Investment Grade Corporate Bond Market Summary – Week Ending 1/19/24
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Investment Grade Corporate Bond Market Summary: Week Ending 1/19/24
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 1/19/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| US Bancorp (USD) 5.384% 1/23/2030 | Floating Rate Notes | 1500 | 100 | 5.38 | 133 |
| Prologis LP (USD) 5% 3/15/2034 | Senior Notes | 800 | 99.534 | 5.06 | 92 |
| Citizens Financial Group Inc. (USD) 5.841% 1/23/2030 | Floating Rate Notes | 1250 | 100 | 5.84 | 180 |
| Wells Fargo & Co. (USD) 5.499% 1/23/2035 | Medium Term Notes | 3000 | 100 | 5.5 | 145 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 1/12/24 – 1/19/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LBBW 4 PERP | 4.00% | NULL | 4.18% | 77.95 | 74.82 | 19 |
| 2 | OPI 4.5 2/1/2025 | 4.50% | 02/01/25 | 3.77% | 84.98 | 81.89 | 24 |
| 3 | ARES 4.125 6/30/2051 144A | 4.13% | 06/30/51 | 3.14% | 89.01 | 86.30 | 10 |
| 4 | ADTIN 4.25 5/21/2036 REGS | 4.25% | 05/21/36 | 2.96% | 81.98 | 79.63 | 26 |
| 5 | TRPCN 5.6 3/7/2082 | 5.60% | 03/07/82 | 2.80% | 86.73 | 84.37 | 18 |
| 6 | BFCM FLT PERP | 2.58% | NULL | 2.71% | 86.50 | 84.21 | 10 |
| 7 | HTHROW 4.125 9/1/2029 | 4.13% | 09/01/29 | 2.69% | 89.52 | 87.18 | 15 |
| 8 | EQH 5.568 2/15/2049 | 5.57% | 02/15/49 | 2.59% | 91.33 | 89.02 | 14 |
| 9 | AXASA FLT PERP | 3.55% | NULL | 2.41% | 84.61 | 82.62 | 11 |
| 10 | CITCON 3.625 PERP | 3.63% | NULL | 2.18% | 64.33 | 62.96 | 14 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 1/12/24 – 1/19/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SAVE 8 9/20/2025 144A | 8.00% | 09/20/25 | -30.64% | 51.50 | 74.25 | 27 |
| 2 | SLOREP 1.175 2/13/2062 | 1.18% | 02/13/62 | -7.91% | 53.79 | 58.41 | 4 |
| 3 | XIAQUJ 5.5 5/10/2024 | 5.50% | 05/10/24 | -5.38% | 94.50 | 99.88 | 2 |
| 4 | WELLTR 2.517 2/7/2018 | 2.52% | 02/07/18 | -5.06% | 52.50 | 55.30 | 2 |
| 5 | PERU 2.78 12/1/2060 | 2.78% | 12/01/60 | -4.92% | 56.69 | 59.62 | 19 |
| 6 | ATVI 2.5 9/15/2050 | 2.50% | 09/15/50 | -4.90% | 56.85 | 59.78 | 6 |
| 7 | EDF 6 1/22/2114 | 6.00% | 01/22/14 | -4.54% | 93.96 | 98.43 | 14 |
| 8 | DUK 2.799 7/1/2041 | 2.80% | 07/01/41 | -4.33% | 72.82 | 76.11 | 5 |
| 9 | SVNLN 2.375 11/4/2048 | 2.38% | 11/04/48 | -4.19% | 58.03 | 60.57 | 15 |
| 10 | MRK 2.9 12/10/2061 | 2.90% | 12/10/61 | -3.90% | 63.19 | 65.76 | 17 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 1/12/24 – 1/19/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Healthcare & Pharmaceuticals | -26 bps | 4.49% | 4.75% |
| 2 | Energy: Electricity | -2 bps | 6.16% | 6.18% |
| 3 | Containers, Packaging, & Glass | 4 bps | 5.23% | 5.19% |
| 4 | Transportation: Consumer | 7 bps | 5.34% | 5.27% |
