Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 10/6/23
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 10/6/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| FOX Corp. (USD) 6.5% 10/13/2033 | Senior Notes | 1250 | 99.204 | 6.61 | 190 |
| Atmos Energy Corp. (USD) 6.2% 11/15/2053 | Senior Notes | 500 | 99.759 | 6.22 | 133 |
| Darden Restaurants Inc. (USD) 6.3% 10/10/2033 | Senior Notes | 500 | 99.321 | 6.39 | 165 |
| Kimco Realty Corp. (USD) 6.4% 3/1/2034 | Senior Notes | 500 | 99.59 | 6.45 | 178 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 9/29/23 – 10/6/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | ATDBCN 2.95 1/25/2030 REGS | 2.95% | 01/25/30 | 17.18% | 82.12 | 70.08 | 2 |
| 2 | SBBBSS FLT 6/26/2025 | 6.72% | 06/26/25 | 9.19% | 77.45 | 70.93 | 2 |
| 3 | VONTOB 2.625 PERP | 2.63% | NULL | 7.91% | 99.16 | 91.89 | 2 |
| 4 | RTN 4.875 10/15/2040 | 4.88% | 10/15/40 | 5.79% | 81.13 | 76.69 | 2 |
| 5 | CVS 5.926 1/10/2034 | 5.93% | 01/10/34 | 4.79% | 101.38 | 96.74 | 2 |
| 6 | MFCCN 3.05 8/27/2060 | 3.05% | 08/27/60 | 3.81% | 54.51 | 52.51 | 2 |
| 7 | ULFP 2.125 PERP | 2.13% | NULL | 3.04% | 77.11 | 74.83 | 18 |
| 8 | RNST 3 12/1/2031 | 3.00% | 12/01/31 | 2.71% | 79.71 | 77.61 | 2 |
| 9 | SRENVX 6.05 2/15/2056 | 6.05% | 02/15/56 | 2.63% | 92.25 | 89.89 | 13 |
| 10 | HARTHC 3.447 7/1/2054 | 3.45% | 07/01/54 | 2.50% | 66.04 | 64.43 | 3 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 9/29/23 – 10/6/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | NSC 2.9 8/25/2051 | 2.90% | 08/25/51 | -8.43% | 54.89 | 59.94 | 20 |
| 2 | ALLY 4.7 5/15/2032 | 4.70% | 05/15/32 | -8.20% | 63.17 | 68.81 | 3 |
| 3 | OPI 2.4 2/1/2027 | 2.40% | 02/01/27 | -8.02% | 55.50 | 60.34 | 21 |
| 4 | HSBC 6 PERP | 6.00% | NULL | -7.59% | 92.41 | 100.01 | 23 |
| 5 | CLEF 2.887 6/30/2042 | 2.89% | 06/30/42 | -7.07% | 92.30 | 99.32 | 6 |
| 6 | GAZPRU 2.95 1/27/2029 144A | 2.95% | 01/27/29 | -7.01% | 54.92 | 59.06 | 4 |
| 7 | CKPH 3.8 PERP | 3.80% | NULL | -6.73% | 55.25 | 59.24 | 12 |
| 8 | TFCFA 7.9 12/1/2095 | 7.90% | 12/01/95 | -6.72% | 105.38 | 112.97 | 2 |
| 9 | MPC 4.5 4/1/2048 | 4.50% | 04/01/48 | -6.65% | 69.03 | 73.94 | 22 |
| 10 | CDEL 3.15 1/15/2051 REGS | 3.15% | 01/15/51 | -6.64% | 54.77 | 58.66 | 18 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 9/29/23 – 10/6/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | 0 | -27 bps | 8.64% | 8.92% |
| 2 | High Tech Industries | -5 bps | 5.69% | 5.74% |
| 3 | Healthcare & Pharmaceuticals | -5 bps | 5.75% | 5.80% |
| 4 | Utilities: Water | -1 bps | 5.46% | 5.47% |
| 5 | Energy: Electricity | 7 bps | 7.08% | 7.01% |
