Investment Grade Corporate Bond Market Summary – Week Ending 8/2/24
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Investment Grade Corporate Bond Market Summary: Week Ending 8/2/24
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 8/2/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Citibank NA (USD) 4.929% 8/6/2026 | Senior Bank Note, To Be Issued | 1500 | 100 | 4.93 | 57 |
| DTE Energy Co. (USD) 4.95% 7/1/2027 | Senior Note, To Be Issued | 1200 | 99.881 | 5 | 80 |
| Honeywell Intl. Inc. (USD) 4.65% 7/30/2027 | Senior Unsecured Notes | 1150 | 99.997 | 4.65 | 45 |
| Netflix Inc. (USD) 4.9% 8/15/2034 | Senior Note, Issued | 1000 | 99.614 | 4.95 | 80 |
| Daimler Finance NA LLC (USD) 4.8% 8/1/2029 REG S | Senior Unsecured Notes | 850 | 99.855 | 4.83 | 77 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 7/26/24 – 8/2/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TELEFO 4.95 7/17/2030 REGS | 4.95% | 07/17/30 | 7.71% | 85.53 | 79.40 | 19 |
| 2 | NCMAU 4.2 5/13/2050 144A | 4.20% | 05/13/50 | 6.68% | 81.90 | 76.77 | 5 |
| 3 | BMY 6.875 8/1/2097 | 6.88% | 08/01/97 | 6.33% | 113.65 | 106.88 | 6 |
| 4 | PL 5.35 8/10/2052 144A | 5.35% | 08/10/52 | 5.86% | 94.75 | 89.50 | 4 |
| 5 | MKC 4.2 8/15/2047 | 4.20% | 08/15/47 | 5.46% | 87.23 | 82.72 | 9 |
| 6 | TEMASE 2.5 10/6/2070 144A | 2.50% | 10/06/70 | 5.42% | 64.73 | 61.41 | 6 |
| 7 | ROK 5.2 1/15/2098 | 5.20% | 01/15/98 | 5.34% | 88.70 | 84.20 | 8 |
| 8 | BFB 3.75 1/15/2043 | 3.75% | 01/15/43 | 5.34% | 82.44 | 78.27 | 8 |
| 9 | SBNY 4.125 11/1/2029 | 4.13% | 11/01/29 | 5.25% | 56.65 | 53.82 | 15 |
| 10 | THAMES 0.75 12/18/2034 | 0.75% | 12/18/34 | 5.16% | 73.19 | 69.60 | 10 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 7/26/24 – 8/2/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SWSFIN 4.5 3/31/2052 | 4.50% | 03/31/52 | -6.25% | 71.55 | 76.32 | 12 |
| 2 | SIVB 3.5 1/29/2025 | 3.50% | 01/29/25 | -4.98% | 57.70 | 60.73 | 12 |
| 3 | ELOFR 6 3/22/2029 | 6.00% | 03/22/29 | -2.35% | 92.47 | 94.70 | 22 |
| 4 | KEL 6.375 8/19/2039 | 6.38% | 08/19/39 | -2.22% | 94.46 | 96.60 | 13 |
| 5 | UPLLIN 4.5 3/8/2028 | 4.50% | 03/08/28 | -1.82% | 88.18 | 89.81 | 23 |
| 6 | YTLPMK 5.75 10/14/2033 | 5.75% | 10/14/33 | -1.52% | 96.38 | 97.87 | 15 |
| 7 | CPIPGR 1.625 4/23/2027 | 1.63% | 04/23/27 | -1.41% | 88.95 | 90.22 | 23 |
| 8 | EKT 4.875 1/15/2028 REGS | 4.88% | 01/15/28 | -1.31% | 91.35 | 92.57 | 14 |
| 9 | PSUBIO FLT 9/30/2028 REGS | 8.12% | 09/30/28 | -1.01% | 94.61 | 95.57 | 15 |
| 10 | OPMFP 4.875 3/13/2029 | 4.88% | 03/13/29 | -0.86% | 99.01 | 99.86 | 14 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 7/26/24 – 8/2/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Advertising, Printing & Publishing | -284 bps | 5.04% | 7.89% |
| 2 | Wholesale | -77 bps | 4.81% | 5.59% |
