Investment Grade Corporate Bond Market Summary – Week Ending 8/23/24
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Investment Grade Corporate Bond Market Summary: Week Ending 8/23/24
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 8/23/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Kroger Co. (USD) 4.6% 8/15/2027 | Senior Notes | 1000 | 99.98 | 4.61 | 80 |
| Roper Technologies Inc. (USD) 4.75% 2/15/2032 | Senior Notes | 500 | 99.814 | 4.78 | 100 |
| Devon Energy Corp. (USD) 5.75% 9/15/2054 | Senior Notes | 1000 | 99.882 | 5.76 | 165 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 8/16/24 – 8/23/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | GARUDA 6.5 12/28/2031 | 6.50% | 12/28/31 | 11.04% | 64.57 | 58.15 | 5 |
| 2 | HEIMST 4.25 3/9/2026 | 4.25% | 03/09/26 | 7.38% | 82.32 | 76.66 | 21 |
| 3 | RUSSIA 2.875 12/4/2025 REGS | 2.88% | 12/04/25 | 6.16% | 73.96 | 69.67 | 4 |
| 4 | VLY 5.25 6/15/2030 | 5.25% | 06/15/30 | 5.90% | 94.08 | 88.84 | 6 |
| 5 | LUMN 4.125 4/15/2029 144A | 4.13% | 04/15/29 | 5.58% | 79.46 | 75.26 | 19 |
| 6 | RTN 4.2 12/15/2044 | 4.20% | 12/15/44 | 4.46% | 80.17 | 76.75 | 5 |
| 7 | CKPH 3.5 PERP | 3.50% | NULL | 4.30% | 62.37 | 59.79 | 12 |
| 8 | CKINF 4.2 PERP | 4.20% | NULL | 4.03% | 74.62 | 71.73 | 12 |
| 9 | ALB 5.65 6/1/2052 | 5.65% | 06/01/52 | 3.78% | 89.55 | 86.29 | 22 |
| 10 | SBBBSS 1 8/12/2027 | 1.00% | 08/12/27 | 3.74% | 74.69 | 71.99 | 17 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 8/16/24 – 8/23/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | VNKRLE 3.975 11/9/2027 | 3.98% | 11/09/27 | -9.07% | 55.45 | 60.98 | 19 |
| 2 | LNGFOR 3.95 9/16/2029 | 3.95% | 09/16/29 | -5.26% | 67.00 | 70.72 | 19 |
| 3 | MSINAI 3.391 7/1/2050 | 3.39% | 07/01/50 | -3.25% | 64.88 | 67.06 | 9 |
| 4 | NLMKRU 4 9/21/2024 REGS | 4.00% | 09/21/24 | -2.63% | 78.20 | 80.31 | 4 |
| 5 | BOKF 5.625 6/25/2030 | 5.63% | 06/25/30 | -2.40% | 94.67 | 97.00 | 2 |
| 6 | BMO 1 4/5/2026 | 1.00% | 04/05/26 | -2.11% | 93.18 | 95.19 | 7 |
| 7 | SIVB 1.8 10/28/2026 | 1.80% | 10/28/26 | -2.07% | 57.49 | 58.70 | 12 |
| 8 | PTTGC 5.2 3/30/2052 REGS | 5.20% | 03/30/52 | -2.06% | 89.63 | 91.52 | 16 |
| 9 | TOPTB 3.5 10/17/2049 144A | 3.50% | 10/17/49 | -1.89% | 68.91 | 70.24 | 6 |
| 10 | MMBFP 1.75 10/7/2027 | 1.75% | 10/07/27 | -1.31% | 92.88 | 94.11 | 7 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 8/16/24 – 8/23/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | -38 bps | 4.20% | 4.58% |
| 2 | Energy: Oil & Gas | -27 bps | 4.75% | 5.02% |
| 3 | #REF! | #REF! | #REF! | #REF! |
| 4 | Sovereign & Public Finance | -26 bps | 3.91% | 4.17% |
