Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 12/8/23
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 12/8/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Republic Services Inc. (USD) 5% 12/15/2033 | Senior Notes | 650 | 99.432 | 5.07 | 95 |
| Athene Holding LTD (USD) 5.875% 1/15/2034 | Senior Notes | 600 | 98.174 | 6.12 | 200 |
| American Electric Power Co. Inc. (USD) 5.2% 1/15/2029 | Senior Notes | 1000 | 99.841 | 5.23 | 113 |
| Cantor Fitzgerald LP (USD) 7.2% 12/12/2028 REG S | Senior Unsecured Notes | 750 | 99.806 | 4.15 | 310 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 12/1/23 – 12/8/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | SLOREP 1.175 2/13/2062 | 1.18% | 02/13/62 | 8.00% | 59.02 | 54.65 | 3 |
| 2 | ICPLN 2.5 1/28/2030 | 2.50% | 01/28/30 | 7.49% | 85.37 | 79.42 | 5 |
| 3 | PEPPER 3.948 12/1/2057 | 3.95% | 12/01/57 | 7.45% | 80.03 | 74.48 | 2 |
| 4 | EU 0.7 7/6/2051 | 0.70% | 07/06/51 | 6.94% | 54.59 | 51.05 | 13 |
| 5 | PTTTB 3.7 7/16/2070 REGS | 3.70% | 07/16/70 | 6.85% | 69.15 | 64.71 | 14 |
| 6 | SOGRPR 1 11/26/2051 | 1.00% | 11/26/51 | 6.72% | 53.77 | 50.38 | 9 |
| 7 | CMI 5.65 3/1/2098 | 5.65% | 03/01/98 | 6.59% | 93.34 | 87.57 | 6 |
| 8 | WLK 3.375 8/15/2061 | 3.38% | 08/15/61 | 6.45% | 62.33 | 58.56 | 15 |
| 9 | SACHAN 0.5 3/24/2051 | 0.50% | 03/24/51 | 6.29% | 51.73 | 48.68 | 4 |
| 10 | LYB 3.8 10/1/2060 | 3.80% | 10/01/60 | 6.22% | 68.64 | 64.62 | 16 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 12/1/23 – 12/8/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
| 1 | OPI 2.4 2/1/2027 | 2.40% | 02/01/27 | -8.64% | 55.63 | 60.89 | 21 |
| 2 | BRASKM 8.5 1/12/2031 REGS | 8.50% | 01/12/31 | -5.89% | 89.46 | 95.06 | 24 |
| 3 | IKB 6.538 1/31/2028 | 6.54% | 01/31/28 | -4.73% | 75.40 | 79.15 | 10 |
| 4 | SHUION 5.5 3/3/2025 | 5.50% | 03/03/25 | -4.35% | 53.92 | 56.37 | 21 |
| 5 | LNGFOR 4.5 1/16/2028 | 4.50% | 01/16/28 | -3.86% | 53.90 | 56.07 | 24 |
| 6 | WAL 5.25 6/1/2030 | 5.25% | 06/01/30 | -3.75% | 87.79 | 91.21 | 11 |
| 7 | ORGAU 1 9/17/2029 | 1.00% | 09/17/29 | -2.96% | 85.47 | 88.07 | 12 |
| 8 | SWFP 1.125 5/22/2025 | 1.13% | 05/22/25 | -2.38% | 97.14 | 99.51 | 11 |
| 9 | EKT 4.875 1/15/2028 REGS | 4.88% | 01/15/28 | -1.53% | 86.98 | 88.33 | 8 |
| 10 | PINGRE 3.45 7/29/2026 | 3.45% | 07/29/26 | -1.48% | 68.18 | 69.21 | 14 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 12/1/23 – 12/8/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Hotel, Gaming & Leisure | -652 bps | 5.15% | 11.66% |
| 2 | Energy: Electricity | -184 bps | 6.30% | 8.15% |
| 3 | Services: Business | -55 bps | 4.49% | 5.04% |
| 4 | Metals & Mining | -42 bps | 5.09% | 5.51% |
| 5 | Energy: Oil & Gas | -34 bps | 5.00% | 5.35% |
| 6 | High Tech Industries | -34 bps | 4.88% | 5.22% |
