Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 1/12/24
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 1/12/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Pembina Pipeline Corp. (CAD) 5.02% 1/12/2032 | Senior Unsecured MTN | 600 | 99.954 | 5.03 | 173 |
| Athene Global Funding (USD) 5.339% 1/15/2027 | Senior Secured Note | 550 | 100 | 5.34 | 130 |
| Asian Infrastructure Investment Bank (USD) 4.125% 1/18/2029 | Senior Unsecured Notes | 3000 | 99.62 | 4.21 | 26 |
| Royal Bank of Canada (USD) 5.15% 2/1/2034 | Senior Notes | 1250 | 99.796 | 5.18 | 115 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 1/5/24 – 1/12/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | HEIMST 4.375 3/6/2027 | 4.38% | 03/06/27 | 26.28% | 53.29 | 42.20 | 17 |
| 2 | GYCGR 6.332 PERP | 6.33% | NULL | 17.76% | 71.94 | 61.09 | 15 |
| 3 | CPIPGR 1.75 1/14/2030 | 1.75% | 01/14/30 | 13.78% | 65.61 | 57.66 | 23 |
| 4 | HGB 4 4/28/2051 | 4.00% | 04/28/51 | 9.34% | 72.74 | 66.53 | 3 |
| 5 | BALDER 2 1/18/2031 | 2.00% | 01/18/31 | 5.72% | 78.22 | 73.99 | 19 |
| 6 | CASTSS 3.125 PERP | 3.13% | NULL | 5.57% | 83.11 | 78.72 | 22 |
| 7 | RACLN 5.25 11/4/2027 REGS | 5.25% | 11/04/27 | 5.39% | 92.56 | 87.82 | 16 |
| 8 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | 5.19% | 57.98 | 55.12 | 21 |
| 9 | IGDIM 5.5 5/17/2027 | 5.50% | 05/17/27 | 4.91% | 94.55 | 90.13 | 11 |
| 10 | BNS 0 PERP | 0.00% | NULL | 4.86% | 95.60 | 91.17 | 13 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 1/5/24 – 1/12/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | FARMER 7.2 7/15/2048 | 7.20% | 07/15/48 | -4.67% | 92.76 | 97.31 | 10 |
| 2 | BABA 3.25 2/9/2061 | 3.25% | 02/09/61 | -3.93% | 60.56 | 63.04 | 23 |
| 3 | FLUVIU 3 10/27/2044 | 3.00% | 10/27/44 | -3.49% | 75.56 | 78.29 | 2 |
| 4 | ARAMCO 4.375 4/16/2049 REGS | 4.38% | 04/16/49 | -3.46% | 82.52 | 85.48 | 23 |
| 5 | MMBFP 1.75 10/7/2027 | 1.75% | 10/07/27 | -3.08% | 96.00 | 99.05 | 12 |
| 6 | ES 3.45 1/15/2050 | 3.45% | 01/15/50 | -2.91% | 69.31 | 71.39 | 18 |
| 7 | TOPTB 3.5 10/17/2049 REGS | 3.50% | 10/17/49 | -2.78% | 65.83 | 67.71 | 17 |
| 8 | SACHAN 0.5 3/24/2051 | 0.50% | 03/24/51 | -2.41% | 52.52 | 53.81 | 4 |
| 9 | MUBAUH 5.084 5/22/2053 REGS | 5.08% | 05/22/53 | -2.34% | 95.93 | 98.23 | 20 |
| 10 | ALFACL 4.55 9/27/2051 REGS | 4.55% | 09/27/51 | -2.25% | 75.98 | 77.73 | 10 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 1/5/24 – 1/12/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Energy: Electricity | -162 bps | 6.17% | 7.78% |
| 2 | 0 | -45 bps | 6.87% | 7.32% |
| 3 | Real Estate | -26 bps | 6.22% | 6.48% |
| 4 | Consumer Goods: Non-Durable | -25 bps | 4.21% | 4.46% |
| 5 | Services: Consumer | -22 bps | 5.94% | 6.17% |
