Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 8/4/23

Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.

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New Issues

IG Corp bond new issues for the week ending 8/4/23, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Public Service Electric & Gas Co. (USD) 5.4% 8/1/2053 Medium Term Notes 400 99.752 5.42 115
Columbia Pipeline Group Inc. (USD) 5.927% 8/15/2030 Senior Notes 750 99.998 5.93 175
Booz Allen Hamilton Inc. (USD) 5.95% 8/4/2033 Senior Notes 650 99.044 6.08 203
Xcel Energy Inc. (USD) 5.45% 8/15/2033 Senior Notes 800 99.867 5.47 153

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 7/28/23 – 8/4/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 RAKUTN 0.9 6/23/2034 0.90% 06/23/34 12.72% 53.98 47.89 4
2 SIBUR 4.125 10/5/2023 REGS 4.13% 10/05/23 8.18% 90.49 83.66 3
3 PPBI 5.375 6/15/2030 5.38% 06/15/30 7.27% 90.79 84.63 3
4 RURAIL 7.487 3/25/2031 7.49% 03/25/31 7.27% 71.32 66.49 3
5 VIVION 3.5 11/1/2025 3.50% 11/01/25 6.87% 74.07 69.31 18
6 SHUION 6.15 8/24/2024 6.15% 08/24/24 6.01% 69.64 65.69 17
7 KSS 6.875 12/15/2037 6.88% 12/15/37 4.82% 72.36 69.03 13
8 HPP 3.25 1/15/2030 3.25% 01/15/30 4.54% 67.23 64.31 19
9 RUSSIA 2.875 12/4/2025 REGS 2.88% 12/04/25 4.54% 58.66 56.12 4
10 TSE 5.125 4/1/2029 144A 5.13% 04/01/29 4.30% 59.68 57.22 8

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 7/28/23 – 8/4/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 GAZPRU 1.54 6/30/2027 1.54% 06/30/27 -10.23% 58.77 65.47 4
2 NOVNVX 2.75 8/14/2050 2.75% 08/14/50 -8.11% 64.35 70.03 21
3 MET 4.05 3/1/2045 4.05% 03/01/45 -8.05% 77.15 83.90 20
4 UPENN 3.61 2/15/2119 3.61% 02/15/19 -7.45% 66.05 71.36 5
5 BMY 3.9 3/15/2062 3.90% 03/15/62 -7.37% 73.85 79.73 21
6 KO 2.5 3/15/2051 2.50% 03/15/51 -7.24% 61.95 66.79 21
7 PEP 2.875 10/15/2049 2.88% 10/15/49 -7.10% 69.43 74.74 18
8 MSFT 3.041 3/17/2062 3.04% 03/17/62 -7.07% 66.54 71.60 19
9 NSC 3.155 5/15/2055 3.16% 05/15/55 -6.83% 63.65 68.32 20
10 UNP 3.799 4/6/2071 3.80% 04/06/71 -6.70% 70.85 75.94 12

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 7/28/23 – 8/4/23

RANK INDUSTRY CHANGE YLD YLD-1W
1 Real Estate -46 bps 6.65% 7.11%
2 Media: Diversified & Production -33 bps 5.03% 5.36%
3 Telecommunications -18 bps 4.95% 5.13%
4 Transportation: Consumer -12 bps 5.62% 5.74%
5 Media: Advertising, Printing & Publishing -11 bps 7.16% 7.26%
6 Transportation: Cargo -8 bps 5.37% 5.45%
7 Retail -3 bps 5.74% 5.76%
8 Media: Broadcasting & Subscription -1 bps 5.93% 5.94%
9 Automotive 3 bps 5.29% 5.26%
10 Services: Consumer 4 bps 6.98% 6.94%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 7/28/23 – 8/4/23

RANK INDUSTRY CHANGE YLD YLD-1W
1 Energy: Electricity 75 bps 7.68% 6.93%
2 Hotel, Gaming & Leisure 74 bps 9.05% 8.31%
3 Sovereign & Public Finance 54 bps 5.35% 4.81%
4 Consumer Goods: Durable 44 bps 5.45% 5.01%
5 Consumer Goods: Non-Durable 33 bps 5.04% 4.71%
6 Utilities: Water 30 bps 5.45% 5.15%
7 Chemicals, Plastics & Rubber 28 bps 6.02% 5.74%
8 Capital Equipment 27 bps 4.95% 4.67%
9 Containers, Packaging, & Glass 26 bps 5.91% 5.65%
10 Forest Products & Paper 22 bps 4.98% 4.75%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 7/28/23 – 8/4/23

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 7/28/23 – 8/4/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 7/28/23 vs. the week ending 8/4/23

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 MS 5.449 7/20/2029 5.45% 07/20/29 258 319 61 24%
2 WFC 7.625 PERP 7.63% 12/15/99 114 173 59 52%
3 BMW 2.25 9/15/2023 2.25% 09/15/23 67 118 51 76%
4 EDF 6 1/23/2114 6.00% 01/23/14 112 158 46 41%
5 HKLSP 5.25 7/14/2033 5.25% 07/14/33 146 188 42 29%
6 BATSLN 4.85 9/15/2023 4.85% 09/15/23 83 124 41 49%
7 MS 5.479 7/16/2025 5.48% 07/16/25 233 273 40 17%
8 KORELE 5.375 4/6/2026 REGS 5.38% 04/06/26 216 255 39 18%
9 TOYOTA 3.85 7/24/2030 3.85% 07/24/30 125 163 38 30%
10 BATSLN 4.448 3/16/2028 4.45% 03/16/28 163 200 37 23%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 7/28/23 – 8/4/23

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 37
3 WFC 5.557 7/25/2034 5.56% 07/25/34 36
4 SUMIBK 5.52 1/13/2028 5.52% 01/13/28 35
5 BAC 5.288 4/25/2034 5.29% 04/25/34 35
6 PFE 4.75 5/19/2033 4.75% 05/19/33 35
7 SUMIBK 5.766 1/13/2033 5.77% 01/13/33 35
8 NDAQ 5.55 2/15/2034 5.55% 02/15/34 34
9 INTC 5.2 2/10/2033 5.20% 02/10/33 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 7/28/23 – 8/4/23

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 7/28/23 – 8/4/23

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