Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 12/1/23
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 12/1/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Golub Capital BDC Inc. (USD) 7.05% 12/5/2028 | Senior Notes | 450 | 98.927 | 7.31 | 300 |
| Bank of Nova Scotia (USD) 5.35% 12/7/2026 | Senior Notes | 1150 | 99.962 | 5.36 | 97 |
| Zimmer Biomet Holdings Inc. (USD) 5.35% 12/1/2028 | Senior Notes | 500 | 99.965 | 5.36 | 103 |
| Thermo Fisher Scientific Inc. (USD) 5.2% 1/31/2034 | Senior Notes | 500 | 99.846 | 5.22 | 87 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 11/24/23 – 12/1/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | GBLATL 3.125 6/15/2031 144A | 3.13% | 06/15/31 | 8.38% | 79.19 | 73.07 | 16 |
| 2 | DUK 2.799 7/1/2041 | 2.80% | 07/01/41 | 7.21% | 71.43 | 66.63 | 6 |
| 3 | CKINF 4 PERP | 4.00% | NULL | 6.65% | 61.82 | 57.96 | 10 |
| 4 | NKE 3.375 3/27/2050 | 3.38% | 03/27/50 | 6.12% | 76.84 | 72.41 | 18 |
| 5 | ISPIM 4.7 9/23/2049 | 4.70% | 09/23/49 | 5.66% | 70.41 | 66.64 | 15 |
| 6 | CDEL 3.15 1/15/2051 REGS | 3.15% | 01/15/51 | 5.52% | 60.35 | 57.19 | 18 |
| 7 | ENBCN 6.7 11/15/2053 | 6.70% | 11/15/53 | 5.47% | 110.91 | 105.16 | 32 |
| 8 | CMS 2.5 5/1/2060 | 2.50% | 05/01/60 | 5.31% | 55.73 | 52.92 | 18 |
| 9 | MLFP 3.25 9/30/2045 | 3.25% | 09/30/45 | 5.29% | 91.06 | 86.48 | 7 |
| 10 | CRHID 4.4 5/9/2047 | 4.40% | 05/09/47 | 5.24% | 82.77 | 78.65 | 13 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 11/24/23 – 12/1/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | SHUION 5.5 3/3/2025 | 5.50% | 03/03/25 | -7.29% | 56.37 | 60.80 | 20 |
| 2 | VNKRLE 3.5 11/12/2029 | 3.50% | 11/12/29 | -5.46% | 57.05 | 60.35 | 26 |
| 3 | CHJMAO 4.25 7/23/2029 | 4.25% | 07/23/29 | -4.21% | 64.19 | 67.01 | 23 |
| 4 | CPDEV 4.65 1/19/2026 | 4.65% | 01/19/26 | -3.54% | 78.00 | 80.86 | 15 |
| 5 | SBBBSS 1.125 11/26/2029 | 1.13% | 11/26/29 | -2.97% | 52.96 | 54.58 | 24 |
| 6 | AVLN 8.875 PERP | 8.88% | NULL | -2.10% | 120.17 | 122.74 | 4 |
| 7 | LNC FLT 4/20/2067 | 7.69% | 04/20/67 | -1.88% | 60.83 | 62.00 | 15 |
| 8 | LBBW 4 PERP | 4.00% | NULL | -1.46% | 69.68 | 70.72 | 17 |
| 9 | AKFAST 1.125 1/11/2029 | 1.13% | 01/11/29 | -1.37% | 78.83 | 79.93 | 19 |
| 10 | OPI 3.45 10/15/2031 | 3.45% | 10/15/31 | -1.21% | 52.93 | 53.58 | 22 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 11/24/23 – 12/1/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Media: Diversified & Production | -77 bps | 4.77% | 5.53% |
| 2 | Hotel, Gaming & Leisure | -65 bps | 11.66% | 12.31% |
| 3 | Telecommunications | -42 bps | 4.77% | 5.19% |
| 4 | Media: Broadcasting & Subscription | -40 bps | 5.22% | 5.62% |
| 5 | Aerospace & Defense | -40 bps | 5.51% | 5.90% |
| 6 | Services: Business | -34 bps | 5.04% | 5.38% |
| 7 | Automotive | -31 bps | 5.22% | 5.53% |
| 8 | Real Estate | -30 bps | 7.41% | 7.71% |
| 9 | Energy: Oil & Gas | -29 bps | 5.30% | 5.59% |
| 10 | Consumer Goods: Durable | -29 bps | 4.46% | 4.75% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 11/24/23 – 12/1/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Energy: Electricity | 330 bps | 8.30% | 5.00% |
| 2 | 0 | 28 bps | 7.76% | 7.48% |
| 3 | Media: Advertising, Printing & Publishing | -1 bps | 6.94% | 6.95% |
| 4 | High Tech Industries | -6 bps | 5.20% | 5.26% |
| 5 | Banking | -10 bps | 5.26% | 5.37% |
| 6 | Finance | -15 bps | 5.31% | 5.46% |
| 7 | Utilities: Electric | -16 bps | 4.98% | 5.14% |
| 8 | Transportation: Cargo | -17 bps | 5.27% | 5.44% |
| 9 | Consumer Goods: Non-Durable | -18 bps | 4.58% | 4.76% |
| 10 | Retail | -19 bps | 5.36% | 5.56% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 11/24/23 – 12/1/23
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 11/24/23 – 12/1/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 11/24/23 vs. the week ending 12/1/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | HEIMST 6.75 PERP | 6.75% | NULL | 77 | 175 | 98 | 127% |
| 2 | SOCGEN 0.875 10/19/2026 | 0.88% | 10/19/26 | 14 | 79 | 65 | 464% |
| 3 | ABNANV 6.339 9/18/2027 REGS | 6.34% | 09/18/27 | 111 | 167 | 56 | 50% |
| 4 | AXASA 6.379 PERP REGS | 6.38% | 12/29/49 | 13 | 65 | 52 | 400% |
| 5 | HCA 4.625 3/15/2052 | 4.63% | 03/15/52 | 148 | 191 | 43 | 29% |
| 6 | CHJMAO 4.4 3/4/2025 | 4.40% | 03/04/25 | 126 | 166 | 40 | 32% |
| 7 | AEE 5.7 12/1/2026 | 5.70% | 12/01/26 | 93 | 132 | 39 | 42% |
| 8 | ET 6.55 12/1/2033 | 6.55% | 12/01/33 | 277 | 315 | 38 | 14% |
| 9 | CHILOV 5.35 8/15/2033 | 5.35% | 08/15/33 | 200 | 237 | 37 | 19% |
| 10 | INTNED 3.95 3/29/2027 | 3.95% | 03/29/27 | 142 | 179 | 37 | 26% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 11/24/23 – 12/1/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 37 |
| 2 | BMY 5.75 2/1/2031 | 5.75% | 02/01/31 | 36 |
| 3 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 36 |
| 4 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 34 |
| 5 | DUK 5.875 11/15/2033 | 5.88% | 11/15/33 | 34 |
| 6 | DUK 6.2 11/15/2053 | 6.20% | 11/15/53 | 34 |
| 7 | AAL 11.75 7/15/2025 144A | 11.75% | 07/15/25 | 33 |
| 8 | AMZN 4.7 12/1/2032 | 4.70% | 12/01/32 | 33 |
| 9 | DUK 4.95 1/15/2033 | 4.95% | 01/15/33 | 33 |
| 10 | GM 6.4 1/9/2033 | 6.40% | 01/09/33 | 33 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 11/24/23 – 12/1/23
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 11/24/23 – 12/1/23
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