Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 3/15/24

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 3/15/24, issue size of $50 million and larger

Issue COLLATERAL TYPE AMT ISSUED (MM) PRC AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Brunswick Corp. (USD) 5.85% 3/18/2029 Senior Notes 400 99.829 5.89 160
Southern California Edison Co. (USD) 5.6% 4/1/2054 First & General Mortgage Bonds 500 99.35 5.64 133
Global Atlantic Fin (USD) 6.75% 3/15/2054 Senior Note 750 99.326 6.8 250
Constellation Energy Group Inc. (USD) 5.75% 3/15/2054 Senior Notes 900 99.901 5.76 145

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 3/8/24 – 3/15/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 HEIMST 4.25 3/9/2026 4.25% 03/09/26 22.20% 69.24 56.66 18
2 LNGFOR 4.5 1/16/2028 4.50% 01/16/28 11.83% 50.97 45.58 24
3 GYCGR 1.5 PERP 1.50% NULL 6.48% 59.62 56.00 14
4 AARB 0.875 2/26/2026 0.88% 02/26/26 5.73% 94.25 89.15 2
5 VNKRLE 4.2 6/7/2024 4.20% 06/07/24 5.50% 93.87 88.98 26
6 SMCGL 5.45 PERP 5.45% NULL 4.53% 89.65 85.76 15
7 SECBEN 6.5 PERP REGS 6.50% NULL 3.52% 75.16 72.60 10
8 TENN 0.5 11/30/2040 0.50% 11/30/40 3.16% 82.00 79.49 19
9 GLPCHI 2.95 3/29/2026 2.95% 03/29/26 2.97% 80.71 78.39 23
10 KSS 3.375 5/1/2031 3.38% 05/01/31 2.46% 80.73 78.79 23

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 3/8/24 – 3/15/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 BA 3.75 2/1/2050 3.75% 02/01/50 -4.95% 69.12 72.72 27
2 HARTHC 5.746 4/1/2044 5.75% 04/01/44 -4.18% 97.83 102.09 3
3 BACR 0 3/15/2038 0.00% 03/15/38 -4.09% 61.41 64.02 2
4 PETRPE 5.625 6/19/2047 REGS 5.63% 06/19/47 -4.06% 65.61 68.39 17
5 TEMASE 2.75 8/2/2061 144A 2.75% 08/02/61 -3.89% 67.13 69.85 6
6 PFGLN 8.875 1/13/2032 8.88% 01/13/32 -3.73% 86.50 89.86 14
7 COLBYC 3.072 7/1/2052 3.07% 07/01/52 -3.59% 64.22 66.61 4
8 CHIHOS 2.82 11/15/2050 2.82% 11/15/50 -3.57% 64.03 66.40 3
9 MRK 2.45 6/24/2050 2.45% 06/24/50 -3.54% 60.63 62.85 19
10 APTV 3.1 12/1/2051 3.10% 12/01/51 -3.42% 61.96 64.16 19

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 3/8/24 – 3/15/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Media: Diversified & Production -24 bps 4.62% 4.86%
2 Hotel, Gaming & Leisure -2 bps 4.96% 4.98%
3 Construction & Building 1 bps 4.58% 4.57%
4 Chemicals, Plastics & Rubber 6 bps 5.01% 4.95%
5 Energy: Electricity 6 bps 7.79% 7.73%
6 Utilities: Oil & Gas 6 bps 5.05% 4.99%
7 Services: Consumer 8 bps 6.16% 6.08%
8 Telecommunications 8 bps 4.57% 4.48%
9 Aerospace & Defense 9 bps 5.25% 5.16%
10 Automotive 10 bps 4.87% 4.77%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 3/8/24 – 3/15/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Real Estate 55 bps 7.57% 7.02%
2 Energy: Oil & Gas 34 bps 5.11% 4.77%
3 Transportation: Consumer 28 bps 5.41% 5.14%
4 Transportation: Cargo 25 bps 5.14% 4.89%
5 Metals & Mining 23 bps 5.30% 5.07%
6 Environmental Industries 22 bps 4.91% 4.69%
7 Utilities: Water 20 bps 4.80% 4.60%
8 Wholesale 19 bps 5.20% 5.01%
9 Finance 18 bps 4.90% 4.72%
10 Consumer Goods: Non-Durable 18 bps 4.73% 4.55%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 3/8/24 – 3/15/24

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 3/8/24 – 3/15/24

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/8/24 vs. the week ending 3/15/24

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 SAVE 8 9/20/2025 144A 8.00% 09/20/25 132 268 136 103%
2 UBS 4.282 1/9/2028 REGS 4.28% 01/09/28 104 185 81 78%
3 PTTEPT 6.35 6/12/2042 REGS 6.35% 06/12/42 125 196 71 57%
4 HYNMTR 2.75 9/27/2026 REGS 2.75% 09/27/26 152 221 69 45%
5 SWEDA 6.136 9/12/2026 144A 6.14% 09/12/26 119 180 61 51%
6 PRU 6.5 10/15/2037 6.50% 10/15/37 28 84 56 200%
7 SOCGEN 4.75 11/24/2025 144A 4.75% 11/24/25 105 160 55 52%
8 UBS 4.125 4/15/2026 144A 4.13% 04/15/26 114 166 52 46%
9 UBS 4.125 9/24/2025 144A 4.13% 09/24/25 124 175 51 41%
10 BNP 4.375 5/12/2026 144A 4.38% 05/12/26 119 170 51 43%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 3/8/24 – 3/15/24

RANK TRANCHE COUPON MATURITY DEALERS
1 ORCL 4.9 2/6/2033 4.90% 02/06/33 41
2 CSCO 5.05 2/26/2034 5.05% 02/26/34 41
3 CSCO 4.85 2/26/2029 4.85% 02/26/29 41
4 CSCO 4.95 2/26/2031 4.95% 02/26/31 40
5 CSCO 4.8 2/26/2027 4.80% 02/26/27 39
6 CSCO 5.3 2/26/2054 5.30% 02/26/54 39
7 CSCO 5.35 2/26/2064 5.35% 02/26/64 38
8 ABBV 5.05 3/15/2034 5.05% 03/15/34 38
9 DIS 2.65 1/13/2031 2.65% 01/13/31 38
10 HSBC 8 PERP 8.00% 09/07/99 37

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 3/8/24 – 3/15/24

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 3/8/24 – 3/15/24

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