Investment Grade Corporate Bond Market Summary – Week Ending 1/24/25
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Investment Grade Corporate Bond Market Summary: Week Ending 1/24/25
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 1/24/25, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Royal Bank of Canada (CAD) 4.279% 2/4/2035 | Senior Notes | 1500 | 99.999 | 4.28 | 122 |
| Penske Truck Leasing (USD) 5.25% 2/1/2030 | Senior Notes | 750 | 99.886 | 5.28 | 85 |
| Goldman Sachs Group Inc. (USD) 5.375% 1/22/2030 | Senior Notes | 70 | 100 | 5.38 | |
| Blackstone Private Credit Fund (USD) 6% 1/29/2032 | Senior Notes | 1000 | 98.472 | 6.27 | 175 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 1/17/25 – 1/24/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SESGFP 2.875 PERP | 2.88% | NULL | 9.27% | 91.34 | 83.58 | 22 |
| 2 | CBGLN 2 9/11/2031 | 2.00% | 09/11/31 | 8.32% | 89.92 | 83.01 | 14 |
| 3 | ANNFND 3.935 7/12/2047 | 3.94% | 07/12/47 | 4.91% | 85.32 | 81.33 | 18 |
| 4 | LNGFOR 3.375 4/13/2027 | 3.38% | 04/13/27 | 4.41% | 80.60 | 77.20 | 19 |
| 5 | HEIMST 6.75 PERP | 6.75% | NULL | 3.43% | 72.82 | 70.40 | 16 |
| 6 | AMGN 2.77 9/1/2053 | 2.77% | 09/01/53 | 3.13% | 58.06 | 56.30 | 22 |
| 7 | UNP 4.1 9/15/2067 | 4.10% | 09/15/67 | 2.94% | 73.60 | 71.50 | 21 |
| 8 | HPP 4.65 4/1/2029 | 4.65% | 04/01/29 | 2.80% | 80.79 | 78.59 | 22 |
| 9 | CHJMAO 4.25 7/23/2029 | 4.25% | 07/23/29 | 2.75% | 82.25 | 80.05 | 19 |
| 10 | AEGON FLT PERP | 2.70% | NULL | 2.63% | 83.88 | 81.73 | 11 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 1/17/25 – 1/24/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LASUDE 5 7/28/2026 | 5.00% | 07/28/26 | -10.87% | 53.83 | 60.39 | 13 |
| 2 | TSINGH 6.5 1/31/2028 | 6.50% | 01/31/28 | -7.91% | 69.78 | 75.77 | 12 |
| 3 | NWSZF 6.375 8/22/2028 | 6.38% | 08/22/28 | -5.94% | 88.16 | 93.73 | 14 |
| 4 | ETLFP 9.75 4/13/2029 REGS | 9.75% | 04/13/29 | -4.48% | 87.10 | 91.18 | 20 |
| 5 | NANFUN 5 PERP | 5.00% | NULL | -3.73% | 66.56 | 69.14 | 12 |
| 6 | THAMES 8.25 4/25/2040 | 8.25% | 04/25/40 | -2.93% | 80.94 | 83.38 | 18 |
| 7 | HYSAN 4.85 PERP | 4.85% | NULL | -1.74% | 65.87 | 67.03 | 12 |
| 8 | ORSTED 5.375 9/13/2042 | 5.38% | 09/13/42 | -1.62% | 88.84 | 90.30 | 17 |
| 9 | BNKEA 6.75 6/27/2034 | 6.92% | 06/27/34 | -1.48% | 98.70 | 100.19 | 21 |
| 10 | ROMANI 4.625 4/3/2049 REGS | 4.63% | 04/03/49 | -1.45% | 76.99 | 78.12 | 21 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 1/17/25 – 1/24/25
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Broadcasting & Subscription | -12 bps | 4.82% | 4.94% |
| 2 | Utilities: Water | -11 bps | 4.86% | 4.97% |
| 3 | Finance | -9 bps | 5.33% | 5.42% |
| 4 | Transportation: Consumer | -7 bps | 4.93% | 5.00% |
