Investment Grade Corporate Bond Market Summary – Week Ending 9/22/23
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Investment Grade Corporate Bond Market Summary: Week Ending 9/22/23
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 9/22/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Syneos Health, Inc. (USD) 9% 10/1/2030 | Senior Secured Notes | 1000 | 100 | 9 | 465 |
| Mercer International Inc. (USD) 12.875% 10/1/2028 | Senior Notes | 200 | 100 | 12.88 | 831 |
| Intl Bank Recon & Dev (USD) 4.625% 8/1/2028 | Senior Notes | 3500 | 99.975 | 4.63 | 15 |
| TTX Co. (USD) 5.5% 9/25/2026 | Senior Notes | 300 | 99.888 | 5.54 | N/A |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 9/15/23 – 9/22/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TENN 0.5 11/30/2040 | 0.50% | 11/30/40 | 11.48% | 68.78 | 61.70 | 19 |
| 2 | GYCGR 2.5 PERP | 2.50% | NULL | 8.99% | 57.69 | 52.93 | 14 |
| 3 | GAZPRU 3.5 7/14/2031 144A | 3.50% | 07/14/31 | 5.18% | 60.00 | 57.04 | 5 |
| 4 | WTSIDE 3.302 11/30/2054 | 3.30% | 11/30/54 | 3.49% | 75.81 | 73.25 | 3 |
| 5 | MRWLN 4.75 7/4/2029 | 4.75% | 07/04/29 | 3.48% | 71.62 | 69.21 | 7 |
| 6 | CITCON 3.625 PERP | 3.63% | NULL | 2.67% | 57.84 | 56.34 | 15 |
| 7 | WIALUM 3.564 10/1/2049 | 3.56% | 10/01/49 | 2.63% | 70.61 | 68.79 | 3 |
| 8 | EBRD 28 9/27/2027 | 28.00% | 09/27/27 | 2.60% | 92.08 | 89.74 | 2 |
| 9 | SOCGEN 4.25 2/28/2026 | 4.25% | 02/28/26 | 2.59% | 95.90 | 93.48 | 9 |
| 10 | CRBG 6.875 12/15/2052 REGS | 6.88% | 12/15/52 | 2.54% | 94.86 | 92.50 | 2 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 9/15/23 – 9/22/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TOWN 3.125 2/15/2032 | 3.13% | 02/15/32 | -9.37% | 76.13 | 84.00 | 2 |
| 2 | SHUION 5.5 3/3/2025 | 5.50% | 03/03/25 | -6.85% | 56.86 | 61.04 | 19 |
| 3 | VIACON FLT 11/4/2025 | 9.84% | 11/04/25 | -6.75% | 85.14 | 91.30 | 2 |
| 4 | LNGFOR 3.95 9/16/2029 | 3.95% | 09/16/29 | -6.74% | 53.74 | 57.62 | 22 |
| 5 | CHJMAO 4.25 7/23/2029 | 4.25% | 07/23/29 | -6.37% | 63.92 | 68.27 | 18 |
| 6 | MASSMU 4.5 4/15/2065 | 4.50% | 04/15/65 | -6.11% | 69.40 | 73.92 | 13 |
| 7 | WVUHOG 3.129 6/1/2050 | 3.13% | 06/01/50 | -5.88% | 57.45 | 61.04 | 2 |
| 8 | KSS 5.55 7/17/2045 | 5.55% | 07/17/45 | -5.21% | 57.68 | 60.86 | 16 |
| 9 | THAMES 1.974 10/12/2045 | 1.97% | 10/12/45 | -5.11% | 82.77 | 87.23 | 2 |
| 10 | OLAMSP 4 2/24/2026 | 4.00% | 02/24/26 | -5.05% | 88.30 | 92.99 | 3 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 9/15/23 – 9/22/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -101 bps | 7.03% | 8.05% |
| 2 | Media: Diversified & Production | -24 bps | 5.33% | 5.57% |
| 3 | 0 | -18 bps | 8.78% | 8.96% |
| 4 | Insurance | -15 bps | 5.73% | 5.87% |
