Investment Grade Corporate Bond Market Summary – Week Ending 11/17/23
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Investment Grade Corporate Bond Market Summary: Week Ending 11/17/23
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 11/17/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| State Street Corp. (USD) 5.684% 11/21/2029 | Floating Rate Notes | 1000 | 100 | 5.68 | 125 |
| Toyota Motor Credit Corp. (USD) 5.55% 11/20/2030 | Medium Term Notes | 1100 | 99.731 | 5.6 | 105 |
| Tapestry Inc. (USD) 7.7% 11/27/2030 | Senior Notes | 1000 | 99.712 | 7.75 | 320 |
| Charles Schwab Corp. (USD) 6.196% 11/27/2029 | Senior Notes | 1300 | 100 | 6.2 | 165 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 11/10/23 – 11/17/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | DNBNO FLT PERP | 6.05% | NULL | 22.33% | 94.93 | 77.60 | 11 |
| 2 | PINGRE 3.25 6/23/2025 | 3.25% | 06/23/25 | 11.69% | 70.32 | 62.96 | 15 |
| 3 | GLPCHI 4 7/2/2024 | 4.00% | 07/02/24 | 9.77% | 73.96 | 67.38 | 6 |
| 4 | PTTEPT 3.903 12/6/2059 REGS | 3.90% | 12/06/59 | 8.74% | 70.68 | 65.00 | 16 |
| 5 | ADANEM 3.949 2/12/2030 144A | 3.95% | 02/12/30 | 7.99% | 77.57 | 71.83 | 2 |
| 6 | PACW 3.25 5/1/2031 | 3.25% | 05/01/31 | 7.32% | 82.50 | 76.87 | 13 |
| 7 | TOLHOS 5.325 11/15/2028 | 5.33% | 11/15/28 | 7.21% | 83.65 | 78.02 | 4 |
| 8 | NGGLN 1.823 5/26/2056 | 1.82% | 05/26/56 | 6.92% | 77.86 | 72.82 | 6 |
| 9 | SVTLN 1.5225 8/1/2058 | 1.52% | 08/01/58 | 6.90% | 72.72 | 68.03 | 4 |
| 10 | CAMBRG 2.35 6/27/2078 | 2.35% | 06/27/78 | 6.62% | 57.35 | 53.79 | 13 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 11/10/23 – 11/17/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PFCLN 9.75 11/15/2026 144A | 9.75% | 11/15/26 | -14.12% | 53.87 | 62.73 | 4 |
| 2 | EIB 14 3/1/2026 | 14.00% | 03/01/26 | -5.54% | 63.70 | 67.44 | 2 |
| 3 | HEIBOS 0.75 9/6/2029 | 0.75% | 09/06/29 | -4.07% | 61.20 | 63.79 | 20 |
| 4 | ORGAU 1 9/17/2029 | 1.00% | 09/17/29 | -2.22% | 89.49 | 91.52 | 12 |
| 5 | ROMGB 7.9 2/24/2038 | 7.90% | 02/24/38 | -2.02% | 105.97 | 108.16 | 2 |
| 6 | ROMANI 4.625 4/3/2049 REGS | 4.63% | 04/03/49 | -1.99% | 74.44 | 75.95 | 18 |
| 7 | SWK 4 3/15/2060 | 4.00% | 03/15/60 | -1.98% | 80.57 | 82.20 | 15 |
| 8 | VFC 4.25 3/7/2029 | 4.25% | 03/07/29 | -1.69% | 93.74 | 95.34 | 15 |
| 9 | NOHOLB 3.625 7/15/2026 REGS | 3.63% | 07/15/26 | -1.61% | 87.54 | 88.97 | 21 |
| 10 | FARMER 5.454 10/15/2054 | 5.45% | 10/15/54 | -1.20% | 82.89 | 83.90 | 12 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 11/10/23 – 11/17/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Advertising, Printing & Publishing | -53 bps | 6.92% | 7.44% |
| 2 | Real Estate | -50 bps | 7.70% | 8.19% |
| 3 | Energy: Oil & Gas | -49 bps | 5.30% | 5.79% |
| 4 | High Tech Industries | -42 bps | 5.29% | 5.72% |
