Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 11/3/23
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 11/3/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Humana Inc. (USD) 5.95% 3/15/2034 | Senior Notes | 850 | 98.525 | 6.14 | 147 |
| Goldman Sachs Group Inc. (USD) 6.75% 10/31/2033 | Senior Note, Issued | 57 | 100 | 6.75 | N/A |
| Camden Property Trust (USD) 5.85% 11/3/2026 | Senior Note | 500 | 99.997 | 5.85 | 95 |
| Ryder System Inc. (USD) 6.6% 12/1/2033 | Senior Note, Issued | 600 | 99.765 | 6.63 | 175 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 10/27/23 – 11/3/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | VNKRLE 4.2 6/7/2024 | 4.20% | 6/7/2024 | 10.52% | 85.26 | 77.15 | 26 |
| 2 | ROMANI 4 2/14/2051 REGS | 4.00% | 2/14/2051 | 9.44% | 66.13 | 60.42 | 18 |
| 3 | VW 1.5 1/21/2041 | 1.50% | 1/21/2041 | 8.70% | 62.90 | 57.87 | 13 |
| 4 | TOLHOS 6.015 11/15/2048 | 6.02% | 11/15/2048 | 8.55% | 68.92 | 63.50 | 5 |
| 5 | WPPLN 2.875 9/14/2046 | 2.88% | 9/14/2046 | 7.94% | 57.77 | 53.52 | 14 |
| 6 | REPHUN 3.125 9/21/2051 REGS | 3.13% | 9/21/2051 | 7.54% | 56.73 | 52.75 | 19 |
| 7 | SMCGL 7 PERP | 7.00% | NULL | 7.36% | 85.25 | 79.40 | 14 |
| 8 | VOD 3 8/12/2056 | 3.00% | 8/12/2056 | 7.36% | 55.76 | 51.94 | 15 |
| 9 | MEX 3.75 4/19/2071 | 3.75% | 4/19/2071 | 7.30% | 58.77 | 54.77 | 23 |
| 10 | LLY 1.125 9/14/2051 | 1.13% | 9/14/2051 | 7.19% | 53.97 | 50.35 | 15 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 10/27/23 – 11/3/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | SAVE 8 9/20/2025 144A | 8.00% | 09/20/25 | -20.37% | 70.77 | 88.88 | 24 |
| 2 | ORGAU 1 9/17/2029 | 1.00% | 09/17/29 | -5.68% | 89.16 | 94.52 | 12 |
| 3 | CKINF 4.2 PERP | 4.20% | NULL | -3.63% | 61.68 | 64.00 | 9 |
| 4 | VNKRLE 3.45 5/25/2024 | 3.45% | 05/25/24 | -3.51% | 85.48 | 88.59 | 6 |
| 5 | UPLLIN 4.5 3/8/2028 | 4.50% | 05/25/24 | -3.46% | 82.29 | 85.24 | 26 |
| 6 | LNC 0 4/20/2067 | 7.70% | 04/20/67 | -3.37% | 60.13 | 62.23 | 5 |
| 7 | PINGRE 3.25 6/23/2025 | 3.25% | 06/23/25 | -2.82% | 58.51 | 60.21 | 14 |
| 8 | WAL 5.25 6/1/2030 | 5.25% | 06/01/30 | -2.73% | 86.69 | 89.12 | 14 |
| 9 | PFCLN 9.75 11/15/2026 REGS | 9.75% | 11/15/26 | -2.60% | 66.79 | 68.57 | 6 |
| 10 | ENAPAN 4 5/19/2048 144A | 4.00% | 05/19/48 | -2.50% | 67.85 | 69.59 | 5 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 10/27/23 – 11/3/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Insurance | -33 bps | 5.78% | 6.11% |
| 2 | Construction & Building | -31 bps | 5.21% | 5.52% |
| 3 | Media: Broadcasting & Subscription | -31 bps | 5.97% | 6.28% |
| 4 | Containers, Packaging, & Glass | -29 bps | 6.11% | 6.40% |
| 5 | Energy: Oil & Gas | -28 bps | 5.71% | 5.99% |
