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.
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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