Investment Grade Corporate Bond Market Summary – Week Ending 6/30/23
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Investment Grade Corporate Bond Market Summary: Week Ending 6/30/23
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 6/30/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Prologis LP (USD) 5.125% 1/15/2034 | Senior Notes | 750 | 99.642 | 5.17 | 145 |
| Arizona Public Service (USD) 5.55% 8/1/2033 | Senior Notes | 500 | 99.855 | 5.57 | 180 |
| Prologis LP (USD) 4.875% 6/15/2028 | Senior Notes | 750 | 99.389 | 5.02 | 105 |
| National Rural Utilities Cooperative Finance Corp. (USD) 5.05% 3/13/2026 | Senior Notes | 400 | 99.989 | 5.05 | 110 |
| Hyatt Hotels Corp. (USD) 5.75% 1/30/2027 | Senior Notes | 600 | 99.975 | 5.76 | 145 |
| Connecticut Light & Power Co. (USD) 4.9% 12/1/2033 | First and Refunding Mortgage Bond | 300 | 99.805 | 4.92 | 120 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 6/23/23 – 6/30/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | RUSSIA 2.875 12/4/2025 REGS | 2.88% | 12/04/25 | 22.65% | 52.04 | 42.43 | 3 |
| 2 | BANC 5.25 4/15/2025 | 5.25% | 04/15/25 | 5.50% | 91.40 | 86.64 | 4 |
| 3 | PACW 3.25 5/1/2031 | 3.25% | 05/01/31 | 5.48% | 51.33 | 48.66 | 18 |
| 4 | KSS 6.875 12/15/2037 | 6.88% | 12/15/37 | 5.43% | 67.47 | 64.00 | 13 |
| 5 | SBBBSS 1.75 1/14/2025 | 1.75% | 01/14/25 | 4.07% | 82.33 | 79.11 | 22 |
| 6 | FUNOTR 6.39 1/15/2050 REGS | 6.39% | 01/15/50 | 4.07% | 79.66 | 76.55 | 12 |
| 7 | AWLN 1.6777 7/3/2056 | 1.68% | 07/03/56 | 3.08% | 154.53 | 149.91 | 3 |
| 8 | MEXCAT 5.5 7/31/2047 REGS | 5.50% | 07/31/47 | 3.05% | 86.42 | 83.87 | 20 |
| 9 | BRKHEC 4.6 5/1/2053 | 4.60% | 05/01/53 | 2.92% | 84.65 | 82.25 | 29 |
| 10 | ESRCAY 5.1 2/26/2025 | 5.10% | 02/26/25 | 2.66% | 98.45 | 95.90 | 3 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 6/23/23 – 6/30/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | THAMES 7.738 4/9/2058 | 7.74% | 04/09/58 | -10.71% | 108.25 | 121.23 | 15 |
| 2 | COGARD 8 1/27/2024 | 8.00% | 01/27/24 | -8.36% | 68.07 | 74.28 | 21 |
| 3 | WBA 4.1 4/15/2050 | 4.10% | 04/15/50 | -5.05% | 69.73 | 73.44 | 18 |
| 4 | KEL 2.75 4/18/2041 | 2.75% | 04/18/41 | -4.52% | 63.83 | 66.86 | 11 |
| 5 | SBBBSS 1.125 11/26/2029 | 1.13% | 11/26/29 | -4.23% | 58.31 | 60.89 | 22 |
| 6 | HPP 3.95 11/1/2027 | 3.95% | 11/01/27 | -3.54% | 72.69 | 75.36 | 18 |
| 7 | ROMGB 7.9 2/24/2038 | 7.90% | 02/24/38 | -3.27% | 107.79 | 111.43 | 3 |
| 8 | LLY 1.375 9/14/2061 | 1.38% | 09/14/61 | -3.22% | 52.34 | 54.08 | 12 |
| 9 | PARTSY 2 5/7/2036 | 2.00% | 05/07/36 | -3.18% | 64.61 | 66.74 | 11 |
| 10 | XEL 3.55 6/15/2046 | 3.55% | 06/15/46 | -3.06% | 69.93 | 72.14 | 6 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 6/23/23 – 6/30/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | -19 bps | 5.00% | 5.18% |
| 2 | Energy: Electricity | -8 bps | 7.03% | 7.11% |
