Investment Grade Corporate Bond Market Summary – Week Ending 2/2/24
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Investment Grade Corporate Bond Market Summary: Week Ending 2/2/24
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 2/2/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Northrop Grumman Corp. | Senior Note | 1150 | 99.614 | 5.23 | 90 |
| NextEra Energy Capital Holding Inc. | 1100 | 99.702 | 5.29 | 120 | |
| Kinder Morgan Inc. | Senior Note | 1000 | 99.687 | 5.44 | 135 |
| IBM Intl. Capital Pte LTD | 1400 | 99.435 | 5.34 | 100 | |
| Capital One Financial Corp. | 1000 | 100 | |||
| BMW US Capital LLC | 1000 | 99.833 | 3.4 | 119 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 1/26/24 – 2/2/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LASUDE 5 7/28/2026 | 5.00% | 07/28/26 | 10.97% | 56.60 | 51.01 | 13 |
| 2 | UTYPNT 3.665 2/15/2050 | 3.67% | 02/15/50 | 8.44% | 79.11 | 72.95 | 5 |
| 3 | NWN 3.6 3/15/2050 | 3.60% | 03/15/50 | 8.40% | 70.99 | 65.49 | 4 |
| 4 | VALCHI 4.399 3/15/2048 | 4.40% | 03/15/48 | 7.89% | 86.92 | 80.56 | 3 |
| 5 | SHUION 5.5 3/3/2025 | 5.50% | 03/03/25 | 7.71% | 70.60 | 65.54 | 20 |
| 6 | LNC FLT 5/17/2066 | 7.95% | 05/17/66 | 7.04% | 77.65 | 72.55 | 12 |
| 7 | PEAHEA 3.218 11/15/2050 | 3.22% | 11/15/50 | 7.01% | 68.32 | 63.84 | 5 |
| 8 | BABA 3.25 2/9/2061 | 3.25% | 02/09/61 | 6.66% | 64.16 | 60.15 | 24 |
| 9 | LIBMUT 3.95 5/15/2060 144A | 3.95% | 05/15/60 | 6.60% | 75.38 | 70.71 | 13 |
| 10 | TENCNT 3.29 6/3/2060 144A | 3.29% | 06/03/60 | 6.31% | 64.95 | 61.09 | 19 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 1/26/24 – 2/2/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | VLY 3 6/15/2031 | 3.00% | 06/15/31 | -8.54% | 78.83 | 86.19 | 5 |
| 2 | WAL 3 6/15/2031 | 3.00% | 06/15/31 | -2.63% | 87.55 | 89.92 | 13 |
| 3 | NIPPBK 5.9 9/8/2026 | 5.90% | 09/08/26 | -2.55% | 98.66 | 101.24 | 11 |
| 4 | CERVIM 6 2/15/2029 REGS | 6.00% | 02/15/29 | -2.20% | 90.27 | 92.30 | 15 |
| 5 | BAYNGR 1 1/12/2036 | 1.00% | 01/12/36 | -1.90% | 68.78 | 70.12 | 18 |
| 6 | BOAD 2.75 1/22/2033 REGS | 2.75% | 01/22/33 | -1.69% | 75.48 | 76.77 | 15 |
| 7 | CBGLN 11.125 PERP | 11.13% | 11/29/99 | -1.63% | 96.72 | 98.31 | 14 |
| 8 | CPUAU 1.125 10/7/2031 | 1.13% | 10/07/31 | -1.51% | 78.60 | 79.81 | 10 |
| 9 | FDX 1.3 8/5/2031 | 1.30% | 08/05/31 | -1.23% | 85.15 | 86.21 | 15 |
| 10 | MTB 6.45 PERP | 6.45% | NULL | -1.21% | 98.72 | 99.93 | 16 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 1/26/24 – 2/2/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -156 bps | 5.89% | 7.45% |
| 2 | High Tech Industries | -32 bps | 4.50% | 4.83% |
| 3 | Energy: Oil & Gas | -18 bps | 4.88% | 5.06% |
| 4 | Finance | -17 bps | 4.59% | 4.76% |
