Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 8/25/23

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 8/25/23, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Charles Schwab Corp. (USD) 5.875% 8/24/2026 Senior Notes 1000 99.916 N/A N/A
Sparebank 1 Sr BK (EUR) 4.875% 8/24/2028 Senior Notes 500 99.996 4.88 217
Toyota Motor Credit Corp. (USD) FLT% 8/22/2024 Medium Term Notes 1425 100 N/A N/A

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 8/18/23 – 8/25/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 LNGFOR 4.5 1/16/2028 4.50% 01/16/28 10.73% 62.56 56.50 24
2 EBRD 30 8/25/2025 30.00% 08/25/25 9.24% 100.11 91.64 2
3 ETR 4.95 12/15/2044 4.95% 12/15/44 7.27% 88.49 82.50 8
4 DICGR 2.25 9/22/2026 2.25% 09/22/26 6.79% 52.91 49.55 14
5 DREXEL 3.215 5/1/2050 3.22% 05/01/50 6.26% 69.06 64.99 2
6 BA 6.875 10/15/2043 6.88% 10/15/43 5.87% 106.25 100.36 3
7 SSELN 1.429 10/20/2056 1.43% 10/20/56 5.23% 68.04 64.66 5
8 ATH 3.95 5/25/2051 3.95% 05/25/51 5.12% 69.35 65.97 16
9 WEC 6.875 12/1/2095 6.88% 12/01/95 5.10% 105.24 100.13 4
10 PPL 1.541 12/1/2056 1.54% 12/01/56 4.73% 71.09 67.88 4

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 8/18/23 – 8/25/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 TWX 4.9 6/15/2042 4.90% 06/15/42 -11.38% 70.58 79.65 3
2 HYSAN 4.1 PERP 4.10% NULL -10.28% 78.77 87.79 12
3 PINGRE 3.25 6/23/2025 3.25% 06/23/25 -8.62% 68.39 74.84 7
4 LASUDE 5 7/28/2026 5.00% 07/28/26 -8.08% 62.73 68.25 7
5 CVECN 4.45 9/15/2042 4.45% 09/15/42 -7.49% 65.53 70.83 7
6 GLPCHI 2.95 3/29/2026 2.95% 03/29/26 -6.33% 52.54 56.08 16
7 NANFUN 5 PERP 5.00% NULL -5.91% 69.48 73.84 8
8 LIFUNG 5 8/18/2025 5.00% 08/18/25 -5.37% 88.53 93.56 12
9 HEIMST FLT 10/15/2025 0.00% 10/15/25 -5.34% 50.12 52.95 2
10 AITOCU 5.125 8/11/2061 REGS 5.13% 08/11/61 -5.08% 74.92 78.92 4

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 8/18/23 – 8/25/23

RANK INDUSTRY CHANGE YLD YLD-1W
1 0 -55 bps 8.15% 8.70%
2 Media: Advertising, Printing & Publishing -28 bps 7.09% 7.37%
3 Metals & Mining -15 bps 5.75% 5.90%
4 Utilities: Water -14 bps 5.58% 5.72%
5 Services: Consumer -11 bps 7.04% 7.15%
6 Hotel, Gaming & Leisure -8 bps 8.28% 8.37%
7 Wholesale -8 bps 5.57% 5.65%
8 Media: Diversified & Production -6 bps 5.12% 5.18%
9 Utilities: Oil & Gas -6 bps 5.51% 5.57%
10 Insurance -5 bps 5.84% 5.90%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 8/18/23 – 8/25/23

RANK INDUSTRY CHANGE YLD YLD-1W
1 Real Estate 52 bps 7.38% 6.86%
2 Containers, Packaging, & Glass 51 bps 6.41% 5.90%
3 Consumer Goods: Durable 50 bps 5.50% 5.00%
4 Sovereign & Public Finance 34 bps 5.27% 4.93%
5 Transportation: Cargo 31 bps 5.55% 5.24%
6 Capital Equipment 24 bps 5.15% 4.91%
7 Energy: Electricity 15 bps 7.27% 7.12%
8 Chemicals, Plastics & Rubber 15 bps 6.00% 5.85%
9 Consumer Goods: Non-Durable 14 bps 5.17% 5.03%
10 Finance 13 bps 5.70% 5.56%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 8/18/23 – 8/25/23

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 8/18/23 – 8/25/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 8/18/23 vs. the week ending 8/25/23

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 ABIBB 4.7 2/1/2036 4.70% 02/01/36 114 241 127 111%
2 SANLTD 2.3 3/8/2027 REGS 2.30% 03/08/27 40 152 112 280%
3 DELL 6.02 6/15/2026 6.02% 06/15/26 94 197 103 110%
4 ROMANI 4.375 8/22/2023 144A 4.38% 08/22/23 5 86 81 1620%
5 CS 4.282 1/9/2028 4.28% 01/09/28 43 112 69 160%
6 HYNMTR 2.75 9/27/2026 REGS 2.75% 09/27/26 41 103 62 151%
7 ANZNZ 5.355 8/14/2028 REGS 5.36% 08/14/28 130 190 60 46%
8 SIEGR 2.35 10/15/2026 144A 2.35% 10/15/26 24 78 54 225%
9 MCD 4.95 8/14/2033 4.95% 08/14/33 287 338 51 18%
10 LLOYDS 4.344 1/9/2048 4.34% 01/09/48 149 196 47 32%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 8/18/23 – 8/25/23

RANK TRANCHE COUPON MATURITY DEALERS
1 DIS 2.65 1/13/2031 2.65% 01/13/31 36
2 BAC 5.288 4/25/2034 5.29% 04/25/34 36
3 JPM 5.35 6/1/2034 5.35% 06/01/34 36
4 MCD 4.95 8/14/2033 4.95% 08/14/33 35
5 PFE 4.75 5/19/2033 4.75% 05/19/33 34
6 WFC 5.574 7/25/2029 5.57% 07/25/29 33
7 SANLTD 4.375 6/18/2030 4.38% 06/18/30 33
8 AMZN 4.7 12/1/2032 4.70% 12/01/32 33
9 AAPL 4.3 5/10/2033 4.30% 05/10/33 33
10 SUMIBK 5.766 1/13/2033 5.77% 01/13/33 33

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 8/18/23 – 8/25/23

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 8/18/23 – 8/25/23

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