Investment Grade Corporate Bond Market Summary – Week Ending 5/24/24
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Investment Grade Corporate Bond Market Summary: Week Ending 5/24/24
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 5/24/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| JD.com Inc. (USD) .25% 6/1/2029 | Bond, Issued | 1750 | 100 | ||
| BPCE SA (USD) 5.936% 5/30/2035 | Note, To Be Issued | 1400 | 100 | ||
| Comcast Corp. (USD) 5.3% 6/1/2034 | Senior Note, Issued | 1300 | 99.668 | 5.34 | 90 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 5/17/24 – 5/24/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | VNKRLE 3.5 11/12/2029 | 3.50% | 11/12/29 | 21.35% | 64.95 | 53.53 | 24 |
| 2 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | 9.87% | 75.34 | 68.57 | 19 |
| 3 | SPIAV 1.25 1/11/2027 | 1.25% | 01/11/27 | 6.91% | 87.74 | 82.07 | 2 |
| 4 | SBNY 4 10/15/2030 | 4.00% | 10/15/30 | 4.56% | 58.22 | 55.68 | 17 |
| 5 | LIGTBZ 4.375 6/18/2026 REGS | 4.38% | 06/18/26 | 3.53% | 55.51 | 53.61 | 15 |
| 6 | CHIOLI 5.35 11/15/2042 | 5.35% | 11/15/42 | 3.11% | 87.78 | 85.13 | 14 |
| 7 | BANQUE 5.25 PERP | 5.25% | NULL | 2.59% | 95.31 | 92.91 | 12 |
| 8 | LUMN 4.125 4/15/2030 144A | 4.13% | 04/15/30 | 2.46% | 61.83 | 60.35 | 11 |
| 9 | TENN 1.5 6/3/2039 | 1.50% | 06/03/39 | 2.14% | 83.71 | 81.96 | 18 |
| 10 | LNGFOR 3.95 9/16/2029 | 3.95% | 09/16/29 | 2.07% | 70.04 | 68.62 | 22 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 5/17/24 – 5/24/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | THAMES 2.875 5/3/2027 | 2.88% | 05/03/27 | -8.13% | 55.05 | 59.92 | 21 |
| 2 | HPP 3.25 1/15/2030 | 3.25% | 01/15/30 | -4.70% | 71.42 | 74.94 | 25 |
| 3 | CITCON 4.496 PERP | 7.38% | NULL | -4.31% | 78.36 | 81.89 | 15 |
| 4 | SWSFIN 7.375 12/12/2041 | 7.38% | 12/12/41 | -3.89% | 95.17 | 99.03 | 14 |
| 5 | UU 1.585 7/12/2057 | 1.59% | 07/12/57 | -3.49% | 77.36 | 80.16 | 6 |
| 6 | GLCCUK 1.375 3/31/2057 | 1.38% | 03/31/57 | -3.39% | 141.83 | 146.81 | 5 |
| 7 | BAYNGR 4.65 11/15/2043 144A | 4.65% | 11/15/43 | -3.39% | 75.77 | 78.43 | 4 |
| 8 | KEL 1.46 8/1/2056 | 1.46% | 08/01/56 | -3.34% | 65.04 | 67.29 | 5 |
| 9 | KSS 5.55 7/17/2045 | 5.55% | 07/17/45 | -3.18% | 67.43 | 69.65 | 22 |
| 10 | CAMBRG 2.35 6/27/2078 | 2.35% | 06/27/78 | -2.92% | 54.38 | 56.02 | 13 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 5/17/24 – 5/24/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Real Estate | -50 bps | 7.52% | 8.02% |
| 2 | 0 | -41 bps | 8.16% | 8.58% |
| 3 | Media: Diversified & Production | -28 bps | 4.87% | 5.15% |
| 4 | Hotel, Gaming & Leisure | 1 bps | 5.11% | 5.10% |
| 5 | Insurance | 2 bps | 5.11% | 5.09% |
| 6 | Consumer Goods: Non-Durable | 4 bps | 4.92% | 4.88% |
| 7 | Banking | 4 bps | 4.90% | 4.86% |
| 8 | Beverage, Food & Tobacco | 5 bps | 4.58% | 4.54% |
| 9 | Services: Consumer | 5 bps | 6.12% | 6.07% |
| 10 | Services: Business | 6 bps | 4.31% | 4.25% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 5/17/24 – 5/24/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | 577 bps | 12.37% | 6.61% |
| 2 | Transportation: Cargo | 40 bps | 5.43% | 5.02% |
| 3 | Containers, Packaging, & Glass | 30 bps | 6.08% | 5.78% |
| 4 | Utilities: Water | 29 bps | 5.00% | 4.72% |
| 5 | Transportation: Consumer | 28 bps | 5.56% | 5.29% |
| 6 | Energy: Oil & Gas | 26 bps | 5.59% | 5.33% |
| 7 | Aerospace & Defense | 22 bps | 5.52% | 5.29% |
| 8 | Chemicals, Plastics & Rubber | 18 bps | 5.11% | 4.93% |
| 9 | Sovereign & Public Finance | 16 bps | 4.60% | 4.44% |
| 10 | Forest Products & Paper | 14 bps | 5.08% | 4.94% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 5/17/24 – 5/24/24 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 5/17/24 – 5/24/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/17/24 vs. the week ending 5/24/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | LUMN 4.125 4/15/2030 144A | 4.13% | 04/15/30 | 10 | 100 | 90 | 900% |
| 2 | BAC 2.831 10/24/2051 | 2.83% | 10/24/51 | 66 | 154 | 88 | 133% |
| 3 | SDEXPR 5.1 5/19/2026 | 5.10% | 05/19/26 | 60 | 122 | 62 | 103% |
| 4 | AVIILC 6.125 PERP | 6.13% | NULL | 45 | 107 | 62 | 138% |
| 5 | BNP 1 11/29/2024 | 1.00% | 11/29/24 | 125 | 184 | 59 | 47% |
| 6 | ACAFP 4 12/28/2033 | 4.00% | 12/28/33 | 39 | 96 | 57 | 146% |
| 7 | RY 6 4/30/2027 | 6.00% | 04/30/27 | 43 | 89 | 46 | 107% |
| 8 | EPD 3.7 2/15/2026 | 3.70% | 02/15/26 | 123 | 168 | 45 | 37% |
| 9 | PYPL 2.3 6/1/2030 | 2.30% | 06/01/30 | 232 | 273 | 41 | 18% |
| 10 | C 5.57 4/30/2034 | 5.57% | 04/30/34 | 270 | 311 | 41 | 15% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 5/17/24 – 5/24/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MUFG 5.426 4/17/2035 | 5.43% | 04/17/35 | 38 |
| 2 | AMGN 5.25 3/2/2033 | 5.25% | 03/02/33 | 37 |
| 3 | HSBC 8 PERP | 8.00% | 09/07/99 | 37 |
| 4 | ENBCN 5.95 4/5/2054 | 5.95% | 04/05/54 | 36 |
| 5 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 36 |
| 6 | TOYOTA 4.8 1/5/2034 | 4.80% | 01/05/34 | 35 |
| 7 | BA 5.805 5/1/2050 | 5.81% | 05/01/50 | 35 |
| 8 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 35 |
| 9 | MUFG 5.258 4/17/2030 | 5.26% | 04/17/30 | 35 |
| 10 | CVS 5.4 6/1/2029 | 5.40% | 06/01/29 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 5/17/24 – 5/24/24 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 5/17/24 – 5/24/24
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