Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 12/15/23

Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.

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New Issues

IG Corp bond new issues for the week ending 12/15/23, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
One Gas Inc. (USD) 5.1% 4/1/2029 Senior Notes 300 99.861 5.13 87
JP Morgan Chase & Co. (USD) 5.75% 12/12/2033 Senior Notes 3929 100 5.75
Ally Financial Inc. (USD) 6.848% 6/13/2030 Fix-To-Floating Rate Notes 750 100 6.85 260

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 12/8/23 – 12/15/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 SVTLN 1.5 10/20/2056 1.50% 10/20/56 9.89% 78.72 71.64 5
2 BRKHEC 4.15 2/15/2050 4.15% 02/15/50 9.25% 81.16 74.29 18
3 SSELN 1.429 10/20/2056 1.43% 10/20/56 9.22% 75.09 68.75 6
4 UU 1.815 7/28/2056 1.82% 07/28/56 9.14% 87.75 80.40 5
5 CITCON 4.496 PERP 7.69% NULL 8.98% 77.32 70.95 14
6 CAMBRG 2.35 6/27/2078 2.35% 06/27/78 8.86% 62.85 57.73 14
7 FSHPHO 1.875 7/14/2061 1.88% 07/14/61 8.81% 52.13 47.92 14
8 UNCOLO 1.625 6/4/2061 1.63% 06/04/61 8.67% 51.88 47.74 13
9 LLY 1.375 9/14/2061 1.38% 09/14/61 8.56% 63.11 58.14 16
10 OXUNIV 2.544 12/8/2017 2.54% 12/08/17 8.43% 57.26 52.81 13

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 12/8/23 – 12/15/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 TELEFO 4.95 7/17/2030 REGS 4.95% 07/17/30 -8.03% 67.63 73.54 15
2 OPI 4.5 2/1/2025 4.50% 02/01/25 -5.77% 79.67 84.54 21
3 LNGFOR 3.375 4/13/2027 3.38% 04/13/27 -5.46% 55.95 59.18 24
4 EIB 14 3/1/2026 14.00% 03/01/26 -3.75% 60.90 63.28 2
5 ATVI 3.4 6/15/2027 3.40% 06/15/27 -3.29% 92.76 95.91 4
6 FRF 8.5 10/15/2057 144A 8.50% 10/15/57 -2.67% 92.26 94.79 3
7 UBIFP 0.878 11/24/2027 0.88% 11/24/27 -2.05% 80.55 82.24 13
8 VLY 5.25 6/15/2030 5.25% 06/15/30 -2.05% 91.32 93.23 3
9 NWBI 4 9/15/2030 4.00% 09/15/30 -2.03% 89.15 91.00 2
10 VNKRLE 3.45 5/25/2024 3.45% 05/25/24 -1.02% 93.45 94.41 6

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 12/8/23 – 12/15/23

RANK INDUSTRY CHANGE YLD YLD-1W
1 Media: Diversified & Production -85 bps 4.37% 5.22%
2 Services: Consumer -58 bps 5.96% 6.54%
3 Services: Business -50 bps 3.98% 4.48%
4 Media: Advertising, Printing & Publishing -50 bps 6.45% 6.94%
5 Transportation: Consumer -46 bps 5.32% 5.78%
6 Automotive -37 bps 4.73% 5.10%
7 Construction & Building -37 bps 4.35% 4.72%
8 Aerospace & Defense -36 bps 5.04% 5.40%
9 High Tech Industries -36 bps 4.52% 4.88%
10 Environmental Industries -34 bps 4.56% 4.90%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 12/8/23 – 12/15/23

RANK INDUSTRY CHANGE YLD YLD-1W
1 Real Estate -19 bps 7.09% 7.27%
2 Insurance -20 bps 5.14% 5.34%
3 Utilities: Water -20 bps 4.61% 4.81%
4 Energy: Electricity -20 bps 6.21% 6.41%
5 Sovereign & Public Finance -22 bps 4.41% 4.63%
6 Consumer Goods: Non-Durable -22 bps 4.36% 4.57%
7 Wholesale -22 bps 4.97% 5.20%
8 Healthcare & Pharmaceuticals -22 bps 5.07% 5.30%
9 Utilities: Electric -25 bps 4.58% 4.83%
10 Hotel, Gaming & Leisure -26 bps 4.90% 5.15%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 12/8/23 – 12/15/23

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 12/8/23 – 12/15/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 12/8/23 vs. the week ending 12/15/23

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 EDF 6 1/22/2114 6.00% 01/22/14 31 153 122 394%
2 WBA 4.5 11/18/2034 4.50% 11/18/34 68 140 72 106%
3 WBA 3.2 4/15/2030 3.20% 04/15/30 175 247 72 41%
4 WBA 4.1 4/15/2050 4.10% 04/15/50 167 231 64 38%
5 SANLTD 2.3 3/8/2027 2.30% 03/08/27 107 170 63 59%
6 RSG 4.875 4/1/2029 4.88% 04/01/29 178 241 63 35%
7 WBA 4.65 6/1/2046 4.65% 06/01/46 116 177 61 53%
8 WBA 3.45 6/1/2026 3.45% 06/01/26 190 249 59 31%
9 WBA 4.8 11/18/2044 4.80% 11/18/44 161 215 54 34%
10 JPM 1.5 8/28/2025 1.50% 08/28/25 2 50 48 2400%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 12/8/23 – 12/15/23

RANK TRANCHE COUPON MATURITY DEALERS
1 TOYOTA 5.55 11/20/2030 5.55% 11/20/30 36
2 GM 6.4 1/9/2033 6.40% 01/09/33 35
3 INTC 5.2 2/10/2033 5.20% 02/10/33 35
4 TOYOTA 5.4 11/20/2026 5.40% 11/20/26 34
5 PFE 4.75 5/19/2033 4.75% 05/19/33 34
6 SJM 6.2 11/15/2033 6.20% 11/15/33 33
7 PFE 4.65 5/19/2030 4.65% 05/19/30 33
8 BMY 5.75 2/1/2031 5.75% 02/01/31 33
9 HSBC 8 PERP 8.00% 09/07/99 33
10 PFE 5.3 5/19/2053 5.30% 05/19/53 33

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 12/8/23 – 12/15/23

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 12/8/23 – 12/15/23

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