Investment Grade Corporate Bond Market Summary – Week Ending 5/19/23
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Investment Grade Corporate Bond Market Summary: Week Ending 5/19/23
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 5/19/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Southern California Edison Co. (USD) 5.875% 12/1/2053 | Senior Notes | 700 | 99.786 | 5.89 | 200 |
| National Rural Utilities Cooperative Finance Corp. (USD) 7.125% 9/15/2053 | Subordinated Notes | 300 | 100 | 7.13 | N/A |
| Charles Schwab Corp. (USD) 5.643% 5/19/2029 | Floating Rate Notes | 1200 | 100 | 5.64 | 205 |
| CNA Financial Corp. (USD) 5.5% 6/15/2033 | Senior Notes | 400 | 99.347 | 5.58 | 200 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 5/12/23 – 5/19/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SDSELE 5.5 7/23/2026 REGS | 5.50% | 07/23/26 | 12.36% | 52.57 | 46.79 | 16 |
| 2 | COF 3.95 PERP | 6.76% | NULL | 11.62% | 73.58 | 65.92 | 19 |
| 3 | SIVB 1.8 2/2/2031 | 1.80% | 02/02/31 | 11.30% | 63.80 | 57.33 | 21 |
| 4 | TFC 0 PERP | 0.00% | NULL | 7.58% | 91.63 | 85.18 | 11 |
| 5 | RURAIL 2.1 10/2/2023 | 2.10% | 10/02/23 | 6.45% | 82.50 | 77.50 | 2 |
| 6 | BGOSK 2 11/3/2036 | 2.00% | 11/03/36 | 5.68% | 75.81 | 71.74 | 2 |
| 7 | ALTAWH 7 6/30/2035 | 7.00% | 06/30/35 | 5.40% | 102.81 | 97.54 | 2 |
| 8 | PFCLN 9.75 11/15/2026 REGS | 9.75% | 11/15/26 | 5.19% | 72.88 | 69.28 | 18 |
| 9 | CMA 3.8 7/22/2026 | 3.80% | 07/22/26 | 5.14% | 80.89 | 76.93 | 18 |
| 10 | WAL 3 6/15/2031 | 3.00% | 06/15/31 | 4.97% | 63.79 | 60.77 | 24 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 5/12/23 – 5/19/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TURKEY 9.375 1/19/2033 | 9.38% | 01/19/33 | -11.54% | 92.39 | 104.44 | 23 |
| 2 | LNGFOR 3.95 9/16/2029 | 3.95% | 09/16/29 | -10.80% | 66.35 | 74.38 | 19 |
| 3 | LASUDE 5 7/28/2026 | 5.00% | 07/28/26 | -10.22% | 65.58 | 73.05 | 7 |
| 4 | AIIB 30 7/19/2024 | 30.00% | 07/19/24 | -9.40% | 76.81 | 84.78 | 2 |
| 5 | EBRD 0 3/25/2025 | 0.00% | 03/25/25 | -8.87% | 52.66 | 57.78 | 2 |
| 6 | GLPSP 3.875 6/4/2025 | 3.88% | 06/04/25 | -8.78% | 59.05 | 64.73 | 14 |
| 7 | EDF 5 9/21/2048 144A | 5.00% | 09/21/48 | -8.75% | 79.24 | 86.84 | 9 |
| 8 | OPI 2.4 2/1/2027 | 2.40% | 02/01/27 | -7.29% | 56.94 | 61.42 | 24 |
| 9 | REGH 6.5 PERP | 6.50% | NULL | -7.19% | 57.93 | 62.42 | 3 |
| 10 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | -7.14% | 70.38 | 75.80 | 15 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 5/12/23 – 5/19/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -137 bps | 5.11% | 6.48% |
| 2 | Media: Diversified & Production | -14 bps | 4.61% | 4.75% |
| 3 | Services: Business | 5 bps | 4.36% | 4.31% |
| 4 | Insurance | 15 bps | 5.52% | 5.37% |
