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.
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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