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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