Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 7/7/23
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 7/7/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| John Deere Capital Corp. (USD) FLT% 7/3/2025 | Floating Rate Notes | 500 | 100 | N/A | N/A |
| American Honda Finance Corp. (USD) 5.25% 7/7/2026 | Senior Notes | 950 | 99.877 | 5.29 | 70 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 6/30/23 – 7/7/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | FBC 4.125 11/1/2030 | 4.13% | 11/01/30 | 10.25% | 85.78 | 77.80 | 3 |
| 2 | EXOIM 3.125 2/15/2038 | 3.13% | 02/15/38 | 6.56% | 87.19 | 81.82 | 5 |
| 3 | TWX 6.25 3/29/2041 | 6.25% | 03/29/41 | 6.43% | 93.17 | 87.55 | 4 |
| 4 | REGH 6.5 PERP | 6.50% | NULL | 5.44% | 58.94 | 55.90 | 4 |
| 5 | RUSSIA 12.75 6/24/2028 | 12.75% | 06/24/28 | 5.09% | 98.90 | 94.10 | 6 |
| 6 | BINBUR 7 8/26/2024 | 7.00% | 08/26/24 | 4.37% | 97.81 | 93.72 | 2 |
| 7 | NEE 0 10/1/2066 | 0.00% | 10/01/66 | 4.25% | 89.24 | 85.60 | 10 |
| 8 | KMRLGP 8.5 12/7/2025 | 8.50% | 12/07/25 | 3.68% | 81.95 | 79.03 | 3 |
| 9 | MEXCAT 5.5 10/31/2046 | 5.50% | 10/31/46 | 3.66% | 85.53 | 82.52 | 17 |
| 10 | UMBF 6.25 9/28/2032 | 6.25% | 09/28/32 | 3.42% | 83.93 | 81.16 | 4 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 6/30/23 – 7/7/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | COGARD 8 1/27/2024 | 8.00% | 01/27/24 | -13.23% | 59.06 | 68.07 | 22 |
| 2 | CONGLO 6 8/30/2034 | 6.00% | 08/30/34 | -9.71% | 77.11 | 85.41 | 3 |
| 3 | ULFP 2.125 PERP | 2.13% | NULL | -8.83% | 78.09 | 85.65 | 16 |
| 4 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | -7.42% | 68.06 | 73.52 | 19 |
| 5 | LNGFOR 3.85 1/13/2032 | 3.85% | 01/13/32 | -7.40% | 63.89 | 69.00 | 19 |
| 6 | LIFEVT 5.25 7/19/2068 144A | 5.25% | 07/19/68 | -6.32% | 83.70 | 89.34 | 4 |
| 7 | NRW 1.95 9/26/2078 | 1.95% | 09/26/78 | -6.16% | 64.36 | 68.58 | 3 |
| 8 | SWSFIN 4.5 3/31/2052 | 4.50% | 03/31/52 | -5.90% | 77.51 | 82.37 | 11 |
| 9 | AIA 4.47 5/23/2047 | 4.47% | 05/23/47 | -5.61% | 85.81 | 90.91 | 2 |
| 10 | AZN 4.375 11/16/2045 | 4.38% | 11/16/45 | -5.46% | 87.91 | 92.99 | 20 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 6/30/23 – 7/7/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Energy: Electricity | -323 bps | 5.39% | 8.62% |
| 2 | Hotel, Gaming & Leisure | -288 bps | 5.71% | 8.59% |
| 3 | Media: Diversified & Production | -24 bps | 5.18% | 5.41% |
| 4 | Services: Business | -13 bps | 4.62% | 4.75% |
| 5 | Media: Broadcasting & Subscription | 4 bps | 6.18% | 6.14% |
| 6 | Utilities: Water | 5 bps | 5.55% | 5.50% |
| 7 | High Tech Industries | 6 bps | 5.37% | 5.31% |
| 8 | Aerospace & Defense | 7 bps | 5.72% | 5.65% |
| 9 | Utilities: Oil & Gas | 10 bps | 5.54% | 5.44% |
| 10 | Energy: Oil & Gas | 10 bps | 5.58% | 5.48% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 6/30/23 – 7/7/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Consumer Goods: Durable | 64 bps | 5.70% | 5.06% |
| 2 | Containers, Packaging, & Glass | 63 bps | 6.53% | 5.90% |
| 3 | Media: Advertising, Printing & Publishing | 58 bps | 7.94% | 7.35% |
| 4 | Sovereign & Public Finance | 56 bps | 5.36% | 4.80% |
| 5 | Metals & Mining | 45 bps | 6.07% | 5.62% |
| 6 | Transportation: Consumer | 38 bps | 5.92% | 5.55% |
| 7 | Transportation: Cargo | 37 bps | 5.63% | 5.26% |
| 8 | Capital Equipment | 30 bps | 5.07% | 4.78% |
| 9 | Chemicals, Plastics & Rubber | 28 bps | 6.07% | 5.78% |
| 10 | Services: Consumer | 28 bps | 7.32% | 7.04% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 6/30/23 – 7/7/23
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 6/30/23 – 7/7/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 6/30/23 vs. the week ending 7/7/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | SBAB 4.875 6/26/2026 | 4.88% | 06/26/26 | 121 | 173 | 52 | 43% |
| 2 | THAMES 4 6/19/2025 | 4.00% | 06/19/25 | 149 | 196 | 47 | 32% |
| 3 | HSBC 4.95 3/31/2030 | 4.95% | 03/31/30 | 179 | 225 | 46 | 26% |
| 4 | UU 5.75 6/26/2036 | 5.75% | 06/26/36 | 80 | 125 | 45 | 56% |
| 5 | THAMES 6.75 11/16/2028 | 6.75% | 11/16/28 | 144 | 186 | 42 | 29% |
| 6 | THAMES 3.5 2/25/2028 | 3.50% | 02/25/28 | 147 | 186 | 39 | 27% |
| 7 | THAMES 2.625 1/24/2032 | 2.63% | 01/24/32 | 138 | 176 | 38 | 28% |
| 8 | THAMES 4.375 1/18/2031 | 4.38% | 01/18/31 | 184 | 222 | 38 | 21% |
| 9 | THAMES 1.875 1/24/2024 | 1.88% | 01/24/24 | 139 | 176 | 37 | 27% |
| 10 | BACR 2.894 11/24/2032 | 2.89% | 11/24/32 | 175 | 211 | 36 | 21% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 6/30/23 – 7/7/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 37 |
| 2 | SUMIBK 5.766 1/13/2033 | 5.77% | 01/13/33 | 37 |
| 3 | TFC 5.867 6/8/2034 | 5.87% | 06/08/34 | 36 |
| 4 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 36 |
| 5 | META 4.95 5/15/2033 | 4.95% | 05/15/33 | 35 |
| 6 | WFC 5.389 4/24/2034 | 5.39% | 04/24/34 | 35 |
| 7 | PNC 5.582 6/12/2029 | 5.58% | 06/12/29 | 35 |
| 8 | HSBC 6.547 6/20/2034 | 6.55% | 06/20/34 | 35 |
| 9 | META 4.8 5/15/2030 | 4.80% | 05/15/30 | 35 |
| 10 | AAPL 4 5/10/2028 | 4.00% | 05/10/28 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 6/30/23 – 7/7/23
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 6/30/23 – 7/7/23
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