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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