Investment Grade Corporate Bond Market Summary – Week Ending 10/20/23
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Investment Grade Corporate Bond Market Summary: Week Ending 10/20/23
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 10/20/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| American Honda Finance Corp. (USD) FLT% 4/23/2025 | Medium Term Notes | 500 | 100 | N/A | 78 |
| US Bancorp (USD) 6.787% 10/26/2027 | Floating Rate Notes | 1000 | 100 | 6.79 | 175 |
| Bank of New York Mellon, The (USD) 6.474% 10/25/2034 | Senior Notes | 1100 | 100 | 6.47 | 158 |
| AutoZone Inc. (USD) 6.55% 11/1/2033 | Senior Notes | 500 | 99.737 | 6.59 | 162 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 10/13/23 – 10/20/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | BRUNT 6 2/25/2025 | 6.00% | 02/25/25 | 2.32% | 94.88 | 92.73 | 3 |
| 2 | SHUION 5.75 11/12/2023 | 5.75% | 11/12/23 | 2.31% | 97.24 | 95.05 | 20 |
| 3 | KMRLGP 8.5 12/7/2025 | 8.50% | 12/07/25 | 2.11% | 86.51 | 84.73 | 6 |
| 4 | GLJGR 7.875 4/6/2027 | 7.88% | 04/06/27 | 1.86% | 102.34 | 100.48 | 6 |
| 5 | AVLN 8.875 PERP | 8.88% | NULL | 1.77% | 120.13 | 118.04 | 5 |
| 6 | CSWC 3.375 10/1/2026 | 3.38% | 10/01/26 | 1.70% | 88.61 | 87.13 | 4 |
| 7 | GRWALL 4.25 4/28/2025 | 4.25% | 04/28/25 | 1.00% | 93.96 | 93.03 | 15 |
| 8 | GAZPRU 3.125 11/17/2023 | 3.13% | 11/17/23 | 0.83% | 79.78 | 79.13 | 6 |
| 9 | GSHIAV 3.5 6/10/2024 | 3.50% | 06/10/24 | 0.75% | 95.57 | 94.86 | 10 |
| 10 | BAX 0.868 12/1/2023 | 0.87% | 12/01/23 | 0.69% | 99.02 | 98.35 | 3 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 10/13/23 – 10/20/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | GLPSP 3.875 6/4/2025 | 3.88% | 06/04/25 | -17.02% | 57.96 | 69.85 | 19 |
| 2 | VNKRLE 3.975 11/9/2027 | 3.98% | 11/09/27 | -13.12% | 59.23 | 68.17 | 20 |
| 3 | THAMES 1.819 8/28/2049 | 1.82% | 08/28/49 | -9.26% | 62.44 | 68.82 | 7 |
| 4 | PINGRE 3.25 6/23/2025 | 3.25% | 06/23/25 | -8.32% | 59.27 | 64.65 | 13 |
| 5 | GLPCHI 4.974 2/26/2024 | 4.97% | 02/26/24 | -8.02% | 82.42 | 89.61 | 19 |
| 6 | AAPL 2.55 8/20/2060 | 2.55% | 08/20/60 | -7.27% | 53.34 | 57.52 | 25 |
| 7 | JPM 3.109 4/22/2051 | 3.11% | 04/22/51 | -7.18% | 58.12 | 62.61 | 14 |
| 8 | AMZN 2.7 6/3/2060 | 2.70% | 06/03/60 | -6.21% | 52.16 | 55.62 | 21 |
| 9 | VVC 5.172 5/15/2041 | 0.00% | 05/15/41 | -6.19% | 85.87 | 91.55 | 4 |
| 10 | JNJ 2.45 9/1/2060 | 2.45% | 09/01/60 | -6.17% | 50.70 | 54.04 | 20 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 10/13/23 – 10/20/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Hotel, Gaming & Leisure | -5 bps | 9.14% | 9.19% |
| 2 | Consumer Goods: Non-Durable | 5 bps | 5.32% | 5.27% |
| 3 | Sovereign & Public Finance | 12 bps | 5.37% | 5.25% |
| 4 | Consumer Goods: Durable | 19 bps | 5.30% | 5.11% |