| 5 | Retail | 17 bps | 5.18% | 5.01% |
| 6 | Media: Broadcasting & Subscription | 19 bps | 5.82% | 5.62% |
| 7 | Utilities: Water | 22 bps | 4.80% | 4.59% |
| 8 | Transportation: Consumer | 24 bps | 5.65% | 5.41% |
| 9 | Aerospace & Defense | 24 bps | 5.42% | 5.18% |
| 10 | Telecommunications | 25 bps | 4.66% | 4.41% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 5/12/23 – 5/19/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Hotel, Gaming & Leisure | 113 bps | 7.62% | 6.49% |
| 2 | Real Estate | 74 bps | 7.16% | 6.42% |
| 3 | Consumer Goods: Durable | 71 bps | 5.21% | 4.50% |
| 4 | Transportation: Cargo | 70 bps | 5.71% | 5.01% |
| 5 | Containers, Packaging, & Glass | 69 bps | 6.04% | 5.36% |
| 6 | Sovereign & Public Finance | 58 bps | 5.12% | 4.54% |
| 7 | Metals & Mining | 56 bps | 5.72% | 5.16% |
| 8 | 0 | 54 bps | 8.11% | 7.57% |
| 9 | High Tech Industries | 54 bps | 5.15% | 4.61% |
| 10 | Capital Equipment | 46 bps | 4.60% | 4.13% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 5/12/23 – 5/19/23 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 5/12/23 – 5/19/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/12/23 vs. the week ending 5/19/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | TOYOTA 4.45 4/6/2026 | 4.45% | 04/06/26 | 70 | 146 | 76 | 109% |
| 2 | TXN 4.6 2/15/2028 | 4.60% | 02/15/28 | 171 | 245 | 74 | 43% |
| 3 | AABOND 8.45 1/31/2028 | 8.45% | 01/31/28 | 76 | 140 | 64 | 84% |
| 4 | META 4.95 5/15/2033 | 4.95% | 05/15/33 | 369 | 416 | 47 | 13% |
| 5 | SO 4.65 5/16/2028 | 4.65% | 05/16/28 | 164 | 211 | 47 | 29% |
| 6 | META 4.8 5/15/2030 | 4.80% | 05/15/30 | 312 | 357 | 45 | 14% |
| 7 | TFC 6.123 10/28/2033 | 6.12% | 10/28/33 | 180 | 224 | 44 | 24% |
| 8 | STESP 1.5 4/29/2025 | 1.50% | 04/29/25 | 144 | 188 | 44 | 31% |
| 9 | META 4.6 5/15/2028 | 4.60% | 05/15/28 | 346 | 389 | 43 | 12% |
| 10 | GS 4.223 5/1/2029 | 4.22% | 05/01/29 | 202 | 244 | 42 | 21% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 5/12/23 – 5/19/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | META 4.95 5/15/2033 | 4.95% | 05/15/33 | 43 |
| 2 | BK 4.967 4/26/2034 | 4.97% | 04/26/34 | 41 |
| 3 | AAPL 4.3 5/10/2033 | 4.30% | 05/10/33 | 41 |
| 4 | META 4.6 5/15/2028 | 4.60% | 05/15/28 | 41 |
| 5 | USB 4.839 2/1/2034 | 4.84% | 02/01/34 | 40 |
| 6 | PNC 5.068 1/24/2034 | 5.07% | 01/24/34 | 40 |
| 7 | MS 5.25 4/21/2034 | 5.25% | 04/21/34 | 39 |
| 8 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 39 |
| 9 | META 4.8 5/15/2030 | 4.80% | 05/15/30 | 39 |
| 10 | WFC 5.389 4/24/2034 | 5.39% | 04/24/34 | 38 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 5/12/23 – 5/19/23 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 5/12/23 – 5/19/23
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