Investment Grade Corporate Bond Market Summary – Week Ending 7/28/23
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Investment Grade Corporate Bond Market Summary: Week Ending 7/28/23
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 7/28/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Waste Management Inc. (USD) 4.875% 2/15/2029 | Senior Notes | 750 | 99.314 | 5.02 | 75 |
| L3Harris Tech Inc. (USD) 5.6% 7/31/2053 | Senior Notes | 500 | 99.683 | 5.62 | 155 |
| Ares Capital Corp. (USD) 7% 1/15/2027 | Senior Notes | 600 | 99.257 | 7.25 | 265 |
| Ashtead Capital Inc. (USD) 5.95% 10/15/2033 | Senior Notes | 750 | 99.912 | 5.96 | 210 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 7/21/23 – 7/28/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | EIB 9.25 10/3/2024 | 9.25% | 10/03/24 | 9.85% | 81.13 | 73.85 | 2 |
| 2 | EBRD 30 8/25/2025 | 30.00% | 08/25/25 | 8.45% | 98.44 | 90.77 | 2 |
| 3 | UNIVCO 3.068 4/28/2065 | 3.07% | 04/28/65 | 8.42% | 59.18 | 54.59 | 2 |
| 4 | RUSSIA 4.25 6/23/2027 REGS | 4.25% | 06/23/27 | 8.09% | 50.97 | 47.16 | 4 |
| 5 | BKU 5.125 6/11/2030 | 5.13% | 06/11/30 | 7.36% | 83.98 | 78.22 | 8 |
| 6 | GATESW 3 2/28/2027 | 3.00% | 02/28/27 | 6.58% | 63.34 | 59.43 | 7 |
| 7 | WAL 3 6/15/2031 | 3.00% | 06/15/31 | 6.19% | 81.23 | 76.50 | 18 |
| 8 | IFC 0 3/13/2024 | 0.00% | 03/13/24 | 5.12% | 83.99 | 79.90 | 2 |
| 9 | OCDOLN 3.875 10/8/2026 REGS | 3.88% | 10/08/26 | 4.87% | 84.93 | 80.98 | 18 |
| 10 | MAHLGR 2.375 5/14/2028 | 2.38% | 05/14/28 | 4.75% | 80.33 | 76.68 | 18 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 7/21/23 – 7/28/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SBBBSS 1.75 1/14/2025 | 1.75% | 01/14/25 | -7.41% | 77.10 | 83.27 | 23 |
| 2 | DRE 3.05 3/1/2050 | 3.05% | 03/01/50 | -5.85% | 60.97 | 64.76 | 3 |
| 3 | FARMCB 6.2 PERP | 6.20% | NULL | -5.75% | 84.33 | 89.48 | 3 |
| 4 | OPI 3.45 10/15/2031 | 3.45% | 10/15/31 | -4.91% | 51.63 | 54.29 | 18 |
| 5 | CCAMCL 4.75 12/4/2037 | 4.75% | 12/04/37 | -4.46% | 82.04 | 85.88 | 2 |
| 6 | SO 5.65 3/1/2037 | 5.65% | 03/01/37 | -4.38% | 92.28 | 96.51 | 4 |
| 7 | LNC 0 4/20/2067 | 7.57% | 04/20/67 | -4.36% | 58.82 | 61.50 | 6 |
| 8 | GLPSP 3.875 6/4/2025 | 3.88% | 06/04/25 | -4.29% | 69.22 | 72.32 | 18 |
| 9 | BAPSYS 4.1 12/1/2049 | 4.10% | 12/01/49 | -4.06% | 75.70 | 78.91 | 2 |
| 10 | GLPCHI 2.95 3/29/2026 | 2.95% | 03/29/26 | -4.02% | 61.38 | 63.95 | 18 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 7/21/23 – 7/28/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -97 bps | 7.52% | 8.49% |
| 2 | Banking | -4 bps | 5.33% | 5.37% |
| 3 | Insurance | -4 bps | 5.54% | 5.58% |
| 4 | Media: Broadcasting & Subscription | -2 bps | 5.96% | 5.97% |
| 5 | Utilities: Oil & Gas | -1 bps | 5.31% | 5.32% |
