Investment Grade Corporate Bond Market Summary – Week Ending 5/10/24
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Investment Grade Corporate Bond Market Summary: Week Ending 5/10/24
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 5/10/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Provident Financial Group (USD) 9% 5/15/2034 | Subordinated Notes | 225 | 100 | 9 | |
| Wisconsin Electric Power Co. (USD) 5% 5/15/2029 | Senior Unsecured Notes | 350 | 99.759 | 5.06 | 60 |
| HSBC Holdings PLC (USD) 5.733% 5/17/2032 | Senior Notes | 1400 | 100 | 5.73 | 125 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 5/3/24 – 5/10/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | VNKRLE 3.15 5/12/2025 | 3.15% | 05/12/25 | 5.78% | 70.89 | 67.02 | 20 |
| 2 | SLB 5.125 12/15/2043 | 5.13% | 12/15/43 | 5.49% | 88.66 | 84.05 | 7 |
| 3 | LNC FLT 5/17/2066 | 7.93% | 05/17/66 | 4.88% | 81.95 | 78.13 | 11 |
| 4 | GARUDA 6.5 12/29/2031 | 6.50% | 12/29/31 | 4.78% | 62.19 | 59.35 | 7 |
| 5 | LNGFOR 4.5 1/16/2028 | 4.50% | 01/16/28 | 4.53% | 70.79 | 67.73 | 22 |
| 6 | HD 2.375 3/15/2051 | 2.38% | 03/15/51 | 4.11% | 58.27 | 55.97 | 23 |
| 7 | WBD 4.65 5/15/2050 | 4.65% | 05/15/50 | 4.08% | 75.61 | 72.65 | 22 |
| 8 | BIMBOA 4 9/6/2049 REGS | 4.00% | 09/06/49 | 3.72% | 76.69 | 73.94 | 11 |
| 9 | REAL 13 3/1/2029 144A | 13.00% | 03/01/29 | 3.63% | 90.36 | 87.20 | 5 |
| 10 | ZHEDIN 0 1/24/2029 | 0.00% | 01/24/29 | 3.62% | 113.36 | 109.40 | 2 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 5/3/24 – 5/10/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | OPI 2.65 6/15/2026 | 2.65% | 06/15/26 | -9.84% | 51.93 | 57.59 | 24 |
| 2 | BFFIM 5.875 PERP | 5.88% | NULL | -7.25% | 88.40 | 95.31 | 12 |
| 3 | HPP 3.25 1/15/2030 | 3.25% | 01/15/30 | -3.43% | 73.30 | 75.90 | 23 |
| 4 | ROHMCO 0 4/24/2029 | 0.00% | 04/24/29 | -2.53% | 99.41 | 101.99 | 3 |
| 5 | LUMN 4.125 4/15/2029 144A | 4.13% | 04/15/29 | -2.28% | 61.05 | 62.47 | 10 |
| 6 | HYSAN 4.85 PERP | 4.85% | NULL | -2.26% | 65.00 | 66.50 | 13 |
| 7 | SAVE 8 9/20/2025 144A | 8.00% | 09/20/25 | -2.16% | 76.50 | 78.19 | 25 |
| 8 | DRI 6.8 10/15/2037 | 6.80% | 10/15/37 | -1.76% | 94.25 | 95.94 | 3 |
| 9 | EFXCN 9 10/15/2027 144A | 9.00% | 10/15/27 | -1.23% | 101.20 | 102.46 | 19 |
| 10 | IBRD 9.5 2/9/2029 | 9.50% | 02/09/29 | -1.13% | 97.03 | 98.14 | 4 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 5/3/24 – 5/10/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | -62 bps | 4.66% | 5.29% |
| 2 | Telecommunications | -19 bps | 4.88% | 5.06% |
| 3 | Transportation: Consumer | -18 bps | 5.30% | 5.48% |
| 4 | Energy: Oil & Gas | -17 bps | 5.28% | 5.44% |
| 5 | Wholesale | -16 bps | 5.29% | 5.45% |
| 6 | Automotive | -12 bps | 5.01% | 5.13% |
| 7 | Transportation: Cargo | -10 bps | 5.08% | 5.18% |
| 8 | Utilities: Oil & Gas | -10 bps | 5.08% | 5.18% |
| 9 | Services: Consumer | -10 bps | 6.21% | 6.30% |
| 10 | Utilities: Water | -9 bps | 4.75% | 4.84% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 5/3/24 – 5/10/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | 0 | 173 bps | 8.62% | 6.89% |
| 2 | Real Estate | 92 bps | 7.73% | 6.81% |
| 3 | Consumer Goods: Durable | 22 bps | 4.73% | 4.51% |
| 4 | Energy: Electricity | 7 bps | 6.48% | 6.42% |
| 5 | Hotel, Gaming & Leisure | 4 bps | 5.18% | 5.14% |
| 6 | Sovereign & Public Finance | 2 bps | 4.67% | 4.65% |
| 7 | Environmental Industries | 1 bps | 5.12% | 5.10% |
| 8 | Finance | -2 bps | 5.12% | 5.13% |
| 9 | Construction & Building | -2 bps | 4.67% | 4.68% |
| 10 | Containers, Packaging, & Glass | -3 bps | 5.84% | 5.87% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 5/3/24 – 5/10/24 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 5/3/24 – 5/10/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/3/24 vs. the week ending 5/10/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | PHILIP 5.045 6/6/2029 144A | 5.05% | 06/06/29 | 60 | 122 | 62 | 103% |
| 2 | C 3.07 2/24/2028 | 3.07% | 02/24/28 | 100 | 158 | 58 | 58% |
| 3 | ACAFP 4 1/18/2033 | 4.00% | 01/18/33 | 176 | 230 | 54 | 31% |
| 4 | CVS 3.25 8/15/2029 | 3.25% | 08/15/29 | 233 | 279 | 46 | 20% |
| 5 | BACR 5.69 3/12/2030 | #VALUE! | 03/12/30 | 234 | 279 | 45 | 19% |
| 6 | KR 5.15 8/1/2043 | 5.15% | 08/01/43 | 152 | 196 | 44 | 29% |
| 7 | MTNA 4.875 9/26/2026 | 4.88% | 09/26/26 | 146 | 190 | 44 | 30% |
| 8 | WELLTR 2.517 2/7/2118 | 2.52% | 02/07/18 | 20 | 63 | 43 | 215% |
| 9 | WSTP 3.703 1/16/2026 | 3.70% | 01/16/26 | 138 | 181 | 43 | 31% |
| 10 | CMZB 1.125 5/24/2024 | 1.13% | 05/24/24 | 183 | 225 | 42 | 23% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 5/3/24 – 5/10/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MUFG 5.426 4/17/2035 | 5.43% | 04/17/35 | 39 |
| 2 | HSBC 8 PERP | 8.00% | 09/07/99 | 39 |
| 3 | AMGN 5.25 3/2/2033 | 5.25% | 03/02/33 | 37 |
| 4 | MUFG 8.2 PERP | 8.20% | 07/15/99 | 37 |
| 5 | HSBC 4.6 PERP | 4.60% | NULL | 37 |
| 6 | MUFG 5.258 4/17/2030 | 5.26% | 04/17/30 | 36 |
| 7 | BA 5.805 5/1/2050 | 5.81% | 05/01/50 | 36 |
| 8 | HSBC 4 PERP | 4.00% | NULL | 36 |
| 9 | HSBC 4.7 PERP | 4.70% | NULL | 36 |
| 10 | HSBC 5.719 3/4/2035 | 5.72% | 03/04/35 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 5/3/24 – 5/10/24 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 5/3/24 – 5/10/24
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