Corporates

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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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