| 5 | Insurance | 19 bps | 6.23% | 6.04% |
| 6 | Beverage, Food & Tobacco | 20 bps | 5.14% | 4.94% |
| 7 | Finance | 20 bps | 6.03% | 5.83% |
| 8 | Construction & Building | 21 bps | 5.62% | 5.41% |
| 9 | Wholesale | 21 bps | 6.24% | 6.03% |
| 10 | Capital Equipment | 22 bps | 5.34% | 5.12% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 10/13/23 – 10/20/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | 0 | 68 bps | 9.31% | 8.62% |
| 2 | #REF! | -5 bps | 9.14% | 9.19% |
| 3 | Media: Diversified & Production | 65 bps | 6.05% | 5.41% |
| 4 | High Tech Industries | 50 bps | 6.13% | 5.62% |
| 5 | Services: Consumer | 49 bps | 7.46% | 6.96% |
| 6 | Chemicals, Plastics & Rubber | 46 bps | 6.54% | 6.08% |
| 7 | Media: Advertising, Printing & Publishing | 40 bps | 7.90% | 7.50% |
| 8 | Forest Products & Paper | 39 bps | 5.50% | 5.11% |
| 9 | Metals & Mining | 39 bps | 6.47% | 6.08% |
| 10 | Utilities: Water | 36 bps | 5.66% | 5.30% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 10/13/23 – 10/20/23 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 10/13/23 – 10/20/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 10/13/23 vs. the week ending 10/20/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ANZ 5.671 10/3/2025 | 5.67% | 10/03/25 | 0 | 145 | 145 | #DIV/0! |
| 2 | SANTAN 4.625 5/4/2027 | 4.63% | 05/04/27 | 45 | 140 | 95 | 211% |
| 3 | HCA 3.625 3/15/2032 | 3.63% | 03/15/32 | 123 | 190 | 67 | 54% |
| 4 | HCA 3.125 3/15/2027 | 3.13% | 03/15/27 | 60 | 111 | 51 | 85% |
| 5 | GS 4.223 5/1/2029 | 4.22% | 05/01/29 | 184 | 233 | 49 | 27% |
| 6 | CARDFP 5.5 10/9/2028 | 5.50% | 10/09/28 | 99 | 144 | 45 | 45% |
| 7 | HSBC 4.18 8/25/2025 | 4.18% | 08/25/25 | 10 | 54 | 44 | 440% |
| 8 | BCHINA 5.90825 9/18/2026 | 5.91% | 09/18/26 | 55 | 97 | 42 | 76% |
| 9 | AMGN 2.45 2/21/2030 | 2.45% | 02/21/30 | 193 | 234 | 41 | 21% |
| 10 | ATOFP 2.5 11/7/2028 | 2.50% | 11/07/28 | 215 | 254 | 39 | 18% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 10/13/23 – 10/20/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | SJM 6.5 11/15/2043 | 6.50% | 11/15/43 | 35 |
| 2 | SJM 6.5 11/15/2053 | 6.50% | 11/15/53 | 35 |
| 3 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 35 |
| 4 | KMI 5.2 6/1/2033 | 5.20% | 06/01/33 | 35 |
| 5 | HSBC 8 PERP | 8.00% | 09/07/99 | 35 |
| 6 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 35 |
| 7 | C 5.803 9/29/2028 | 5.80% | 09/29/28 | 34 |
| 8 | SJM 6.2 11/15/2033 | 6.20% | 11/15/33 | 34 |
| 9 | ET 5.75 2/15/2033 | 5.75% | 02/15/33 | 34 |
| 10 | AMGN 5.25 3/2/2033 | 5.25% | 03/02/33 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 10/13/23 – 10/20/23 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 10/13/23 – 10/20/23
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