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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