Corporates

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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.

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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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