Corporates

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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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