Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 2/23/24
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 2/23/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Whirlpool Corp. (USD) 5.75% 3/1/2034 | Senior Notes | 300 | 99.781 | 5.78 | 145 |
| Prologis (CAD) 4.7% 3/1/2029 | Senior Notes | 550 | 99.811 | 4.74 | 110 |
| Northern States Power Co. of Minnesota (USD) 5.4% 3/15/2054 | First Mortgage Bond | 700 | 99.613 | 5.43 | 97 |
| Caterpillar Financial Services Corp. (USD) FLT% 2/27/2026 | Medium Term Notes | 600 | 100 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 2/16/24 – 2/23/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | LASUDE 5 7/28/2026 | 5.00% | 07/28/26 | 11.70% | 65.10 | 58.28 | 13 |
| 2 | PINGRE 3.45 7/29/2026 | 3.45% | 07/29/26 | 10.40% | 81.04 | 73.41 | 16 |
| 3 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | 9.19% | 62.12 | 56.89 | 20 |
| 4 | LNGFOR 4.5 1/16/2028 | 4.50% | 01/16/28 | 8.23% | 54.56 | 50.41 | 22 |
| 5 | TSINGH 5.375 1/31/2023 | 5.38% | 01/31/23 | 8.21% | 55.82 | 51.59 | 10 |
| 6 | IBTX 4 9/15/2030 | 4.00% | 09/15/30 | 7.72% | 93.43 | 86.73 | 3 |
| 7 | KUDSW 1.5 9/27/2024 | 1.50% | 09/27/24 | 7.65% | 81.28 | 75.51 | 2 |
| 8 | VNKRLE 3.5 11/12/2029 | 3.50% | 11/12/29 | 7.06% | 50.53 | 47.20 | 24 |
| 9 | CHJMAO 4.25 7/23/2029 | 4.25% | 07/23/29 | 5.33% | 69.85 | 66.31 | 21 |
| 10 | PBBGR 5 2/5/2027 | 5.00% | 02/05/27 | 5.29% | 93.65 | 88.94 | 28 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 2/16/24 – 2/23/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | TEMNSW 1.5 11/28/2025 | 1.50% | 11/28/25 | -7.14% | 90.88 | 97.86 | 6 |
| 2 | OPI 2.4 2/1/2027 | 2.40% | 02/01/27 | -5.25% | 51.84 | 54.71 | 23 |
| 3 | AITOCU 4 8/11/2041 144A | 4.00% | 08/11/41 | -3.11% | 70.66 | 72.92 | 10 |
| 4 | LBBW 4 PERP | 4.00% | NULL | -2.92% | 73.94 | 76.17 | 20 |
| 5 | UU 0.01 9/30/2036 | 0.01% | 09/30/36 | -2.78% | 74.82 | 76.96 | 3 |
| 6 | HOWUNI 4.576 10/1/2041 | 4.58% | 10/01/41 | -2.77% | 78.79 | 81.04 | 2 |
| 7 | NI 5.8 2/1/2042 | 5.80% | 02/01/42 | -2.45% | 94.47 | 96.84 | 8 |
| 8 | PACLIF 4.3 10/24/2067 144A | 4.30% | 10/24/67 | -2.40% | 76.65 | 78.53 | 11 |
| 9 | CAENDW 2.498 4/1/2051 | 2.50% | 04/01/51 | -2.09% | 60.87 | 62.17 | 5 |
| 10 | HESLAN 0.375 6/4/2029 | 0.38% | 06/04/29 | -1.73% | 81.63 | 83.07 | 17 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 2/16/24 – 2/23/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Media: Advertising, Printing & Publishing | -33 bps | 7.16% | 7.49% |
| 2 | Forest Products & Paper | -17 bps | 4.69% | 4.87% |
| 3 | Banking | -8 bps | 4.74% | 4.82% |
| 4 | Real Estate | -7 bps | 6.55% | 6.62% |
| 5 | 0 | -3 bps | 6.79% | 6.82% |
| 6 | Services: Consumer | -3 bps | 6.15% | 6.18% |
