Corporates

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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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