| 6 | High Tech Industries | -28 bps | 5.86% | 6.14% |
| 7 | Consumer Goods: Non-Durable | -27 bps | 4.93% | 5.21% |
| 8 | Transportation: Cargo | -27 bps | 5.48% | 5.75% |
| 9 | Environmental Industries | -26 bps | 5.35% | 5.62% |
| 10 | Utilities: Water | -25 bps | 5.25% | 5.50% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 10/27/23 – 11/3/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Energy: Electricity | 23 bps | 7.45% | 7.23% |
| 2 | Real Estate | 16 bps | 8.33% | 8.17% |
| 3 | Services: Business | 1 bps | 5.56% | 5.55% |
| 4 | Transportation: Consumer | -2 bps | 6.08% | 6.10% |
| 5 | Hotel, Gaming & Leisure | -12 bps | 8.69% | 8.81% |
| 6 | Media: Advertising, Printing & Publishing | -13 bps | 7.55% | 7.68% |
| 7 | Aerospace & Defense | -15 bps | 6.13% | 6.28% |
| 8 | Wholesale | -16 bps | 6.00% | 6.16% |
| 9 | Utilities: Electric | -16 bps | 5.37% | 5.53% |
| 10 | Finance | -17 bps | 5.72% | 5.90% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 10/27/23 – 11/3/23
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 10/27/23 – 11/3/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 10/27/23 vs. the week ending 11/3/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | VNKRLE 5.35 3/11/2024 | 5.35% | 03/11/24 | 207 | 254 | 47 | 23% |
| 2 | PNC 6.615 10/20/2027 | 6.62% | 10/20/27 | 228 | 273 | 45 | 20% |
| 3 | VNKRLE 4.2 6/7/2024 | 4.20% | 06/07/24 | 210 | 254 | 44 | 21% |
| 4 | JPM 6.07 10/22/2027 | 6.07% | 10/22/27 | 266 | 308 | 42 | 16% |
| 5 | WLNFP 0.25 9/18/2024 | 0.25% | 09/18/24 | 125 | 165 | 40 | 32% |
| 6 | EXR 2.55 6/1/2031 | 2.55% | 06/01/31 | 115 | 155 | 40 | 35% |
| 7 | NSANY 4.81 9/17/2030 144A | 4.81% | 09/17/30 | 104 | 142 | 38 | 37% |
| 8 | JPM 6.254 10/23/2034 | 6.25% | 10/23/34 | 312 | 350 | 38 | 12% |
| 9 | PNC 6.875 10/20/2034 | 6.88% | 10/20/34 | 274 | 311 | 37 | 14% |
| 10 | ACAFP 4.2 5/29/2034 | 4.20% | 05/29/34 | 10 | 46 | 36 | 360% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 10/27/23 – 11/3/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 36 |
| 2 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 36 |
| 3 | HSBC 8 PERP | 8.00% | 09/07/99 | 36 |
| 4 | JPM 6.087 10/23/2029 | 6.09% | 10/23/29 | 35 |
| 5 | JPM 6.254 10/23/2034 | 6.25% | 10/23/34 | 35 |
| 6 | AMGN 5.25 3/2/2033 | 5.25% | 03/02/33 | 34 |
| 7 | ET 5.75 2/15/2033 | 5.75% | 02/15/33 | 34 |
| 8 | ABBV 3.2 11/21/2029 | 3.20% | 11/21/29 | 34 |
| 9 | SJM 6.2 11/15/2033 | 6.20% | 11/15/33 | 34 |
| 10 | SJM 6.5 11/15/2043 | 6.50% | 11/15/43 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 10/27/23 – 11/3/23
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 10/27/23 – 11/3/23
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