Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 7/26/24
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 7/26/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| UnitedHealth Group Inc. (USD) 4.8% 1/15/2030 | Senior Note, Issued | 1250 | 99.94 | 4.81 | 65 |
| Nationwide Building Society (USD) 5.127% 7/29/2029 | Note, To Be Issued | 1000 | 100 | 5.13 | 95 |
| Kinder Morgan Inc. (USD) 5.95% 8/1/2054 | Senior Note, To Be Issued | 750 | 99.542 | 5.98 | 150 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 7/19/24 – 7/26/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | TSINGH 6.5 1/31/2028 | 6.50% | 01/31/28 | 6.59% | 63.89 | 59.94 | 13 |
| 2 | ZURNVX 2.3 2/25/2030 | 2.30% | 02/25/30 | 6.22% | 84.18 | 79.25 | 2 |
| 3 | NANFUN 5 PERP | 5.00% | NULL | 4.25% | 72.52 | 69.56 | 12 |
| 4 | RTOLN 0.5 10/14/2028 | 0.50% | 10/14/28 | 3.90% | 92.35 | 88.88 | 14 |
| 5 | ROSW 5.25 7/15/2035 | 5.25% | 07/15/35 | 3.84% | 99.85 | 96.15 | 7 |
| 6 | VLY 5.25 6/15/2030 | 5.25% | 06/15/30 | 3.12% | 85.61 | 83.03 | 5 |
| 7 | ANDINA 3.95 1/21/2050 REGS | 3.95% | 01/21/50 | 3.11% | 75.20 | 72.93 | 14 |
| 8 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | 2.93% | 76.91 | 74.72 | 20 |
| 9 | LRESM 1.843 11/3/2028 | 1.84% | 11/03/28 | 2.71% | 93.65 | 91.18 | 11 |
| 10 | DBHNGR 1.987 7/8/2030 | 1.99% | 07/08/30 | 2.20% | 83.95 | 82.14 | 4 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 7/19/24 – 7/26/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | WBA 4.65 6/1/2046 | 4.65% | 06/01/46 | -15.02% | 65.61 | 77.21 | 18 |
| 2 | THAMES 1.98 8/28/2042 | 1.98% | 08/28/42 | -7.79% | 68.52 | 74.30 | 8 |
| 3 | CMI 5.65 3/1/2098 | 5.65% | 03/01/98 | -6.85% | 91.51 | 98.24 | 7 |
| 4 | SVTLN 1.5225 8/1/2058 | 1.52% | 08/01/58 | -6.31% | 70.46 | 75.21 | 3 |
| 5 | ELOFR 4.875 12/8/2028 | 4.88% | 12/08/28 | -4.30% | 90.54 | 94.61 | 20 |
| 6 | ALB 5.65 6/1/2052 | 5.65% | 06/01/52 | -3.72% | 84.77 | 88.04 | 21 |
| 7 | UNH 5.2 4/15/2063 | 5.20% | 04/15/63 | -3.56% | 92.05 | 95.45 | 22 |
| 8 | PARA 4.95 5/19/2050 | 4.95% | 05/19/50 | -3.49% | 71.22 | 73.80 | 29 |
| 9 | AAPL 2.55 8/20/2060 | 2.55% | 08/20/60 | -3.47% | 61.29 | 63.49 | 22 |
| 10 | SWSFIN 4.5 3/31/2052 | 4.50% | 03/31/52 | -3.37% | 76.32 | 78.99 | 12 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 7/19/24 – 7/26/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Wholesale | -39 bps | 5.56% | 5.95% |
| 2 | Finance | -17 bps | 5.35% | 5.52% |
| 3 | Services: Consumer | -17 bps | 4.88% | 5.06% |
| 4 | Media: Advertising, Printing & Publishing | -11 bps | 7.88% | 8.00% |
| 5 | Consumer Goods: Non-Durable | -10 bps | 4.68% | 4.78% |
| 6 | Transportation: Cargo | -8 bps | 4.75% | 4.83% |
| 7 | Consumer Goods: Durable | -6 bps | 4.26% | 4.32% |
| 8 | Energy: Oil & Gas | -4 bps | 5.27% | 5.31% |
| 9 | Environmental Industries | -3 bps | 4.75% | 4.77% |
| 10 | Metals & Mining | -2 bps | 5.10% | 5.12% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 7/19/24 – 7/26/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Media: Diversified & Production | 44 bps | 4.96% | 4.52% |
| 2 | Containers, Packaging, & Glass | 38 bps | 6.00% | 5.62% |
| 3 | Media: Broadcasting & Subscription | 12 bps | 5.09% | 4.96% |
| 4 | Hotel, Gaming & Leisure | 11 bps | 4.93% | 4.82% |
| 5 | Utilities: Water | 11 bps | 4.99% | 4.88% |
| 6 | Aerospace & Defense | 11 bps | 5.17% | 5.06% |
| 7 | Capital Equipment | 9 bps | 4.57% | 4.48% |
| 8 | Real Estate | 6 bps | 6.08% | 6.02% |
| 9 | Retail | 6 bps | 5.10% | 5.04% |
| 10 | Transportation: Consumer | 3 bps | 5.03% | 5.00% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 7/19/24 – 7/26/24
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 7/19/24 – 7/26/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 7/19/24 vs. the week ending 7/26/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | WMB 7.85 2/1/2026 | 7.85% | 02/01/26 | 50 | 125 | 75 | 150% |
| 2 | NTT 5.136 7/2/2031 144A | 5.14% | 07/02/31 | 147 | 205 | 58 | 39% |
| 3 | BRK 3.85 3/15/2052 | 3.85% | 03/15/52 | 140 | 195 | 55 | 39% |
| 4 | PLD 5.25 3/15/2054 | 5.25% | 03/15/54 | 240 | 289 | 49 | 20% |
| 5 | AHSCRP 5.024 7/1/2045 | 5.02% | 07/01/45 | 26 | 74 | 48 | 185% |
| 6 | WBD 3.638 3/15/2025 | 3.64% | 03/15/25 | 133 | 179 | 46 | 35% |
| 7 | RABOBK 5.25 8/4/2045 | 5.25% | 08/04/45 | 138 | 182 | 44 | 32% |
| 8 | BRK 2.5 1/15/2051 | 2.50% | 01/15/51 | 122 | 166 | 44 | 36% |
| 9 | USB 3.9 4/26/2028 | 3.90% | 04/26/28 | 164 | 205 | 41 | 25% |
| 10 | BPCEGP 5.936 5/30/2035 REGS | 5.94% | 05/30/35 | 195 | 236 | 41 | 21% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 7/19/24 – 7/26/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | ET 6.05 9/1/2054 | 6.05% | 09/01/54 | 37 |
| 2 | ET 5.6 9/1/2034 | 5.60% | 09/01/34 | 37 |
| 3 | HSBC 8 PERP | 8.00% | 09/07/99 | 37 |
| 4 | ENBCN 5.95 4/5/2054 | 5.95% | 04/05/54 | 36 |
| 5 | MUFG 8.2 PERP | 8.20% | 07/15/99 | 36 |
| 6 | HSBC 4.7 PERP | 4.70% | NULL | 35 |
| 7 | AVGO 4.15 4/15/2032 144A | 4.15% | 04/15/32 | 35 |
| 8 | MPLX 5.5 6/1/2034 | 5.50% | 06/01/34 | 35 |
| 9 | ENBCN 5.625 4/5/2034 | 5.63% | 04/05/34 | 35 |
| 10 | T 5.4 2/15/2034 | 5.40% | 02/15/34 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 7/19/24 – 7/26/24
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 7/19/24 – 7/26/24
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