Investment Grade Corporate Bond Market Summary – Week Ending 9/20/24
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Investment Grade Corporate Bond Market Summary: Week Ending 9/20/24
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 9/20/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Universal Health Services Inc. (USD) 4.625% 10/15/2029 | Senior Secured Notes | 500 | 99.957 | 4.63 | 120 |
| Sonoco Products Co. (USD) 5% 9/1/2034 | Senior Unsecured Notes | 700 | 99.461 | 5.07 | 143 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 9/13/24 – 9/20/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | OPI 2.4 2/1/2027 | 2.40% | 02/01/27 | 12.96% | 54.90 | 48.60 | 20 |
| 2 | SHUION 5.5 3/3/2025 | 5.50% | 03/03/25 | 9.02% | 84.78 | 77.77 | 20 |
| 3 | LIGTBZ 4.375 6/18/2026 REGS | 4.38% | 06/18/26 | 6.56% | 58.52 | 54.92 | 10 |
| 4 | MSTE 6.125 6/15/2028 | 6.13% | 06/15/28 | 5.03% | 103.01 | 98.08 | 25 |
| 5 | HPP 5.95 2/15/2028 | 5.95% | 02/15/28 | 4.89% | 91.82 | 87.54 | 19 |
| 6 | INTC 3.2 8/12/2061 | 3.20% | 08/12/61 | 4.03% | 61.71 | 59.33 | 25 |
| 7 | GLPSP 3.875 6/4/2025 | 3.88% | 06/04/25 | 3.99% | 94.47 | 90.84 | 20 |
| 8 | SBBBSS 0.75 12/14/2028 | 0.75% | 12/14/28 | 3.90% | 70.78 | 68.12 | 20 |
| 9 | BNP 7.375 PERP 144A | 7.38% | NULL | 3.89% | 105.52 | 101.57 | 25 |
| 10 | GYCGR 1.5 PERP | 1.50% | NULL | 3.86% | 86.19 | 82.98 | 15 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 9/13/24 – 9/20/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | THAMES 7.738 4/9/2058 | 7.74% | 04/09/58 | -5.29% | 79.46 | 83.90 | 21 |
| 2 | VW 1.5 1/21/2041 | 1.50% | 01/21/41 | -4.42% | 65.66 | 68.70 | 13 |
| 3 | DIGFIN 3.5456 12/31/2034 | 3.55% | 12/31/34 | -3.65% | 91.40 | 94.86 | 9 |
| 4 | SOGRPR 1 11/26/2051 | 1.00% | 11/26/51 | -2.94% | 54.25 | 55.89 | 4 |
| 5 | WELLTR 2.517 2/7/2118 | 2.52% | 02/07/18 | -2.73% | 52.88 | 54.36 | 15 |
| 6 | SLOREP 1.175 2/13/2062 | 1.18% | 02/13/62 | -2.66% | 55.56 | 57.08 | 4 |
| 7 | SLOVGB 2.25 6/12/2068 | 2.25% | 06/12/68 | -2.60% | 70.12 | 71.99 | 4 |
| 8 | LANDLN 2.75 9/22/2059 | 2.75% | 09/22/59 | -2.49% | 60.58 | 62.13 | 15 |
| 9 | VFC 0.625 2/25/2032 | 0.63% | 02/25/32 | -2.46% | 71.26 | 73.05 | 13 |
| 10 | TELVIS 5.25 5/24/2049 | 5.25% | 05/24/49 | -2.37% | 87.67 | 89.80 | 14 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 9/13/24 – 9/20/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Metals & Mining | -14 bps | 4.69% | 4.83% |
| 2 | Hotel, Gaming & Leisure | -12 bps | 4.44% | 4.56% |
| 3 | Media: Advertising, Printing & Publishing | -7 bps | 4.72% | 4.79% |
| 4 | Construction & Building | -5 bps | 4.25% | 4.30% |
| 5 | Services: Consumer | -5 bps | 4.68% | 4.73% |
| 6 | Wholesale | -3 bps | 5.11% | 5.14% |
| 7 | Sovereign & Public Finance | -3 bps | 4.05% | 4.08% |
| 8 | Insurance | -1 bps | 4.41% | 4.42% |
| 9 | Utilities: Electric | -1 bps | 4.16% | 4.16% |
| 10 | Media: Broadcasting & Subscription | -1 bps | 4.64% | 4.65% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 9/13/24 – 9/20/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | 684 bps | 12.75% | 5.91% |
| 2 | Utilities: Water | 20 bps | 4.94% | 4.74% |
| 3 | Media: Diversified & Production | 18 bps | 4.12% | 3.94% |
| 4 | Finance | 17 bps | 5.00% | 4.84% |
| 5 | Transportation: Consumer | 10 bps | 4.66% | 4.56% |
| 6 | Consumer Goods: Durable | 10 bps | 3.87% | 3.77% |
| 7 | Services: Business | 8 bps | 3.57% | 3.49% |
| 8 | Forest Products & Paper | 8 bps | 4.13% | 4.05% |
| 9 | Telecommunications | 7 bps | 4.32% | 4.25% |
| 10 | Containers, Packaging, & Glass | 5 bps | 4.52% | 4.47% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 9/13/24 – 9/20/24 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 9/13/24 – 9/20/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 9/13/24 vs. the week ending 9/20/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | FUNOTR 6.95 1/30/2044 REGS | 6.95% | 01/30/44 | 36 | 116 | 80 | 222% |
| 2 | UNP 3 4/15/2027 | 3.00% | 04/15/27 | 138 | 194 | 56 | 41% |
| 3 | MUFG 3.677 2/22/2027 | 3.68% | 02/22/27 | 196 | 245 | 49 | 25% |
| 4 | ED 5.375 5/15/2034 | 5.38% | 05/15/34 | 215 | 264 | 49 | 23% |
| 5 | RCFFP 5.75 11/22/2031 | 5.75% | 11/22/31 | 79 | 127 | 48 | 61% |
| 6 | UHS 2.65 10/15/2030 | 2.65% | 10/15/30 | 84 | 131 | 47 | 56% |
| 7 | IR 5.7 6/15/2054 | 5.70% | 06/15/54 | 250 | 294 | 44 | 18% |
| 8 | CVS 5.7 6/1/2034 | 5.70% | 06/01/34 | 245 | 289 | 44 | 18% |
| 9 | CDTFIN 5.75 3/14/2034 | 5.75% | 03/14/34 | 69 | 112 | 43 | 62% |
| 10 | CVS 6.05 6/1/2054 | 6.05% | 06/01/54 | 220 | 262 | 42 | 19% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 9/13/24 – 9/20/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MUFG 8.2 PERP | 8.20% | 07/15/99 | 42 |
| 2 | HSBC 8 PERP | 8.00% | 09/07/99 | 40 |
| 3 | TOYOTA 4.8 1/5/2034 | 4.80% | 01/05/34 | 39 |
| 4 | ENBCN 5.625 4/5/2034 | 5.63% | 04/05/34 | 39 |
| 5 | ENBCN 5.95 4/5/2054 | 5.95% | 04/05/54 | 39 |
| 6 | EPD 5.55 2/16/2055 | 5.55% | 02/16/55 | 38 |
| 7 | ET 6.05 9/1/2054 | 6.05% | 09/01/54 | 38 |
| 8 | KMI 5.95 8/1/2054 | 5.95% | 08/01/54 | 37 |
| 9 | HSBC 4.6 PERP | 4.60% | NULL | 37 |
| 10 | DVN 5.2 9/15/2034 | 5.20% | 09/15/34 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 9/13/24 – 9/20/24 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 9/13/24 – 9/20/24
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