Investment Grade Corporate Bond Market Summary – Week Ending 6/28/24
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Investment Grade Corporate Bond Market Summary: Week Ending 6/28/24
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 6/28/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Steel Dynamics (USD) 5.375% 8/15/2034 | Senior Note | 600 | 98.649 | 5.55 | 123 |
| Mitsubishi Corp. (USD) 5% 7/2/2029 | Senior Unsecured Notes | 500 | 99.611 | 5.09 | 75 |
| Marshfield Clinic Health System Inc. (USD) 5.75% 2/15/2034 | Senior Secured Note | 175 | 100 | 5.75 | 143 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 6/21/24 – 6/28/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CPIPGR 2.75 1/22/2028 | 2.75% | 01/22/28 | 4.78% | 86.81 | 82.85 | 19 |
| 2 | IP 6 11/15/2041 | 6.00% | 11/15/41 | 3.28% | 100.91 | 97.71 | 23 |
| 3 | PCPDC 5.125 6/18/2026 | 5.13% | 06/18/26 | 2.54% | 86.38 | 84.23 | 13 |
| 4 | TELEFO 4.95 7/17/2030 REGS | 4.95% | 07/17/30 | 2.37% | 78.03 | 76.22 | 18 |
| 5 | OPI 4.5 2/1/2025 | 4.50% | 02/01/25 | 2.25% | 79.69 | 77.94 | 21 |
| 6 | AIG 8.175 5/15/2068 | 8.18% | 05/15/58 | 1.80% | 110.89 | 108.93 | 10 |
| 7 | BNS 3.625 10/27/2081 | 3.63% | 10/27/81 | 1.76% | 84.32 | 82.86 | 20 |
| 8 | PETRPE 5.625 6/19/2047 REGS | 5.63% | 06/19/47 | 1.52% | 63.13 | 62.19 | 21 |
| 9 | SUMMAH 3.511 11/15/2051 | 3.51% | 11/15/51 | 1.45% | 74.06 | 73.00 | 5 |
| 10 | KSS 3.375 5/1/2031 | 3.38% | 05/01/31 | 1.44% | 83.45 | 82.27 | 24 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 6/21/24 – 6/28/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | UNICHI 4.411 10/1/2044 | 4.41% | 10/01/44 | -5.84% | 85.38 | 90.67 | 2 |
| 2 | WBA 4.1 4/15/2050 | 4.10% | 04/15/50 | -5.12% | 70.32 | 74.11 | 20 |
| 3 | VNKRLE 3.975 11/9/2027 | 3.98% | 11/09/27 | -4.98% | 62.35 | 65.62 | 21 |
| 4 | ERFFP 6.75 PERP | 6.75% | 12/31/99 | -4.53% | 100.37 | 105.13 | 22 |
| 5 | LBBW 5 5/17/2028 | 5.00% | 05/17/28 | -4.36% | 88.84 | 92.88 | 7 |
| 6 | VOD 5.75 2/10/2063 | 5.75% | 02/10/63 | -4.08% | 95.42 | 99.48 | 26 |
| 7 | THAMES 8.25 4/25/2040 | 8.25% | 04/25/40 | -3.03% | 94.94 | 97.91 | 21 |
| 8 | CMS 4.35 8/31/2064 | 4.35% | 08/31/64 | -2.73% | 77.55 | 79.73 | 5 |
| 9 | ISRAEL 3.8 5/13/2060 | 3.80% | 05/13/60 | -2.67% | 64.36 | 66.12 | 17 |
| 10 | ECL 2.7 12/15/2051 | 2.70% | 12/15/51 | -2.61% | 62.04 | 63.71 | 16 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 6/21/24 – 6/28/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Wholesale | -91 bps | 5.24% | 6.15% |
| 2 | Media: Advertising, Printing & Publishing | -33 bps | 7.92% | 8.25% |
| 3 | Energy: Electricity | -28 bps | 6.58% | 6.86% |
| 4 | Finance | -22 bps | 5.41% | 5.63% |
