Investment Grade Corporate Bond Market Summary – Week Ending 4/26/24
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Investment Grade Corporate Bond Market Summary: Week Ending 4/26/24
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 4/26/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Citibank NA (USD) 5.438% 4/30/2026 | Senior Bank Note | 2000 | 100 | 5.44 | 52 |
| American Express Co. (USD) 5.915% 4/25/2035 | Subordinated Unsecured Bond | 500 | 100 | 5.92 | 130 |
| Wells Fargo & Co. (USD) 5.083% 4/26/2028 | Fix-To-Floating Rate Notes | 1250 | 100 | 5.08 | 113 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 4/19/24 – 4/26/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SBNY 4.125 11/1/2029 | 4.13% | 11/01/29 | 5.22% | 53.58 | 50.92 | 16 |
| 2 | LNGFOR 3.95 9/16/2029 | 3.95% | 09/16/29 | 4.86% | 54.28 | 51.76 | 22 |
| 3 | THAMES 8.25 4/25/2040 | 8.25% | 04/25/40 | 4.16% | 98.86 | 94.91 | 23 |
| 4 | SBBBSS 1.125 11/26/2029 | 1.13% | 11/26/29 | 3.85% | 59.80 | 57.58 | 22 |
| 5 | ETLFP 1.5 10/13/2028 | 1.50% | 10/13/28 | 3.73% | 72.98 | 70.35 | 17 |
| 6 | HEIMST 4.25 3/9/2026 | 4.25% | 03/09/26 | 3.54% | 65.86 | 63.61 | 17 |
| 7 | AALLN 6 4/5/2054 REGS | 6.00% | 04/05/54 | 3.22% | 97.37 | 94.33 | 15 |
| 8 | UGI 2.5 12/1/2029 144A | 2.50% | 12/01/29 | 2.74% | 91.12 | 88.69 | 8 |
| 9 | KSS 6.875 12/15/2037 | 6.88% | 12/15/37 | 2.56% | 78.03 | 76.08 | 13 |
| 10 | ENELIM 2.25 7/12/2031 144A | 2.25% | 07/12/31 | 2.08% | 80.48 | 78.85 | 9 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 4/19/24 – 4/26/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | THAMES 3.853 12/15/2040 | 3.85% | 12/15/40 | -3.89% | 96.74 | 100.66 | 7 |
| 2 | OPI 2.65 6/15/2026 | 2.65% | 06/15/26 | -3.54% | 55.26 | 57.28 | 23 |
| 3 | UU 1.5865 8/16/2056 | 1.59% | 08/16/56 | -3.34% | 77.02 | 79.68 | 4 |
| 4 | BA 3.95 8/1/2059 | 3.95% | 08/01/59 | -2.94% | 62.06 | 63.94 | 20 |
| 5 | UNICHI 4.151 10/1/2045 | 4.15% | 10/01/45 | -2.84% | 80.43 | 82.79 | 2 |
| 6 | SLOREP 1.175 2/13/2062 | 1.18% | 02/13/62 | -2.64% | 53.89 | 55.35 | 4 |
| 7 | ORHLTH 3.327 10/1/2050 | 3.33% | 10/01/50 | -2.47% | 68.89 | 70.63 | 4 |
| 8 | PERTIJ 4.15 2/25/2060 REGS | 4.15% | 02/25/60 | -2.38% | 69.19 | 70.88 | 21 |
| 9 | PLD 2.125 10/15/2050 | 2.13% | 10/15/50 | -2.37% | 51.79 | 53.05 | 13 |
| 10 | ROK 2.8 8/15/2061 | 2.80% | 08/15/61 | -2.35% | 54.99 | 56.31 | 12 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 4/19/24 – 4/26/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -185 bps | 6.50% | 8.35% |
| 2 | Banking | -6 bps | 5.16% | 5.22% |
| 3 | Utilities: Water | -1 bps | 4.90% | 4.91% |
| 4 | Containers, Packaging, & Glass | -1 bps | 6.09% | 6.10% |
| 5 | Environmental Industries | 0 bps | 5.26% | 5.26% |
