Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 3/22/24

Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.

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New Issues

IG Corp bond new issues for the week ending 3/22/24, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PRC AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
UnitedHealth Group Inc. (USD) 4.6% 4/15/2027 Senior Notes 500 99.303 4.85 37
Leighton Finance LTD (USD) 7% 3/25/2034 Senior Notes 650 99.434 7.08 275
Appalachian Power Co. (USD) 5.65% 4/1/2034 Senior Notes 400 99.695 5.69 135
Anheuser-Busch Inbev Worldwide Inc. (USD) 5% 6/15/2034 Senior Notes 1000 99.596 5.05 75

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 3/15/24 – 3/22/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 AFFNTY 1.024 6/1/2033 1.02% 06/01/33 37.55% 94.61 68.78 2
2 UU 0.01 12/9/2031 0.01% 12/09/31 33.15% 88.66 66.58 2
3 EBRD 0 1/26/2026 0.00% 01/26/26 6.82% 52.22 48.89 3
4 KSS 5.55 7/17/2045 5.55% 07/17/45 4.96% 71.48 68.10 24
5 GYCGR 1.5 PERP 1.50% NULL 4.57% 62.35 59.62 14
6 PARA 6.25 2/28/2057 6.25% 02/28/57 4.16% 86.98 83.51 19
7 AES 4.375 5/31/2030 144A 4.38% 05/31/30 3.58% 87.00 83.99 11
8 NGGLN 1.8055 1/26/2039 1.81% 01/26/39 3.05% 183.07 177.65 4
9 FISOMA 4.375 7/22/2031 REGS 4.38% 07/22/31 2.98% 80.43 78.09 12
10 RGA 0 12/15/2065 8.26% 12/15/65 2.86% 98.50 95.76 11

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 3/15/24 – 3/22/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 NEE 5.11 9/29/2057 144A 5.11% 09/29/57 -6.18% 78.18 83.33 3
2 AGN 4.625 10/1/2042 4.63% 10/01/42 -5.73% 68.37 72.52 2
3 EQIX 3.4 2/15/2052 3.40% 02/15/52 -4.58% 68.07 71.34 20
4 T 7.12 7/15/2097 7.12% 07/15/97 -4.50% 100.18 104.90 4
5 LASUDE 5 7/28/2026 5.00% 07/28/26 -3.90% 64.00 66.60 14
6 RUSSIA 1.125 11/20/2027 1.13% 11/20/27 -3.88% 57.91 60.25 5
7 GE 4.418 11/15/2035 144A 4.42% 11/15/35 -3.57% 85.39 88.55 2
8 ISPIM 6.06 5/23/2028 6.06% 05/23/28 -3.46% 90.19 93.42 2
9 ETRHWY 4.45 8/14/2031 4.45% 08/14/31 -3.34% 94.19 97.45 2
10 KMI 6.4 1/5/2036 6.40% 01/05/36 -3.20% 101.48 104.83 2

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 3/15/24 – 3/22/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Energy: Electricity -134 bps 6.43% 7.77%
2 Real Estate -102 bps 6.57% 7.60%
3 Healthcare & Pharmaceuticals -53 bps 4.56% 5.09%
4 Services: Consumer -44 bps 5.71% 6.15%
5 Utilities: Water -27 bps 4.51% 4.78%
6 Transportation: Consumer -23 bps 5.16% 5.39%
7 Forest Products & Paper -23 bps 4.56% 4.79%
8 0 -22 bps 6.49% 6.70%
9 Chemicals, Plastics & Rubber -19 bps 4.90% 5.09%
10 Retail -16 bps 4.99% 5.15%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 3/15/24 – 3/22/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Containers, Packaging, & Glass 28 bps 5.63% 5.35%
2 Media: Diversified & Production 19 bps 4.81% 4.62%
3 Finance 6 bps 4.98% 4.92%
4 Beverage, Food & Tobacco 1 bps 4.43% 4.42%
5 Energy: Oil & Gas 0 bps 5.09% 5.10%
6 Services: Business -2 bps 4.14% 4.16%
7 Telecommunications -2 bps 4.55% 4.57%
8 Banking -4 bps 4.79% 4.82%
9 Hotel, Gaming & Leisure -4 bps 4.95% 4.99%
10 Automotive -4 bps 4.84% 4.88%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 3/15/24 – 3/22/24

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 3/15/24 – 3/22/24

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/15/24 vs. the week ending 3/22/24

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 LILAK 6.875 9/15/2027 6.88% 09/15/27 42 120 78 186%
2 CMCSA 1.95 1/15/2031 1.95% 01/15/31 204 273 69 34%
3 SANTAN 3.49 5/28/2030 3.49% 05/28/30 158 213 55 35%
4 MUFG 2.559 2/25/2030 2.56% 02/25/30 190 245 55 29%
5 RSG 3.05 3/1/2050 3.05% 03/01/50 162 215 53 33%
6 UCGIM 0.325 1/19/2026 0.33% 01/19/26 192 245 53 28%
7 MIZUHO 2.172 5/22/2032 2.17% 05/22/32 182 235 53 29%
8 CMCSA 2.8 1/15/2051 2.80% 01/15/51 193 245 52 27%
9 ISPIM 0.75 3/16/2028 0.75% 03/16/28 204 255 51 25%
10 AMGN 3.15 2/21/2040 3.15% 02/21/40 190 240 50 26%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 3/15/24 – 3/22/24

RANK TRANCHE COUPON MATURITY DEALERS
1 CSCO 5.05 2/26/2034 5.05% 02/26/34 43
2 CSCO 4.85 2/26/2029 4.85% 02/26/29 42
3 CSCO 5.3 2/26/2054 5.30% 02/26/54 42
4 ABBV 5.05 3/15/2034 5.05% 03/15/34 41
5 CSCO 4.8 2/26/2027 4.80% 02/26/27 41
6 CSCO 4.95 2/26/2031 4.95% 02/26/31 40
7 ABBV 4.8 3/15/2029 4.80% 03/15/29 40
8 ORCL 4.9 2/6/2033 4.90% 02/06/33 40
9 INTC 5.2 2/10/2033 5.20% 02/10/33 40
10 CSCO 5.35 2/26/2064 5.35% 02/26/64 39

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 3/15/24 – 3/22/24

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 3/15/24 – 3/22/24

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