Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 9/15/23
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 9/15/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Retail Opportunity Investment (USD) 6.75% 10/15/2028 | Senior Notes | 650 | 99.511 | 6.86 | 245 |
| Marriott International Inc. (USD) 5.55% 10/15/2028 | Senior Notes | 700 | 99.434 | 5.68 | 130 |
| Centerpoint Energy Houston Electric (USD) 5.2% 10/1/2028 | Senior Notes | 500 | 99.888 | 5.22 | 85 |
| Intuit Inc. (USD) 5.5% 9/15/2053 | N/A | 1250 | 99.172 | 5.56 | 120 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 9/8/23 – 9/15/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | GLPSP 3.875 6/4/2025 | 3.88% | 06/04/25 | 8.82% | 70.49 | 64.78 | 19 |
| 2 | SBBBSS 1.125 11/26/2029 | 1.13% | 11/26/29 | 8.20% | 60.49 | 55.91 | 22 |
| 3 | GLPCHI 4 7/2/2024 | 4.00% | 07/02/24 | 7.34% | 78.71 | 73.32 | 8 |
| 4 | TUFTS 3.099 8/15/2051 | 3.10% | 08/15/51 | 7.13% | 67.73 | 63.23 | 3 |
| 5 | ADJGR 4.25 7/31/2025 | 4.25% | 07/31/25 | 6.78% | 77.78 | 72.84 | 19 |
| 6 | GYCGR 2.5 PERP | 2.50% | NULL | 5.84% | 52.93 | 50.01 | 13 |
| 7 | MRWLN 6.75 10/1/2029 | 6.75% | 10/01/29 | 5.61% | 67.22 | 63.65 | 8 |
| 8 | VIVION 7.9 2/28/2029 | 7.90% | 02/28/29 | 5.15% | 73.53 | 69.93 | 15 |
| 9 | ORAFP 1.2 7/11/2034 | 1.20% | 07/11/34 | 4.07% | 77.04 | 74.03 | 7 |
| 10 | CPUAU 1.125 10/7/2031 | 1.13% | 10/07/31 | 2.99% | 75.53 | 73.34 | 7 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 9/8/23 – 9/15/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | LNGFOR 3.85 1/13/2032 | 3.85% | 01/13/32 | -8.28% | 51.82 | 56.49 | 23 |
| 2 | SIVB 3.5 1/29/2025 | 3.50% | 01/29/25 | -6.06% | 65.77 | 70.02 | 15 |
| 3 | VNKRLE 3.975 11/9/2027 | 3.98% | 11/09/27 | -4.34% | 76.52 | 79.99 | 22 |
| 4 | AAP 3.5 3/15/2032 | 3.50% | 03/15/32 | -3.64% | 76.40 | 79.29 | 23 |
| 5 | AIIB 42.5 5/1/2024 | 42.50% | 05/01/24 | -3.22% | 90.64 | 93.65 | 2 |
| 6 | GAZPRU 1.85 11/17/2028 REGS | 1.85% | 11/17/28 | -2.87% | 56.02 | 57.67 | 3 |
| 7 | IFC 0 2/24/2025 | 0.00% | 02/24/25 | -2.81% | 57.75 | 59.42 | 2 |
| 8 | GTCAPW 2.25 6/23/2026 | 2.25% | 06/23/26 | -2.28% | 68.63 | 70.23 | 15 |
| 9 | KSS 5.55 7/17/2045 | 5.55% | 07/17/45 | -2.25% | 60.86 | 62.25 | 16 |
| 10 | MEX 3.75 4/19/2071 | 3.75% | 04/19/71 | -2.23% | 60.44 | 61.82 | 22 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 9/8/23 – 9/15/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | 0 | -30 bps | 8.91% | 9.21% |
| 2 | Utilities: Water | -21 bps | 5.26% | 5.47% |
| 3 | Consumer Goods: Durable | -8 bps | 4.91% | 4.99% |
| 4 | Media: Broadcasting & Subscription | -6 bps | 6.14% | 6.21% |
| 5 | Chemicals, Plastics & Rubber | -3 bps | 5.91% | 5.94% |
| 6 | Media: Advertising, Printing & Publishing | -2 bps | 7.14% | 7.16% |
| 7 | Containers, Packaging, & Glass | -1 bps | 5.97% | 5.98% |
| 8 | Real Estate | -1 bps | 7.43% | 7.44% |
| 9 | Retail | -1 bps | 5.82% | 5.83% |
| 10 | Forest Products & Paper | 0 bps | 5.01% | 5.02% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 9/8/23 – 9/15/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Energy: Electricity | 153 bps | 8.22% | 6.69% |
| 2 | #REF! | -30 bps | 8.91% | 9.21% |
| 3 | Banking | 16 bps | 5.59% | 5.43% |
| 4 | Aerospace & Defense | 15 bps | 5.74% | 5.58% |
| 5 | Finance | 12 bps | 5.69% | 5.56% |
| 6 | Automotive | 11 bps | 5.50% | 5.39% |
| 7 | High Tech Industries | 10 bps | 5.37% | 5.26% |
| 8 | Metals & Mining | 10 bps | 5.86% | 5.76% |
| 9 | Consumer Goods: Non-Durable | 9 bps | 5.10% | 5.02% |
| 10 | Construction & Building | 9 bps | 5.22% | 5.13% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 9/8/23 – 9/15/23
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 9/8/23 – 9/15/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 9/8/23 vs. the week ending 9/15/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | VIVION 7.9 8/31/2028 | 7.90% | 08/31/28 | 67 | 155 | 88 | 131% |
| 2 | EPD 0 8/16/2077 | 0.00% | 08/16/77 | 0 | 80 | 80 | #DIV/0! |
| 3 | VIVION 7.9 2/28/2029 | 7.90% | 02/28/29 | 60 | 138 | 78 | 130% |
| 4 | UBS 5.8 8/18/2025 | 5.80% | 08/18/25 | 78 | 148 | 70 | 90% |
| 5 | VW 5.8 11/17/2025 | 5.80% | 11/17/25 | 80 | 149 | 69 | 86% |
| 6 | BACR FLT 9/13/2027 | 0.00% | 09/13/27 | 35 | 90 | 55 | 157% |
| 7 | AAP 3.5 3/15/2032 | 3.50% | 03/15/32 | 169 | 222 | 53 | 31% |
| 8 | CMCSA 3.55 5/1/2028 | 3.55% | 05/01/28 | 170 | 223 | 53 | 31% |
| 9 | NSANY 1.85 9/16/2026 144A | 1.85% | 09/16/26 | 196 | 247 | 51 | 26% |
| 10 | MMC 4.75 3/15/2039 | 4.75% | 03/15/39 | 149 | 199 | 50 | 34% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 9/8/23 – 9/15/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | DE 5.15 9/8/2033 | 5.15% | 09/08/33 | 37 |
| 2 | MCD 4.95 8/14/2033 | 4.95% | 08/14/33 | 37 |
| 3 | BAC 5.288 4/25/2034 | 5.29% | 04/25/34 | 36 |
| 4 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 35 |
| 5 | JPM 5.35 6/1/2034 | 5.35% | 06/01/34 | 35 |
| 6 | AAPL 4 5/10/2028 | 4.00% | 05/10/28 | 35 |
| 7 | ORCL 4.9 2/6/2033 | 4.90% | 02/06/33 | 35 |
| 8 | MS 5.424 7/21/2034 | 5.42% | 07/21/34 | 34 |
| 9 | AAPL 4.3 5/10/2033 | 4.30% | 05/10/33 | 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 9/8/23 – 9/15/23
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 9/8/23 – 9/15/23
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