Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 12/20/24

Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.

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New Issues

IG Corp bond new issues for the week ending 12/20/24, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PRC AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Affirm Inc. (USD) 0.75% 12/15/2029 144A Convertible Note 800 100
Citigroup Global Markets Holdings Inc. (USD) 5.09483% 1/20/2026 Senior Note, Issued 200 100

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 12/13/24 – 12/20/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 ANNFND 2.924 10/6/2051 2.92% 10/06/51 22.41% 68.07 55.61 17
2 TSINGH 6 12/10/2020 6.00% 12/10/20 9.98% 53.68 48.81 10
3 DOW 5.15 11/15/2034 5.15% 11/15/34 9.10% 97.93 89.76 12
4 BFCM 0 PERP 2.47% NULL 6.02% 99.41 93.76 10
5 NSANY 4.81 9/17/2030 144A 4.81% 09/17/30 4.11% 92.84 89.17 23
6 SWSFIN 6.64 3/31/2026 6.64% 03/31/26 3.70% 92.40 89.10 16
7 ETLFP 1.5 10/13/2028 1.50% 10/13/28 3.24% 73.99 71.67 19
8 CMARK 0 PERP 2.47% NULL 2.28% 95.14 93.02 8
9 AEGON 0.496 PERP 0.50% NULL 1.74% 71.46 70.24 4
10 KEL 5.5 4/28/2035 5.50% 04/28/35 1.12% 92.67 91.64 17

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 12/13/24 – 12/20/24

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 VNKRLE 3.975 11/9/2027 3.98% 11/09/27 -13.36% 51.87 59.87 18
2 ROMANI 4 2/14/2051 REGS 4.00% 02/14/51 -6.60% 62.93 67.38 21
3 HPP 3.25 1/15/2030 3.25% 01/15/30 -5.94% 65.72 69.87 22
4 UNH 3.125 5/15/2060 3.13% 05/15/60 -5.71% 59.50 63.10 19
5 INTC 3.1 2/15/2060 3.10% 02/15/60 -5.60% 53.41 56.58 22
6 CMCSA 2.65 8/15/2062 2.65% 08/15/62 -5.59% 52.33 55.42 23
7 JNJ 2.25 9/1/2050 2.25% 09/01/50 -5.55% 57.67 61.06 22
8 GLW 4.375 11/15/2057 4.38% 11/15/57 -5.54% 77.16 81.69 15
9 WBD 5.141 3/15/2052 5.14% 03/15/52 -5.54% 74.43 78.80 33
10 WBA 4.1 4/15/2050 4.10% 04/15/50 -5.53% 63.45 67.17 24

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 12/13/24 – 12/20/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Energy: Electricity -564 bps 5.48% 11.12%
2 Wholesale -33 bps 5.23% 5.56%
3 Finance -18 bps 5.08% 5.26%
4 Media: Advertising, Printing & Publishing -3 bps 6.20% 6.23%
5 Energy: Oil & Gas -1 bps 5.18% 5.20%
6 Utilities: Water 2 bps 4.75% 4.73%
7 Consumer Goods: Non-Durable 8 bps 4.55% 4.46%
8 Construction & Building 9 bps 4.56% 4.47%
9 Consumer Goods: Durable 10 bps 4.06% 3.96%
10 Aerospace & Defense 10 bps 5.00% 4.90%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 12/13/24 – 12/20/24

RANK INDUSTRY CHANGE YLD YLD-1W
1 Retail 32 bps 5.11% 4.79%
2 Transportation: Consumer 31 bps 4.86% 4.54%
3 Real Estate 30 bps 6.26% 5.96%
4 Metals & Mining 28 bps 5.01% 4.74%
5 Banking 23 bps 4.58% 4.35%
6 Media: Broadcasting & Subscription 22 bps 4.96% 4.74%
7 Services: Consumer 22 bps 4.94% 4.71%
8 Healthcare & Pharmaceuticals 20 bps 4.54% 4.33%
9 Environmental Industries 20 bps 4.87% 4.67%
10 Chemicals, Plastics & Rubber 20 bps 4.95% 4.75%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 12/13/24 – 12/20/24

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 12/13/24 – 12/20/24

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 12/13/24 vs. the week ending 12/20/24

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 NEM 5.75 11/15/2041 5.75% 11/15/41 39 126 87 223%
2 NEM 4.2 5/13/2050 4.20% 05/13/50 35 107 72 206%
3 DOW 5.15 11/15/2034 5.15% 11/15/34 10 76 66 660%
4 DOW 5.6 12/15/2054 5.60% 12/15/54 10 70 60 600%
5 CVS 5.05 3/25/2048 5.05% 03/25/48 275 325 50 18%
6 WFC 4.1 6/3/2026 4.10% 06/03/26 90 139 49 54%
7 NAB FLT 10/26/2027 144A #VALUE! 10/26/27 120 166 46 38%
8 BABA 5.25 5/31/2035 REGS 5.25% 05/31/35 234 280 46 20%
9 NEM 3.25 5/13/2030 3.25% 05/13/30 40 85 45 113%
10 EIX 4.65 10/1/2043 4.65% 10/01/43 132 175 43 33%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 12/13/24 – 12/20/24

RANK TRANCHE COUPON MATURITY DEALERS
1 HSBC 8 PERP 8.00% 09/07/99 37
2 T 5.4 2/15/2034 5.40% 02/15/34 37
3 BPLN 5.227 11/17/2034 5.23% 11/17/34 36
4 T 2.55 12/1/2033 2.55% 12/01/33 36
5 OKE 5.05 11/1/2034 5.05% 11/01/34 35
6 HSBC 6.95 PERP 6.69% NULL 35
7 PFE 4.75 5/19/2033 4.75% 05/19/33 35
8 CMCSA 5.3 6/1/2034 5.30% 06/01/34 34
9 ET 5.6 9/1/2034 5.60% 09/01/34 34
10 KMI 5.4 2/1/2034 5.40% 02/01/34 34

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 12/13/24 – 12/20/24

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 12/13/24 – 12/20/24

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