| 5 | Services: Consumer | 8 bps | 6.07% | 5.98% |
| 6 | 0 | 9 bps | 7.00% | 6.91% |
| 7 | Media: Diversified & Production | 47 bps | 4.86% | 4.38% |
| 8 | Banking | 11 bps | 4.83% | 4.72% |
| 9 | Wholesale | 11 bps | 5.05% | 4.93% |
| 10 | Energy: Oil & Gas | 11 bps | 5.09% | 4.98% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 1/12/24 – 1/19/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | 47 bps | 4.86% | 4.38% |
| 2 | Forest Products & Paper | 30 bps | 4.65% | 4.35% |
| 3 | Telecommunications | 25 bps | 4.63% | 4.38% |
| 4 | Environmental Industries | 21 bps | 4.71% | 4.50% |
| 5 | Media: Broadcasting & Subscription | 20 bps | 4.89% | 4.69% |
| 6 | Hotel, Gaming & Leisure | 20 bps | 4.92% | 4.72% |
| 7 | Consumer Goods: Durable | 19 bps | 4.13% | 3.94% |
| 8 | Chemicals, Plastics & Rubber | 18 bps | 5.12% | 4.94% |
| 9 | Metals & Mining | 17 bps | 5.20% | 5.02% |
| 10 | Beverage, Food & Tobacco | 17 bps | 4.29% | 4.12% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 1/12/24 – 1/19/24 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 1/12/24 – 1/19/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 1/12/24 vs. the week ending 1/19/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ROSW 5.489 11/13/2030 144A | 5.49% | 11/13/30 | 157 | 243 | 86 | 55% |
| 2 | GM 6.1 1/7/2034 | 6.10% | 01/07/34 | 234 | 305 | 71 | 30% |
| 3 | GM 5.8 1/7/2029 | 5.80% | 01/07/29 | 229 | 293 | 64 | 28% |
| 4 | SAVE 8 9/20/2025 144A | 8.00% | 09/20/25 | 166 | 230 | 64 | 39% |
| 5 | ROSW 5.338 11/13/2028 144A | 5.34% | 11/13/28 | 151 | 213 | 62 | 41% |
| 6 | TOYOTA 4.65 1/5/2029 | 4.65% | 01/05/29 | 312 | 373 | 61 | 20% |
| 7 | COXENT 5.7 6/15/2033 144A | 5.70% | 06/15/33 | 168 | 229 | 61 | 36% |
| 8 | COXENT 5.45 9/15/2028 144A | 5.45% | 09/15/28 | 129 | 182 | 53 | 41% |
| 9 | TOYOTA 4.8 1/5/2034 | 4.80% | 01/05/34 | 334 | 381 | 47 | 14% |
| 10 | ANZ 4.75 5/13/2027 | 4.75% | 05/13/27 | 95 | 139 | 44 | 46% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 1/12/24 – 1/19/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | TOYOTA 4.8 1/5/2034 | 4.80% | 01/05/34 | 39 |
| 2 | NAB 4.787 1/10/2029 | 4.79% | 01/10/29 | 38 |
| 3 | TOYOTA 4.65 1/5/2029 | 4.65% | 01/05/29 | 38 |
| 4 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 37 |
| 5 | NAB 4.75 12/10/2025 | 4.75% | 12/10/25 | 36 |
| 6 | ET 5.55 5/15/2034 | 5.55% | 05/15/34 | 36 |
| 7 | LLOYDS 5.679 1/5/2035 | 5.68% | 01/05/35 | 36 |
| 8 | ET 5.95 5/15/2054 | 5.95% | 05/15/54 | 35 |
| 9 | ORCL 4.9 2/6/2033 | 4.90% | 02/06/33 | 35 |
| 10 | BMY 5.9 11/15/2033 | 5.90% | 11/15/33 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 1/12/24 – 1/19/24 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 1/12/24 – 1/19/24
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