Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 11/22/24

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 11/22/24, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PRC AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
State Street Corp. (USD) 4.782% 11/23/2029 Senior Notes 800 100 4.78 50
Principal Life Global Fund II (USD) 4.95% 11/27/2029 Senior Notes 500 99.996 4.95 68
Fairfax Financial Holdings LTD (CAD) 5.23% 11/23/2054 Senior Notes 250 100 5.23 185

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 11/15/24 – 11/22/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 ILTYIM 4.375 10/7/2031 4.38% 10/07/31 3.35% 87.57 84.73 13
2 THAMES 0.75 12/18/2034 0.75% 12/18/34 3.18% 72.12 69.90 7
3 CWHARF 1.75 4/7/2026 REGS 1.75% 04/07/26 3.09% 96.68 93.78 15
4 ITMENT 5.75 7/22/2029 5.75% 07/22/29 2.62% 105.01 102.33 12
5 STUDBO 10 11/15/2026 8.11% 11/15/26 2.38% 99.49 97.17 3
6 FLEMSH 1 1/23/2051 1.00% 01/23/51 2.33% 56.87 55.58 3
7 FARMER 7 10/15/2064 144A 7.61% 10/15/64 2.21% 103.34 101.10 10
8 ARES 6.75 10/1/2027 6.75% 10/01/27 2.15% 55.16 54.00 4
9 COLOM 8.375 11/7/2054 8.38% 11/07/54 1.97% 99.36 97.44 22
10 ISRAEL 5.75 3/12/2054 5.75% 03/12/54 1.92% 93.27 91.51 18

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 11/15/24 – 11/22/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 ADSEZ 3.828 2/2/2032 REGS 3.83% 02/02/32 -8.09% 78.45 85.36 26
2 ADTIN 4.25 5/21/2036 REGS 4.25% 05/21/36 -7.94% 80.53 87.48 25
3 VNKRLE 3.5 11/12/2029 3.50% 11/12/29 -5.39% 55.78 58.95 20
4 LNGFOR 3.95 9/16/2029 3.95% 09/16/29 -4.19% 73.71 76.93 19
5 KSS 5.55 7/17/2045 5.55% 07/17/45 -3.91% 66.06 68.75 19
6 OPI 4.5 2/1/2025 4.50% 02/01/25 -2.94% 87.76 90.42 23
7 ETLFP 1.5 10/13/2028 1.50% 10/13/28 -2.88% 77.92 80.23 18
8 HPP 3.25 1/15/2030 3.25% 01/15/30 -2.86% 72.13 74.26 22
9 WBA 4.8 11/18/2044 4.80% 11/18/44 -2.85% 71.07 73.15 17
10 BABA 3.25 2/9/2061 3.25% 02/09/61 -2.80% 63.64 65.47 24

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 11/15/24 – 11/22/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Transportation: Consumer -24 bps 4.64% 4.87%
2 Media: Diversified & Production -23 bps 4.18% 4.41%
3 Consumer Goods: Durable -17 bps 3.98% 4.15%
4 Chemicals, Plastics & Rubber -13 bps 4.89% 5.02%
5 Aerospace & Defense -11 bps 5.00% 5.10%
6 Consumer Goods: Non-Durable -11 bps 4.50% 4.61%
7 Capital Equipment -10 bps 4.23% 4.32%
8 Real Estate -10 bps 6.31% 6.41%
9 Telecommunications -8 bps 4.48% 4.56%
10 Media: Broadcasting & Subscription -8 bps 4.89% 4.98%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 11/15/24 – 11/22/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Media: Advertising, Printing & Publishing 124 bps 6.23% 4.99%
2 Transportation: Cargo 10 bps 4.85% 4.75%
3 Construction & Building 10 bps 4.49% 4.39%
4 Healthcare & Pharmaceuticals 7 bps 4.51% 4.45%
5 Services: Consumer 6 bps 5.00% 4.94%
6 Finance 3 bps 5.44% 5.41%
7 Metals & Mining 2 bps 4.81% 4.80%
8 Beverage, Food & Tobacco 1 bps 4.29% 4.28%
9 Energy: Oil & Gas 1 bps 5.30% 5.29%
10 Environmental Industries 1 bps 4.78% 4.77%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 11/15/24 – 11/22/24

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 11/15/24 – 11/22/24

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 11/15/24 vs. the week ending 11/22/24

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 AXASA FLT PERP 0.00% 12/29/49 36 90 54 150%
2 RENAUL 1.125 1/15/2027 1.13% 01/15/27 169 218 49 29%
3 CMZB 1.125 9/19/2025 1.13% 09/19/25 172 215 43 25%
4 ABNANV 0.6 1/15/2027 0.60% 01/15/27 163 204 41 25%
5 BAC 6.11 1/29/2037 6.11% 01/29/37 124 165 41 33%
6 MDT 1 7/2/2031 1.00% 07/02/31 129 169 40 31%
7 ENAPHO 1.698 7/30/2026 1.70% 07/30/26 148 185 37 25%
8 CE 6.05 3/15/2025 6.05% 03/15/25 118 155 37 31%
9 CE 6.379 7/15/2032 6.38% 07/15/32 288 325 37 13%
10 OC 3.5 2/15/2030 3.50% 02/15/30 60 95 35 58%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 11/15/24 – 11/22/24

RANK TRANCHE COUPON MATURITY DEALERS
1 HPE 5 10/15/2034 5.00% 10/15/34 39
2 HSBC 8 PERP 8.00% 09/07/99 39
3 HSBC 6.375 PERP 6.38% NULL 38
4 T 5.4 2/15/2034 5.40% 02/15/34 37
5 HSBC 6.5 PERP 6.50% NULL 37
6 HSBC 4.6 PERP 4.60% NULL 36
7 HSBC 6.95 PERP 6.69% NULL 36
8 HSBC 4 PERP 4.00% NULL 36
9 HSBC 4.7 PERP 4.70% NULL 36
10 NEE 5.25 3/15/2034 5.25% 03/15/34 35

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 11/15/24 – 11/22/24

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 11/15/24 – 11/22/24

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