Corporates

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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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