Investment Grade Corporate Bond Market Summary – Week Ending 6/7/24
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Investment Grade Corporate Bond Market Summary: Week Ending 6/7/24
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 6/7/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Protective Life Global Funding (USD) 5.215% 6/12/2029 | Senior Secured Note | 400 | 100 | 5.22 | 90 |
| Health Care Service Corp. (USD) 5.875% 6/15/2054 | Senior Unsecured Bond | 1000 | 99.691 | 5.9 | 145 |
| F&G Global Funding (USD) 5.875% 6/10/2027 | Senior Secured Note | 600 | 99.943 | 5.9 | 138 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 5/31/24 – 6/7/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | DD 5.319 11/15/2038 | 5.32% | 11/15/38 | 7.66% | 105.94 | 98.40 | 29 |
| 2 | SHUION 6.15 8/24/2024 | 6.15% | 08/24/24 | 7.36% | 94.79 | 88.29 | 20 |
| 3 | PARA 4.9 8/15/2044 | 4.90% | 08/15/44 | 6.80% | 74.50 | 69.76 | 16 |
| 4 | CMS 2.5 5/1/2060 | 2.50% | 05/01/60 | 6.78% | 59.57 | 55.79 | 19 |
| 5 | NWUNI 4.643 12/1/2044 | 4.64% | 12/01/44 | 6.55% | 97.25 | 91.27 | 8 |
| 6 | XEL 5.15 6/1/2052 | 5.15% | 06/01/52 | 6.38% | 89.44 | 84.07 | 6 |
| 7 | BA 3.95 8/1/2059 | 3.95% | 08/01/59 | 5.13% | 65.52 | 62.32 | 22 |
| 8 | DHR 2.6 10/1/2050 | 2.60% | 10/01/50 | 4.99% | 62.49 | 59.51 | 17 |
| 9 | MRK 2.9 12/10/2061 | 2.90% | 12/10/61 | 4.81% | 61.52 | 58.70 | 19 |
| 10 | EXC 2.9 6/15/2050 | 2.90% | 06/15/50 | 4.73% | 64.18 | 61.28 | 16 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 5/31/24 – 6/7/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SBNY 4 10/15/2030 | 4.00% | 10/15/30 | -5.99% | 54.83 | 58.32 | 16 |
| 2 | CPIPGR 1.75 1/14/2030 | 1.75% | 01/14/30 | -3.93% | 71.07 | 73.98 | 23 |
| 3 | SAR 4.35 2/28/2027 | 4.35% | 02/28/27 | -2.89% | 89.54 | 92.20 | 4 |
| 4 | LNGFOR 3.95 9/16/2029 | 3.95% | 09/16/29 | -2.54% | 67.49 | 69.25 | 22 |
| 5 | LGCHM 1.6 7/18/2030 | 1.60% | 07/18/30 | -1.37% | 88.40 | 89.63 | 3 |
| 6 | PETRPE 4.75 6/19/2032 REGS | 4.75% | 06/19/32 | -1.11% | 71.06 | 71.86 | 23 |
| 7 | BKU 5.125 6/11/2030 | 5.13% | 06/11/30 | -1.07% | 89.00 | 89.96 | 8 |
| 8 | GSK 4.25 12/18/2045 | 4.25% | 12/18/45 | -1.06% | 85.47 | 86.39 | 13 |
| 9 | RSALN 7.375 PERP | 7.38% | NULL | -1.06% | 108.91 | 110.07 | 3 |
| 10 | ROMANI 3.375 1/28/2050 REGS | 3.38% | 01/28/50 | -1.02% | 67.32 | 68.02 | 21 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 5/31/24 – 6/7/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -579 bps | 6.69% | 12.47% |
| 2 | Hotel, Gaming & Leisure | -276 bps | 5.06% | 7.83% |
| 3 | Services: Consumer | -58 bps | 5.72% | 6.31% |
| 4 | Consumer Goods: Durable | -40 bps | 4.49% | 4.89% |
| 5 | Environmental Industries | -20 bps | 5.02% | 5.22% |
