Corporates

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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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