Corporates

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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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