| 5 | Energy: Oil & Gas | -20 bps | 5.16% | 5.36% |
| 6 | Metals & Mining | -17 bps | 5.07% | 5.24% |
| 7 | Containers, Packaging, & Glass | -14 bps | 5.80% | 5.94% |
| 8 | Sovereign & Public Finance | -4 bps | 4.58% | 4.62% |
| 9 | Forest Products & Paper | 0 bps | 4.85% | 4.85% |
| 10 | Utilities: Oil & Gas | 1 bps | 4.09% | 4.08% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 6/21/24 – 6/28/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Hotel, Gaming & Leisure | 266 bps | 7.60% | 4.93% |
| 2 | Utilities: Water | 30 bps | 4.98% | 4.68% |
| 3 | Banking | 15 bps | 4.99% | 4.84% |
| 4 | Insurance | 14 bps | 5.18% | 5.04% |
| 5 | Real Estate | 13 bps | 7.42% | 7.29% |
| 6 | Chemicals, Plastics & Rubber | 12 bps | 5.16% | 5.04% |
| 7 | Consumer Goods: Non-Durable | 12 bps | 4.96% | 4.84% |
| 8 | Transportation: Cargo | 10 bps | 4.93% | 4.83% |
| 9 | Beverage, Food & Tobacco | 10 bps | 4.54% | 4.44% |
| 10 | Consumer Goods: Durable | 8 bps | 4.39% | 4.31% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 6/21/24 – 6/28/24 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 6/21/24 – 6/28/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 6/21/24 vs. the week ending 6/28/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ENBCN 5.625 4/5/2034 | 5.63% | 04/05/34 | 295 | 365 | 70 | 24% |
| 2 | AXASA 6.379 PERP REGS | 6.38% | 12/29/49 | 86 | 148 | 62 | 72% |
| 3 | TTEFP 5.488 4/5/2054 | 5.49% | 04/05/54 | 224 | 280 | 56 | 25% |
| 4 | BAC FLT PERP | 6.00% | 09/29/49 | 14 | 70 | 56 | 400% |
| 5 | ERFFP 3.75 7/17/2026 | 3.75% | 07/17/26 | 145 | 194 | 49 | 34% |
| 6 | QAHFIN 0.1 10/18/2039 | 0.10% | 10/18/39 | 11 | 60 | 49 | 445% |
| 7 | KMI 5.2 6/1/2033 | 5.20% | 06/01/33 | 252 | 300 | 48 | 19% |
| 8 | AMZN 4.65 12/1/2029 | 4.65% | 12/01/29 | 211 | 257 | 46 | 22% |
| 9 | ALB 5.05 6/1/2032 | 5.05% | 06/01/32 | 169 | 215 | 46 | 27% |
| 10 | AZO 1.65 1/15/2031 | 1.65% | 01/15/31 | 195 | 238 | 43 | 22% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 6/21/24 – 6/28/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | HSBC 8 PERP | 8.00% | 09/07/99 | 42 |
| 2 | HSBC 4.7 PERP | 4.70% | NULL | 37 |
| 3 | MUFG 8.2 PERP | 8.20% | 07/15/99 | 37 |
| 4 | ET 5.6 9/1/2034 | 5.60% | 09/01/34 | 36 |
| 5 | HSBC 4.6 PERP | 4.60% | NULL | 36 |
| 6 | TOYOTA 4.8 1/5/2034 | 4.80% | 01/05/34 | 36 |
| 7 | ET 6.05 9/1/2054 | 6.05% | 09/01/54 | 35 |
| 8 | INTNED 7.5 PERP | 7.50% | 11/16/99 | 35 |
| 9 | AMGN 5.25 3/2/2033 | 5.25% | 03/02/33 | 35 |
| 10 | SHBASS 4.75 PERP | 4.75% | NULL | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 6/21/24 – 6/28/24 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 6/21/24 – 6/28/24
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