Investment Grade Corporate Bond Market Summary – Week Ending 10/13/23
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Investment Grade Corporate Bond Market Summary: Week Ending 10/13/23
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 10/13/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Viper Energy Partners LP (USD) 7.375% 11/1/2031 | Senior Notes | 400 | 100 | 7.38 | N/A |
| Toyota Motor Credit Corp. (USD) FLT% 10/16/2024 | Floating Rate Notes | 2000 | 100 | N/A | N/A |
| JM Smucker (USD) 5.9% 11/15/2028 | Senior Notes | 750 | 99.956 | 5.91 | 130 |
| Energy Transfer LP (USD) 6.4% 12/1/2030 | Senior Notes | 1000 | 99.885 | 6.42 | 175 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 10/6/23 – 10/13/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | NETGAS 3.5 7/28/2026 | 3.50% | 07/28/26 | 11.41% | 74.77 | 67.11 | 8 |
| 2 | THAMES 1.76 8/28/2062 | 1.76% | 08/28/62 | 11.10% | 62.28 | 56.06 | 8 |
| 3 | ATOFP 1 11/12/2029 | 1.00% | 11/12/29 | 8.02% | 52.16 | 48.29 | 24 |
| 4 | RUSSIA 4.75 5/27/2026 | 4.75% | 05/27/26 | 7.91% | 58.58 | 54.29 | 4 |
| 5 | CP 3 12/2/2041 | 3.00% | 12/02/41 | 7.62% | 82.28 | 76.45 | 19 |
| 6 | MPC 4.5 4/1/2048 | 4.50% | 04/01/48 | 7.29% | 74.06 | 69.03 | 23 |
| 7 | NGGLN 1.6574 7/28/2056 | 1.66% | 07/28/56 | 6.50% | 70.79 | 66.47 | 3 |
| 8 | UBIFP 0.878 11/24/2027 | 0.88% | 11/24/27 | 6.29% | 80.28 | 75.53 | 12 |
| 9 | ARYNSW FLT PERP | 0.00% | NULL | 6.04% | 90.52 | 85.37 | 6 |
| 10 | MDT 1.625 10/15/2050 | 1.63% | 10/15/50 | 5.64% | 57.49 | 54.42 | 17 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 10/6/23 – 10/13/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LUMIIT 7.129 7/18/2033 | 7.13% | 07/18/33 | -6.35% | 90.72 | 96.87 | 11 |
| 2 | ISRELE 3.75 2/22/2032 | 3.75% | 02/22/32 | -5.26% | 77.09 | 81.37 | 17 |
| 3 | EBRD 0 1/26/2026 | 0.00% | 01/26/26 | -5.21% | 51.46 | 54.29 | 2 |
| 4 | ISRAEL 2 7/3/2069 | 2.00% | 07/03/69 | -5.05% | 57.33 | 60.38 | 11 |
| 5 | OLHSNL 2.51 5/15/2031 | 2.51% | 05/15/31 | -4.14% | 67.20 | 70.11 | 2 |
| 6 | SCHW 5 PERP | 7.88% | NULL | -4.01% | 78.41 | 81.69 | 10 |
| 7 | IDBILI 5.375 1/26/2028 | 5.38% | 01/26/28 | -3.48% | 93.20 | 96.55 | 10 |
| 8 | MZRHIT 3.077 4/7/2031 | 3.08% | 04/07/31 | -3.26% | 84.28 | 87.12 | 13 |
| 9 | ICLIT 6.375 5/31/2038 | 6.38% | 05/31/38 | -3.20% | 91.74 | 94.78 | 13 |
| 10 | MIWIDO 5.5 2/1/2030 144A | 5.50% | 02/01/30 | -3.07% | 78.78 | 81.28 | 16 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 10/6/23 – 10/13/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Hotel, Gaming & Leisure | -292 bps | 9.19% | 12.11% |
| 2 | Services: Consumer | -36 bps | 6.97% | 7.33% |
| 3 | Services: Business | -28 bps | 5.35% | 5.63% |