| 5 | Media: Advertising, Printing & Publishing | -7 bps | 5.81% | 5.88% |
| 6 | Wholesale | -1 bps | 5.76% | 5.78% |
| 7 | Utilities: Oil & Gas | 0 bps | 4.79% | 4.79% |
| 8 | Sovereign & Public Finance | 2 bps | 4.23% | 4.21% |
| 9 | Energy: Electricity | 2 bps | 4.10% | 4.08% |
| 10 | Retail | 2 bps | 5.09% | 5.07% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 1/17/25 – 1/24/25
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Services: Consumer | 17 bps | 4.93% | 4.76% |
| 2 | Banking | 17 bps | 4.66% | 4.49% |
| 3 | Services: Business | 11 bps | 4.11% | 4.00% |
| 4 | Transportation: Cargo | 11 bps | 4.97% | 4.86% |
| 5 | Containers, Packaging, & Glass | 9 bps | 5.06% | 4.96% |
| 6 | Utilities: Electric | 8 bps | 4.76% | 4.68% |
| 7 | Automotive | 7 bps | 4.93% | 4.86% |
| 8 | Chemicals, Plastics & Rubber | 7 bps | 4.90% | 4.83% |
| 9 | Insurance | 7 bps | 4.92% | 4.85% |
| 10 | Media: Diversified & Production | 7 bps | 4.93% | 4.86% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 1/17/25 – 1/24/25 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 1/17/25 – 1/24/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 1/17/25 vs. the week ending 1/24/25
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | GS FLT 1/23/2029 | 3.44% | 01/23/29 | 4 | 159 | 155 | 3875% |
| 2 | SOCGEN 6.1 4/13/2033 144A | 6.10% | 04/13/33 | 140 | 273 | 133 | 95% |
| 3 | WFC 4.9 12/9/2028 | 4.90% | 12/09/28 | 22 | 110 | 88 | 400% |
| 4 | AVOL 5.15 1/15/2030 REGS | 5.15% | 01/15/30 | 34 | 107 | 73 | 215% |
| 5 | DT 3 12/21/2032 | 3.00% | 12/21/32 | 25 | 94 | 69 | 276% |
| 6 | GS 6.85 10/20/2028 | 6.85% | 10/20/28 | 10 | 72 | 62 | 620% |
| 7 | KSA 5.625 1/13/2035 REGS | 5.63% | 01/13/35 | 172 | 234 | 62 | 36% |
| 8 | KSA 5.375 1/13/2031 REGS | 5.38% | 01/13/31 | 156 | 214 | 58 | 37% |
| 9 | HPE 6.2 10/15/2035 | 6.20% | 10/15/35 | 166 | 221 | 55 | 33% |
| 10 | KSA 5.125 1/13/2028 REGS | 5.13% | 01/13/28 | 150 | 204 | 54 | 36% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 1/17/25 – 1/24/25
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | GM 5.35 1/7/2030 | 5.35% | 01/07/30 | 41 |
| 2 | TOYOTA 4.95 1/9/2030 | 4.95% | 01/09/30 | 40 |
| 3 | GM 5.9 1/7/2035 | 5.90% | 01/07/35 | 40 |
| 4 | OKE 5.05 11/1/2034 | 5.05% | 11/01/34 | 39 |
| 5 | HYNMTR FLT 11/1/2027 144A | 5.00% | 01/07/28 | 39 |
| 6 | HYNMTR 5.3 1/8/2030 144A | 5.30% | 01/08/30 | 39 |
| 7 | EIX 5.45 3/1/2035 | 5.45% | 03/01/35 | 38 |
| 8 | NAB 4.901 1/14/2030 | 4.90% | 01/14/30 | 38 |
| 9 | T 5.4 2/15/2034 | 5.40% | 02/15/34 | 38 |
| 10 | TOYOTA 5.35 1/9/2035 | 5.35% | 01/09/35 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 1/17/25 – 1/24/25 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 1/17/25 – 1/24/25
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