| 7 | Containers, Packaging, & Glass | 47 bps | 5.86% | 5.39% |
| 8 | Beverage, Food & Tobacco | -3 bps | 4.43% | 4.46% |
| 9 | Media: Broadcasting & Subscription | -3 bps | 4.99% | 5.01% |
| 10 | Finance | -2 bps | 4.87% | 4.89% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 2/16/24 – 2/23/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Containers, Packaging, & Glass | 47 bps | 5.86% | 5.39% |
| 2 | Energy: Electricity | 46 bps | 7.73% | 7.28% |
| 3 | Media: Diversified & Production | 34 bps | 5.11% | 4.77% |
| 4 | Transportation: Cargo | 14 bps | 5.17% | 5.03% |
| 5 | Hotel, Gaming & Leisure | 13 bps | 5.12% | 4.98% |
| 6 | Consumer Goods: Non-Durable | 11 bps | 4.57% | 4.46% |
| 7 | High Tech Industries | 7 bps | 4.91% | 4.84% |
| 8 | Environmental Industries | 6 bps | 4.94% | 4.88% |
| 9 | Sovereign & Public Finance | 5 bps | 4.47% | 4.42% |
| 10 | Utilities: Electric | 5 bps | 4.81% | 4.76% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 2/16/24 – 2/23/24
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 2/16/24 – 2/23/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 2/16/24 vs. the week ending 2/23/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | MEX 5.75 10/12/2110 | 5.75% | 10/12/10 | 17 | 146 | 129 | 759% |
| 2 | VOTORA 7.25 4/5/2041 REGS | 7.25% | 04/05/41 | 6 | 104 | 98 | 1633% |
| 3 | MPC 3.8 4/1/2028 | 3.80% | 04/01/28 | 10 | 102 | 92 | 920% |
| 4 | IBESM 1.621 11/29/2029 | 1.62% | 11/29/29 | 1 | 83 | 82 | 8200% |
| 5 | AMCR 3.1 9/15/2026 | 3.10% | 09/15/26 | 10 | 82 | 72 | 720% |
| 6 | CNALN 7 9/19/2033 | 7.00% | 09/19/33 | 10 | 70 | 60 | 600% |
| 7 | FYBR 6.86 2/1/2028 | 6.86% | 02/01/28 | 5 | 65 | 60 | 1200% |
| 8 | WSTP FLT 2/16/2028 | 5.76% | 02/16/28 | 12 | 70 | 58 | 483% |
| 9 | LDOS 5.5 7/1/2033 | 5.50% | 07/01/33 | 8 | 59 | 51 | 638% |
| 10 | NSC 4.1 5/15/2121 | 4.10% | 05/15/21 | 105 | 156 | 51 | 49% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 2/16/24 – 2/23/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | NEE 5.25 3/15/2034 | 5.25% | 03/15/34 | 40 |
| 2 | JPM 5.336 1/23/2035 | 5.34% | 01/23/35 | 39 |
| 3 | USB 5.678 1/23/2035 | 5.68% | 01/23/35 | 38 |
| 4 | TOYOTA 4.8 1/5/2034 | 4.80% | 01/05/34 | 38 |
| 5 | NAB 4.787 1/10/2029 | 4.79% | 01/10/29 | 38 |
| 6 | HSBC 8 PERP | 8.00% | 09/07/99 | 37 |
| 7 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 37 |
| 8 | ACAFP 8.125 PERP | 8.13% | NULL | 37 |
| 9 | ORCL 4.9 2/6/2033 | 4.90% | 02/06/33 | 37 |
| 10 | PNC 5.676 1/22/2035 | 5.68% | 01/22/35 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 2/16/24 – 2/23/24
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 2/16/24 – 2/23/24
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