| 7 | 0 | -23 bps | 7.44% | 7.67% |
| 8 | Consumer Goods: Durable | -21 bps | 4.24% | 4.45% |
| 9 | Telecommunications | -20 bps | 4.60% | 4.79% |
| 10 | Banking | -15 bps | 5.11% | 5.25% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 12/1/23 – 12/8/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Containers, Packaging, & Glass | 46 bps | 6.19% | 5.73% |
| 2 | Media: Diversified & Production | 43 bps | 5.22% | 4.79% |
| 3 | Sovereign & Public Finance | -2 bps | 4.62% | 4.63% |
| 4 | Media: Advertising, Printing & Publishing | -2 bps | 6.91% | 6.93% |
| 5 | Consumer Goods: Non-Durable | -4 bps | 4.57% | 4.61% |
| 6 | Beverage, Food & Tobacco | -6 bps | 4.43% | 4.48% |
| 7 | Healthcare & Pharmaceuticals | -6 bps | 5.29% | 5.35% |
| 8 | Chemicals, Plastics & Rubber | -6 bps | 5.30% | 5.36% |
| 9 | Retail | -9 bps | 5.28% | 5.36% |
| 10 | Environmental Industries | -9 bps | 4.91% | 5.00% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 12/1/23 – 12/8/23
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 12/1/23 – 12/8/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 12/1/23 vs. the week ending 12/8/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | VZ 1.45 3/20/2026 | 1.45% | 03/20/26 | 99 | 169 | 70 | 71% |
| 2 | KOROIL FLT 11/14/2026 144A | #VALUE! | 11/14/26 | 15 | 76 | 61 | 407% |
| 3 | ULFP 5.142 PERP | 5.14% | NULL | 95 | 153 | 58 | 61% |
| 4 | NSC 5.55 3/15/2034 | 5.55% | 03/15/34 | 193 | 250 | 57 | 30% |
| 5 | FUKOKO 6.8 PERP | 6.80% | 11/14/99 | 109 | 160 | 51 | 47% |
| 6 | DFS 5.974 8/9/2028 | 5.97% | 08/09/28 | 57 | 106 | 49 | 86% |
| 7 | NSC 5.95 3/15/2064 | 5.95% | 03/15/64 | 210 | 252 | 42 | 20% |
| 8 | HNDA 5.65 11/15/2028 | 5.65% | 11/15/28 | 259 | 300 | 41 | 16% |
| 9 | VZ FLT 3/20/2026 | 0.00% | 03/20/26 | 5 | 45 | 40 | 800% |
| 10 | ET 4.95 6/15/2028 | 4.95% | 06/15/28 | 232 | 270 | 38 | 16% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 12/1/23 – 12/8/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | DUK 5.875 11/15/2033 | 5.88% | 11/15/33 | 36 |
| 2 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 36 |
| 3 | DUK 6.2 11/15/2053 | 6.20% | 11/15/53 | 35 |
| 4 | TOYOTA 5.55 11/20/2030 | 5.55% | 11/20/30 | 35 |
| 5 | SJM 6.2 11/15/2033 | 6.20% | 11/15/33 | 35 |
| 6 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 34 |
| 7 | BMY 5.75 2/1/2031 | 5.75% | 02/01/31 | 34 |
| 8 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 33 |
| 9 | WSTP 5.535 11/17/2028 | 5.54% | 11/17/28 | 33 |
| 10 | KMI 5.45 8/1/2052 | 5.45% | 08/01/52 | 33 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 12/1/23 – 12/8/23
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 12/1/23 – 12/8/23
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