Investment Grade Corporate Bond Market Summary – Week Ending 1/3/25
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Investment Grade Corporate Bond Market Summary: Week Ending 1/3/25
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 1/3/25, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Principal Life Global Fund II (USD) 4.8% 1/9/2028 | Senior Notes | 500 | 99.923 | 4.83 | 55 |
| General Motors Financial Co. Inc. (USD) 5.9% 1/7/2035 | Senior Notes | 1000 | 99.858 | 5.92 | 135 |
| Ford Motor Credit Co. (USD) 6.5% 2/7/2035 | Senior Notes | 1250 | 99.924 | 6.51 | 193 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 12/27/24 – 1/3/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SBBBSS 2.25 7/12/2027 | 2.25% | 07/12/27 | 3.89% | 83.82 | 80.68 | 11 |
| 2 | MDT 5.55 3/15/2040 | 5.55% | 03/15/40 | 3.52% | 98.61 | 95.26 | 7 |
| 3 | EBRD 0 4/12/2027 | 0.00% | 04/12/27 | 3.40% | 50.29 | 48.64 | 3 |
| 4 | LITHUN 2.1 5/26/2047 | 2.10% | 05/26/47 | 2.92% | 76.91 | 74.73 | 8 |
| 5 | ADSEZ 3.1 2/2/2031 144A | 3.10% | 02/02/31 | 2.44% | 77.26 | 75.42 | 6 |
| 6 | FTSCN 5 3/15/2044 | 5.00% | 03/15/44 | 2.07% | 88.32 | 86.54 | 3 |
| 7 | ADTIN 4.25 5/21/2036 144A | 4.25% | 05/21/36 | 1.87% | 78.81 | 77.36 | 5 |
| 8 | SWSFIN 7 4/16/2040 | 7.00% | 04/16/40 | 1.85% | 89.47 | 87.85 | 19 |
| 9 | ADANEM 3.867 7/22/2031 144A | 3.87% | 07/22/31 | 1.67% | 77.81 | 76.53 | 5 |
| 10 | ADINCO 3 2/16/2031 REGS | 3.00% | 02/16/31 | 1.67% | 84.04 | 82.67 | 23 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 12/27/24 – 1/3/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TOPTB 5.375 11/20/2048 REGS | 5.38% | 11/20/48 | -3.58% | 81.88 | 84.92 | 21 |
| 2 | AITOCU 5.125 8/11/2061 144A | 5.13% | 08/11/61 | -3.17% | 69.44 | 71.72 | 13 |
| 3 | WBA 4.1 4/15/2050 | 4.10% | 04/15/50 | -2.68% | 62.01 | 63.71 | 25 |
| 4 | SLOVGB 1 10/13/2051 | 1.00% | 10/13/51 | -2.46% | 51.27 | 52.56 | 4 |
| 5 | BOSCOL 3.129 7/1/2052 | 3.13% | 07/01/52 | -2.09% | 67.55 | 68.99 | 3 |
| 6 | UNICHI 3 10/1/2052 | 3.00% | 10/01/52 | -2.09% | 69.66 | 71.15 | 5 |
| 7 | MEX 2.125 10/25/2051 | 2.13% | 10/25/51 | -2.06% | 56.37 | 57.55 | 15 |
| 8 | CKPH 3.5 PERP | 3.50% | NULL | -2.02% | 59.96 | 61.20 | 10 |
| 9 | PLNIJ 4 6/30/2050 REGS | 4.00% | 06/30/50 | -1.97% | 68.40 | 69.77 | 20 |
| 10 | TELVIS 5.25 5/24/2049 | 5.25% | 05/24/49 | -1.70% | 73.39 | 74.66 | 13 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 12/27/24 – 1/3/25
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -280 bps | 3.96% | 6.77% |
| 2 | Sovereign & Public Finance | -13 bps | 4.04% | 4.17% |
| 3 | Utilities: Water | -12 bps | 4.81% | 4.92% |
| 4 | Transportation: Cargo | -11 bps | 4.80% | 4.91% |
| 5 | 0 | -8 bps | 7.37% | 7.46% |
| 6 | Environmental Industries | -6 bps | 4.86% | 4.93% |
| 7 | Insurance | -6 bps | 4.79% | 4.85% |
| 8 | Utilities: Oil & Gas | -6 bps | 4.70% | 4.75% |
| 9 | Containers, Packaging, & Glass | -6 bps | 4.91% | 4.97% |
| 10 | Transportation: Consumer | -4 bps | 4.89% | 4.93% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 12/27/24 – 1/3/25
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Real Estate | 60 bps | 6.24% | 5.65% |
| 2 | Wholesale | 47 bps | 5.71% | 5.24% |
| 3 | Finance | 31 bps | 5.19% | 4.89% |
| 4 | Telecommunications | 20 bps | 4.65% | 4.45% |
| 5 | Energy: Oil & Gas | 15 bps | 5.38% | 5.23% |
| 6 | Media: Advertising, Printing & Publishing | 15 bps | 6.15% | 6.00% |
| 7 | Utilities: Electric | 14 bps | 4.62% | 4.48% |
| 8 | Services: Business | 14 bps | 3.96% | 3.82% |
| 9 | Metals & Mining | 10 bps | 4.95% | 4.85% |
| 10 | Services: Consumer | 7 bps | 4.85% | 4.77% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 12/27/24 – 1/3/25 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 12/27/24 – 1/3/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 12/27/24 vs. the week ending 1/3/25
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | HANRUE 1.375 6/30/2042 | 5.06% | 06/30/42 | 58 | 160 | 102 | 176% |
| 2 | USB 5.384 1/23/2030 | 5.96% | 01/23/30 | 58 | 150 | 92 | 159% |
| 3 | ARAMCO 4.75 10/2/2034 144A | 4.75% | 10/02/34 | 32 | 114 | 82 | 256% |
| 4 | RABOBK 5.447 3/5/2030 REGS | 5.45% | 03/05/30 | 124 | 190 | 66 | 53% |
| 5 | XOM 4.327 3/19/2050 | 4.33% | 03/19/50 | 203 | 266 | 63 | 31% |
| 6 | PFG 5.5 6/28/2028 144A | 5.50% | 06/28/28 | 91 | 147 | 56 | 62% |
| 7 | IDA 5.2 8/15/2034 | 5.20% | 08/15/34 | 54 | 108 | 54 | 100% |
| 8 | ROMANI 6.125 1/22/2044 144A | 6.13% | 01/22/44 | 16 | 68 | 52 | 325% |
| 9 | TOYOTA 4.8 1/5/2026 | 4.80% | 01/05/26 | 193 | 245 | 52 | 27% |
| 10 | SUMIBK 5.424 7/9/2031 | 5.42% | 07/09/31 | 227 | 278 | 51 | 22% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 12/27/24 – 1/3/25
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 37 |
| 2 | T 5.4 2/15/2034 | 5.40% | 02/15/34 | 37 |
| 3 | KMI 5.4 2/1/2034 | 5.40% | 02/01/34 | 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 | AMGN 5.25 3/2/2033 | 5.25% | 03/02/33 | 35 |
| 7 | HSBC 6.95 PERP | 7.56% | NULL | 35 |
| 8 | BHP 5.25 9/8/2033 | 5.25% | 09/08/33 | 34 |
| 9 | HSBC 8 PERP | 8.00% | 09/07/99 | 34 |
| 10 | TTEFP 4.724 9/10/2034 | 4.72% | 09/10/34 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 12/27/24 – 1/3/25 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 12/27/24 – 1/3/25
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