Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 9/29/23
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 9/29/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Glencore Funding LLC (USD) 6.125% 10/6/2028 | Senior Notes | 750 | N/A | N/A | N/A |
| Swedish Export Credit (USD) 4.875% 10/4/2030 | Senior Notes | 1250 | 99.298 | 4.99 | 42 |
| Southern California Edison Co. (USD) 5.65% 10/1/2028 | First & General Mortgage Bonds | 550 | 99.866 | 5.68 | 105 |
| RioCan REIT (CAD) 6.488% 9/29/2026 | Senior Unsecured Note | 300 | 100 | 6.49 | 218 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 9/22/23 – 9/29/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | TENN 0.875 6/16/2035 | 0.88% | 06/16/35 | 9.28% | 83.75 | 76.64 | 21 |
| 2 | SBBBSS 1.75 1/14/2025 | 1.75% | 01/14/25 | 7.99% | 85.12 | 78.82 | 23 |
| 3 | ADXSM 4.2 12/18/2027 | 4.20% | 12/18/27 | 3.79% | 67.48 | 65.02 | 6 |
| 4 | MRWLN 4.75 11/4/2027 144A | 4.75% | 11/04/27 | 2.96% | 85.54 | 83.08 | 2 |
| 5 | GATESW 3 2/28/2027 | 3.00% | 02/28/27 | 2.85% | 68.92 | 67.01 | 5 |
| 6 | UBSAV 7 7/10/2027 | 7.00% | 07/10/27 | 2.78% | 98.92 | 96.25 | 2 |
| 7 | AVLN 8.75 PERP | 8.75% | NULL | 2.75% | 125.41 | 122.05 | 6 |
| 8 | LBOLD 6 PERP | 6.00% | NULL | 2.48% | 86.54 | 84.45 | 4 |
| 9 | AACTEC 3.75 6/2/2031 | 3.75% | 06/02/31 | 2.21% | 68.89 | 67.41 | 19 |
| 10 | PRE 0 12/1/2066 | 7.98% | 12/01/66 | 2.14% | 89.55 | 87.67 | 3 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 9/22/23 – 9/29/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | PINGRE 3.45 7/29/2026 | 3.45% | 07/29/26 | -8.93% | 58.24 | 63.95 | 13 |
| 2 | LNGFOR 3.375 4/13/2027 | 3.38% | 04/13/27 | -7.54% | 58.72 | 63.52 | 23 |
| 3 | SRPFIN 5.591 3/16/2045 | 5.59% | 03/16/45 | -7.12% | 89.87 | 96.76 | 5 |
| 4 | OPI 2.4 2/1/2027 | 2.40% | 02/01/27 | -7.00% | 60.34 | 64.88 | 20 |
| 5 | MASSIN 3.885 7/1/2116 | 3.89% | 07/01/16 | -6.98% | 67.95 | 73.04 | 5 |
| 6 | AON 3.9 2/28/2052 | 3.90% | 02/28/52 | -6.22% | 69.40 | 74.00 | 21 |
| 7 | PEP 2.875 10/15/2049 | 2.88% | 10/15/49 | -6.08% | 63.96 | 68.10 | 18 |
| 8 | CB 3.05 12/15/2061 | 3.05% | 12/15/61 | -6.06% | 59.06 | 62.88 | 20 |
| 9 | T 3.5 2/1/2061 | 3.50% | 02/01/61 | -6.06% | 59.47 | 63.31 | 18 |
| 10 | AMT 2.95 1/15/2051 | 2.95% | 01/15/51 | -5.99% | 55.87 | 59.44 | 19 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 9/22/23 – 9/29/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Media: Diversified & Production | -56 bps | 5.17% | 5.73% |
| 2 | Services: Business | -17 bps | 5.32% | 5.50% |
| 3 | Media: Broadcasting & Subscription | -17 bps | 6.05% | 6.21% |
| 4 | Healthcare & Pharmaceuticals | -10 bps | 5.61% | 5.71% |
| 5 | Telecommunications | -5 bps | 5.21% | 5.26% |