| 6 | Containers, Packaging, & Glass | -19 bps | 5.22% | 5.41% |
| 7 | Media: Advertising, Printing & Publishing | 2 bps | 6.66% | 6.64% |
| 8 | Insurance | -18 bps | 4.93% | 5.11% |
| 9 | Environmental Industries | -16 bps | 4.48% | 4.64% |
| 10 | Metals & Mining | -16 bps | 5.00% | 5.16% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 1/5/24 – 1/12/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Media: Advertising, Printing & Publishing | 2 bps | 6.66% | 6.64% |
| 2 | Media: Diversified & Production | -2 bps | 4.38% | 4.40% |
| 3 | Wholesale | -2 bps | 4.89% | 4.91% |
| 4 | Utilities: Water | -2 bps | 4.56% | 4.58% |
| 5 | Telecommunications | -4 bps | 4.39% | 4.43% |
| 6 | Capital Equipment | -5 bps | 4.24% | 4.29% |
| 7 | Services: Business | -6 bps | 3.99% | 4.06% |
| 8 | Hotel, Gaming & Leisure | -6 bps | 4.75% | 4.81% |
| 9 | Banking | -7 bps | 4.72% | 4.79% |
| 10 | Construction & Building | -7 bps | 4.46% | 4.54% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 1/5/24 – 1/12/24
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 1/5/24 – 1/12/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 1/5/24 vs. the week ending 1/12/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | BIMBOA 6.05 1/15/2029 144A | 6.05% | 01/15/29 | 1 | 89 | 88 | 8800% |
| 2 | ROSW 5.489 11/13/2030 144A | 5.49% | 11/13/30 | 80 | 157 | 77 | 96% |
| 3 | ACAFP 6.5 PERP | 6.50% | 04/29/49 | 93 | 170 | 77 | 83% |
| 4 | DGELN 3.875 5/18/2028 | 3.88% | 05/18/28 | 157 | 214 | 57 | 36% |
| 5 | NEM 5.75 11/15/2041 144A | 5.75% | 11/15/41 | 38 | 94 | 56 | 147% |
| 6 | ROSW 5.338 11/13/2028 144A | 5.34% | 11/13/28 | 96 | 151 | 55 | 57% |
| 7 | TMUS 3 2/15/2041 | 3.00% | 02/15/41 | 218 | 273 | 55 | 25% |
| 8 | TMUS 2.4 3/15/2029 | 2.40% | 03/15/29 | 115 | 169 | 54 | 47% |
| 9 | HD 2.7 4/15/2030 | 2.70% | 04/15/30 | 190 | 242 | 52 | 27% |
| 10 | BSX 2.65 6/1/2030 | 2.65% | 06/01/30 | 201 | 252 | 51 | 25% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 1/5/24 – 1/12/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | TOYOTA 4.65 1/5/2029 | 4.65% | 01/05/29 | 38 |
| 2 | TOYOTA 4.8 1/5/2034 | 4.80% | 01/05/34 | 37 |
| 3 | NAB 4.787 1/10/2029 | 4.79% | 01/10/29 | 37 |
| 4 | LLOYDS 5.679 1/5/2035 | 5.68% | 01/05/35 | 36 |
| 5 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 36 |
| 6 | ET 6.55 12/1/2033 | 6.55% | 12/01/33 | 35 |
| 7 | BMY 5.9 11/15/2033 | 5.90% | 11/15/33 | 35 |
| 8 | EPD 4.85 1/31/2034 | 4.85% | 01/31/34 | 34 |
| 9 | TOYOTA 4.8 1/5/2026 | 4.80% | 01/05/26 | 34 |
| 10 | ACAFP 8.125 PERP | 8.13% | NULL | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 1/5/24 – 1/12/24
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 1/5/24 – 1/12/24
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