Investment Grade Corporate Bond Market Summary – Week Ending 7/21/23
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Investment Grade Corporate Bond Market Summary: Week Ending 7/21/23
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 7/21/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Heico Corp. (USD) 5.25% 8/1/2028 | Senior Notes | 600 | 99.86 | 5.28 | 130 |
| Concentrix Solutions Corp. (USD) 6.85% 8/2/2033 | Senior Notes | 550 | 99.836 | 6.87 | 312.5 |
| Wells Fargo & Co. (USD) 5.574% 7/25/2029 | Floating Rate Notes | 4250 | 100 | 5.57 | 158 |
| Piedmont Operating Partnership (USD) 9.25% 7/20/2028 | Senior Notes | 400 | 99 | 9.51 | 551.3 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 7/14/23 – 7/21/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PACW 3.25 5/1/2031 | 3.25% | 05/01/31 | 15.71% | 62.27 | 53.81 | 19 |
| 2 | CONGLO 6 8/30/2034 | 6.00% | 08/30/34 | 10.60% | 84.28 | 76.20 | 4 |
| 3 | ALLY 4.7 5/15/2032 | 4.70% | 05/15/32 | 10.03% | 72.73 | 66.10 | 4 |
| 4 | RUSSIA 4.75 5/27/2026 | 4.75% | 05/27/26 | 9.30% | 52.16 | 47.72 | 4 |
| 5 | EIB 10.5 4/29/2024 | 10.50% | 04/29/24 | 9.07% | 92.24 | 84.56 | 2 |
| 6 | RSALN 7.375 PERP | 7.38% | NULL | 6.65% | 106.79 | 100.13 | 4 |
| 7 | BAPSYS 4.1 12/1/2049 | 4.10% | 12/01/49 | 6.63% | 78.91 | 74.00 | 2 |
| 8 | LNC 0 4/20/2067 | 7.57% | 04/20/67 | 6.62% | 61.50 | 57.68 | 6 |
| 9 | ONEAM 7 10/15/2033 | 7.00% | 10/15/33 | 6.51% | 105.22 | 98.79 | 3 |
| 10 | PPL 1.541 12/1/2056 | 1.54% | 12/01/56 | 5.75% | 75.89 | 71.76 | 4 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 7/14/23 – 7/21/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SBBBSS 1.125 9/4/2026 | 1.13% | 09/04/26 | -7.29% | 71.17 | 76.77 | 23 |
| 2 | LNGFOR 3.375 4/13/2027 | 3.38% | 04/13/27 | -3.95% | 74.18 | 77.23 | 18 |
| 3 | T 4.35 6/15/2045 | 4.35% | 06/15/45 | -3.72% | 79.56 | 82.64 | 16 |
| 4 | SOCGEN 4 11/16/2027 | 4.00% | 11/16/27 | -3.43% | 95.63 | 99.03 | 22 |
| 5 | BPCEGP 5 PERP | 5.00% | NULL | -3.38% | 100.65 | 104.17 | 2 |
| 6 | CLEF 3.377 6/30/2041 | 3.38% | 06/30/41 | -3.27% | 93.38 | 96.53 | 2 |
| 7 | UNIQUI 6 6/15/2024 | 6.00% | 06/15/24 | -2.97% | 97.03 | 100.00 | 2 |
| 8 | ULFP 2.125 PERP | 2.13% | NULL | -2.84% | 75.57 | 77.79 | 16 |
| 9 | HGB 4 4/28/2051 | 4.00% | 04/28/51 | -2.84% | 60.69 | 62.46 | 3 |
| 10 | SIVB 1.8 10/28/2026 | 1.80% | 10/28/26 | -2.74% | 71.87 | 73.89 | 18 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 7/14/23 – 7/21/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Hotel, Gaming & Leisure | -614 bps | 8.86% | 15.00% |
| 2 | Real Estate | -101 bps | 6.46% | 7.47% |
| 3 | Media: Diversified & Production | -88 bps | 4.77% | 5.65% |
| 4 | Media: Advertising, Printing & Publishing | -70 bps | 7.09% | 7.78% |