| 5 | Banking | -14 bps | 5.46% | 5.60% |
| 6 | Services: Business | -11 bps | 5.30% | 5.41% |
| 7 | Consumer Goods: Non-Durable | -3 bps | 5.08% | 5.11% |
| 8 | Finance | -2 bps | 5.67% | 5.69% |
| 9 | Telecommunications | -2 bps | 5.15% | 5.17% |
| 10 | Chemicals, Plastics & Rubber | -2 bps | 5.91% | 5.93% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 9/15/23 – 9/22/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Environmental Industries | 22 bps | 5.46% | 5.24% |
| 2 | #REF! | -101 bps | 7.03% | 8.05% |
| 3 | Utilities: Oil & Gas | 18 bps | 5.74% | 5.55% |
| 4 | Utilities: Electric | 15 bps | 5.34% | 5.19% |
| 5 | Automotive | 15 bps | 5.65% | 5.50% |
| 6 | Wholesale | 14 bps | 5.80% | 5.66% |
| 7 | Utilities: Water | 12 bps | 5.38% | 5.26% |
| 8 | Retail | 12 bps | 5.95% | 5.83% |
| 9 | Services: Consumer | 10 bps | 7.08% | 6.98% |
| 10 | Metals & Mining | 10 bps | 5.95% | 5.85% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 9/15/23 – 9/22/23 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 9/15/23 – 9/22/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 9/15/23 vs. the week ending 9/22/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | PCAR 5.05 8/10/2026 | 5.05% | 08/10/26 | 0 | 112 | 112 | #DIV/0! |
| 2 | DE 5.15 9/8/2033 | 5.15% | 09/08/33 | 308 | 370 | 62 | 20% |
| 3 | SHINFN 5 7/31/2028 144A | 5.00% | 07/31/28 | 35 | 91 | 56 | 160% |
| 4 | AON 4.6 6/14/2044 | 4.60% | 06/14/44 | 169 | 223 | 54 | 32% |
| 5 | SO 5.5 3/15/2029 | 5.50% | 03/15/29 | 244 | 296 | 52 | 21% |
| 6 | MET 4.125 8/13/2042 | 4.13% | 08/13/42 | 175 | 226 | 51 | 29% |
| 7 | SO 5.7 3/15/2034 | 5.70% | 03/15/34 | 280 | 330 | 50 | 18% |
| 8 | VW 7.875 PERP | 7.88% | 09/06/99 | 131 | 181 | 50 | 38% |
| 9 | VW 7.5 PERP | 7.50% | 09/06/99 | 131 | 181 | 50 | 38% |
| 10 | SYY 5.95 4/1/2030 | 5.95% | 04/01/30 | 195 | 244 | 49 | 25% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 9/15/23 – 9/22/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | BAC 5.288 4/25/2034 | 5.29% | 04/25/34 | 36 |
| 2 | DE 5.15 9/8/2033 | 5.15% | 09/08/33 | 36 |
| 3 | BAC 5.872 9/15/2034 | 5.87% | 09/15/34 | 36 |
| 4 | MS 5.424 7/21/2034 | 5.42% | 07/21/34 | 35 |
| 5 | AAPL 4.3 5/10/2033 | 4.30% | 05/10/33 | 35 |
| 6 | MCD 4.95 8/14/2033 | 4.95% | 08/14/33 | 34 |
| 7 | SUMIBK 5.716 9/14/2028 | 5.72% | 09/14/28 | 34 |
| 8 | ORCL 4.9 2/6/2033 | 4.90% | 02/06/33 | 34 |
| 9 | GM 5.95 4/1/2049 | 5.95% | 04/01/49 | 34 |
| 10 | JPM 5.35 6/1/2034 | 5.35% | 06/01/34 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 9/15/23 – 9/22/23 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 9/15/23 – 9/22/23
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