| 6 | Transportation: Consumer | 9 bps | 6.02% | 5.93% |
| 7 | Aerospace & Defense | 9 bps | 6.07% | 5.98% |
| 8 | Construction & Building | 9 bps | 5.44% | 5.35% |
| 9 | Forest Products & Paper | 9 bps | 5.20% | 5.11% |
| 10 | Services: Business | 9 bps | 5.62% | 5.53% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 9/29/23 – 10/6/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Real Estate | 28 bps | 8.03% | 7.74% |
| 2 | #REF! | 0 bps | 0.00% | 0.00% |
| 3 | Chemicals, Plastics & Rubber | 27 bps | 6.31% | 6.04% |
| 4 | Consumer Goods: Non-Durable | 26 bps | 5.37% | 5.10% |
| 5 | Media: Diversified & Production | 26 bps | 5.44% | 5.18% |
| 6 | Media: Advertising, Printing & Publishing | 23 bps | 7.56% | 7.33% |
| 7 | Environmental Industries | 23 bps | 5.61% | 5.38% |
| 8 | Retail | 23 bps | 6.15% | 5.93% |
| 9 | Wholesale | 21 bps | 6.05% | 5.85% |
| 10 | Finance | 20 bps | 5.93% | 5.73% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 9/29/23 – 10/6/23
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 9/29/23 – 10/6/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 9/29/23 vs. the week ending 10/6/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | ABNANV FLT 9/18/2027 REGS | 6.34% | 09/18/27 | 12 | 109 | 97 | 808% |
| 2 | HYNMTR 6.2 9/21/2030 144A | 6.20% | 09/21/30 | 192 | 282 | 90 | 47% |
| 3 | CP 6.125 9/15/2115 | 6.13% | 09/15/15 | 98 | 178 | 80 | 82% |
| 4 | PRFINE 9.375 7/15/2028 REGS | 9.38% | 07/15/28 | 89 | 147 | 58 | 65% |
| 5 | GEHC 5.857 3/15/2030 | 5.86% | 03/15/30 | 117 | 168 | 51 | 44% |
| 6 | SCHW FLT 3/3/2027 | 0.00% | 03/03/27 | 0 | 50 | 50 | #DIV/0! |
| 7 | AAP 1.75 10/1/2027 | 1.75% | 10/01/27 | 185 | 227 | 42 | 23% |
| 8 | VZ 4.329 9/21/2028 | 4.33% | 09/21/28 | 249 | 288 | 39 | 16% |
| 9 | MU 5.875 2/9/2033 | 5.88% | 02/09/33 | 102 | 137 | 35 | 34% |
| 10 | BACR FLT 9/13/2027 | #VALUE! | 09/13/27 | 115 | 150 | 35 | 30% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 9/29/23 – 10/6/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 38 |
| 2 | ORCL 4.9 2/6/2033 | 4.90% | 02/06/33 | 36 |
| 3 | BAC 5.872 9/15/2034 | 5.87% | 09/15/34 | 36 |
| 4 | C 6.174 5/25/2034 | 6.17% | 05/25/34 | 35 |
| 5 | SUMIBK 5.716 9/14/2028 | 5.72% | 09/14/28 | 35 |
| 6 | DE 5.15 9/8/2033 | 5.15% | 09/08/33 | 35 |
| 7 | JPM 5.35 6/1/2034 | 5.35% | 06/01/34 | 34 |
| 8 | T 5.4 2/15/2034 | 5.40% | 02/15/34 | 34 |
| 9 | HD 4.5 9/15/2032 | 4.50% | 09/15/32 | 34 |
| 10 | ABBV 3.2 11/21/2029 | 3.20% | 11/21/29 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 9/29/23 – 10/6/23
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 9/29/23 – 10/6/23
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