Investment Grade Corporate Bond Market Summary – Week Ending 11/10/23
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Investment Grade Corporate Bond Market Summary: Week Ending 11/10/23
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 11/10/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Kentucky Power Co. (USD) 7% 11/15/2033 | Senior Note, Issued | 375 | 99.821 | 7.03 | 250 |
| Eversource Energy (USD) 5.95% 11/9/2029 | Senior Notes | 800 | 99.887 | 5.97 | 147 |
| Evergy Inc. (USD) 5.9% 11/15/2033 | First Mortgage Bond | 300 | 99.888 | 5.91 | 140 |
| Apollo Global Mgmt Inc. (USD) 6.375% 11/15/2033 | Senior Notes | 500 | 99.271 | 6.47 | 195 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 11/3/23 – 11/10/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | VNKRLE 3.15 5/12/2025 | 3.15% | 05/12/25 | 28.27% | 81.08 | 63.21 | 26 |
| 2 | LNGFOR 3.375 4/13/2027 | 3.38% | 04/13/27 | 13.47% | 50.31 | 44.33 | 23 |
| 3 | HAL 7.6 8/15/2096 | 7.60% | 08/15/96 | 13.10% | 112.71 | 99.66 | 7 |
| 4 | CPDEV 3.85 7/14/2025 | 3.85% | 07/14/25 | 13.07% | 80.14 | 70.88 | 13 |
| 5 | CPDEV 4.65 1/19/2026 | 4.65% | 01/19/26 | 13.01% | 74.68 | 66.08 | 12 |
| 6 | VNKRLE 4.2 6/7/2024 | 4.20% | 06/07/24 | 9.79% | 93.61 | 85.26 | 27 |
| 7 | VNKRLE 3.45 5/25/2024 | 3.45% | 05/25/24 | 8.34% | 92.61 | 85.48 | 6 |
| 8 | INTERF 0 5/15/2030 144A | 0.00% | 05/15/30 | 7.56% | 70.48 | 65.53 | 3 |
| 9 | CHJMAO 3.2 4/9/2026 | 3.20% | 04/09/26 | 7.35% | 79.23 | 73.81 | 19 |
| 10 | SMCGL 5.95 PERP | 5.95% | NULL | 6.60% | 85.05 | 79.79 | 13 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 11/3/23 – 11/10/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SAVE 8 9/20/2025 144A | 8.00% | 09/20/25 | -7.68% | 65.34 | 70.77 | 24 |
| 2 | PFCLN 9.75 11/15/2026 144A | 9.75% | 11/15/26 | -7.55% | 62.73 | 67.85 | 4 |
| 3 | ESSITY 0.25 2/8/2031 | 0.25% | 02/08/31 | -4.34% | 80.62 | 84.28 | 20 |
| 4 | ITC 2.95 5/14/2030 REGS | 2.95% | 05/14/30 | -3.81% | 79.74 | 82.91 | 3 |
| 5 | BAERVX 6.625 PERP | 6.63% | 08/15/99 | -3.39% | 83.43 | 86.36 | 18 |
| 6 | PANAMA 4.5 4/1/2056 | 4.50% | 04/01/56 | -3.30% | 60.82 | 62.90 | 21 |
| 7 | PANAMA 4.5 4/16/2050 | 4.50% | 04/16/50 | -3.21% | 62.79 | 64.87 | 20 |
| 8 | THAMES 1.98 8/28/2042 | 1.98% | 08/28/42 | -3.04% | 75.47 | 77.83 | 4 |
| 9 | RENTEN 0.875 9/3/2030 | 0.88% | 09/03/30 | -3.02% | 75.03 | 77.37 | 4 |
| 10 | OPBANK 3.125 10/20/2028 | 3.13% | 10/20/28 | -2.53% | 95.69 | 98.17 | 5 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 11/3/23 – 11/10/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -151 bps | 7.14% | 8.65% |
| 2 | Retail | -23 bps | 5.83% | 6.06% |
| 3 | Services: Business | -20 bps | 5.36% | 5.55% |
| 4 | High Tech Industries | -17 bps | 5.67% | 5.84% |
| 5 | Construction & Building | -14 bps | 5.20% | 5.33% |
