Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 8/9/24

Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.

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New Issues

IG Corp bond new issues for the week ending 8/9/24, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PRC AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Virginia Electric & Power Co. (USD) 5.05% 8/15/2034 Senior Notes 600 99.774 5.08 120
Penn Power & Light (USD) 5.25% 9/1/2034 Senior Notes 750 99.486 5.32 143
Laclede Group Inc. (USD) 5.15% 8/15/2034 First Mortgage Bond 320 99.66 5.19 130

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 8/2/24 – 8/9/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 LUMN 4.125 4/15/2030 144A 4.13% 04/15/30 6.61% 74.76 70.13 16
2 THAMES 4.375 7/3/2034 4.38% 07/03/34 6.04% 76.26 71.91 24
3 TXHLTH 4.33 11/15/2055 4.33% 11/15/55 5.37% 90.83 86.20 7
4 DUK 2.617 7/1/2041 2.62% 07/01/41 3.57% 80.30 77.53 3
5 FEMSA 3.5 1/16/2050 3.50% 01/16/50 3.37% 75.90 73.43 12
6 ETR 3.25 12/1/2027 3.25% 12/01/27 3.35% 97.72 94.55 2
7 KLLOGG 2.443 10/1/2050 144A 2.44% 10/01/50 3.27% 65.31 63.25 2
8 CM FLT 8/31/2085 5.56% 08/31/85 3.24% 91.04 88.18 7
9 PSJHOG 2.7 10/1/2051 2.70% 10/01/51 3.13% 62.24 60.35 3
10 TRIHEA 4.125 12/1/2045 4.13% 12/01/45 3.11% 88.19 85.52 3

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 8/2/24 – 8/9/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 CP 2.45 12/2/2031 2.45% 12/02/31 -7.36% 85.62 92.42 17
2 INTC 3.2 8/12/2061 3.20% 08/12/61 -6.21% 59.44 63.38 24
3 PSEC 3.437 10/15/2028 3.44% 10/15/28 -5.57% 82.97 87.87 15
4 EIB 14 3/1/2026 14.00% 03/01/26 -5.01% 89.30 94.01 2
5 BASGR 1.45 12/13/2032 1.45% 12/13/32 -4.91% 85.76 90.20 5
6 APO 5 3/15/2048 144A 5.00% 03/15/48 -4.16% 93.02 97.06 13
7 WBA 4.65 6/1/2046 4.65% 06/01/46 -3.66% 65.55 68.03 19
8 LNC FLT 5/17/2066 7.85% 05/17/66 -3.63% 79.24 82.22 14
9 HPP 4.65 4/1/2029 4.65% 04/01/29 -3.37% 81.54 84.38 24
10 ZURNVX 1.625 6/17/2039 1.63% 06/17/39 -3.36% 77.03 79.71 12

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 8/2/24 – 8/9/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Services: Business -18 bps 3.60% 3.78%
2 Transportation: Cargo -9 bps 4.40% 4.49%
3 Transportation: Consumer 1 bps 4.94% 4.94%
4 Consumer Goods: Non-Durable 3 bps 4.50% 4.48%
5 Metals & Mining 3 bps 4.89% 4.86%
6 Beverage, Food & Tobacco 4 bps 4.16% 4.12%
7 Healthcare & Pharmaceuticals 4 bps 4.33% 4.28%
8 Media: Diversified & Production 5 bps 4.29% 4.24%
9 Sovereign & Public Finance 5 bps 4.24% 4.18%
10 Banking 5 bps 4.59% 4.53%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 8/2/24 – 8/9/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Wholesale 98 bps 5.80% 4.82%
2 Energy: Electricity 65 bps 12.00% 11.35%
3 Real Estate 54 bps 6.32% 5.78%
4 Finance 40 bps 5.36% 4.96%
5 Hotel, Gaming & Leisure 29 bps 8.05% 7.76%
6 Telecommunications 12 bps 4.46% 4.34%
7 Retail 12 bps 4.94% 4.82%
8 Consumer Goods: Durable 12 bps 4.15% 4.03%
9 Automotive 11 bps 4.60% 4.49%
10 Media: Broadcasting & Subscription 11 bps 5.05% 4.94%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 8/2/24 – 8/9/24

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 8/2/24 – 8/9/24

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 8/2/24 vs. the week ending 8/9/24

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 BNP 5.738 2/20/2035 REGS 5.74% 02/20/35 90 283 193 214%
2 MDT 4.375 3/15/2035 4.38% 03/15/35 171 230 59 35%
3 MDT 4.625 3/15/2045 4.63% 03/15/45 172 225 53 31%
4 SANTAN 4.175 3/24/2028 4.18% 03/24/28 202 254 52 26%
5 MS 2.802 1/25/2052 2.80% 01/25/52 115 167 52 45%
6 LLOYDS 5.3 12/1/2045 5.30% 12/01/45 160 208 48 30%
7 SANTAN 3.01 12/18/2008 3.01% 12/18/08 38 78 40 105%
8 MS 3.772 1/24/2029 3.77% 01/24/29 164 204 40 24%
9 CB 5 3/15/2034 5.00% 03/15/34 235 274 39 17%
10 BAC 6.25 PERP 6.25% NULL 158 196 38 24%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 8/2/24 – 8/9/24

RANK TRANCHE COUPON MATURITY DEALERS
1 HSBC 8 PERP 8.00% 09/07/99 38
2 MUFG 8.2 PERP 8.20% 07/15/99 38
3 KMI 5.95 8/1/2054 5.95% 08/01/54 37
4 ENBCN 5.95 4/5/2054 5.95% 04/05/54 37
5 ET 5.6 9/1/2034 5.60% 09/01/34 37
6 HSBC 4.7 PERP 4.70% NULL 36
7 DIS 2.65 1/13/2031 2.65% 01/13/31 36
8 HSBC 4.6 PERP 4.60% NULL 36
9 HON 5 3/1/2035 5.00% 03/01/35 36
10 ENBCN 5.625 4/5/2034 5.63% 04/05/34 36

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 8/2/24 – 8/9/24

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 8/2/24 – 8/9/24

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