| 3 | Media: Diversified & Production | -71 bps | 4.22% | 4.93% |
| 4 | Telecommunications | -45 bps | 4.34% | 4.80% |
| 5 | Finance | -39 bps | 4.96% | 5.35% |
| 6 | Containers, Packaging, & Glass | -38 bps | 4.68% | 5.06% |
| 7 | Environmental Industries | -35 bps | 4.41% | 4.75% |
| 8 | Utilities: Oil & Gas | -34 bps | 4.44% | 4.78% |
| 9 | Capital Equipment | -33 bps | 4.24% | 4.57% |
| 10 | Utilities: Electric | -32 bps | 4.35% | 4.68% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 7/26/24 – 8/2/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Hotel, Gaming & Leisure | 283 bps | 7.76% | 4.93% |
| 2 | 0 | 54 bps | 8.44% | 7.90% |
| 3 | Utilities: Water | -10 bps | 4.91% | 5.01% |
| 4 | Media: Broadcasting & Subscription | -13 bps | 4.95% | 5.09% |
| 5 | Sovereign & Public Finance | -17 bps | 4.18% | 4.35% |
| 6 | Energy: Electricity | -18 bps | 11.31% | 11.49% |
| 7 | Services: Consumer | -19 bps | 4.69% | 4.88% |
| 8 | Transportation: Consumer | -19 bps | 4.92% | 5.11% |
| 9 | Chemicals, Plastics & Rubber | -21 bps | 4.73% | 4.94% |
| 10 | Consumer Goods: Non-Durable | -21 bps | 4.47% | 4.68% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 7/26/24 – 8/2/24 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 7/26/24 – 8/2/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 7/26/24 vs. the week ending 8/2/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | EPD 3.3 2/15/2053 | 3.30% | 02/15/53 | 281 | 344 | 63 | 22% |
| 2 | MUBAUH 5.875 5/1/2034 144A | 5.88% | 05/01/34 | 10 | 72 | 62 | 620% |
| 3 | HON 5 3/1/2035 | 5.00% | 03/01/35 | 265 | 321 | 56 | 21% |
| 4 | ET 6.55 12/1/2033 | 6.55% | 12/01/33 | 256 | 310 | 54 | 21% |
| 5 | DAHSIN 7.375 11/15/2033 | 7.38% | 11/15/33 | 125 | 179 | 54 | 43% |
| 6 | JPM 4.493 3/24/2031 | 4.49% | 03/24/31 | 176 | 229 | 53 | 30% |
| 7 | ET 5.55 5/15/2034 | 5.55% | 05/15/34 | 280 | 333 | 53 | 19% |
| 8 | COP 5.55 3/15/2054 | 5.55% | 03/15/54 | 262 | 315 | 53 | 20% |
| 9 | BATSLN 5.85 8/15/2045 | 5.85% | 08/15/45 | 119 | 170 | 51 | 43% |
| 10 | HSBC 5.294 3/4/2027 | 5.29% | 03/04/27 | 176 | 227 | 51 | 29% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 7/26/24 – 8/2/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | HSBC 8 PERP | 8.00% | 09/07/99 | 38 |
| 2 | ENBCN 5.95 4/5/2054 | 5.95% | 04/05/54 | 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 | KMI 5.95 8/1/2054 | 5.95% | 08/01/54 | 36 |
| 6 | HSBC 4.6 PERP | 4.60% | NULL | 36 |
| 7 | HSBC 4.7 PERP | 4.70% | NULL | 36 |
| 8 | AVGO 4.15 4/15/2032 144A | 4.15% | 04/15/32 | 35 |
| 9 | ENBCN 5.625 4/5/2034 | 5.63% | 04/05/34 | 35 |
| 10 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 7/26/24 – 8/2/24 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 7/26/24 – 8/2/24
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