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