Corporates

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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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