Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 8/11/23
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 8/11/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Celanese Corp. (USD) 6.35% 8/15/2028 | Senior Notes | 1000 | 99.986 | 6.35 | 215 |
| Toyota Motor Corp. (USD) 5% 8/14/2026 | Senior Notes | 650 | 99.879 | 5.04 | N/A |
| Virginia Electric & Power Co. (USD) 5.3% 8/15/2033 | Senior Notes | 400 | 99.889 | 5.31 | 128 |
| Oaktree Specialty Lend (USD) 7.1% 2/15/2029 | Senior Notes | 300 | 98.837 | 7.36 | 325 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 8/4/23 – 8/11/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | AIA 4.47 5/23/2047 | 4.47% | 05/23/47 | 8.56% | 97.10 | 89.45 | 2 |
| 2 | TSE 5.375 9/1/2025 144A | 5.38% | 09/01/25 | 8.44% | 98.36 | 90.71 | 22 |
| 3 | HEIMST FLT 10/15/2025 | 0.00% | 10/15/25 | 8.32% | 55.00 | 50.78 | 2 |
| 4 | ENFRAG 5.375 12/30/2030 REGS | 5.38% | 12/30/30 | 7.04% | 70.86 | 66.20 | 11 |
| 5 | RAKUTN 1.5 12/2/2036 | 1.50% | 12/02/36 | 6.43% | 57.09 | 53.64 | 6 |
| 6 | PRU 5.8 11/16/2041 | 5.80% | 11/16/41 | 4.84% | 97.03 | 92.55 | 4 |
| 7 | TRISTA 6 6/15/2040 | 6.00% | 06/15/40 | 4.79% | 94.98 | 90.63 | 5 |
| 8 | NATMUT 4.35 4/30/2050 144A | 4.35% | 04/30/50 | 4.76% | 75.58 | 72.15 | 15 |
| 9 | POLAND 4.25 7/20/2055 | 4.25% | 07/20/55 | 4.53% | 102.70 | 98.25 | 3 |
| 10 | WAL 5.25 6/1/2030 | 5.25% | 06/01/30 | 4.22% | 92.68 | 88.93 | 17 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 8/4/23 – 8/11/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | LNGFOR 3.95 9/16/2029 | 3.95% | 09/16/29 | -12.81% | 59.86 | 68.65 | 21 |
| 2 | EIB 9.25 10/3/2024 | 9.25% | 10/03/24 | -6.47% | 75.09 | 80.29 | 2 |
| 3 | GLPSP 3.875 6/4/2025 | 3.88% | 06/04/25 | -6.12% | 65.66 | 69.94 | 17 |
| 4 | SHUION 6.15 8/24/2024 | 6.15% | 08/24/24 | -6.11% | 65.39 | 69.64 | 18 |
| 5 | DNBNO FLT PERP | 5.86% | NULL | -5.06% | 78.04 | 82.20 | 13 |
| 6 | GLPCHI 2.95 3/29/2026 | 2.95% | 03/29/26 | -4.71% | 57.94 | 60.80 | 18 |
| 7 | WMT 2.95 9/24/2049 | 2.95% | 09/24/49 | -4.44% | 68.88 | 72.08 | 13 |
| 8 | VIVION 3 8/8/2024 | 3.00% | 08/08/24 | -4.43% | 80.43 | 84.16 | 19 |
| 9 | ATDBCN 3.8 1/25/2050 144A | 3.80% | 01/25/50 | -4.16% | 68.74 | 71.72 | 16 |
| 10 | MEXCAT 5.5 10/31/2046 | 5.50% | 10/31/46 | -4.02% | 83.22 | 86.71 | 21 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 8/4/23 – 8/11/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Services: Business | -58 bps | 4.64% | 5.21% |
| 2 | 0 | -46 bps | 7.94% | 8.40% |
| 3 | Media: Advertising, Printing & Publishing | -13 bps | 7.03% | 7.15% |
| 4 | Wholesale | -12 bps | 5.35% | 5.47% |
| 5 | Utilities: Oil & Gas | -9 bps | 5.39% | 5.48% |
| 6 | Retail | -7 bps | 5.62% | 5.69% |
| 7 | Utilities: Water | -6 bps | 5.33% | 5.38% |
| 8 | Energy: Oil & Gas | -4 bps | 5.30% | 5.35% |
| 9 | Transportation: Consumer | -4 bps | 5.53% | 5.57% |
| 10 | Consumer Goods: Non-Durable | -4 bps | 4.91% | 4.95% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 8/4/23 – 8/11/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Sovereign & Public Finance | 52 bps | 5.43% | 4.91% |
| 2 | Containers, Packaging, & Glass | 40 bps | 6.18% | 5.78% |
| 3 | Hotel, Gaming & Leisure | 25 bps | 8.44% | 8.19% |
| 4 | High Tech Industries | 22 bps | 5.39% | 5.17% |
| 5 | Consumer Goods: Durable | 18 bps | 5.36% | 5.18% |
| 6 | Energy: Electricity | 18 bps | 7.34% | 7.17% |
| 7 | Healthcare & Pharmaceuticals | 16 bps | 5.58% | 5.42% |
| 8 | Media: Broadcasting & Subscription | 15 bps | 6.20% | 6.05% |
| 9 | Finance | 13 bps | 5.51% | 5.38% |
| 10 | Metals & Mining | 12 bps | 5.78% | 5.66% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 8/4/23 – 8/11/23
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 8/4/23 – 8/11/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 8/4/23 vs. the week ending 8/11/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | WFC 5.45 3/10/2026 | 5.45% | 03/10/26 | 29 | 109 | 80 | 276% |
| 2 | WMB 5.4 3/2/2026 | 5.40% | 03/02/26 | 147 | 208 | 61 | 41% |
| 3 | WFC 3.196 6/17/2027 | 3.20% | 06/17/27 | 123 | 173 | 50 | 41% |
| 4 | WFC 7.625 PERP | 7.63% | 12/15/99 | 173 | 223 | 50 | 29% |
| 5 | PNC 3.1 10/25/2027 | 3.10% | 10/25/27 | 178 | 226 | 48 | 27% |
| 6 | D 5.3 5/15/2033 | 5.30% | 05/15/33 | 136 | 183 | 47 | 35% |
| 7 | PSA 5.125 1/15/2029 | 5.13% | 01/15/29 | 237 | 282 | 45 | 19% |
| 8 | CPGX 5.8 6/1/2045 | 5.80% | 06/01/45 | 151 | 194 | 43 | 28% |
| 9 | NAB FLT 5/13/2025 144A | #VALUE! | 05/13/25 | 52 | 90 | 38 | 73% |
| 10 | TMO 1.75 10/15/2028 | 1.75% | 10/15/28 | 185 | 217 | 32 | 17% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 8/4/23 – 8/11/23
| 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 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 36 |
| 4 | WFC 5.574 7/25/2029 | 5.57% | 07/25/29 | 35 |
| 5 | WFC 5.557 7/25/2034 | 5.56% | 07/25/34 | 35 |
| 6 | T 5.4 2/15/2034 | 5.40% | 02/15/34 | 34 |
| 7 | BAC 5.288 4/25/2034 | 5.29% | 04/25/34 | 34 |
| 8 | BA 5.15 5/1/2030 | 5.15% | 05/01/30 | 34 |
| 9 | DE 4.95 7/14/2028 | 4.95% | 07/14/28 | 34 |
| 10 | CVS 5.3 6/1/2033 | 5.30% | 06/01/33 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 8/4/23 – 8/11/23
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 8/4/23 – 8/11/23
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