| 6 | Forest Products & Paper | 0 bps | 4.77% | 4.77% |
| 7 | Utilities: Water | 1 bps | 5.26% | 5.25% |
| 8 | Transportation: Consumer | 1 bps | 5.78% | 5.76% |
| 9 | Services: Consumer | 2 bps | 6.91% | 6.89% |
| 10 | Media: Advertising, Printing & Publishing | 3 bps | 7.29% | 7.25% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 7/21/23 – 7/28/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | 0 | 37 bps | 8.56% | 8.18% |
| 2 | Transportation: Cargo | 34 bps | 5.55% | 5.21% |
| 3 | Services: Business | 34 bps | 5.01% | 4.67% |
| 4 | Consumer Goods: Durable | 32 bps | 5.36% | 5.04% |
| 5 | Sovereign & Public Finance | 31 bps | 5.18% | 4.87% |
| 6 | Containers, Packaging, & Glass | 29 bps | 6.00% | 5.71% |
| 7 | Chemicals, Plastics & Rubber | 23 bps | 5.87% | 5.64% |
| 8 | Capital Equipment | 19 bps | 4.87% | 4.68% |
| 9 | Utilities: Electric | 18 bps | 5.19% | 5.01% |
| 10 | Hotel, Gaming & Leisure | 18 bps | 8.42% | 8.24% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 7/21/23 – 7/28/23 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 7/21/23 – 7/28/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 7/21/23 vs. the week ending 7/28/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | KORHIC 5.5 7/17/2026 | 5.50% | 07/17/26 | 91 | 151 | 60 | 66% |
| 2 | NGGLN 5.602 6/12/2028 | 5.60% | 06/12/28 | 156 | 209 | 53 | 34% |
| 3 | HSBC 5.875 11/1/2034 | 5.88% | 11/01/34 | 10 | 56 | 46 | 460% |
| 4 | HKLSP 5.25 7/14/2033 | 5.25% | 07/14/33 | 101 | 146 | 45 | 45% |
| 5 | YALUNI 2.402 4/15/2050 | 2.40% | 04/15/50 | 75 | 114 | 39 | 52% |
| 6 | CSL 0.55 9/1/2023 | 0.55% | 09/01/23 | 28 | 65 | 37 | 132% |
| 7 | COF 6.312 6/8/2029 | 6.31% | 06/08/29 | 240 | 275 | 35 | 15% |
| 8 | COF 2.636 3/3/2026 | 2.64% | 03/03/26 | 70 | 104 | 34 | 49% |
| 9 | SUMIBK 5.852 7/13/2030 | 5.85% | 07/13/30 | 266 | 299 | 33 | 12% |
| 10 | DE 4.95 7/14/2028 | 4.95% | 07/14/28 | 328 | 360 | 32 | 10% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 7/21/23 – 7/28/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | JPM 5.35 6/1/2034 | 5.35% | 06/01/34 | 39 |
| 2 | JPM 5.299 7/24/2029 | 5.30% | 07/24/29 | 36 |
| 3 | BAC 5.288 4/25/2034 | 5.29% | 04/25/34 | 36 |
| 4 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 36 |
| 5 | WFC 5.389 4/24/2034 | 5.39% | 04/24/34 | 35 |
| 6 | DE 4.95 7/14/2028 | 4.95% | 07/14/28 | 35 |
| 7 | USB 5.836 6/12/2034 | 5.84% | 06/12/34 | 35 |
| 8 | TFC 5.867 6/8/2034 | 5.87% | 06/08/34 | 34 |
| 9 | NDAQ 5.55 2/15/2034 | 5.55% | 02/15/34 | 34 |
| 10 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 7/21/23 – 7/28/23 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 7/21/23 – 7/28/23
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