Investment Grade Corporate Bond Market Summary – Week Ending 7/5/24
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Investment Grade Corporate Bond Market Summary: Week Ending 7/5/24
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 7/5/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Takeda Pharmaceutical Co. LTD (USD) 5.3% 7/5/2034 | Senior Notes | 1100 | 99.724 | 5.34 | 105 |
| Pluspetrol Lote 56 SA (USD) 6.24% 7/3/2036 | Senior Unsecured Bond | 500 | 99.924 | 6.25 | 196 |
| Pembina Pipeline Corp. (CAD) 5.22% 6/28/2033 | Senior Unsecured Notes | 650 | 99.957 | 5.23 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 6/28/24 – 7/5/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PARA 5.85 9/1/2043 | 5.85% | 09/01/43 | 5.51% | 83.58 | 79.22 | 23 |
| 2 | SIVB 3.5 1/29/2025 | 3.50% | 01/29/25 | 5.06% | 63.07 | 60.03 | 15 |
| 3 | AIG 6.25 3/15/2037 | 6.25% | 03/15/37 | 4.79% | 96.01 | 91.62 | 6 |
| 4 | ZJMGCL 1 6/25/2029 | 1.00% | 06/25/29 | 4.75% | 106.07 | 101.26 | 3 |
| 5 | EBRD 0 1/26/2026 | 0.00% | 01/26/26 | 4.08% | 59.85 | 57.51 | 3 |
| 6 | GYCGR 1.5 PERP | 1.50% | NULL | 3.71% | 66.06 | 63.70 | 16 |
| 7 | LLY 1.375 9/14/2061 | 1.38% | 09/14/61 | 3.35% | 55.68 | 53.87 | 14 |
| 8 | LNGFOR 3.95 9/16/2029 | 3.95% | 09/16/29 | 3.02% | 71.65 | 69.55 | 21 |
| 9 | ALVGR 2.625 PERP | 2.63% | NULL | 2.78% | 79.63 | 77.47 | 21 |
| 10 | VOD 3.375 8/8/2049 | 3.38% | 08/08/49 | 2.33% | 68.96 | 67.39 | 14 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 6/28/24 – 7/5/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CICFP FLT PERP | 5.41% | NULL | -7.97% | 83.58 | 90.82 | 3 |
| 2 | GARUDA 6.5 12/29/2031 | 6.50% | 12/29/31 | -5.01% | 57.92 | 60.97 | 10 |
| 3 | PEP 5.5 5/15/2035 | 5.50% | 05/15/35 | -4.54% | 99.66 | 104.40 | 4 |
| 4 | KO 4.125 3/25/2040 | 4.13% | 03/25/40 | -4.36% | 84.24 | 88.08 | 5 |
| 5 | UPENN 3.61 2/15/2119 | 3.61% | 02/15/19 | -4.19% | 66.78 | 69.70 | 5 |
| 6 | ABIBB 5.95 1/15/2033 | 5.95% | 01/15/33 | -3.70% | 103.37 | 107.35 | 5 |
| 7 | NEE 3 1/15/2052 | 3.00% | 01/15/52 | -3.61% | 62.14 | 64.47 | 20 |
| 8 | ED 4.3 12/1/2056 | 4.30% | 12/01/56 | -3.39% | 77.67 | 80.39 | 15 |
| 9 | NYPRES 2.606 8/1/2060 | 2.61% | 08/01/60 | -3.34% | 55.71 | 57.63 | 4 |
| 10 | GLW 4.375 11/15/2057 | 4.38% | 11/15/57 | -3.27% | 77.76 | 80.39 | 18 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 6/28/24 – 7/5/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Hotel, Gaming & Leisure | -263 bps | 4.97% | 7.60% |
| 2 | Media: Diversified & Production | -43 bps | 4.73% | 5.16% |
| 3 | Telecommunications | -28 bps | 4.73% | 5.01% |
| 4 | Finance | -27 bps | 5.62% | 5.89% |
| 5 | Services: Consumer | -24 bps | 4.86% | 5.10% |