| 3 | Transportation: Consumer | -5 bps | 5.66% | 5.71% |
| 4 | Telecommunications | -5 bps | 4.78% | 4.83% |
| 5 | 0 | -5 bps | 7.92% | 7.97% |
| 6 | Media: Advertising, Printing & Publishing | -4 bps | 7.36% | 7.40% |
| 7 | Utilities: Water | -2 bps | 5.31% | 5.33% |
| 8 | Services: Business | -1 bps | 4.63% | 4.65% |
| 9 | Energy: Oil & Gas | 3 bps | 5.48% | 5.45% |
| 10 | Utilities: Oil & Gas | 4 bps | 5.39% | 5.35% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 6/23/23 – 6/30/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Consumer Goods: Durable | 72 bps | 5.67% | 4.95% |
| 2 | Hotel, Gaming & Leisure | 53 bps | 8.59% | 8.06% |
| 3 | Containers, Packaging, & Glass | 46 bps | 6.26% | 5.80% |
| 4 | Transportation: Cargo | 38 bps | 5.47% | 5.09% |
| 5 | Metals & Mining | 32 bps | 5.81% | 5.49% |
| 6 | High Tech Industries | 31 bps | 5.36% | 5.06% |
| 7 | Sovereign & Public Finance | 31 bps | 5.09% | 4.78% |
| 8 | Services: Consumer | 29 bps | 7.19% | 6.90% |
| 9 | Finance | 27 bps | 5.72% | 5.44% |
| 10 | Chemicals, Plastics & Rubber | 27 bps | 5.87% | 5.60% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 6/23/23 – 6/30/23 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 6/23/23 – 6/30/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 6/23/23 vs. the week ending 6/30/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | PLD 5.25 6/15/2053 | 5.25% | 06/15/53 | 130 | 215 | 85 | 65% |
| 2 | BRKHEC 4.6 5/1/2053 | 4.60% | 05/01/53 | 229 | 279 | 50 | 22% |
| 3 | JNJ 4.5 12/5/2043 | 4.50% | 12/05/43 | 161 | 207 | 46 | 29% |
| 4 | BRKHEC 3.5 6/15/2029 | 3.50% | 06/15/29 | 153 | 194 | 41 | 27% |
| 5 | BRKHEC 6.25 10/15/2037 | 6.25% | 10/15/37 | 133 | 173 | 40 | 30% |
| 6 | MAR 3.125 6/15/2026 | 3.13% | 06/15/26 | 153 | 189 | 36 | 24% |
| 7 | PLD 4.75 6/15/2033 | 4.75% | 06/15/33 | 160 | 196 | 36 | 23% |
| 8 | CI 4.8 7/15/2046 | 4.80% | 07/15/46 | 161 | 196 | 35 | 22% |
| 9 | LOW 2.625 4/1/2031 | 2.63% | 04/01/31 | 178 | 213 | 35 | 20% |
| 10 | MDT 4.375 3/15/2035 | 4.38% | 03/15/35 | 190 | 225 | 35 | 18% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 6/23/23 – 6/30/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 38 |
| 2 | AAPL 4.3 5/10/2033 | 4.30% | 05/10/33 | 38 |
| 3 | WFC 5.389 4/24/2034 | 5.39% | 04/24/34 | 37 |
| 4 | TFC 5.867 6/8/2034 | 5.87% | 06/08/34 | 37 |
| 5 | AAPL 4 5/10/2028 | 4.00% | 05/10/28 | 37 |
| 6 | C 6.174 5/25/2034 | 6.17% | 05/25/34 | 36 |
| 7 | SUMIBK 5.766 1/13/2033 | 5.77% | 01/13/33 | 36 |
| 8 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 36 |
| 9 | COF 6.377 6/8/2034 | 6.38% | 06/08/34 | 36 |
| 10 | META 4.8 5/15/2030 | 4.80% | 05/15/30 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 6/23/23 – 6/30/23 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 6/23/23 – 6/30/23
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