Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 9/6/24

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 9/6/24, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PRC AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Woodside Finance LTD (USD) 5.1% 9/12/2034 Senior Notes 1250 99.744 5.13 140
Northwestern Mutual Life Insurance Co. (USD) 4.11% 9/12/2027 Senior Notes 600 99.997 4.11 50
McKesson Corp. (USD) 4.25% 9/15/2029 Senior Notes 500 99.946 4.26 72

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 8/30/24 – 9/6/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 HEIMST 0 PERP 9.18% NULL 10.42% 55.12 49.92 5
2 CITCON 3.625 PERP 3.63% NULL 4.91% 73.35 69.92 15
3 FYBR 6.73 2/15/2028 6.73% 02/15/28 4.47% 103.16 98.74 9
4 CWHARF 3.375 4/23/2028 144A 3.38% 04/23/28 4.46% 82.95 79.41 3
5 TEMASE 2.5 10/6/2070 144A 2.50% 10/06/70 4.14% 67.23 64.55 6
6 UNP 4.821 2/1/2044 4.82% 02/01/44 4.05% 94.24 90.57 7
7 CRHID 4.4 5/9/2047 REGS 4.40% 05/09/47 3.98% 87.82 84.45 3
8 HKAA 3.5 1/12/2062 144A 3.50% 01/12/62 3.93% 81.28 78.21 5
9 UNICHI 4.003 10/1/2053 4.00% 10/01/53 3.89% 88.72 85.40 4
10 UNP 4.75 12/15/2043 4.75% 12/15/43 3.88% 93.16 89.68 7

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 8/30/24 – 9/6/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 SHUION 5.5 6/29/2026 5.50% 06/29/26 -8.15% 70.11 76.33 19
2 LNGFOR 3.85 1/13/2032 3.85% 01/13/32 -6.02% 60.66 64.55 20
3 VNKRLE 3.5 11/12/2029 3.50% 11/12/29 -5.53% 50.50 53.46 21
4 LASUDE 5 7/28/2026 5.00% 07/28/26 -4.64% 68.60 71.93 15
5 WBA 4.4 9/15/2042 4.40% 09/15/42 -4.31% 67.56 70.60 14
6 AWLN 1.141 8/1/2042 1.14% 08/01/42 -3.28% 77.72 80.35 4
7 TSIVMG 1.55 12/17/2029 1.55% 12/17/29 -2.30% 54.54 55.83 4
8 GLPCHI 2.95 3/29/2026 2.95% 03/29/26 -2.16% 82.39 84.21 18
9 UPLLIN 4.625 6/16/2030 4.63% 06/16/30 -2.09% 83.06 84.84 23
10 AWLN 5.75 6/7/2043 5.75% 06/07/43 -1.98% 95.39 97.32 16

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 8/30/24 – 9/6/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Hotel, Gaming & Leisure -357 bps 4.55% 8.12%
2 Energy: Electricity -200 bps 11.03% 13.02%
3 Media: Diversified & Production -50 bps 3.99% 4.50%
4 Transportation: Consumer -41 bps 4.61% 5.01%
5 Aerospace & Defense -32 bps 4.55% 4.87%
6 Consumer Goods: Non-Durable -29 bps 4.45% 4.74%
7 Chemicals, Plastics & Rubber -25 bps 4.49% 4.75%
8 Retail -24 bps 4.71% 4.94%
9 Telecommunications -22 bps 4.29% 4.50%
10 Beverage, Food & Tobacco -20 bps 3.93% 4.14%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 8/30/24 – 9/6/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Metals & Mining 13 bps 4.67% 4.54%
2 Services: Consumer 11 bps 4.81% 4.70%
3 Sovereign & Public Finance 8 bps 4.07% 3.99%
4 Wholesale -2 bps 5.24% 5.26%
5 Banking -3 bps 4.39% 4.41%
6 Utilities: Water -8 bps 4.86% 4.93%
7 Insurance -8 bps 4.49% 4.57%
8 Real Estate -9 bps 6.17% 6.27%
9 Media: Broadcasting & Subscription -11 bps 4.75% 4.86%
10 Automotive -11 bps 4.33% 4.45%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 8/30/24 – 9/6/24

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 8/30/24 – 9/6/24

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 8/30/24 vs. the week ending 9/6/24

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 KSS 4.625 5/1/2031 4.63% 05/01/31 84 158 74 88%
2 NSC 4.1 5/15/2121 4.10% 05/15/21 90 147 57 63%
3 BNSF 4.55 9/1/2044 4.55% 09/01/44 161 215 54 34%
4 ORCL 3.6 4/1/2050 3.60% 04/01/50 239 290 51 21%
5 TELSEC FLT 12/10/2033 6.04% 12/10/33 32 80 48 150%
6 WSTP 4.421 7/24/2039 4.42% 07/24/39 180 225 45 25%
7 AMXLMM 5.75 6/28/2030 5.75% 06/28/30 102 146 44 43%
8 ROSW 5.218 3/8/2054 144A 5.22% 03/08/54 165 209 44 27%
9 KNBZMK 5.2 3/26/2029 5.20% 03/26/29 16 60 44 275%
10 AMGN 5.5 12/7/2026 5.50% 12/07/26 98 140 42 43%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 8/30/24 – 9/6/24

RANK TRANCHE COUPON MATURITY DEALERS
1 KR 4.65 9/15/2029 4.65% 09/15/29 39
2 KR 5 9/15/2034 5.00% 09/15/34 39
3 HSBC 8 PERP 8.00% 09/07/99 39
4 MUFG 8.2 PERP 8.20% 07/15/99 39
5 HSBC 4.6 PERP 4.60% NULL 37
6 ENBCN 5.625 4/5/2034 5.63% 04/05/34 37
7 ENBCN 5.95 4/5/2054 5.95% 04/05/54 37
8 ET 6.05 9/1/2054 6.05% 09/01/54 37
9 KR 5.5 9/15/2054 5.50% 09/15/54 37
10 KR 4.9 9/15/2031 4.90% 09/15/31 37

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 8/30/24 – 9/6/24

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 8/30/24 – 9/6/24

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