Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 3/1/24

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 3/1/24, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PRC AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
TPG Hldg (USD) 5.875% 3/5/2034 Senior Notes 600 99.903 5.89 165
Safehold Operating Partnership LP (USD) 6.1% 4/1/2034 Senior Notes 300 98.957 6.24 200
Aon PLC (USD) 5.75% 3/1/2054 Senior Notes 2000 99.392 5.79 140
Tyson Foods Inc. (USD) 5.7% 3/15/2034 Senior Notes 900 99.817 5.72 145

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 2/23/24 – 3/1/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 EIB 14 3/1/2026 14.00% 03/01/26 21.47% 56.06 46.15 2
2 LEED 13.375 PERP 13.38% NULL 9.63% 186.17 169.82 3
3 PCPDC 5.125 6/18/2026 5.13% 06/18/26 5.14% 82.56 78.52 9
4 GLCCUK 1.375 3/31/2057 1.38% 03/31/57 4.42% 143.64 137.56 5
5 SSELN 1.429 10/20/2056 1.43% 10/20/56 4.03% 73.21 70.37 7
6 HYSAN 4.1 PERP 4.10% NULL 3.75% 88.49 85.29 13
7 UU 1.585 7/12/2057 1.59% 07/12/57 3.73% 80.14 77.26 6
8 AWLN 1.6777 7/3/2056 1.68% 07/03/56 3.61% 149.07 143.88 4
9 SECBEN 6.5 PERP REGS 6.50% NULL 3.60% 68.63 66.25 10
10 NGGLN 1.819 5/11/2056 1.82% 05/11/56 3.28% 83.05 80.42 5

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 2/23/24 – 3/1/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 PARA 4.95 5/19/2050 4.95% 05/19/50 -7.60% 71.17 77.02 29
2 VNKRLE 3.975 11/9/2027 3.98% 11/09/27 -6.86% 55.34 59.42 23
3 RCFFP 3.75 6/24/2029 3.75% 06/24/29 -3.84% 95.52 99.34 16
4 XEL 4.5 8/15/2041 4.50% 08/15/41 -3.81% 82.88 86.16 16
5 HEIMST 4.25 3/9/2026 4.25% 03/09/26 -3.64% 54.74 56.81 18
6 LNGFOR 4.5 1/16/2028 4.50% 01/16/28 -3.63% 52.58 54.56 23
7 CPUAU 1.125 10/7/2031 1.13% 10/07/31 -2.76% 78.72 80.96 9
8 WBD 5.391 3/15/2062 5.39% 03/15/62 -2.71% 80.55 82.79 28
9 AIIB 40 4/25/2025 40.00% 04/25/25 -2.65% 90.76 93.22 2
10 TMO 2 10/18/2051 2.00% 10/18/51 -2.46% 69.27 71.02 14

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 2/23/24 – 3/1/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Media: Diversified & Production -51 bps 4.61% 5.12%
2 Containers, Packaging, & Glass -50 bps 5.37% 5.87%
3 Utilities: Water -15 bps 4.78% 4.93%
4 Transportation: Consumer -12 bps 5.35% 5.47%
5 Telecommunications -12 bps 4.67% 4.78%
6 Transportation: Cargo -10 bps 5.06% 5.16%
7 Real Estate 58 bps 7.13% 6.55%
8 Chemicals, Plastics & Rubber -7 bps 5.15% 5.23%
9 Services: Consumer -7 bps 6.09% 6.16%
10 Construction & Building -6 bps 4.65% 4.71%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 2/23/24 – 3/1/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Real Estate 58 bps 7.13% 6.55%
2 Energy: Electricity 44 bps 8.14% 7.70%
3 Forest Products & Paper 20 bps 4.89% 4.69%
4 Media: Broadcasting & Subscription 17 bps 5.16% 4.99%
5 Media: Advertising, Printing & Publishing 14 bps 7.31% 7.18%
6 Hotel, Gaming & Leisure 10 bps 5.22% 5.12%
7 Consumer Goods: Non-Durable 6 bps 4.62% 4.56%
8 Beverage, Food & Tobacco 6 bps 4.50% 4.44%
9 Energy: Oil & Gas 6 bps 5.15% 5.09%
10 Sovereign & Public Finance 6 bps 4.53% 4.47%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 2/23/24 – 3/1/24

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 2/23/24 – 3/1/24

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 2/23/24 vs. the week ending 3/1/24

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 PSX 5.3 6/30/2033 5.30% 06/30/33 216 276 60 28%
2 SO 5.5 3/15/2029 5.50% 03/15/29 195 242 47 24%
3 EXC 5.6 3/15/2053 5.60% 03/15/53 273 318 45 16%
4 SO 5.7 3/15/2034 5.70% 03/15/34 278 316 38 14%
5 NSC 4.1 5/15/2121 4.10% 05/15/21 156 194 38 24%
6 RY 1.15 11/17/2025 1.15% 11/17/25 14 50 36 257%
7 ORCL 6.9 11/9/2052 6.90% 11/09/52 284 319 35 12%
8 HKMTGC 4.68 9/12/2025 4.68% 09/12/25 62 95 33 53%
9 ORCL 3.6 4/1/2040 3.60% 04/01/40 225 258 33 15%
10 PARA 5.85 9/1/2043 5.85% 09/01/43 226 258 32 14%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 2/23/24 – 3/1/24

RANK TRANCHE COUPON MATURITY DEALERS
1 ORCL 4.9 2/6/2033 4.90% 02/06/33 41
2 BMY 5.9 11/15/2033 5.90% 11/15/33 39
3 CSCO 4.85 2/26/2029 4.85% 02/26/29 39
4 CSCO 5.3 2/26/2054 5.30% 02/26/54 39
5 DIS 2.65 1/13/2031 2.65% 01/13/31 39
6 PFE 4.75 5/19/2033 4.75% 05/19/33 38
7 AMGN 5.25 3/2/2033 5.25% 03/02/33 38
8 CSCO 5.05 2/26/2034 5.05% 02/26/34 38
9 NEE 5.25 3/15/2034 5.25% 03/15/34 38
10 IBM 4.9 2/5/2034 4.90% 02/05/34 38

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 2/23/24 – 3/1/24

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 2/23/24 – 3/1/24

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