Investment Grade Corporate Bond Market Summary – Week Ending 7/12/24
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Investment Grade Corporate Bond Market Summary: Week Ending 7/12/24
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 7/12/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Broadcom LTD (USD) 5.05% 7/12/2027 | Senior Notes | 1250 | 99.983 | 5.06 | 65 |
| Banco Santander SA (USD) 6.454% 7/15/2028 | Floating Rate Notes | 750 | 100 | 112 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 7/5/24 – 7/12/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TSIVMG 1.55 12/17/2029 | 1.55% | 12/17/29 | 9.45% | 54.00 | 49.34 | 4 |
| 2 | PARA 4.5 2/27/2042 | 4.50% | 02/27/42 | 7.17% | 65.39 | 61.01 | 4 |
| 3 | GYCGR 1.5 PERP | 1.50% | NULL | 5.25% | 69.53 | 66.06 | 16 |
| 4 | TSINGH 5.375 1/31/2023 | 5.38% | 01/31/23 | 5.03% | 59.98 | 57.11 | 13 |
| 5 | AAPL 2.55 8/20/2060 | 2.55% | 08/20/60 | 4.37% | 63.38 | 60.73 | 22 |
| 6 | ROMANI 2.75 4/14/2041 144A | 2.75% | 04/14/41 | 4.30% | 66.96 | 64.20 | 2 |
| 7 | BRK 2.85 10/15/2050 | 2.85% | 10/15/50 | 4.23% | 67.04 | 64.32 | 12 |
| 8 | HAL 7.6 8/15/2096 | 7.60% | 08/15/96 | 4.03% | 114.20 | 109.78 | 6 |
| 9 | SHUION 5.5 3/3/2025 | 5.50% | 03/03/25 | 4.03% | 84.85 | 81.57 | 19 |
| 10 | BAC 2.831 10/24/2051 | 2.83% | 10/24/51 | 3.92% | 65.29 | 62.83 | 15 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 7/5/24 – 7/12/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | THAMES 7.738 4/9/2058 | 7.74% | 04/09/58 | -7.55% | 88.41 | 95.63 | 18 |
| 2 | SIVB 3.5 1/29/2025 | 3.50% | 01/29/25 | -4.53% | 60.21 | 63.07 | 16 |
| 3 | UKRAIL 1.9618 12/1/2025 | 1.96% | 12/01/25 | -4.09% | 191.36 | 199.52 | 4 |
| 4 | MDT 4.15 10/15/2053 | 4.15% | 10/15/53 | -1.54% | 101.05 | 102.63 | 14 |
| 5 | YTLPMK 1.25 1/12/2036 | 1.25% | 01/12/36 | -1.48% | 62.25 | 63.19 | 13 |
| 6 | WBA 2.125 11/20/2026 | 2.13% | 11/20/26 | -1.38% | 92.73 | 94.03 | 15 |
| 7 | TMO 2 10/18/2051 | 2.00% | 10/18/51 | -1.22% | 67.95 | 68.79 | 14 |
| 8 | SBBBSS 0.75 12/14/2028 | 0.75% | 12/14/28 | -1.03% | 63.12 | 63.78 | 21 |
| 9 | OPI 4.5 2/1/2025 | 4.50% | 02/01/25 | -0.90% | 78.55 | 79.26 | 17 |
| 10 | PCG 1.46 7/15/2031 | 1.46% | 07/15/31 | -0.89% | 88.66 | 89.46 | 6 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 7/5/24 – 7/12/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | 0 | -101 bps | 6.46% | 7.47% |
| 2 | Utilities: Water | -39 bps | 4.55% | 4.93% |
| 3 | Consumer Goods: Non-Durable | -24 bps | 4.68% | 4.93% |
| 4 | Transportation: Consumer | -20 bps | 5.18% | 5.37% |
| 5 | Real Estate | -19 bps | 7.00% | 7.20% |
| 6 | Beverage, Food & Tobacco | -18 bps | 4.39% | 4.57% |
| 7 | Aerospace & Defense | -16 bps | 5.26% | 5.42% |
| 8 | Containers, Packaging, & Glass | -15 bps | 5.64% | 5.79% |
| 9 | Retail | -14 bps | 5.00% | 5.14% |
| 10 | Media: Diversified & Production | -14 bps | 4.57% | 4.72% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 7/5/24 – 7/12/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | 535 bps | 11.98% | 6.64% |
| 2 | Wholesale | 39 bps | 5.98% | 5.59% |
| 3 | Services: Consumer | 10 bps | 4.96% | 4.85% |
| 4 | Telecommunications | 9 bps | 4.83% | 4.74% |
| 5 | Services: Business | 3 bps | 4.12% | 4.09% |
| 6 | Finance | 2 bps | 5.64% | 5.62% |
| 7 | Consumer Goods: Durable | 0 bps | 4.33% | 4.33% |
| 8 | Transportation: Cargo | -4 bps | 4.83% | 4.87% |
| 9 | Utilities: Electric | -6 bps | 4.69% | 4.75% |
| 10 | Media: Advertising, Printing & Publishing | -6 bps | 8.12% | 8.17% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 7/5/24 – 7/12/24 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 7/5/24 – 7/12/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 7/5/24 vs. the week ending 7/12/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | DTRGR 5.375 6/25/2034 144A | 5.38% | 06/25/34 | 180 | 271 | 91 | 51% |
| 2 | GS 5.414 5/21/2027 | 5.41% | 05/21/27 | 108 | 195 | 87 | 81% |
| 3 | ET 5.25 7/1/2029 | 5.25% | 07/01/29 | 255 | 321 | 66 | 26% |
| 4 | DB 4 11/23/2028 | #VALUE! | 11/23/28 | 56 | 120 | 64 | 114% |
| 5 | MS 5.504 5/26/2028 | 5.50% | 05/26/28 | 134 | 194 | 60 | 45% |
| 6 | ET 4.2 4/15/2027 | 4.20% | 04/15/27 | 168 | 228 | 60 | 36% |
| 7 | DB 4.5 3/15/2035 | 4.50% | 03/15/35 | 53 | 110 | 57 | 108% |
| 8 | HYNMTR 5.3 6/24/2029 REGS | 5.30% | 06/24/29 | 220 | 275 | 55 | 25% |
| 9 | C 5.174 2/13/2030 | 5.17% | 02/13/30 | 180 | 234 | 54 | 30% |
| 10 | WMB 4.85 3/1/2048 | 4.85% | 03/01/48 | 152 | 206 | 54 | 36% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 7/5/24 – 7/12/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MUFG 8.2 PERP | 8.20% | 07/15/99 | 39 |
| 2 | HSBC 8 PERP | 8.00% | 09/07/99 | 39 |
| 3 | ET 6.05 9/1/2054 | 6.05% | 09/01/54 | 37 |
| 4 | ET 5.6 9/1/2034 | 5.60% | 09/01/34 | 36 |
| 5 | T 5.4 2/15/2034 | 5.40% | 02/15/34 | 36 |
| 6 | HSBC 4.6 PERP | 4.60% | NULL | 36 |
| 7 | HSBC 4.7 PERP | 4.70% | NULL | 36 |
| 8 | ENBCN 5.7 3/8/2033 | 5.70% | 03/08/33 | 35 |
| 9 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 35 |
| 10 | AMGN 5.25 3/2/2033 | 5.25% | 03/02/33 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 7/5/24 – 7/12/24 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 7/5/24 – 7/12/24
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