| 6 | Retail | -2 bps | 5.92% | 5.94% |
| 7 | Transportation: Cargo | 0 bps | 5.45% | 5.45% |
| 8 | Energy: Oil & Gas | 2 bps | 5.69% | 5.67% |
| 9 | Aerospace & Defense | 2 bps | 5.93% | 5.91% |
| 10 | Utilities: Electric | 3 bps | 5.34% | 5.31% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 9/22/23 – 9/29/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Sovereign & Public Finance | 27 bps | 5.26% | 4.99% |
| 2 | #REF! | -56 bps | 5.17% | 5.73% |
| 3 | Hotel, Gaming & Leisure | 25 bps | 9.34% | 9.09% |
| 4 | Chemicals, Plastics & Rubber | 24 bps | 6.10% | 5.86% |
| 5 | Insurance | 22 bps | 5.92% | 5.70% |
| 6 | Containers, Packaging, & Glass | 21 bps | 6.17% | 5.96% |
| 7 | 0 | 21 bps | 8.90% | 8.70% |
| 8 | Real Estate | 17 bps | 7.62% | 7.45% |
| 9 | Services: Consumer | 16 bps | 7.17% | 7.00% |
| 10 | Energy: Electricity | 15 bps | 7.13% | 6.98% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 9/22/23 – 9/29/23
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 9/22/23 – 9/29/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 9/22/23 vs. the week ending 9/29/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | PTTEPT 6.35 6/12/2042 144A | 6.35% | 06/12/42 | 42 | 120 | 78 | 186% |
| 2 | EIBKOR 5.125 9/18/2033 | 5.13% | 09/18/33 | 118 | 195 | 77 | 65% |
| 3 | SOCGEN 4.25 2/28/2026 | 4.25% | 02/28/26 | 72 | 125 | 53 | 74% |
| 4 | BOSCOL 3.129 7/1/2052 | 3.13% | 07/01/52 | 39 | 88 | 49 | 126% |
| 5 | PINGRE 3.45 7/29/2026 | 3.45% | 07/29/26 | 66 | 113 | 47 | 71% |
| 6 | KORELE 1.125 6/15/2025 REGS | 1.13% | 06/15/25 | 116 | 162 | 46 | 40% |
| 7 | BAC 5.872 9/15/2034 | 5.87% | 09/15/34 | 303 | 346 | 43 | 14% |
| 8 | HIGHWY 1.125 5/17/2026 REGS | 1.13% | 05/17/26 | 124 | 166 | 42 | 34% |
| 9 | BOSUNI 4.061 10/1/2048 | 4.06% | 10/01/48 | 26 | 66 | 40 | 154% |
| 10 | RICEUN 3.574 5/15/2045 | 3.57% | 05/15/45 | 32 | 72 | 40 | 125% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 9/22/23 – 9/29/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | DE 5.15 9/8/2033 | 5.15% | 09/08/33 | 37 |
| 2 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 37 |
| 3 | ORCL 4.9 2/6/2033 | 4.90% | 02/06/33 | 37 |
| 4 | SUMIBK 5.716 9/14/2028 | 5.72% | 09/14/28 | 35 |
| 5 | BAC 5.872 9/15/2034 | 5.87% | 09/15/34 | 35 |
| 6 | MCD 4.95 8/14/2033 | 4.95% | 08/14/33 | 35 |
| 7 | KMI 5.2 6/1/2033 | 5.20% | 06/01/33 | 34 |
| 8 | C 6.174 5/25/2034 | 6.17% | 05/25/34 | 34 |
| 9 | DE 4.95 7/14/2028 | 4.95% | 07/14/28 | 34 |
| 10 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 9/22/23 – 9/29/23
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 9/22/23 – 9/29/23
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