Investment Grade Corporate Bond Market Summary – Week Ending 12/6/24
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Investment Grade Corporate Bond Market Summary: Week Ending 12/6/24
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 12/6/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| CVS Caremark Corp. (USD) 7% 3/10/2055 | Senior Notes | 2250 | |||
| Bill.Com Hldg Inc. (USD) 0% 4/1/2030 144A | Senior Notes | 1250 | |||
| Avolon Holdings LTD (USD) 4.95% 1/15/2028 | Senior Notes | 850 | |||
| Marathon Digital Hldg Inc. (USD) 0% 6/1/2031 144A | Senior Notes | 850 | 100 | ||
| Coterra Energy Inc. (USD) 5.9% 2/15/2055 | Senior Notes | 750 | 99.355 | 5.95 | 152 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 11/29/24 – 12/6/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | HEIMST 6.75 PERP | 6.75% | NULL | 7.39% | 73.76 | 68.68 | 15 |
| 2 | SBNY 0 11/1/2029 | 4.13% | 11/01/29 | 5.76% | 59.17 | 55.95 | 5 |
| 3 | ADANEM 3.949 2/12/2030 REGS | 3.95% | 02/12/30 | 4.74% | 83.27 | 79.50 | 28 |
| 4 | PEPPER 3.301 12/1/2059 | 3.30% | 12/01/59 | 4.20% | 68.81 | 66.04 | 3 |
| 5 | VNKRLE 3.5 11/12/2029 | 3.50% | 11/12/29 | 3.91% | 54.43 | 52.38 | 19 |
| 6 | BACR 0 2/4/2025 | 0.00% | 02/04/25 | 3.71% | 220.45 | 212.56 | 3 |
| 7 | AET 3.875 8/15/2047 | 3.88% | 08/15/47 | 3.62% | 76.95 | 74.26 | 15 |
| 8 | FTSCN 5 3/15/2044 | 5.00% | 03/15/44 | 3.45% | 92.63 | 89.55 | 4 |
| 9 | WBD 5.2 9/20/2047 | 5.20% | 09/20/47 | 3.41% | 83.63 | 80.87 | 17 |
| 10 | CVS 2.7 8/21/2040 | 2.70% | 08/21/40 | 3.39% | 70.18 | 67.88 | 24 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 11/29/24 – 12/6/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ATSAV 5 PERP | 5.00% | NULL | -6.03% | 80.54 | 85.71 | 11 |
| 2 | NGGLN 1.541 12/1/2053 | 1.54% | 12/01/53 | -4.92% | 70.49 | 74.14 | 6 |
| 3 | LANDLN 2.375 3/29/2029 | 2.38% | 03/29/27 | -4.61% | 89.80 | 94.15 | 16 |
| 4 | SVTLN 1.457 8/1/2058 | 1.46% | 08/01/58 | -3.84% | 65.05 | 67.65 | 4 |
| 5 | UU 1.815 7/28/2056 | 1.82% | 07/28/56 | -3.74% | 77.22 | 80.21 | 7 |
| 6 | AVLN 8.875 PERP | 8.88% | NULL | -2.80% | 132.63 | 136.45 | 3 |
| 7 | ETLFP 1.5 10/13/2028 | 1.50% | 10/13/28 | -2.71% | 74.46 | 76.54 | 17 |
| 8 | HPP 4.65 4/1/2029 | 4.65% | 04/01/29 | -2.07% | 79.31 | 80.99 | 21 |
| 9 | UKRAIL 1.125 11/22/2047 | 1.13% | 11/22/47 | -1.92% | 88.76 | 90.50 | 6 |
| 10 | SSWTR 1.843 6/30/2051 | 1.84% | 06/30/51 | -1.89% | 72.00 | 73.38 | 3 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 11/29/24 – 12/6/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -208 bps | 11.16% | 13.25% |
| 2 | Finance | -45 bps | 5.22% | 5.66% |
| 3 | Consumer Goods: Non-Durable | -31 bps | 4.37% | 4.67% |
| 4 | Chemicals, Plastics & Rubber | -14 bps | 4.71% | 4.85% |
| 5 | Media: Diversified & Production | -13 bps | 4.12% | 4.25% |