| 5 | Media: Diversified & Production | -15 bps | 4.27% | 4.42% |
| 6 | Sovereign & Public Finance | -14 bps | 4.24% | 4.38% |
| 7 | Real Estate | 63 bps | 7.08% | 6.46% |
| 8 | Utilities: Electric | -14 bps | 4.44% | 4.58% |
| 9 | Media: Advertising, Printing & Publishing | -14 bps | 6.60% | 6.74% |
| 10 | Containers, Packaging, & Glass | -14 bps | 5.56% | 5.69% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 1/26/24 – 2/2/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Real Estate | 63 bps | 7.08% | 6.46% |
| 2 | Consumer Goods: Non-Durable | 5 bps | 4.35% | 4.29% |
| 3 | Wholesale | 5 bps | 5.10% | 5.05% |
| 4 | Forest Products & Paper | -3 bps | 4.43% | 4.46% |
| 5 | Services: Business | -3 bps | 3.95% | 3.98% |
| 6 | Beverage, Food & Tobacco | -3 bps | 4.19% | 4.22% |
| 7 | Hotel, Gaming & Leisure | -4 bps | 4.68% | 4.71% |
| 8 | Insurance | -5 bps | 4.93% | 4.98% |
| 9 | Retail | -6 bps | 4.88% | 4.94% |
| 10 | Capital Equipment | -6 bps | 4.29% | 4.35% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 1/26/24 – 2/2/24 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 1/26/24 – 2/2/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 1/26/24 vs. the week ending 2/2/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ABIBB 4.9 2/1/2046 | 4.90% | 02/01/46 | 114 | 286 | 172 | 151% |
| 2 | NRUC 5 3/15/2031 | 5.00% | 03/15/31 | 28 | 112 | 84 | 300% |
| 3 | IBM 4.5 2/6/2026 | 4.50% | 02/06/26 | 184 | 242 | 58 | 32% |
| 4 | GZRFPR 7.5 7/11/2028 | 6.50% | 07/11/28 | 78 | 132 | 54 | 69% |
| 5 | IBM 5.1 2/6/2053 | 5.10% | 02/06/53 | 253 | 305 | 52 | 21% |
| 6 | IBM 4.75 2/6/2033 | 4.75% | 02/06/33 | 292 | 340 | 48 | 16% |
| 7 | IBM 3.5 5/15/2029 | 3.50% | 05/15/29 | 261 | 308 | 47 | 18% |
| 8 | PGR 0 PERP | 0.00% | NULL | 83 | 127 | 44 | 53% |
| 9 | BATSLN 3.557 8/15/2027 | 3.56% | 08/15/27 | 169 | 209 | 40 | 24% |
| 10 | ENBCN 2.5 1/15/2025 | 2.50% | 01/15/25 | 104 | 144 | 40 | 38% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 1/26/24 – 2/2/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | NAB 4.787 1/10/2029 | 4.79% | 01/10/29 | 39 |
| 2 | LLOYDS 5.679 1/5/2035 | 5.68% | 01/05/35 | 38 |
| 3 | TOYOTA 4.65 1/5/2029 | 4.65% | 01/05/29 | 38 |
| 4 | JPM 5.336 1/23/2035 | 5.34% | 01/23/35 | 38 |
| 5 | NAB 4.951 1/10/2034 REGS | 4.95% | 01/10/34 | 37 |
| 6 | ET 5.95 5/15/2054 | 5.95% | 05/15/54 | 37 |
| 7 | BPLN 4.989 4/10/2034 | 4.99% | 04/10/34 | 37 |
| 8 | ET 5.55 5/15/2034 | 5.55% | 05/15/34 | 37 |
| 9 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 36 |
| 10 | HSBC 8 PERP | 8.00% | 09/07/99 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 1/26/24 – 2/2/24 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 1/26/24 – 2/2/24
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