| 6 | Media: Broadcasting & Subscription | 0 bps | 5.56% | 5.56% |
| 7 | Telecommunications | 0 bps | 5.08% | 5.08% |
| 8 | Utilities: Oil & Gas | 3 bps | 5.26% | 5.23% |
| 9 | Beverage, Food & Tobacco | 3 bps | 4.77% | 4.74% |
| 10 | Transportation: Cargo | 3 bps | 5.29% | 5.26% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 4/19/24 – 4/26/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | 0 | 226 bps | 9.41% | 7.15% |
| 2 | Metals & Mining | 20 bps | 5.67% | 5.47% |
| 3 | Transportation: Consumer | 15 bps | 5.65% | 5.50% |
| 4 | Services: Consumer | 14 bps | 6.47% | 6.33% |
| 5 | High Tech Industries | 13 bps | 5.19% | 5.06% |
| 6 | Aerospace & Defense | 12 bps | 5.73% | 5.60% |
| 7 | Energy: Oil & Gas | 12 bps | 5.56% | 5.45% |
| 8 | Consumer Goods: Non-Durable | 11 bps | 5.09% | 4.98% |
| 9 | Media: Diversified & Production | 11 bps | 5.13% | 5.01% |
| 10 | Chemicals, Plastics & Rubber | 11 bps | 5.41% | 5.30% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 4/19/24 – 4/26/24 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 4/19/24 – 4/26/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 4/19/24 vs. the week ending 4/26/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | MEX 5.75 10/12/2110 | 5.75% | 10/12/10 | 64 | 186 | 122 | 191% |
| 2 | LGELEC 3.201 4/28/2027 | 3.20% | 04/28/27 | 10 | 90 | 80 | 800% |
| 3 | RENAUL 2 9/28/2026 | 2.00% | 09/28/26 | 200 | 253 | 53 | 27% |
| 4 | LGELEC 4.441 5/29/2029 | 4.44% | 05/29/29 | 6 | 58 | 52 | 867% |
| 5 | KOROIL FLT 4/3/2027 REGS | #VALUE! | 04/03/27 | 128 | 179 | 51 | 40% |
| 6 | PNC 4.758 1/26/2027 | 4.76% | 01/26/27 | 143 | 194 | 51 | 36% |
| 7 | DD 5.319 11/15/2038 | 5.32% | 11/15/38 | 199 | 238 | 39 | 20% |
| 8 | MUFG 4.788 7/18/2025 | 4.79% | 07/18/25 | 164 | 203 | 39 | 24% |
| 9 | DD 5.419 11/15/2048 | 5.42% | 11/15/48 | 191 | 229 | 38 | 20% |
| 10 | NESNVX 3.9 9/24/2038 144A | 3.90% | 09/24/38 | 212 | 250 | 38 | 18% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 4/19/24 – 4/26/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MUFG 5.426 4/17/2035 | 5.43% | 04/17/35 | 40 |
| 2 | CSCO 5.05 2/26/2034 | 5.05% | 02/26/34 | 39 |
| 3 | HSBC 8 PERP | 8.00% | 09/07/99 | 39 |
| 4 | CSCO 4.95 2/26/2031 | 4.95% | 02/26/31 | 38 |
| 5 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 38 |
| 6 | DE 5.1 4/11/2034 | 5.10% | 04/11/34 | 38 |
| 7 | MUFG 8.2 PERP | 8.20% | 07/15/99 | 37 |
| 8 | AMGN 5.25 3/2/2033 | 5.25% | 03/02/33 | 37 |
| 9 | HSBC 4.6 PERP | 4.60% | NULL | 37 |
| 10 | GM 5.95 4/4/2034 | 5.95% | 04/04/34 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 4/19/24 – 4/26/24 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 4/19/24 – 4/26/24
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