Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 4/12/24

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 4/12/24, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PRC AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Vistra Operations Co LLC (USD) 6% 4/15/2034 Note 500 99.865 6.02 165
Toyota Motor Credit Corp. (USD) 5.66% 4/14/2025 Senior Note 1900
Synnex Corp. (USD) 6.1% 4/12/2034 Senior Note 600 99.896 6.11 175

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 4/5/24 – 4/12/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 LNGFOR 3.95 9/16/2029 3.95% 09/16/29 9.52% 57.38 52.39 22
2 LASUDE 5 7/28/2026 5.00% 07/28/26 8.75% 65.33 60.07 17
3 THAMES 2.375 4/22/2040 2.38% 04/22/40 4.88% 61.05 58.20 19
4 ADXSM 4.2 12/18/2027 4.20% 12/18/27 3.46% 76.77 74.20 6
5 SHUION 5.5 6/29/2026 5.50% 06/29/26 3.45% 60.03 58.03 19
6 MDLZ 1.25 9/9/2041 144A 1.25% 09/09/41 2.20% 71.33 69.80 12
7 PBBGR 5 2/5/2027 5.00% 02/05/27 2.10% 97.46 95.46 25
8 GE 4.125 6/15/2035 4.13% 06/15/35 1.97% 106.37 104.31 6
9 IIAAV 2.5 10/15/2027 2.50% 10/15/27 1.97% 79.13 77.60 10
10 PLD 1.5 9/10/2049 1.50% 09/10/49 1.78% 60.30 59.25 12

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 4/5/24 – 4/12/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 VNKRLE 3.15 5/12/2025 3.15% 05/12/25 -5.93% 67.82 72.09 23
2 ISRAEL 3.8 5/13/2060 3.80% 05/13/60 -4.12% 64.27 67.03 20
3 SWSFIN 7.375 12/12/2041 7.38% 12/12/41 -3.89% 99.06 103.07 14
4 BA 3.375 6/15/2046 3.38% 06/15/46 -3.81% 63.45 65.96 14
5 AAPL 4.1 8/8/2062 4.10% 08/08/62 -3.38% 80.65 83.47 30
6 CMCSA 2.987 11/1/2063 2.99% 11/01/63 -3.35% 58.37 60.40 27
7 JNJ 2.25 9/1/2050 2.25% 09/01/50 -3.29% 58.88 60.88 19
8 MDLZ 2.625 9/4/2050 2.63% 09/04/50 -3.21% 60.06 62.06 22
9 AMZN 3.25 5/12/2061 3.25% 05/12/61 -3.21% 66.82 69.04 25
10 BAC 2.972 7/21/2052 2.97% 07/21/52 -3.19% 64.11 66.22 16

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 4/5/24 – 4/12/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Media: Diversified & Production -17 bps 4.75% 4.92%
2 Metals & Mining -11 bps 5.18% 5.29%
3 Energy: Oil & Gas -7 bps 5.08% 5.15%
4 Transportation: Consumer -3 bps 5.29% 5.32%
5 Energy: Electricity 0 bps 8.05% 8.06%
6 Construction & Building 3 bps 4.54% 4.51%
7 Telecommunications 3 bps 4.65% 4.62%
8 Aerospace & Defense 6 bps 5.39% 5.33%
9 Insurance 8 bps 5.17% 5.09%
10 Capital Equipment 9 bps 4.59% 4.50%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 4/5/24 – 4/12/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 0 289 bps 9.55% 6.66%
2 Media: Advertising, Printing & Publishing 33 bps 8.04% 7.71%
3 Utilities: Water 30 bps 4.75% 4.44%
4 Sovereign & Public Finance 25 bps 4.71% 4.47%
5 Environmental Industries 25 bps 5.11% 4.86%
6 Wholesale 24 bps 5.42% 5.18%
7 Services: Consumer 21 bps 6.24% 6.03%
8 Automotive 21 bps 5.07% 4.86%
9 Healthcare & Pharmaceuticals 21 bps 4.75% 4.54%
10 Utilities: Electric 20 bps 4.97% 4.76%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 4/5/24 – 4/12/24

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 4/5/24 – 4/12/24

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 4/5/24 vs. the week ending 4/12/24

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 PARA 4.375 3/15/2043 4.38% 03/15/43 189 277 88 47%
2 UBS 7.5 2/15/2028 7.50% 02/15/28 112 175 63 56%
3 UBS 0.45 5/19/2025 0.45% 05/19/25 140 200 60 43%
4 UBS 1.5 4/10/2026 1.50% 04/10/26 168 226 58 35%
5 CARR 2.7 2/15/2031 2.70% 02/15/31 200 254 54 27%
6 URWFP 3.5 6/15/2029 REGS 3.50% 06/15/29 62 112 50 81%
7 CCI 2.9 4/1/2041 2.90% 04/01/41 200 249 49 25%
8 UBS 2.95 4/9/2025 2.95% 04/09/25 90 138 48 53%
9 UBS 0.25 9/1/2028 0.25% 09/01/28 142 190 48 34%
10 RENAUL 1.625 4/11/2025 1.63% 04/11/25 177 224 47 27%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 4/5/24 – 4/12/24

RANK TRANCHE COUPON MATURITY DEALERS
1 DIS 2.65 1/13/2031 2.65% 01/13/31 39
2 AMGN 5.25 3/2/2033 5.25% 03/02/33 39
3 TOYOTA 4.8 1/5/2034 4.80% 01/05/34 38
4 CSCO 4.95 2/26/2031 4.95% 02/26/31 38
5 CSCO 5.05 2/26/2034 5.05% 02/26/34 38
6 INTC 5.2 2/10/2033 5.20% 02/10/33 38
7 UNH 5.375 4/15/2054 5.38% 04/15/54 36
8 HSBC 8 PERP 8.00% 09/07/99 36
9 INTC 5.15 2/21/2034 5.15% 02/21/34 36
10 CBAAU 5.837 3/13/2034 REGS 5.84% 03/13/34 36

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 4/5/24 – 4/12/24

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 4/5/24 – 4/12/24

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