| 4 | Chemicals, Plastics & Rubber | -25 bps | 6.07% | 6.32% |
| 5 | Transportation: Cargo | -17 bps | 5.49% | 5.67% |
| 6 | Banking | -17 bps | 5.64% | 5.81% |
| 7 | Environmental Industries | -17 bps | 5.44% | 5.60% |
| 8 | Consumer Goods: Non-Durable | -17 bps | 5.21% | 5.38% |
| 9 | Metals & Mining | -16 bps | 6.09% | 6.24% |
| 10 | Construction & Building | -16 bps | 5.38% | 5.53% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 10/6/23 – 10/13/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Insurance | 2 bps | 6.07% | 6.05% |
| 2 | #REF! | -292 bps | 9.19% | 12.11% |
| 3 | Real Estate | 1 bps | 8.04% | 8.03% |
| 4 | Retail | -1 bps | 6.15% | 6.16% |
| 5 | Energy: Electricity | -3 bps | 7.06% | 7.09% |
| 6 | Aerospace & Defense | -4 bps | 6.05% | 6.09% |
| 7 | Sovereign & Public Finance | -4 bps | 5.30% | 5.34% |
| 8 | Media: Diversified & Production | -4 bps | 5.41% | 5.45% |
| 9 | Wholesale | -5 bps | 6.01% | 6.06% |
| 10 | Beverage, Food & Tobacco | -6 bps | 4.94% | 5.01% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 10/6/23 – 10/13/23 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 10/6/23 – 10/13/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 10/6/23 vs. the week ending 10/13/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | BAC 4.375 PERP | 4.38% | 12/31/99 | 90 | 155 | 65 | 72% |
| 2 | ISRAEL 2.5 1/16/2049 | 2.50% | 01/16/49 | 116 | 164 | 48 | 41% |
| 3 | KDB 3 7/31/2026 | 3.00% | 07/31/26 | 10 | 55 | 45 | 450% |
| 4 | ISRAEL 4.5 4/3/2020 | 4.50% | 04/03/20 | 106 | 149 | 43 | 41% |
| 5 | ISRELE 3.75 2/22/2032 | 3.75% | 02/22/32 | 101 | 143 | 42 | 42% |
| 6 | BMY 3.4 7/26/2029 | 3.40% | 07/26/29 | 225 | 267 | 42 | 19% |
| 7 | PXD 2.15 1/15/2031 | 2.15% | 01/15/31 | 230 | 272 | 42 | 18% |
| 8 | ISRAEL 2.5 1/15/2030 | 2.50% | 01/15/30 | 146 | 187 | 41 | 28% |
| 9 | ISRELE 5 11/12/2024 | 5.00% | 11/12/24 | 122 | 162 | 40 | 33% |
| 10 | SANTAN 4.625 5/4/2027 | 4.63% | 05/04/27 | 5 | 45 | 40 | 800% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 10/6/23 – 10/13/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 38 |
| 2 | ET 5.75 2/15/2033 | 5.75% | 02/15/33 | 35 |
| 3 | KMI 5.2 6/1/2033 | 5.20% | 06/01/33 | 35 |
| 4 | BAC 5.872 9/15/2034 | 5.87% | 09/15/34 | 35 |
| 5 | WFC 5.557 7/25/2034 | 5.56% | 07/25/34 | 35 |
| 6 | JPM 5.717 9/14/2033 | 5.72% | 09/14/33 | 34 |
| 7 | SUMIBK 5.766 1/13/2033 | 5.77% | 01/13/33 | 34 |
| 8 | ABBV 3.2 11/21/2029 | 3.20% | 11/21/29 | 34 |
| 9 | BMO 5.92 9/25/2025 | 5.92% | 09/25/25 | 34 |
| 10 | BMO 5.717 9/25/2028 | 5.72% | 09/25/28 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 10/6/23 – 10/13/23 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 10/6/23 – 10/13/23
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