| 6 | Consumer Goods: Non-Durable | -17 bps | 4.87% | 5.04% |
| 7 | Transportation: Cargo | -13 bps | 4.86% | 4.99% |
| 8 | Healthcare & Pharmaceuticals | -8 bps | 4.72% | 4.79% |
| 9 | Capital Equipment | -7 bps | 4.70% | 4.78% |
| 10 | Banking | -7 bps | 4.88% | 4.95% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 6/28/24 – 7/5/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Oil & Gas | 33 bps | 5.45% | 5.12% |
| 2 | Media: Advertising, Printing & Publishing | 31 bps | 8.23% | 7.92% |
| 3 | Metals & Mining | 18 bps | 5.25% | 5.07% |
| 4 | Real Estate | 18 bps | 7.54% | 7.36% |
| 5 | Transportation: Consumer | 7 bps | 5.40% | 5.33% |
| 6 | Aerospace & Defense | 7 bps | 5.39% | 5.32% |
| 7 | Chemicals, Plastics & Rubber | 5 bps | 5.17% | 5.12% |
| 8 | Energy: Electricity | 4 bps | 6.61% | 6.57% |
| 9 | Insurance | 4 bps | 5.12% | 5.08% |
| 10 | Construction & Building | 3 bps | 4.85% | 4.82% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 6/28/24 – 7/5/24 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 6/28/24 – 7/5/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 6/28/24 vs. the week ending 7/5/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | BPCEGP 7.003 10/19/2034 144A | 7.00% | 10/19/34 | 175 | 275 | 100 | 57% |
| 2 | UBS 5.699 2/8/2035 144A | 5.70% | 02/08/35 | 184 | 275 | 91 | 49% |
| 3 | BAERVX 4.875 PERP | 4.88% | NULL | 135 | 223 | 88 | 65% |
| 4 | KOROIL FLT 11/14/2026 REGS | 0.00% | 11/14/26 | 75 | 133 | 58 | 77% |
| 5 | CMINLE 0 6/4/2027 | 6.10% | 06/04/27 | 90 | 140 | 50 | 56% |
| 6 | MSFT 3.5 2/12/2035 | 3.50% | 02/12/35 | 188 | 237 | 49 | 26% |
| 7 | RABOBK 5 1/13/2025 | 5.00% | 01/13/25 | 14 | 60 | 46 | 329% |
| 8 | SWIRE 4.4 5/2/2029 | 4.40% | 05/02/29 | 20 | 65 | 45 | 225% |
| 9 | DE 3.1 4/15/2030 | 3.10% | 04/15/30 | 203 | 245 | 42 | 21% |
| 10 | WFC FLT 4/25/2026 | 6.66% | 04/25/26 | 54 | 96 | 42 | 78% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 6/28/24 – 7/5/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | HSBC 8 PERP | 8.00% | 09/07/99 | 42 |
| 2 | MUFG 8.2 PERP | 8.20% | 07/15/99 | 37 |
| 3 | HSBC 4.7 PERP | 4.70% | NULL | 37 |
| 4 | ET 6.05 9/1/2054 | 6.05% | 09/01/54 | 36 |
| 5 | ET 5.6 9/1/2034 | 5.60% | 09/01/34 | 36 |
| 6 | ENBCN 5.95 4/5/2054 | 5.95% | 04/05/54 | 36 |
| 7 | HSBC 4.6 PERP | 4.60% | NULL | 36 |
| 8 | TOYOTA 4.8 1/5/2034 | 4.80% | 01/05/34 | 35 |
| 9 | INTNED 7.5 PERP | 7.50% | 11/16/99 | 35 |
| 10 | ENBCN 5.7 3/8/2033 | 5.70% | 03/08/33 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 6/28/24 – 7/5/24 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 6/28/24 – 7/5/24
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