| 6 | Transportation: Cargo | -11 bps | 4.53% | 4.64% |
| 7 | Utilities: Electric | -11 bps | 4.28% | 4.39% |
| 8 | Healthcare & Pharmaceuticals | -9 bps | 4.24% | 4.33% |
| 9 | Aerospace & Defense | -8 bps | 4.78% | 4.86% |
| 10 | Services: Consumer | -8 bps | 4.82% | 4.89% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 11/29/24 – 12/6/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Forest Products & Paper | 49 bps | 4.44% | 3.95% |
| 2 | Consumer Goods: Durable | 23 bps | 3.79% | 3.56% |
| 3 | Banking | 13 bps | 4.42% | 4.28% |
| 4 | Utilities: Oil & Gas | 12 bps | 4.60% | 4.48% |
| 5 | Real Estate | 11 bps | 6.12% | 6.02% |
| 6 | Beverage, Food & Tobacco | 10 bps | 4.11% | 4.00% |
| 7 | Sovereign & Public Finance | 9 bps | 4.15% | 4.06% |
| 8 | Metals & Mining | 6 bps | 4.64% | 4.59% |
| 9 | Hotel, Gaming & Leisure | 2 bps | 4.84% | 4.81% |
| 10 | Construction & Building | 1 bps | 4.33% | 4.32% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 11/29/24 – 12/6/24 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 11/29/24 – 12/6/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 11/29/24 vs. the week ending 12/6/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | MDLZ 3.875 3/6/2045 | 3.88% | 03/06/45 | 20 | 100 | 80 | 400% |
| 2 | NSANY 4.345 9/17/2027 REGS | 4.35% | 09/17/27 | 240 | 310 | 70 | 29% |
| 3 | NSANY 2.45 9/15/2028 144A | 2.45% | 09/15/28 | 205 | 265 | 60 | 29% |
| 4 | NSANY 4.81 9/17/2030 REGS | 4.81% | 09/17/30 | 250 | 307 | 57 | 23% |
| 5 | NSANY 5.55 9/13/2029 144A | 5.55% | 09/13/29 | 205 | 259 | 54 | 26% |
| 6 | NSANY 7.05 9/15/2028 144A | 7.05% | 09/15/28 | 235 | 285 | 50 | 21% |
| 7 | HD 4.4 3/15/2045 | 4.40% | 03/15/45 | 166 | 215 | 49 | 30% |
| 8 | CBAAU 1.125 6/15/2026 REGS | 1.13% | 06/15/26 | 136 | 180 | 44 | 32% |
| 9 | NSANY 2.75 3/9/2028 144A | 2.75% | 03/09/28 | 225 | 269 | 44 | 20% |
| 10 | NSANY 1.85 9/16/2026 144A | 1.85% | 09/16/26 | 187 | 230 | 43 | 23% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 11/29/24 – 12/6/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | HPE 5 10/15/2034 | 5.00% | 10/15/34 | 38 |
| 2 | T 5.4 2/15/2034 | 5.40% | 02/15/34 | 38 |
| 3 | BPLN 5.227 11/17/2034 | 5.23% | 11/17/34 | 37 |
| 4 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 37 |
| 5 | T 2.55 12/1/2033 | 2.55% | 12/01/33 | 37 |
| 6 | HSBC 8 PERP | 8.00% | 09/07/99 | 37 |
| 7 | AMGN 5.25 3/2/2033 | 5.25% | 03/02/33 | 36 |
| 8 | OKE 5.05 11/1/2034 | 5.05% | 11/01/34 | 36 |
| 9 | HSBC 5.874 11/18/2035 | 5.87% | 11/18/35 | 36 |
| 10 | CSCO 5.05 2/26/2034 | 5.05% | 02/26/34 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 11/29/24 – 12/6/24 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 11/29/24 – 12/6/24
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