Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 4/5/24

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 4/5/24, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PRC AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Totalenergies Capital SA (USD) 5.488% 4/5/2054 Senior Notes 1750 100 5.49 80
MassMutual Global Funding LLC (USD) 5.1% 4/9/2027 Senior Secured Note 850 99.97 5.11 60
Enbridge Inc. (USD) 5.95% 4/5/2054 Senior Notes 800 99.889 5.96 145

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 3/28/24 – 4/5/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 SBNY 4.125 11/1/2029 4.13% 11/01/29 8.53% 50.07 46.13 17
2 GYCGR 5.901 PERP 2.50% NULL 8.46% 79.86 73.63 10
3 SHUION 5.5 3/3/2025 5.50% 03/03/25 4.61% 71.18 68.04 18
4 PARA 6.25 2/28/2057 6.25% 02/28/57 3.59% 90.90 87.74 22
5 AIIB 40 4/25/2025 40.00% 04/25/25 3.38% 94.46 91.37 2
6 HAMCLG 4.75 7/1/2013 4.75% 07/01/13 2.94% 84.35 81.95 3
7 EIB 9.25 10/3/2024 9.25% 10/03/24 2.12% 82.89 81.17 2
8 OPI 4.5 2/1/2025 4.50% 02/01/25 2.01% 84.29 82.63 25
9 DBKAZ 10.75 2/12/2025 10.75% 02/12/25 1.57% 95.54 94.06 3
10 TRIOD 2.25 2/5/2032 2.25% 02/05/32 1.38% 82.76 81.63 9

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 3/28/24 – 4/5/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 THAMES 2.875 5/3/2027 2.88% 05/03/27 -15.63% 58.60 69.46 17
2 VLY 5.25 6/15/2030 5.25% 06/15/30 -8.95% 80.01 87.87 3
3 NGGLN 3.612 12/23/2058 3.61% 12/23/58 -5.39% 113.21 119.66 2
4 VNKRLE 3.55 6/8/2025 3.55% 06/08/25 -4.25% 64.63 67.50 2
5 WELLTR 4 5/9/2059 4.00% 05/09/59 -3.98% 86.71 90.31 14
6 GLCCUK 1.375 3/31/2057 1.38% 03/31/57 -3.93% 142.89 148.72 5
7 C 6.875 2/15/2098 6.88% 02/15/98 -3.76% 113.11 117.53 7
8 PEP 3.875 3/19/2060 3.88% 03/19/60 -3.65% 78.40 81.37 20
9 SWK 2.75 11/15/2050 2.75% 11/15/50 -3.61% 57.75 59.92 19
10 OXUNIV 2.544 12/8/2017 2.54% 12/08/17 -3.39% 53.45 55.32 12

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 3/28/24 – 4/5/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Real Estate -542 bps 6.63% 12.04%
2 Media: Broadcasting & Subscription -35 bps 4.99% 5.34%
3 Containers, Packaging, & Glass -18 bps 5.81% 5.99%
4 Sovereign & Public Finance 3 bps 4.46% 4.44%
5 Wholesale 10 bps 5.17% 5.07%
6 Environmental Industries 18 bps 4.85% 4.67%
7 Chemicals, Plastics & Rubber 18 bps 4.97% 4.78%
8 Automotive 20 bps 4.86% 4.67%
9 Transportation: Cargo 21 bps 4.99% 4.78%
10 Metals & Mining 22 bps 5.28% 5.06%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 3/28/24 – 4/5/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Energy: Electricity 492 bps 8.06% 3.14%
2 Transportation: Consumer 158 bps 5.30% 3.72%
3 0 111 bps 6.66% 5.56%
4 Construction & Building 91 bps 4.51% 3.59%
5 Aerospace & Defense 88 bps 5.32% 4.44%
6 Utilities: Oil & Gas 87 bps 4.96% 4.09%
7 Utilities: Electric 75 bps 4.77% 4.02%
8 Insurance 72 bps 5.08% 4.36%
9 Consumer Goods: Non-Durable 63 bps 4.64% 4.01%
10 Services: Business 63 bps 4.02% 3.39%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 3/28/24 – 4/5/24

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 3/28/24 – 4/5/24

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/28/24 vs. the week ending 4/5/24

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 ADBE 2.15 2/1/2027 2.15% 02/01/27 175 220 45 26%
2 PARA 4.375 3/15/2043 4.38% 03/15/43 146 189 43 29%
3 JNJ 2.1 9/1/2040 2.10% 09/01/40 154 196 42 27%
4 HON 5.375 3/1/2041 5.38% 03/01/41 160 195 35 22%
5 YAHEAL 2.496 7/1/2050 2.50% 07/01/50 35 70 35 100%
6 HUM 4.875 4/1/2030 4.88% 04/01/30 208 243 35 17%
7 PFE 3.45 3/15/2029 3.45% 03/15/29 233 267 34 15%
8 HUM 5.75 12/1/2028 5.75% 12/01/28 249 283 34 14%
9 ENBCN 6.7 11/15/2053 6.70% 11/15/53 299 333 34 11%
10 ADI 2.95 10/1/2051 2.95% 10/01/51 230 264 34 15%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 3/28/24 – 4/5/24

RANK TRANCHE COUPON MATURITY DEALERS
1 DIS 2.65 1/13/2031 2.65% 01/13/31 40
2 INTC 5.2 2/10/2033 5.20% 02/10/33 39
3 CSCO 5.05 2/26/2034 5.05% 02/26/34 39
4 ORCL 4.9 2/6/2033 4.90% 02/06/33 38
5 AMGN 5.25 3/2/2033 5.25% 03/02/33 38
6 UNH 5 4/15/2034 5.00% 04/15/34 37
7 HSBC 8 PERP 8.00% 09/07/99 37
8 INTNED 5.55 3/19/2035 5.55% 03/19/35 37
9 CSCO 4.85 2/26/2029 4.85% 02/26/29 36
10 AAPL 4.3 5/10/2033 4.30% 05/10/33 36

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 3/28/24 – 4/5/24

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 3/28/24 – 4/5/24

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