/24/2033 | Senior Notes | 750 | 99.914 | 5.11 | 160 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 4/21/23 – 4/28/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | PACW 3.25 5/1/2031 | 3.25% | 05/01/31 | 6.88% | 72.10 | 67.46 | 14 |
| 2 | SBBBSS 1.125 11/26/2029 | 1.13% | 11/26/29 | 5.82% | 57.46 | 54.30 | 17 |
| 3 | SIVB 3.125 6/5/2030 | 3.13% | 06/05/30 | 4.72% | 59.86 | 57.17 | 24 |
| 4 | GIS 4.55 4/17/2038 | 4.55% | 04/17/38 | 4.63% | 93.42 | 89.29 | 6 |
| 5 | SPPDIS 1 6/9/2031 | 1.00% | 06/09/31 | 3.95% | 69.03 | 66.41 | 10 |
| 6 | BOSCHI 2.585 2/1/2050 | 2.59% | 02/01/50 | 3.91% | 66.75 | 64.23 | 8 |
| 7 | DUKUNI 2.832 10/1/2055 | 2.83% | 10/01/55 | 3.90% | 72.57 | 69.85 | 5 |
| 8 | KKR 3.25 12/15/2051 144A | 3.25% | 12/15/51 | 3.85% | 65.06 | 62.65 | 12 |
| 9 | AMAT 2.75 6/1/2050 | 2.75% | 06/01/50 | 3.84% | 72.06 | 69.40 | 21 |
| 10 | PANAMA 3.87 7/23/2060 | 3.87% | 07/23/60 | 3.59% | 66.92 | 64.59 | 16 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 4/21/23 – 4/28/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | SECBEN 6.5 PERP 144A | 9.22% | NULL | -14.42% | 58.18 | 67.98 | 12 |
| 2 | GLPCHI 4.974 2/26/2024 | 4.97% | 02/26/24 | -8.79% | 81.20 | 89.03 | 15 |
| 3 | GLPSP 3.875 6/4/2025 | 3.88% | 06/04/25 | -8.65% | 69.61 | 76.20 | 12 |
| 4 | VW 1.5 1/21/2041 | 1.50% | 01/21/41 | -5.55% | 60.23 | 63.77 | 7 |
| 5 | COGARD 3.125 10/22/2025 | 3.13% | 10/22/25 | -4.71% | 50.36 | 52.85 | 21 |
| 6 | HSBC 4.6 PERP | 4.60% | NULL | -4.63% | 73.48 | 77.06 | 28 |
| 7 | WAL 3 6/15/2031 | 3.00% | 06/15/31 | -4.33% | 76.09 | 79.53 | 18 |
| 8 | ATRSAV 4.25 9/11/2025 | 3.00% | 09/11/25 | -3.43% | 81.79 | 84.69 | 6 |
| 9 | BK 3.7 PERP | 3.70% | NULL | -3.18% | 88.79 | 91.71 | 16 |
| 10 | HEIMST 4.25 3/9/2026 | 4.25% | 03/09/26 | -2.62% | 66.06 | 67.84 | 16 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 4/21/23 – 4/28/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Energy: Electricity | -219 bps | 6.87% | 9.06% |
| 2 | Transportation: Cargo | -111 bps | 4.89% | 6.00% |
| 3 | Media: Advertising, Printing & Publishing | -20 bps | 6.62% | 6.82% |
| 4 | Insurance | -19 bps | 5.27% | 5.47% |
| 5 | Services: Business | -17 bps | 4.37% | 4.54% |
| 6 | Utilities: Water | -10 bps | 4.69% | 4.78% |
| 7 | Forest Products & Paper | -9 bps | 4.49% | 4.59% |
| 8 | Telecommunications | -9 bps | 4.45% | 4.54% |
| 9 | Environmental Industries | -7 bps | 4.40% | 4.48% |
| 10 | Beverage, Food & Tobacco | -7 bps | 4.27% | 4.34% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 4/21/23 – 4/28/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Sovereign & Public Finance | 75 bps | 5.26% | 4.50% |
| 2 | Consumer Goods: Durable | 39 bps | 4.82% | 4.43% |
| 3 | Metals & Mining | 24 bps | 5.47% | 5.23% |
| 4 | Real Estate | 17 bps | 6.55% | 6.39% |
| 5 | High Tech Industries | 16 bps | 4.92% | 4.76% |
| 6 | Hotel, Gaming & Leisure | 15 bps | 5.32% | 5.17% |
| 7 | Chemicals, Plastics & Rubber | 10 bps | 5.21% | 5.11% |
| 8 | Finance | 9 bps | 5.26% | 5.17% |
| 9 | Aerospace & Defense | 8 bps | 5.42% | 5.34% |
| 10 | Capital Equipment | 6 bps | 4.37% | 4.30% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/21/23 – 4/28/23
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 4/21/23 – 4/28/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 4/21/23 vs. the week ending 4/28/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | CARGIL 1.7 2/2/2031 REGS | 1.70% | 02/02/31 | 70 | 132 | 62 | 89% |
| 2 | MCHP 4.333 6/1/2023 | 4.33% | 06/01/23 | 42 | 100 | 58 | 138% |
| 3 | ABIBB 4.75 1/23/2029 | 4.75% | 01/23/29 | 282 | 336 | 54 | 19% |
| 4 | GPN 4 6/1/2023 | 4.00% | 06/01/23 | 68 | 120 | 52 | 76% |
| 5 | KO 3.45 3/25/2030 | 3.45% | 03/25/30 | 247 | 298 | 51 | 21% |
| 6 | GPN 3.75 6/1/2023 | 3.75% | 06/01/23 | 57 | 107 | 50 | 88% |
| 7 | ABIBB 4.7 2/1/2036 | 4.70% | 02/01/36 | 264 | 311 | 47 | 18% |
| 8 | MET 5 1/6/2026 144A | 5.00% | 01/06/26 | 94 | 139 | 45 | 48% |
| 9 | VFC 2.8 4/23/2027 | 2.80% | 04/23/27 | 132 | 177 | 45 | 34% |
| 10 | MDLZ 2.625 9/4/2050 | 2.63% | 09/04/50 | 215 | 260 | 45 | 21% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 4/21/23 – 4/28/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | BK 4.967 4/26/2034 | 4.97% | 04/26/34 | 42 |
| 2 | USB 4.839 2/1/2034 | 4.84% | 02/01/34 | 42 |
| 3 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 41 |
| 4 | PNC 5.068 1/24/2034 | 5.07% | 01/24/34 | 40 |
| 5 | TFC 5.122 1/26/2034 | 5.12% | 01/26/34 | 39 |
| 6 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 38 |
| 7 | META 3.85 8/15/2032 | 3.85% | 08/15/32 | 38 |
| 8 | VZ 2.355 3/15/2032 | 2.36% | 03/15/32 | 37 |
| 9 | AAPL 3.35 8/8/2032 | 3.35% | 08/08/32 | 37 |
| 10 | BAC 5.015 7/22/2033 | 5.02% | 07/22/33 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 4/21/23 – 4/28/23
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 4/21/23 – 4/28/23
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