| 6 | Transportation: Cargo | -19 bps | 5.06% | 5.25% |
| 7 | Services: Business | -18 bps | 4.21% | 4.39% |
| 8 | Retail | -18 bps | 5.17% | 5.35% |
| 9 | Media: Broadcasting & Subscription | -18 bps | 5.29% | 5.47% |
| 10 | Construction & Building | -16 bps | 4.73% | 4.89% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 5/31/24 – 6/7/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Real Estate | 26 bps | 7.62% | 7.36% |
| 2 | Aerospace & Defense | 6 bps | 5.49% | 5.43% |
| 3 | 0 | 4 bps | 8.53% | 8.49% |
| 4 | Media: Diversified & Production | 3 bps | 4.81% | 4.78% |
| 5 | Energy: Oil & Gas | -2 bps | 5.38% | 5.41% |
| 6 | Sovereign & Public Finance | -5 bps | 4.65% | 4.71% |
| 7 | Telecommunications | -7 bps | 4.97% | 5.05% |
| 8 | Media: Advertising, Printing & Publishing | -8 bps | 8.60% | 8.67% |
| 9 | Healthcare & Pharmaceuticals | -8 bps | 4.75% | 4.83% |
| 10 | Wholesale | -8 bps | 5.22% | 5.30% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 5/31/24 – 6/7/24 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 5/31/24 – 6/7/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/31/24 vs. the week ending 6/7/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | GMT 6.05 3/15/2034 | 6.05% | 03/15/34 | 165 | 223 | 58 | 35% |
| 2 | ENIIM 5.5 5/15/2034 REGS | 5.50% | 05/15/34 | 87 | 140 | 53 | 61% |
| 3 | MS 4.679 7/17/2026 | 4.68% | 07/17/26 | 115 | 167 | 52 | 45% |
| 4 | IBRD 4 1/10/2031 | 4.00% | 01/10/31 | 102 | 149 | 47 | 46% |
| 5 | HCSERV 3.2 6/1/2050 144A | 3.20% | 06/01/50 | 80 | 124 | 44 | 55% |
| 6 | ADC 5.625 6/15/2034 | 5.63% | 06/15/34 | 187 | 229 | 42 | 22% |
| 7 | PRU 5.75 7/15/2033 | 5.75% | 07/15/33 | 116 | 158 | 42 | 36% |
| 8 | RPRX 2.2 9/2/2030 | 2.20% | 09/02/30 | 161 | 203 | 42 | 26% |
| 9 | BMO FLT 9/25/2025 | #VALUE! | 09/25/25 | 66 | 106 | 40 | 61% |
| 10 | STANLN 3.971 3/30/2026 144A | 3.97% | 03/30/26 | 79 | 119 | 40 | 51% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 5/31/24 – 6/7/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | HSBC 8 PERP | 8.00% | 09/07/99 | 41 |
| 2 | MUFG 8.2 PERP | 8.20% | 07/15/99 | 37 |
| 3 | AMGN 5.25 3/2/2033 | 5.25% | 03/02/33 | 35 |
| 4 | HSBC 4.7 PERP | 4.70% | NULL | 35 |
| 5 | ENBCN 5.95 4/5/2054 | 5.95% | 04/05/54 | 35 |
| 6 | MUFG 5.426 4/17/2035 | 5.43% | 04/17/35 | 35 |
| 7 | TOYOTA 4.8 1/5/2034 | 4.80% | 01/05/34 | 35 |
| 8 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 34 |
| 9 | INTNED 7.5 PERP | 7.50% | 11/16/99 | 34 |
| 10 | HSBC 5.719 3/4/2035 | 5.72% | 03/04/35 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 5/31/24 – 6/7/24 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 5/31/24 – 6/7/24
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