Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 9/1/23
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 9/1/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| N/A | N/A | N/A | N/A | N/A | N/A |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 8/25/23 – 9/1/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | LNGFOR 3.375 4/13/2027 | 3.38% | 04/13/27 | 14.61% | 68.77 | 60.00 | 22 |
| 2 | GLPSP 3.875 6/4/2025 | 3.88% | 06/04/25 | 12.16% | 64.59 | 57.59 | 16 |
| 3 | CAMBRG 0.25 6/27/2068 | 0.25% | 06/27/68 | 10.82% | 60.92 | 54.97 | 8 |
| 4 | MRK 2.9 12/10/2061 | 2.90% | 12/10/61 | 9.33% | 62.57 | 57.23 | 19 |
| 5 | VNKRLE 3.5 11/12/2029 | 3.50% | 11/12/29 | 9.17% | 68.79 | 63.01 | 23 |
| 6 | GLPCHI 2.95 3/29/2026 | 2.95% | 03/29/26 | 9.01% | 57.27 | 52.54 | 16 |
| 7 | SHUION 5.5 3/3/2025 | 5.50% | 03/03/25 | 7.41% | 52.95 | 49.30 | 19 |
| 8 | USCTRJ 2.805 10/1/2050 | 2.81% | 10/01/50 | 7.01% | 66.36 | 62.01 | 4 |
| 9 | GLAD 3.75 5/1/2027 | 3.75% | 05/01/27 | 6.44% | 86.49 | 81.25 | 2 |
| 10 | CHJMAO 4.25 7/23/2029 | 4.25% | 07/23/29 | 6.16% | 66.72 | 62.85 | 18 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 8/25/23 – 9/1/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | LASUDE 5 7/28/2026 | 5.00% | 07/28/26 | -11.28% | 55.66 | 62.73 | 7 |
| 2 | EBIUH 4.62 5/16/2039 | 4.62% | 05/16/39 | -9.53% | 73.99 | 81.78 | 2 |
| 3 | SDSELE 5.5 7/23/2026 REGS | 5.50% | 07/23/26 | -8.65% | 64.46 | 70.56 | 16 |
| 4 | ESSGR 5.35959 2/13/2026 | 5.36% | 02/13/26 | -8.17% | 55.02 | 59.91 | 4 |
| 5 | NANFUN 5 PERP | 5.00% | NULL | -8.10% | 63.85 | 69.48 | 8 |
| 6 | GRWALL 3.95 PERP | 3.95% | NULL | -4.39% | 88.64 | 92.71 | 17 |
| 7 | EBRD 0 1/26/2026 | 0.00% | 01/26/26 | -4.35% | 56.64 | 59.22 | 3 |
| 8 | CKINF 4 PERP | 4.00% | NULL | -4.35% | 66.84 | 69.88 | 6 |
| 9 | ERAFP 5.875 5/21/2025 | 5.88% | 05/21/25 | -4.25% | 96.14 | 100.41 | 17 |
| 10 | PINGRE 2.75 7/29/2024 | 2.75% | 07/29/24 | -4.24% | 77.22 | 80.64 | 7 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 8/25/23 – 9/1/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Hotel, Gaming & Leisure | -66 bps | 8.34% | 9.01% |
| 2 | High Tech Industries | -39 bps | 5.16% | 5.55% |
| 3 | Utilities: Water | -24 bps | 5.35% | 5.59% |
| 4 | Services: Consumer | -24 bps | 6.84% | 7.08% |
| 5 | Chemicals, Plastics & Rubber | -16 bps | 5.98% | 6.14% |
| 6 | Wholesale | -16 bps | 5.43% | 5.60% |
| 7 | Environmental Industries | -16 bps | 5.07% | 5.23% |
| 8 | Media: Diversified & Production | -14 bps | 4.97% | 5.11% |
| 9 | Aerospace & Defense | -14 bps | 5.49% | 5.63% |
| 10 | Automotive | -14 bps | 5.33% | 5.47% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 8/25/23 – 9/1/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Energy: Electricity | 106 bps | 9.38% | 8.32% |
| 2 | #REF! | 71 bps | 8.96% | 8.24% |
| 3 | Real Estate | 46 bps | 7.73% | 7.27% |
| 4 | Sovereign & Public Finance | 43 bps | 5.26% | 4.83% |
| 5 | Metals & Mining | 37 bps | 6.01% | 5.64% |
| 6 | Consumer Goods: Durable | 33 bps | 5.30% | 4.96% |
| 7 | Containers, Packaging, & Glass | 18 bps | 6.19% | 6.02% |
| 8 | Transportation: Cargo | 13 bps | 5.45% | 5.32% |
| 9 | Media: Advertising, Printing & Publishing | 10 bps | 7.20% | 7.10% |
| 10 | Insurance | 6 bps | 5.89% | 5.83% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 8/25/23 – 9/1/23
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 8/25/23 – 9/1/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 8/25/23 vs. the week ending 9/1/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | COGARD 6.5 4/8/2024 | 6.50% | 04/08/24 | 54 | 266 | 212 | 393% |
| 2 | MQGAU 4.442 6/21/2033 REGS | 7.47% | 06/21/33 | 0 | 160 | 160 | #DIV/0! |
| 3 | ANZNZ 5.355 8/14/2028 144A | 5.36% | 08/14/28 | 0 | 56 | 56 | #DIV/0! |
| 4 | HPQ 5.5 1/15/2033 | 5.50% | 01/15/33 | 205 | 250 | 45 | 22% |
| 5 | ABIBB 4.7 2/1/2036 | 4.70% | 02/01/36 | 241 | 284 | 43 | 18% |
| 6 | CGB 0 6/16/2025 | 2.20% | 06/16/25 | 18 | 61 | 43 | 239% |
| 7 | CGB 2.52 8/4/2028 | 2.52% | 08/04/28 | 18 | 61 | 43 | 239% |
| 8 | CGB 0 6/16/2026 | 2.30% | 06/16/26 | 18 | 61 | 43 | 239% |
| 9 | HEIMST 4.375 3/6/2027 | 4.38% | 03/06/27 | 101 | 142 | 41 | 41% |
| 10 | VIEFP 2.5 PERP | 2.50% | NULL | 10 | 50 | 40 | 400% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 8/25/23 – 9/1/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | BAC 5.288 4/25/2034 | 5.29% | 04/25/34 | 37 |
| 2 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 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 | SUMIBK 5.766 1/13/2033 | 5.77% | 01/13/33 | 34 |
| 7 | WFC 5.557 7/25/2034 | 5.56% | 07/25/34 | 34 |
| 8 | PNC 5.068 1/24/2034 | 5.07% | 01/24/34 | 34 |
| 9 | PFE 5.3 5/19/2053 | 5.30% | 05/19/53 | 33 |
| 10 | AMZN 3.95 4/13/2052 | 3.95% | 04/13/52 | 33 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 8/25/23 – 9/1/23
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 8/25/23 – 9/1/23
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