Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 11/24/23
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 11/24/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| N/A | N/A | N/A | N/A | N/A | N/A |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 11/17/23 – 11/24/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | LNGFOR 4.5 1/16/2028 | 4.50% | 01/16/28 | 28.87% | 62.09 | 48.18 | 26 |
| 2 | VNKRLE 3.975 11/9/2027 | 3.98% | 11/09/27 | 15.81% | 67.63 | 58.40 | 25 |
| 3 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | 13.20% | 51.84 | 45.79 | 19 |
| 4 | PINGRE 3.25 6/23/2025 | 3.25% | 06/23/25 | 12.34% | 79.00 | 70.32 | 15 |
| 5 | CHJMAO 4.25 7/23/2029 | 4.25% | 07/23/29 | 10.68% | 67.01 | 60.54 | 23 |
| 6 | GLPCHI 2.95 3/29/2026 | 2.95% | 03/29/26 | 10.47% | 56.30 | 50.96 | 19 |
| 7 | GLPSP 3.875 6/4/2025 | 3.88% | 06/04/25 | 9.99% | 65.79 | 59.81 | 17 |
| 8 | CKPH 3.8 PERP | 3.80% | NULL | 7.63% | 59.19 | 54.99 | 11 |
| 9 | SIVB 1.8 2/2/2031 | 1.80% | 02/02/31 | 7.53% | 61.08 | 56.80 | 16 |
| 10 | CPDEV 4.65 1/19/2026 | 4.65% | 01/19/26 | 5.93% | 80.86 | 76.33 | 14 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 11/17/23 – 11/24/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | BAERVX 2.375 PERP | 2.38% | NULL | -7.84% | 78.51 | 85.19 | 6 |
| 2 | CPIPGR 2.75 1/22/2028 | 2.75% | 01/22/28 | -6.68% | 67.73 | 72.58 | 19 |
| 3 | SVTLN 1.5225 8/1/2058 | 1.52% | 08/01/58 | -5.38% | 68.80 | 72.72 | 4 |
| 4 | UU 1.847 7/7/2056 | 1.85% | 07/07/56 | -4.75% | 78.13 | 82.03 | 3 |
| 5 | SSELN 1.429 10/20/2056 | 1.43% | 10/20/56 | -4.48% | 66.22 | 69.33 | 6 |
| 6 | CAMBRG 2.35 6/27/2078 | 2.35% | 06/27/78 | -4.43% | 54.81 | 57.35 | 14 |
| 7 | UKRAIL 1.5646 12/6/2044 | 1.56% | 12/06/44 | -4.31% | 199.50 | 208.48 | 4 |
| 8 | GLCCUK 1.375 3/31/2057 | 1.38% | 03/31/57 | -4.30% | 137.07 | 143.23 | 3 |
| 9 | KEL 1.7085 2/1/2058 | 1.71% | 02/01/58 | -4.28% | 68.92 | 72.00 | 5 |
| 10 | IIAAV 2.5 10/15/2027 | 2.50% | 10/15/27 | -4.01% | 71.37 | 74.35 | 12 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 11/17/23 – 11/24/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Energy: Electricity | -313 bps | 5.06% | 8.19% |
| 2 | 0 | -54 bps | 7.47% | 8.00% |
| 3 | Media: Diversified & Production | -42 bps | 5.02% | 5.45% |
| 4 | Banking | -37 bps | 5.34% | 5.71% |
| 5 | Real Estate | -18 bps | 7.66% | 7.85% |
| 6 | Services: Consumer | -11 bps | 6.87% | 6.98% |
| 7 | High Tech Industries | -7 bps | 5.23% | 5.30% |
| 8 | Consumer Goods: Non-Durable | -5 bps | 4.75% | 4.80% |
| 9 | Wholesale | -5 bps | 5.49% | 5.53% |
| 10 | Sovereign & Public Finance | -4 bps | 4.88% | 4.92% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 11/17/23 – 11/24/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Hotel, Gaming & Leisure | 346 bps | 12.62% | 9.16% |
| 2 | Services: Business | 27 bps | 5.29% | 5.02% |
| 3 | Energy: Oil & Gas | 26 bps | 5.57% | 5.31% |
| 4 | Healthcare & Pharmaceuticals | 22 bps | 5.63% | 5.41% |
| 5 | Utilities: Water | 19 bps | 5.16% | 4.97% |
| 6 | Construction & Building | 10 bps | 5.04% | 4.94% |
| 7 | Automotive | 9 bps | 5.52% | 5.43% |
| 8 | Metals & Mining | 9 bps | 5.77% | 5.68% |
| 9 | Insurance | 8 bps | 5.69% | 5.61% |
| 10 | Containers, Packaging, & Glass | 8 bps | 5.88% | 5.80% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 11/17/23 – 11/24/23
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 11/17/23 – 11/24/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 11/17/23 vs. the week ending 11/24/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | ROSW 5.593 11/13/2033 144A | 5.59% | 11/13/33 | 198 | 305 | 107 | 54% |
| 2 | JBSSBZ 2.5 1/15/2027 | 2.50% | 01/15/27 | 30 | 126 | 96 | 320% |
| 3 | VW 5.9 9/12/2033 144A | 5.90% | 09/12/33 | 122 | 191 | 69 | 57% |
| 4 | BACR 6.496 9/13/2027 | 6.50% | 09/13/27 | 152 | 206 | 54 | 36% |
| 5 | PCG 6.95 3/15/2034 | 6.95% | 03/15/34 | 208 | 258 | 50 | 24% |
| 6 | PCAR 5.2 11/9/2026 | 5.20% | 11/09/26 | 105 | 155 | 50 | 48% |
| 7 | WM 4.1 3/1/2045 | 4.10% | 03/01/45 | 122 | 165 | 43 | 35% |
| 8 | HYNMTR FLT 11/3/2025 REGS | 6.64% | 11/03/25 | 67 | 110 | 43 | 64% |
| 9 | RGA 2 11/30/2026 144A | 2.00% | 11/30/26 | 59 | 95 | 36 | 61% |
| 10 | CARR 3.377 4/5/2040 | 3.38% | 04/05/40 | 249 | 280 | 31 | 12% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 11/17/23 – 11/24/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 36 |
| 2 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 36 |
| 3 | BMY 5.9 11/15/2033 | 5.90% | 11/15/33 | 35 |
| 4 | BMY 5.75 2/1/2031 | 5.75% | 02/01/31 | 35 |
| 5 | JPM 6.254 10/23/2034 | 6.25% | 10/23/34 | 35 |
| 6 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 35 |
| 7 | HSBC 8 PERP | 8.00% | 09/07/99 | 34 |
| 8 | DUK 5.875 11/15/2033 | 5.88% | 11/15/33 | 34 |
| 9 | DUK 6.2 11/15/2053 | 6.20% | 11/15/53 | 34 |
| 10 | ENBCN 5.7 3/8/2033 | 5.70% | 03/08/33 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 11/17/23 – 11/24/23
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 11/17/23 – 11/24/23
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