| 5 | Consumer Goods: Non-Durable | -14 bps | 4.42% | 4.57% |
| 6 | Services: Business | -13 bps | 3.52% | 3.65% |
| 7 | Capital Equipment | -12 bps | 4.21% | 4.32% |
| 8 | Finance | -12 bps | 5.19% | 5.31% |
| 9 | Wholesale | -11 bps | 5.25% | 5.36% |
| 10 | Transportation: Cargo | -9 bps | 4.36% | 4.45% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 8/16/24 – 8/23/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | 72 bps | 12.19% | 11.47% |
| 2 | Real Estate | 39 bps | 6.50% | 6.11% |
| 3 | Aerospace & Defense | 8 bps | 4.93% | 4.85% |
| 4 | Hotel, Gaming & Leisure | 6 bps | 7.94% | 7.89% |
| 5 | Consumer Goods: Durable | 4 bps | 4.05% | 4.01% |
| 6 | Construction & Building | 4 bps | 4.37% | 4.33% |
| 7 | Transportation: Consumer | 2 bps | 4.84% | 4.83% |
| 8 | 0 | 0 bps | 7.27% | 7.26% |
| 9 | Utilities: Water | -1 bps | 4.88% | 4.88% |
| 10 | Banking | -1 bps | 4.45% | 4.46% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 8/16/24 – 8/23/24 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 8/16/24 – 8/23/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 8/16/24 vs. the week ending 8/23/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | BCLMHK 5 6/26/2027 | 5.00% | 06/26/27 | 131 | 207 | 76 | 58% |
| 2 | ATH FLT 3/25/2027 144A | 6.57% | 03/25/27 | 0 | 59 | 59 | #DIV/0! |
| 3 | NDAQ 5.95 8/15/2053 | 5.95% | 08/15/53 | 218 | 275 | 57 | 26% |
| 4 | BKNG 4.5 11/15/2031 | 4.50% | 11/15/31 | 90 | 142 | 52 | 58% |
| 5 | RCFFP 5.25 11/22/2028 | 5.25% | 11/22/28 | 88 | 138 | 50 | 57% |
| 6 | ESS 5.5 4/1/2034 | 5.50% | 04/01/34 | 170 | 217 | 47 | 28% |
| 7 | ROP 2 6/30/2030 | 2.00% | 06/30/30 | 161 | 207 | 46 | 29% |
| 8 | QIIKQD 5.247 1/24/2029 | 5.25% | 01/24/29 | 20 | 62 | 42 | 210% |
| 9 | PARHC 3.342 7/1/2060 | 3.34% | 07/01/60 | 79 | 120 | 41 | 52% |
| 10 | NTT 0 7/2/2029 144A | 5.11% | 07/02/29 | 89 | 128 | 39 | 44% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 8/16/24 – 8/23/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | HSBC 8 PERP | 8.00% | 09/07/99 | 41 |
| 2 | HSBC 4.6 PERP | 4.60% | NULL | 40 |
| 3 | MUFG 8.2 PERP | 8.20% | 07/15/99 | 40 |
| 4 | HSBC 4.7 PERP | 4.70% | NULL | 38 |
| 5 | TOYOTA 4.8 1/5/2034 | 4.80% | 01/05/34 | 37 |
| 6 | HSBC 4 PERP | 4.00% | NULL | 37 |
| 7 | EPD 5.55 2/16/2055 | 5.55% | 02/16/55 | 36 |
| 8 | ACAFP 4.75 PERP REGS | 4.75% | NULL | 35 |
| 9 | ACAFP 6.875 PERP REGS | 6.88% | NULL | 35 |
| 10 | ENBCN 5.625 4/5/2034 | 5.63% | 04/05/34 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 8/16/24 – 8/23/24 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 8/16/24 – 8/23/24
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