Investment Grade Corporate Bond Market Summary – Week Ending 6/23/23
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Investment Grade Corporate Bond Market Summary: Week Ending 6/23/23
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 6/23/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Barclays Bank PLC (USD) 7.119% 6/27/2034 | Senior Notes | 1500 | 100 | 7.12 | 340 |
| Sempra Energy (USD) 5.5% 8/1/2033 | Senior Notes | 700 | 99.7 | 5.54 | 180 |
| Sempra Energy (USD) 5.4% 8/1/2026 | Senior Notes | 1250 | 99.627 | 5.53 | 123 |
| General Motors Financial Co. Inc. (USD) 5.8% 6/23/2028 | Senior Notes | 1350 | 99.979 | 5.8 | 185 |
| CBRE Hldg Inc. (USD) 5.95% 8/15/2034 | Senior Notes | 1000 | 98.174 | 6.18 | 245 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 6/16/23 – 6/23/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | DB 1.375 2/17/2032 | 1.38% | 02/17/32 | 7.98% | 74.05 | 68.58 | 5 |
| 2 | GYCGR 2.5 6/27/2039 | 2.50% | 06/27/39 | 7.51% | 57.25 | 53.25 | 2 |
| 3 | MEXCAT 5.5 10/31/2046 | 5.50% | 10/31/46 | 7.33% | 83.60 | 77.89 | 17 |
| 4 | OCDOLN 3.875 10/8/2026 REGS | 3.88% | 10/08/26 | 6.89% | 79.87 | 74.72 | 18 |
| 5 | KMRLGP 3.9 12/12/2024 | 3.90% | 12/12/24 | 6.59% | 85.47 | 80.19 | 6 |
| 6 | AVLN 6.875 5/20/2058 | 6.88% | 05/20/58 | 6.30% | 110.88 | 104.31 | 16 |
| 7 | KMI 3.25 8/1/2050 | 3.25% | 08/01/50 | 6.24% | 63.76 | 60.01 | 21 |
| 8 | ITC 6.125 3/31/2036 | 6.13% | 03/31/36 | 6.05% | 103.53 | 97.62 | 3 |
| 9 | MET 5 7/15/2052 | 5.00% | 07/15/52 | 5.78% | 93.43 | 88.33 | 18 |
| 10 | IDA 4.3 4/1/2042 | 4.30% | 04/01/42 | 5.34% | 82.32 | 78.15 | 2 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 6/16/23 – 6/23/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TWX 6.25 3/29/2041 | 6.25% | 03/29/41 | -9.45% | 87.53 | 96.67 | 4 |
| 2 | COGARD 5.125 1/17/2025 | 5.13% | 01/17/25 | -9.15% | 51.69 | 56.90 | 22 |
| 3 | CFR 4.5 3/17/2027 | 4.50% | 03/17/27 | -7.57% | 88.47 | 95.71 | 4 |
| 4 | BRKHEC 7.7 11/15/2031 | 7.70% | 11/15/31 | -7.10% | 108.94 | 117.27 | 9 |
| 5 | ERAFP 5.29 4/22/2026 | 5.29% | 04/22/26 | -6.32% | 92.27 | 98.50 | 2 |
| 6 | SBBBSS 1.125 11/26/2029 | 1.13% | 11/26/29 | -6.20% | 60.89 | 64.91 | 23 |
| 7 | HEIMST 4.25 3/9/2026 | 4.25% | 03/09/26 | -5.28% | 53.87 | 56.87 | 18 |
| 8 | AEGON FLT PERP | 2.78% | NULL | -5.18% | 75.71 | 79.85 | 10 |
| 9 | CAG 4.65 1/25/2043 | 4.65% | 01/25/43 | -3.89% | 77.89 | 81.04 | 2 |
| 10 | GLPSP 3.875 6/4/2025 | 3.88% | 06/04/25 | -3.51% | 70.26 | 72.82 | 18 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 6/16/23 – 6/23/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -366 bps | 5.28% | 8.94% |
| 2 | 0 | -72 bps | 8.02% | 8.74% |
| 3 | Healthcare & Pharmaceuticals | -55 bps | 4.72% | 5.28% |
| 4 | Utilities: Oil & Gas | -13 bps | 5.30% | 5.43% |
| 5 | Energy: Oil & Gas | -9 bps | 5.49% | 5.58% |
