Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 12/22/23

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 12/22/23, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Ameren Corp. (USD) Senior Notes 700 99.77 5.05 110

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 12/15/23 – 12/22/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 PFCLN 9.75 11/15/2026 REGS 9.75% 11/15/26 31.72% 53.07 40.29 11
2 HOWUNI 5.209 10/1/2052 5.21% 10/01/52 7.10% 89.72 83.77 4
3 EDF 6 1/22/2114 6.00% 01/22/14 6.95% 97.44 91.11 15
4 KPERM 3.266 11/1/2049 3.27% 11/01/49 6.78% 75.74 70.93 5
5 LNC 0 5/17/2066 8.01% 05/17/66 6.72% 63.79 59.78 7
6 NYLIFE 4.45 4/4/2069 144A 4.45% 05/15/69 6.69% 86.28 80.88 16
7 STNFRD 2.413 6/1/2050 2.41% 06/01/50 6.67% 67.92 63.67 7
8 JXN 4 11/23/2051 4.00% 11/23/51 6.64% 70.87 66.45 11
9 WBA 4.65 6/1/2046 4.65% 06/01/46 6.59% 77.68 72.88 19
10 HPP 3.25 1/15/2030 3.25% 01/15/30 6.22% 73.72 69.41 15

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 12/15/23 – 12/22/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 TELEFO 4.95 7/17/2030 REGS 4.95% 07/17/30 -9.83% 60.98 67.63 15
2 SIVB 2.1 5/15/2028 2.10% 05/15/28 -4.02% 62.67 65.30 15
3 VFC 0.625 2/25/2032 0.63% 02/25/32 -3.94% 69.80 72.66 15
4 C 2.904 11/3/2042 2.90% 11/03/42 -2.64% 72.30 74.27 17
5 BATSLN 5.65 3/16/2052 5.65% 03/16/52 -2.37% 89.55 91.72 17
6 ABIBB 4.439 10/6/2048 4.44% 10/06/48 -2.13% 91.60 93.60 24
7 WBD 6.35 6/1/2040 6.35% 06/01/40 -1.84% 99.66 101.53 11
8 MMC 5.7 9/15/2053 5.70% 09/15/53 -1.80% 107.97 109.95 21
9 FIS 5.625 7/15/2052 5.63% 07/15/52 -1.77% 101.82 103.65 18
10 GPN 5.95 8/15/2052 5.95% 08/15/52 -1.76% 101.95 103.78 18

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 12/15/23 – 12/22/23

RANK INDUSTRY CHANGE YLD YLD-1W
1 Energy: Electricity -171 bps 6.11% 7.82%
2 Real Estate -92 bps 6.51% 7.43%
3 Media: Diversified & Production -55 bps 4.38% 4.92%
4 Containers, Packaging, & Glass -46 bps 5.38% 5.84%
5 Utilities: Water -45 bps 4.16% 4.60%
6 Consumer Goods: Non-Durable -35 bps 4.00% 4.35%
7 Transportation: Consumer -30 bps 5.05% 5.35%
8 Telecommunications -23 bps 4.24% 4.47%
9 Sovereign & Public Finance -22 bps 4.15% 4.37%
10 Banking -19 bps 4.59% 4.78%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 12/15/23 – 12/22/23

RANK INDUSTRY CHANGE YLD YLD-1W
1 Services: Business 21 bps 4.17% 3.96%
2 Construction & Building 8 bps 4.43% 4.35%
3 Wholesale 3 bps 4.86% 4.83%
4 Aerospace & Defense 0 bps 5.01% 5.01%
5 Healthcare & Pharmaceuticals 0 bps 5.06% 5.06%
6 Transportation: Cargo -1 bps 4.82% 4.84%
7 0 -2 bps 7.21% 7.23%
8 Environmental Industries -3 bps 4.52% 4.55%
9 High Tech Industries -4 bps 4.48% 4.53%
10 Capital Equipment -6 bps 4.22% 4.28%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 12/15/23 – 12/22/23

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 12/15/23 – 12/22/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 12/15/23 vs. the week ending 12/22/23

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 MEX 5.75 10/12/2110 5.75% 10/12/10 22 180 158 718%
2 ACAFP 1.874 12/9/2031 1.87% 12/09/31 46 140 94 204%
3 OTEVFH 4.375 11/22/2030 4.38% 11/22/30 86 142 56 65%
4 UBS 5 10/25/2027 5.00% 10/25/27 2 53 51 2550%
5 UBS 4.75 12/23/2024 4.75% 12/23/24 1 48 47 4700%
6 QIBKQD 5.581 11/22/2028 5.58% 11/22/28 46 84 38 83%
7 VLVY FLT 11/4/2024 0.00% 11/04/24 5 41 36 720%
8 BA 2.75 2/1/2026 2.75% 02/01/26 161 196 35 22%
9 HSBC 3.973 5/22/2030 3.97% 05/22/30 159 191 32 20%
10 GS 3.75 2/25/2026 3.75% 02/25/26 88 120 32 36%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 12/15/23 – 12/22/23

RANK TRANCHE COUPON MATURITY DEALERS
1 BMY 5.9 11/15/2033 5.90% 11/15/33 35
2 T 5.4 2/15/2034 5.40% 02/15/34 34
3 BMY 5.75 2/1/2031 5.75% 02/01/31 33
4 ACAFP 8.125 PERP 8.13% NULL 33
5 GM 6.4 1/9/2033 6.40% 01/09/33 33
6 PFE 4.65 5/19/2030 4.65% 05/19/30 33
7 WSTP 5.535 11/17/2028 5.54% 11/17/28 33
8 INTC 5.2 2/10/2033 5.20% 02/10/33 33
9 HSBC 8 PERP 8.00% 09/07/99 33
10 PFE 4.75 5/19/2033 4.75% 05/19/33 33

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 12/15/23 – 12/22/23

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 12/15/23 – 12/22/23

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