| 5 | Telecommunications | -57 bps | 4.66% | 5.23% |
| 6 | Media: Broadcasting & Subscription | -51 bps | 5.80% | 6.31% |
| 7 | Environmental Industries | -47 bps | 4.76% | 5.23% |
| 8 | Services: Business | -45 bps | 4.46% | 4.91% |
| 9 | Services: Consumer | -44 bps | 6.90% | 7.34% |
| 10 | Energy: Oil & Gas | -39 bps | 5.23% | 5.62% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 7/14/23 – 7/21/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Consumer | 12 bps | 5.94% | 5.81% |
| 2 | Utilities: Water | 6 bps | 5.46% | 5.40% |
| 3 | Containers, Packaging, & Glass | 5 bps | 6.12% | 6.06% |
| 4 | Energy: Electricity | 3 bps | 7.38% | 7.35% |
| 5 | Transportation: Cargo | -4 bps | 5.40% | 5.44% |
| 6 | Metals & Mining | -5 bps | 5.85% | 5.89% |
| 7 | Consumer Goods: Durable | -9 bps | 5.23% | 5.32% |
| 8 | 0 | -10 bps | 8.03% | 8.13% |
| 9 | Sovereign & Public Finance | -11 bps | 5.05% | 5.17% |
| 10 | High Tech Industries | -12 bps | 5.21% | 5.33% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 7/14/23 – 7/21/23 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 7/14/23 – 7/21/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 7/14/23 vs. the week ending 7/21/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | RY 5.2 4/17/2028 | 5.20% | 04/17/28 | 18 | 120 | 102 | 567% |
| 2 | RY 5.2 2/27/2026 | 5.20% | 02/27/26 | 12 | 80 | 68 | 567% |
| 3 | MUFG 4.08 4/19/2028 | 4.08% | 04/19/28 | 182 | 234 | 52 | 29% |
| 4 | T 1.7 3/25/2026 | 1.70% | 03/25/26 | 176 | 225 | 49 | 28% |
| 5 | MUFG 3.837 4/17/2026 | 3.84% | 04/17/26 | 147 | 194 | 47 | 32% |
| 6 | ESS 2.65 3/15/2032 | 2.65% | 03/15/32 | 141 | 184 | 43 | 30% |
| 7 | JPM 5.35 6/1/2034 | 5.35% | 06/01/34 | 331 | 372 | 41 | 12% |
| 8 | PLD 5.125 1/15/2034 | 5.13% | 01/15/34 | 216 | 257 | 41 | 19% |
| 9 | GENTMK 4.25 1/24/2027 | 4.25% | 01/24/27 | 143 | 183 | 40 | 28% |
| 10 | ICBCAS 1 9/9/2023 | 1.00% | 09/09/23 | 90 | 130 | 40 | 44% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 7/14/23 – 7/21/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | JPM 5.35 6/1/2034 | 5.35% | 06/01/34 | 38 |
| 2 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 38 |
| 3 | INTC 5.7 2/10/2053 | 5.70% | 02/10/53 | 36 |
| 4 | SUMIBK 5.766 1/13/2033 | 5.77% | 01/13/33 | 36 |
| 5 | WFC 5.389 4/24/2034 | 5.39% | 04/24/34 | 36 |
| 6 | BAC 5.288 4/25/2034 | 5.29% | 04/25/34 | 35 |
| 7 | USB 5.836 6/12/2034 | 5.84% | 06/12/34 | 35 |
| 8 | ABIBB 4.75 1/23/2029 | 4.75% | 01/23/29 | 35 |
| 9 | ABIBB 3.5 6/1/2030 | 3.50% | 06/01/30 | 35 |
| 10 | TFC 5.867 6/8/2034 | 5.87% | 06/08/34 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 7/14/23 – 7/21/23 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 7/14/23 – 7/21/23
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