| 6 | High Tech Industries | -7 bps | 5.12% | 5.20% |
| 7 | Retail | -7 bps | 5.49% | 5.56% |
| 8 | Media: Broadcasting & Subscription | -5 bps | 6.09% | 6.14% |
| 9 | Insurance | -4 bps | 5.66% | 5.70% |
| 10 | Services: Consumer | -3 bps | 6.97% | 7.00% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 6/16/23 – 6/23/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Hotel, Gaming & Leisure | 116 bps | 8.06% | 6.90% |
| 2 | Consumer Goods: Durable | 65 bps | 5.59% | 4.94% |
| 3 | Containers, Packaging, & Glass | 51 bps | 6.21% | 5.70% |
| 4 | Capital Equipment | 26 bps | 4.89% | 4.63% |
| 5 | Transportation: Consumer | 26 bps | 5.81% | 5.55% |
| 6 | Transportation: Cargo | 23 bps | 5.30% | 5.07% |
| 7 | Media: Advertising, Printing & Publishing | 23 bps | 7.38% | 7.15% |
| 8 | Forest Products & Paper | 23 bps | 4.96% | 4.73% |
| 9 | Sovereign & Public Finance | 22 bps | 5.06% | 4.84% |
| 10 | Chemicals, Plastics & Rubber | 21 bps | 5.77% | 5.56% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 6/16/23 – 6/23/23 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 6/16/23 – 6/23/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 6/16/23 vs. the week ending 6/23/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | TENCNT 2.88 4/22/2031 144A | 2.88% | 04/22/31 | 64 | 246 | 182 | 284% |
| 2 | TENCNT 3.595 1/19/2028 144A | 3.60% | 01/19/28 | 72 | 229 | 157 | 218% |
| 3 | TENCNT 1.81 1/26/2026 144A | 1.81% | 01/26/26 | 56 | 208 | 152 | 271% |
| 4 | TENCNT 2.39 6/3/2030 144A | 2.39% | 06/03/30 | 69 | 221 | 152 | 220% |
| 5 | KSA 3.25 10/22/2030 REGS | 3.25% | 10/22/30 | 10 | 151 | 141 | 1410% |
| 6 | KSA 2.969 10/29/2029 144A | 2.97% | 10/29/29 | 10 | 147 | 137 | 1370% |
| 7 | CKHH 4.875 4/21/2033 144A | 4.88% | 04/21/33 | 70 | 203 | 133 | 190% |
| 8 | KSA 5.268 10/25/2028 144A | 5.27% | 10/25/28 | 10 | 142 | 132 | 1320% |
| 9 | UAE 2.875 10/19/2041 REGS | 2.88% | 10/19/41 | 50 | 182 | 132 | 264% |
| 10 | DAL 4.5 10/20/2025 144A | 4.50% | 10/20/25 | 42 | 174 | 132 | 314% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 6/16/23 – 6/23/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AAPL 4.3 5/10/2033 | 4.30% | 05/10/33 | 40 |
| 2 | WFC 5.389 4/24/2034 | 5.39% | 04/24/34 | 38 |
| 3 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 38 |
| 4 | META 4.8 5/15/2030 | 4.80% | 05/15/30 | 37 |
| 5 | MS 5.25 4/21/2034 | 5.25% | 04/21/34 | 37 |
| 6 | TFC 5.867 6/8/2034 | 5.87% | 06/08/34 | 37 |
| 7 | PFE 4.45 5/19/2028 | 4.45% | 05/19/28 | 37 |
| 8 | SUMIBK 5.766 1/13/2033 | 5.77% | 01/13/33 | 36 |
| 9 | USB 4.839 2/1/2034 | 4.84% | 02/01/34 | 36 |
| 10 | AAPL 4 5/10/2028 | 4.00% | 05/10/28 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 6/16/23 – 6/23/23 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 6/16/23 – 6/23/23
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