Corporates

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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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