Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 1/26/24
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 1/26/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Tampa Electric Co. (USD) 4.9% 3/1/2029 | Senior Notes | 500 | 99.932 | 4.91 | 87.5 |
| New Mountain Finance Corp. (USD) 6.875% 2/1/2029 | Senior Notes | 300 | 98.964 | 7.12 | |
| Comerica Inc. (USD) 5.982% 1/30/2030 | Floating Rate Notes | 1000 | 100 | 5.98 | 195 |
| Procter & Gamble Co. (USD) 4.55% 1/29/2034 | Senior Notes | 750 | 100 | 4.55 | 37 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 1/19/24 – 1/26/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | SAVE 8 9/20/2025 144A | 8.00% | 09/20/25 | 24.87% | 64.31 | 51.50 | 28 |
| 2 | RUSSIA 5.1 3/28/2035 REGS | 5.10% | 03/28/35 | 10.78% | 54.20 | 48.93 | 7 |
| 3 | KNAAND FLT PERP | 0.00% | NULL | 6.86% | 77.82 | 72.83 | 2 |
| 4 | LBBW 4 PERP | 4.00% | NULL | 6.54% | 83.04 | 77.95 | 19 |
| 5 | BIP 3.41 10/9/2029 | 3.41% | 10/09/29 | 6.44% | 98.89 | 92.91 | 2 |
| 6 | WEC 5.55 12/1/2036 | 5.55% | 12/01/36 | 6.18% | 97.69 | 92.01 | 2 |
| 7 | LASUDE 5 7/28/2026 | 5.00% | 07/28/26 | 5.21% | 51.01 | 48.48 | 13 |
| 8 | USB 3.7 PERP | 3.70% | NULL | 4.80% | 86.51 | 82.55 | 17 |
| 9 | OCFC 5.25 5/15/2030 | 5.25% | 05/15/30 | 4.79% | 97.20 | 92.75 | 2 |
| 10 | COF 3.95 PERP | 6.99% | NULL | 4.79% | 85.68 | 81.77 | 17 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 1/19/24 – 1/26/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | EIB 14 3/1/2026 | 14.00% | 03/01/26 | -11.67% | 51.46 | 58.25 | 2 |
| 2 | DIS 8.25 10/17/2096 | 8.25% | 10/17/96 | -7.39% | 128.86 | 139.14 | 4 |
| 3 | TELEFO 4.95 7/17/2030 REGS | 4.95% | 07/17/30 | -5.20% | 63.51 | 67.00 | 19 |
| 4 | AITOCU 5.125 8/11/2061 REGS | 5.13% | 08/11/61 | -3.31% | 71.25 | 73.69 | 4 |
| 5 | ETLFP 2.25 7/13/2027 | 2.25% | 07/13/27 | -2.68% | 83.69 | 86.00 | 15 |
| 6 | ADJGR 4.25 7/31/2025 | 4.25% | 07/31/25 | -2.66% | 68.78 | 70.66 | 18 |
| 7 | HGB 3 4/25/2041 | 3.00% | 04/25/41 | -2.42% | 65.16 | 66.78 | 3 |
| 8 | ALFACL 4.55 9/27/2051 REGS | 4.55% | 09/27/51 | -2.31% | 73.57 | 75.31 | 12 |
| 9 | PANAMA 3.87 7/23/2060 | 3.87% | 07/23/60 | -2.28% | 55.29 | 56.59 | 20 |
| 10 | PPL 5.2 7/15/2041 | 5.20% | 07/15/41 | -2.11% | 93.79 | 95.81 | 10 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 1/19/24 – 1/26/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Media: Diversified & Production | -43 bps | 4.42% | 4.84% |
| 2 | Banking | -23 bps | 4.61% | 4.84% |
| 3 | Transportation: Consumer | -23 bps | 5.19% | 5.42% |
| 4 | Hotel, Gaming & Leisure | -21 bps | 4.70% | 4.91% |
| 5 | Finance | -18 bps | 4.75% | 4.93% |
| 6 | Services: Business | -18 bps | 3.97% | 4.15% |
| 7 | Energy: Electricity | 126 bps | 7.44% | 6.19% |
| 8 | Forest Products & Paper | -16 bps | 4.47% | 4.64% |
| 9 | Telecommunications | -16 bps | 4.46% | 4.62% |
| 10 | Insurance | -14 bps | 4.98% | 5.12% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 1/19/24 – 1/26/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Energy: Electricity | 126 bps | 7.44% | 6.19% |
| 2 | Containers, Packaging, & Glass | 42 bps | 5.65% | 5.23% |
| 3 | Healthcare & Pharmaceuticals | 39 bps | 4.88% | 4.49% |
| 4 | 0 | 11 bps | 7.09% | 6.98% |
| 5 | Chemicals, Plastics & Rubber | 6 bps | 5.10% | 5.04% |
| 6 | Wholesale | 0 bps | 5.05% | 5.04% |
| 7 | Utilities: Water | 0 bps | 4.72% | 4.73% |
| 8 | Sovereign & Public Finance | -2 bps | 4.39% | 4.41% |
| 9 | Media: Advertising, Printing & Publishing | -3 bps | 6.75% | 6.78% |
| 10 | Environmental Industries | -3 bps | 4.68% | 4.71% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 1/19/24 – 1/26/24
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 1/19/24 – 1/26/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 1/19/24 vs. the week ending 1/26/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | ADM 4.5 8/15/2033 | 4.50% | 08/15/33 | 168 | 241 | 73 | 43% |
| 2 | MA 4.875 3/9/2028 | 4.88% | 03/09/28 | 198 | 258 | 60 | 30% |
| 3 | ADM 2.7 9/15/2051 | 2.70% | 09/15/51 | 143 | 198 | 55 | 38% |
| 4 | ADM 2.9 3/1/2032 | 2.90% | 03/01/32 | 147 | 201 | 54 | 37% |
| 5 | V 4.3 12/14/2045 | 4.30% | 12/14/45 | 173 | 221 | 48 | 28% |
| 6 | ADM 2.5 8/11/2026 | 2.50% | 08/11/26 | 130 | 178 | 48 | 37% |
| 7 | PLD 5.25 6/15/2053 | 5.25% | 06/15/53 | 154 | 202 | 48 | 31% |
| 8 | V 4.15 12/14/2035 | 4.15% | 12/14/35 | 164 | 209 | 45 | 27% |
| 9 | ADM 3.75 9/15/2047 | 3.75% | 09/15/47 | 79 | 124 | 45 | 57% |
| 10 | SAVE 8 9/20/2025 144A | 8.00% | 09/20/25 | 230 | 275 | 45 | 20% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 1/19/24 – 1/26/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | TOYOTA 4.65 1/5/2029 | 4.65% | 01/05/29 | 39 |
| 2 | TOYOTA 4.8 1/5/2034 | 4.80% | 01/05/34 | 38 |
| 3 | NAB 4.787 1/10/2029 | 4.79% | 01/10/29 | 38 |
| 4 | LLOYDS 5.679 1/5/2035 | 5.68% | 01/05/35 | 37 |
| 5 | ET 5.55 5/15/2034 | 5.55% | 05/15/34 | 37 |
| 6 | JPM 5.336 1/23/2035 | 5.34% | 01/23/35 | 37 |
| 7 | ET 5.95 5/15/2054 | 5.95% | 05/15/54 | 37 |
| 8 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 36 |
| 9 | HSBC 8 PERP | 8.00% | 09/07/99 | 36 |
| 10 | RY 5.15 2/1/2034 | 5.15% | 02/01/34 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 1/19/24 – 1/26/24
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 1/19/24 – 1/26/24
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