| 6 | Media: Advertising, Printing & Publishing | -14 bps | 7.41% | 7.55% |
| 7 | Aerospace & Defense | -10 bps | 6.03% | 6.13% |
| 8 | Wholesale | -10 bps | 5.92% | 6.01% |
| 9 | Media: Broadcasting & Subscription | -6 bps | 5.92% | 5.97% |
| 10 | Utilities: Water | -4 bps | 5.22% | 5.26% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 11/3/23 – 11/10/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Hotel, Gaming & Leisure | 57 bps | 9.27% | 8.71% |
| 2 | Services: Consumer | 16 bps | 7.29% | 7.13% |
| 3 | Containers, Packaging, & Glass | 14 bps | 6.22% | 6.08% |
| 4 | Consumer Goods: Non-Durable | 12 bps | 5.07% | 4.95% |
| 5 | Capital Equipment | 12 bps | 5.11% | 4.98% |
| 6 | Sovereign & Public Finance | 12 bps | 5.10% | 4.99% |
| 7 | Insurance | 10 bps | 5.92% | 5.82% |
| 8 | Environmental Industries | 9 bps | 5.49% | 5.40% |
| 9 | Beverage, Food & Tobacco | 8 bps | 4.92% | 4.84% |
| 10 | Healthcare & Pharmaceuticals | 7 bps | 5.69% | 5.62% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 11/3/23 – 11/10/23 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 11/3/23 – 11/10/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 11/3/23 vs. the week ending 11/10/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | CBAAU 5.499 9/12/2025 | 5.50% | 09/12/25 | 0 | 117 | 117 | #DIV/0! |
| 2 | EMBRBZ 7 7/28/2030 REGS | 7.00% | 07/28/30 | 40 | 144 | 104 | 260% |
| 3 | BMW 5.3 8/11/2025 144A | 5.30% | 08/11/25 | 125 | 217 | 92 | 74% |
| 4 | BMW 5.15 8/11/2033 144A | 5.15% | 08/11/33 | 169 | 256 | 87 | 51% |
| 5 | HUM 5.75 3/1/2028 | 5.75% | 03/01/28 | 222 | 309 | 87 | 39% |
| 6 | VW 5.7 9/12/2026 144A | 5.70% | 09/12/26 | 134 | 218 | 84 | 63% |
| 7 | CMPCCI 6.125 6/23/2033 REGS | 6.13% | 06/23/33 | 39 | 121 | 82 | 210% |
| 8 | BMW 5.05 8/11/2028 144A | 5.05% | 08/11/28 | 118 | 196 | 78 | 66% |
| 9 | ENBCN 5.969 3/8/2026 | 5.97% | 03/08/26 | 79 | 157 | 78 | 99% |
| 10 | GLENLN 5.7 5/8/2033 144A | 5.70% | 05/08/33 | 105 | 182 | 77 | 73% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 11/3/23 – 11/10/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | JPM 6.087 10/23/2029 | 6.09% | 10/23/29 | 37 |
| 2 | JPM 6.254 10/23/2034 | 6.25% | 10/23/34 | 36 |
| 3 | SJM 6.5 11/15/2043 | 6.50% | 11/15/43 | 36 |
| 4 | SJM 6.2 11/15/2033 | 6.20% | 11/15/33 | 35 |
| 5 | SJM 6.5 11/15/2053 | 6.50% | 11/15/53 | 35 |
| 6 | HSBC 8 PERP | 8.00% | 09/07/99 | 35 |
| 7 | XOM 2.61 10/15/2030 | 2.61% | 10/15/30 | 35 |
| 8 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 35 |
| 9 | ABBV 3.2 11/21/2029 | 3.20% | 11/21/29 | 34 |
| 10 | WFC 6.491 10/23/2034 | 6.49% | 10/23/34 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 11/3/23 – 11/10/23 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 11/3/23 – 11/10/23
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