Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 5/26/23

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 5/26/23, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Lockheed Martin Corp. (USD) 4.75% 2/15/2034 Senior Notes 850 99.674 4.79 110
Lockheed Martin Corp. (USD) 4.45% 5/15/2028 Senior Notes 500 99.82 4.49 75
American Honda Finance Corp. (USD) 5% 5/23/2025 Medium Term Notes 750 99.931 5.04 70
Ameren Illinois Co. (USD) 4.95% 6/1/2033 First Mortgage Bond 500 99.696 4.99 127

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 5/19/23 – 5/26/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 PL 5.35 8/10/2052 144A 5.35% 08/10/52 9.79% 82.21 74.88 3
2 PHORRU 3.05 1/23/2025 REGS 3.05% 01/23/25 9.65% 79.04 72.08 3
3 SDSELE 5.5 7/23/2026 REGS 5.50% 07/23/26 9.37% 57.50 52.57 17
4 EIB 14 3/1/2026 14.00% 03/01/26 8.30% 75.41 69.63 2
5 PNFP 4.125 9/15/2029 4.13% 09/15/29 7.35% 95.21 88.69 2
6 OPI 2.4 2/1/2027 2.40% 02/01/27 7.09% 60.98 56.94 23
7 LNC 0 4/20/2067 7.22% 04/20/67 6.92% 52.03 48.66 4
8 HBAN 2.487 8/15/2036 144A 2.49% 08/15/36 6.66% 67.63 63.41 2
9 KEY 2.55 10/1/2029 2.55% 10/01/29 6.42% 75.70 71.14 26
10 PENDLE 5.572 10/1/2050 5.57% 10/01/50 5.69% 99.49 94.13 2

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 5/19/23 – 5/26/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 EIB 10.5 4/29/2024 10.50% 04/29/24 -12.80% 66.58 76.36 2
2 KMRLGP 8.5 12/7/2025 8.50% 12/07/25 -10.00% 82.20 91.34 2
3 EDF 4.65 10/21/2046 4.65% 10/21/46 -8.62% 74.89 81.95 2
4 BANC 4.375 10/30/2030 4.38% 10/30/30 -8.53% 67.05 73.30 2
5 PGR 4.2 3/15/2048 4.20% 03/15/48 -7.74% 78.71 85.31 14
6 SLOVGB 2.25 6/12/2068 2.25% 06/12/68 -7.68% 62.39 67.58 4
7 MMM 3.125 9/19/2046 3.13% 09/19/46 -7.66% 64.89 70.27 18
8 SHUION 5.5 6/29/2026 5.50% 06/29/26 -7.50% 65.11 70.38 17
9 COGARD 8 1/27/2024 8.00% 01/27/24 -7.13% 66.27 71.35 21
10 HTHROW 0.101 12/11/2032 0.10% 12/11/32 -6.94% 74.43 79.98 4

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 5/19/23 – 5/26/23

RANK INDUSTRY CHANGE YLD YLD-1W
1 Energy: Electricity -180 bps 4.87% 6.66%
2 Services: Business -23 bps 4.45% 4.68%
3 Media: Diversified & Production -19 bps 4.82% 5.01%
4 High Tech Industries 0 bps 5.11% 5.11%
5 Forest Products & Paper 2 bps 4.69% 4.68%
6 Energy: Oil & Gas 2 bps 5.40% 5.38%
7 Construction & Building 6 bps 4.66% 4.61%
8 Capital Equipment 7 bps 4.57% 4.50%
9 Transportation: Cargo 9 bps 5.49% 5.40%
10 Environmental Industries 9 bps 4.81% 4.72%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 5/19/23 – 5/26/23

RANK INDUSTRY CHANGE YLD YLD-1W
1 Sovereign & Public Finance 71 bps 5.35% 4.64%
2 Consumer Goods: Durable 68 bps 5.41% 4.72%
3 Hotel, Gaming & Leisure 58 bps 8.42% 7.84%
4 Containers, Packaging, & Glass 53 bps 6.11% 5.58%
5 Real Estate 52 bps 7.54% 7.02%
6 Chemicals, Plastics & Rubber 42 bps 5.95% 5.53%
7 Utilities: Water 33 bps 5.19% 4.86%
8 Healthcare & Pharmaceuticals 31 bps 5.41% 5.11%
9 Services: Consumer 27 bps 7.01% 6.73%
10 Banking 26 bps 5.50% 5.24%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 5/19/23 – 5/26/23

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 5/19/23 – 5/26/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/19/23 vs. the week ending 5/26/23

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 BGCP 5.375 7/24/2023 5.38% 07/24/23 10 66 56 560%
2 SHNHAN 4.5 4/12/2028 REGS 4.50% 04/12/28 127 179 52 41%
3 GM 4.5 6/20/2027 4.50% 06/20/27 85 135 50 59%
4 BSWHLD 2.839 11/15/2050 2.84% 11/15/50 53 100 47 89%
5 ISPIM 4 5/21/2026 4.16% 05/21/26 99 145 46 46%
6 TOYOTA 4.45 4/6/2026 4.45% 04/06/26 146 190 44 30%
7 BCHINA 2.93 3/27/2025 2.93% 03/27/25 20 61 41 205%
8 ITC 4.95 9/22/2027 144A 4.95% 09/22/27 153 190 37 24%
9 ICBCAS 3 1/19/2025 3.00% 01/19/25 35 71 36 103%
10 AGRBK 2.97 1/30/2025 2.97% 01/30/25 35 71 36 103%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 5/19/23 – 5/26/23

RANK TRANCHE COUPON MATURITY DEALERS
1 META 4.95 5/15/2033 4.95% 05/15/33 42
2 AAPL 4.3 5/10/2033 4.30% 05/10/33 40
3 META 4.6 5/15/2028 4.60% 05/15/28 40
4 WFC 5.389 4/24/2034 5.39% 04/24/34 40
5 JPM 4.912 7/25/2033 4.91% 07/25/33 39
6 INTC 5.2 2/10/2033 5.20% 02/10/33 39
7 PNC 5.068 1/24/2034 5.07% 01/24/34 39
8 AAPL 4 5/10/2028 4.00% 05/10/28 38
9 AAPL 4.85 5/10/2053 4.85% 05/10/53 38
10 META 4.8 5/15/2030 4.80% 05/15/30 38

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 5/19/23 – 5/26/23

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 5/19/23 – 5/26/23

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