| 5 | Construction & Building | -42 bps | 4.94% | 5.37% |
| 6 | Containers, Packaging, & Glass | -42 bps | 5.81% | 6.23% |
| 7 | Services: Business | -36 bps | 5.03% | 5.39% |
| 8 | Telecommunications | -33 bps | 5.02% | 5.35% |
| 9 | Services: Consumer | -32 bps | 6.97% | 7.29% |
| 10 | Finance | -31 bps | 5.45% | 5.76% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 11/10/23 – 11/17/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | 116 bps | 8.22% | 7.07% |
| 2 | Hotel, Gaming & Leisure | 62 bps | 9.16% | 8.54% |
| 3 | Banking | 16 bps | 5.70% | 5.54% |
| 4 | Consumer Goods: Durable | -8 bps | 4.70% | 4.78% |
| 5 | Sovereign & Public Finance | -16 bps | 4.92% | 5.08% |
| 6 | Metals & Mining | -19 bps | 5.68% | 5.87% |
| 7 | Aerospace & Defense | -20 bps | 5.81% | 6.01% |
| 8 | Wholesale | -20 bps | 5.55% | 5.75% |
| 9 | Consumer Goods: Non-Durable | -21 bps | 4.80% | 5.01% |
| 10 | Transportation: Consumer | -21 bps | 5.89% | 6.10% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 11/10/23 – 11/17/23 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 11/10/23 – 11/17/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 11/10/23 vs. the week ending 11/17/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | CBAAU 5.499 9/12/2025 | 5.50% | 09/12/25 | 117 | 210 | 93 | 79% |
| 2 | MSFT 2.5 9/15/2050 144A | 2.50% | 09/15/50 | 50 | 134 | 84 | 168% |
| 3 | MSFT 1.35 9/15/2030 144A | 1.35% | 09/15/30 | 51 | 113 | 62 | 122% |
| 4 | UBS 1.25 6/1/2026 | 1.25% | 06/01/26 | 68 | 127 | 59 | 87% |
| 5 | MSFT 4.5 6/15/2047 144A | 4.50% | 06/15/47 | 32 | 86 | 54 | 169% |
| 6 | MMC 3.5 6/3/2024 | 3.50% | 06/03/24 | 34 | 80 | 46 | 135% |
| 7 | MSFT 3.4 6/15/2027 144A | 3.40% | 06/15/27 | 18 | 64 | 46 | 256% |
| 8 | BKNG 4.75 11/15/2034 | 4.75% | 11/15/34 | 87 | 130 | 43 | 49% |
| 9 | GLENLN 5.4 5/8/2028 144A | 5.40% | 05/08/28 | 157 | 199 | 42 | 27% |
| 10 | BKNG 4 11/15/2026 | 4.00% | 11/15/26 | 90 | 130 | 40 | 44% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 11/10/23 – 11/17/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | JPM 6.254 10/23/2034 | 6.25% | 10/23/34 | 39 |
| 2 | JPM 6.087 10/23/2029 | 6.09% | 10/23/29 | 38 |
| 3 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 37 |
| 4 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 37 |
| 5 | WFC 6.491 10/23/2034 | 6.49% | 10/23/34 | 36 |
| 6 | BMY 5.9 11/15/2033 | 5.90% | 11/15/33 | 36 |
| 7 | GM 6.4 1/9/2033 | 6.40% | 01/09/33 | 36 |
| 8 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 36 |
| 9 | PNC 6.875 10/20/2034 | 6.88% | 10/20/34 | 35 |
| 10 | BMY 5.75 2/1/2031 | 5.75% | 02/01/31 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 11/10/23 – 11/17/23 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 11/10/23 – 11/17/23
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