Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 10/27/23
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 10/27/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Truist Financial Corp. (USD) 7.161% 10/30/2029 | Floating Rate Notes | 1750 | 100 | 7.16 | 225 |
| Genuine Parts Co. (USD) 6.5% 11/1/2028 | Senior Note, To Be Issued | 425 | N/A | N/A | N/A |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 10/20/23 – 10/27/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | CWHARF 1.75 4/7/2026 REGS | 1.75% | 04/07/26 | 8.21% | 77.22 | 71.36 | 17 |
| 2 | KSS 5.55 7/17/2045 | 5.55% | 07/17/45 | 5.50% | 57.13 | 54.16 | 18 |
| 3 | BDX 4.875 5/15/2044 | 4.88% | 05/15/44 | 4.81% | 80.28 | 76.59 | 8 |
| 4 | PINGRE 2.75 7/29/2024 | 2.75% | 07/29/24 | 4.78% | 82.81 | 79.04 | 13 |
| 5 | IFF 3.468 12/1/2050 144A | 3.47% | 12/01/50 | 4.57% | 56.63 | 54.15 | 20 |
| 6 | AIIB 30 7/19/2024 | 30.00% | 07/19/24 | 3.71% | 86.11 | 83.03 | 4 |
| 7 | ABBV 4.25 11/21/2049 | 4.25% | 11/21/49 | 3.40% | 75.89 | 73.40 | 29 |
| 8 | ESSITY 0.25 2/8/2031 | 0.25% | 02/08/31 | 3.36% | 80.57 | 77.95 | 21 |
| 9 | MSTE 6.125 6/15/2028 | 6.13% | 06/15/28 | 3.35% | 90.40 | 87.47 | 16 |
| 10 | VZ 3.55 3/22/2051 | 3.55% | 03/22/51 | 3.09% | 63.23 | 61.34 | 26 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 10/20/23 – 10/27/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | VNKRLE 4.2 6/7/2024 | 4.20% | 06/07/24 | -13.22% | 77.15 | 88.90 | 23 |
| 2 | ATOFP 2.5 11/7/2028 | 2.50% | 11/07/28 | -8.60% | 53.00 | 57.98 | 25 |
| 3 | SIVB 4.345 4/29/2028 | 7.02% | 04/29/28 | -8.51% | 56.11 | 61.33 | 16 |
| 4 | GLPCHI 2.95 3/29/2026 | 2.95% | 03/29/26 | -6.01% | 50.08 | 53.28 | 20 |
| 5 | CKINF 4 PERP | 4.00% | NULL | -5.99% | 58.68 | 62.42 | 9 |
| 6 | PCPDC 5.125 6/18/2026 | 5.13% | 06/18/26 | -5.34% | 68.33 | 72.18 | 3 |
| 7 | FNGBB FLT 7/25/2024 | 10.93% | 07/25/24 | -4.88% | 70.00 | 73.59 | 3 |
| 8 | PFCLN 9.75 11/15/2026 144A | 9.75% | 11/15/26 | -4.72% | 68.85 | 72.26 | 4 |
| 9 | PINGRE 3.45 7/29/2026 | 3.45% | 07/29/26 | -4.56% | 54.01 | 56.59 | 13 |
| 10 | OPI 2.4 2/1/2027 | 2.40% | 02/01/27 | -4.20% | 54.43 | 56.82 | 20 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 10/20/23 – 10/27/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Hotel, Gaming & Leisure | -107 bps | 8.81% | 9.88% |
| 2 | Media: Diversified & Production | -56 bps | 5.49% | 6.05% |
| 3 | Telecommunications | -25 bps | 5.33% | 5.58% |
| 4 | Media: Advertising, Printing & Publishing | -24 bps | 7.67% | 7.91% |
| 5 | Sovereign & Public Finance | -19 bps | 5.18% | 5.37% |
| 6 | Chemicals, Plastics & Rubber | -19 bps | 6.44% | 6.63% |
| 7 | Retail | -17 bps | 6.23% | 6.40% |
| 8 | Banking | -16 bps | 5.74% | 5.91% |
| 9 | Transportation: Cargo | -14 bps | 5.74% | 5.88% |
| 10 | Healthcare & Pharmaceuticals | -14 bps | 5.80% | 5.93% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 10/20/23 – 10/27/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Aerospace & Defense | 5 bps | 6.28% | 6.23% |
| 2 | #REF! | -107 bps | 8.81% | 9.88% |
| 3 | High Tech Industries | 0 bps | 6.15% | 6.15% |
| 4 | Services: Business | -1 bps | 5.76% | 5.77% |
| 5 | Utilities: Oil & Gas | -4 bps | 6.05% | 6.10% |
| 6 | Energy: Oil & Gas | -5 bps | 5.99% | 6.04% |
| 7 | Energy: Electricity | -5 bps | 7.21% | 7.26% |
| 8 | Wholesale | -6 bps | 6.18% | 6.23% |
| 9 | Utilities: Electric | -6 bps | 5.54% | 5.60% |
| 10 | Consumer Goods: Durable | -8 bps | 5.24% | 5.31% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 10/20/23 – 10/27/23
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 10/20/23 – 10/27/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 10/20/23 vs. the week ending 10/27/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | ANZ 5.671 10/3/2025 | 5.67% | 10/03/25 | 145 | 251 | 106 | 73% |
| 2 | HCA 3.375 3/15/2029 | 3.38% | 03/15/29 | 48 | 104 | 56 | 117% |
| 3 | CVX 3.078 5/11/2050 | 3.08% | 05/11/50 | 224 | 271 | 47 | 21% |
| 4 | GPC 1.75 2/1/2025 | 1.75% | 02/01/25 | 60 | 103 | 43 | 72% |
| 5 | STLA 2.75 5/15/2026 | 2.75% | 05/15/26 | 184 | 220 | 36 | 20% |
| 6 | CBAAU 4.316 1/10/2048 REGS | 4.32% | 01/10/48 | 141 | 177 | 36 | 26% |
| 7 | K 7.45 4/1/2031 | 7.45% | 04/01/31 | 147 | 178 | 31 | 21% |
| 8 | GPC 2.75 2/1/2032 | 2.75% | 02/01/32 | 165 | 196 | 31 | 19% |
| 9 | GPC 1.875 11/1/2030 | 1.88% | 11/01/30 | 141 | 171 | 30 | 21% |
| 10 | FHLB 5.875 8/10/2026 | 5.88% | 08/10/26 | 2 | 32 | 30 | 1500% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 10/20/23 – 10/27/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | AMZN 4.7 12/1/2032 | 4.70% | 12/01/32 | 36 |
| 2 | SJM 6.2 11/15/2033 | 6.20% | 11/15/33 | 36 |
| 3 | SJM 6.5 11/15/2043 | 6.50% | 11/15/43 | 36 |
| 4 | SJM 6.5 11/15/2053 | 6.50% | 11/15/53 | 36 |
| 5 | ABBV 3.2 11/21/2029 | 3.20% | 11/21/29 | 35 |
| 6 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 35 |
| 7 | HSBC 8 PERP | 8.00% | 09/07/99 | 35 |
| 8 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 35 |
| 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 10/20/23 – 10/27/23
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 10/20/23 – 10/27/23
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