Investment Grade Corporate Bond Market Summary – Week Ending 2/28/25
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Investment Grade Corporate Bond Market Summary: Week Ending 2/28/25
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 2/28/25, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Southern Co. (USD) 6.375% 3/15/2055 | Junior Subordinated Note, To Be Issued | 1800 | 100 | ||
| Marriott International Inc. (USD) 5.5% 4/15/2037 | Senior Unsecured Bond | 1500 | 98.7 | 5.65 | 125 |
| Chevron USA Inc. (USD) 4.687% 4/15/2030 | Senior Note, Issued | 1100 | 99.991 | 4.69 | 45 |
| Targa Resources LLC (USD) 6.125% 5/15/2055 | Senior Unsecured Bond | 1000 | 99.781 | 6.14 | 147 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 2/21/25 – 2/28/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | WPPLN 5.125 9/7/2042 | 5.13% | 09/07/42 | 9.56% | 82.27 | 75.09 | 6 |
| 2 | WBA 4.1 4/15/2050 | 4.10% | 04/15/50 | 9.47% | 72.00 | 65.77 | 23 |
| 3 | ELOFR 4.875 12/8/2028 | 4.88% | 12/08/28 | 6.94% | 91.31 | 85.38 | 20 |
| 4 | CKINF 4.2 PERP | 4.20% | NULL | 4.99% | 74.25 | 70.72 | 9 |
| 5 | NSANY 4.81 9/17/2030 144A | 4.81% | 09/17/30 | 4.36% | 95.74 | 91.74 | 21 |
| 6 | TEMASE 2.5 10/6/2070 REGS | 2.50% | 10/06/70 | 4.29% | 60.95 | 58.44 | 16 |
| 7 | TAISEM 3.25 10/25/2051 | 3.25% | 10/25/51 | 4.24% | 75.10 | 72.05 | 21 |
| 8 | LASUDE 5 7/28/2026 | 5.00% | 07/28/26 | 4.22% | 66.09 | 63.41 | 14 |
| 9 | MASSIN 4.678 7/1/2014 | 4.68% | 07/01/14 | 4.04% | 87.27 | 83.88 | 5 |
| 10 | Y 3.25 8/15/2051 | 3.25% | 08/15/51 | 4.00% | 69.54 | 66.87 | 12 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 2/21/25 – 2/28/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | HPP 4.65 4/1/2029 | 4.65% | 04/01/29 | -2.88% | 79.51 | 81.87 | 20 |
| 2 | KSS 6.875 12/15/2037 | 6.88% | 12/15/37 | -1.65% | 66.89 | 68.02 | 12 |
| 3 | MRK 3.75 5/30/2054 | 3.75% | 05/30/54 | -1.52% | 96.72 | 98.21 | 16 |
| 4 | OPI 2.65 6/15/2026 | 2.65% | 06/15/26 | -1.23% | 79.32 | 80.31 | 17 |
| 5 | IFC 0 5/20/2030 | 0.00% | 05/20/30 | -1.11% | 52.37 | 52.96 | 3 |
| 6 | JBLU 9.875 9/20/2031 | 9.88% | 09/20/31 | -1.03% | 105.69 | 106.78 | 12 |
| 7 | APTV 4.25 6/11/2036 | 4.25% | 06/11/36 | -0.99% | 100.31 | 101.31 | 12 |
| 8 | CERVIM 6 2/15/2029 REGS | 6.00% | 02/15/29 | -0.86% | 95.64 | 96.47 | 17 |
| 9 | JNJ 3.55 6/1/2044 | 3.55% | 06/01/44 | -0.78% | 100.63 | 101.42 | 19 |
| 10 | AKZANA 3.75 9/16/2034 | 3.75% | 09/16/34 | -0.75% | 101.74 | 102.51 | 13 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 2/21/25 – 2/28/25
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -37 bps | 4.06% | 4.42% |
| 2 | Capital Equipment | -30 bps | 3.95% | 4.25% |
| 3 | Consumer Goods: Non-Durable | -28 bps | 4.24% | 4.52% |
| 4 | Insurance | -26 bps | 4.55% | 4.81% |
| 5 | Containers, Packaging, & Glass | -26 bps | 4.69% | 4.94% |
| 6 | Utilities: Electric | -22 bps | 4.38% | 4.60% |
| 7 | Automotive | -21 bps | 4.50% | 4.71% |
| 8 | Transportation: Cargo | -21 bps | 4.69% | 4.90% |
| 9 | Beverage, Food & Tobacco | -21 bps | 4.05% | 4.26% |
| 10 | Energy: Oil & Gas | -20 bps | 5.04% | 5.25% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 2/21/25 – 2/28/25
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Utilities: Water | 25 bps | 5.00% | 4.75% |
| 2 | Wholesale | 4 bps | 5.69% | 5.65% |
| 3 | Banking | -3 bps | 4.36% | 4.39% |
| 4 | Media: Diversified & Production | -3 bps | 4.73% | 4.76% |
| 5 | Consumer Goods: Durable | -5 bps | 4.19% | 4.24% |
| 6 | Hotel, Gaming & Leisure | -5 bps | 4.62% | 4.67% |
| 7 | Finance | -7 bps | 5.17% | 5.24% |
| 8 | Forest Products & Paper | -9 bps | 4.40% | 4.49% |
| 9 | Aerospace & Defense | -9 bps | 4.95% | 5.05% |
| 10 | Utilities: Oil & Gas | -11 bps | 4.58% | 4.68% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 2/21/25 – 2/28/25 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 2/21/25 – 2/28/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 2/21/25 vs. the week ending 2/28/25
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | PETMK 4.5 3/18/2045 144A | 4.50% | 03/18/45 | 109 | 209 | 100 | 92% |
| 2 | NSANY 4.345 9/17/2027 REGS | 4.35% | 09/17/27 | 193 | 266 | 73 | 38% |
| 3 | ROMANI 6.125 1/22/2044 REGS | 3.80% | 12/14/27 | 141 | 205 | 64 | 45% |
| 4 | CSCO 4.8 2/26/2027 | 4.80% | 02/26/27 | 235 | 293 | 58 | 25% |
| 5 | ISPIM 5.625 3/8/2033 | 5.63% | 03/08/33 | 201 | 255 | 54 | 27% |
| 6 | JNJ 5.25 6/1/2054 | 5.25% | 06/01/54 | 232 | 284 | 52 | 22% |
| 7 | BPCEGP 0.25 1/15/2026 | 0.25% | 01/15/26 | 204 | 255 | 51 | 25% |
| 8 | KR 3.95 1/15/2050 | 3.95% | 01/15/50 | 204 | 255 | 51 | 25% |
| 9 | TOYOTA 4.65 1/5/2029 | 4.65% | 01/05/29 | 192 | 242 | 50 | 26% |
| 10 | JNJ 4.95 6/1/2034 | 4.95% | 06/01/34 | 226 | 276 | 50 | 22% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 2/21/25 – 2/28/25
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | NEE 5.9 3/15/2055 | 5.90% | 03/15/55 | 42 |
| 2 | NEE 5.45 3/15/2035 | 5.45% | 03/15/35 | 39 |
| 3 | PEP 5 2/7/2035 | 5.00% | 02/07/35 | 39 |
| 4 | NEE 5.05 3/15/2030 | 5.05% | 03/15/30 | 37 |
| 5 | TOYOTA 5.35 1/9/2035 | 5.35% | 01/09/35 | 37 |
| 6 | TOYOTA 4.95 1/9/2030 | 4.95% | 01/09/30 | 37 |
| 7 | NEE 5.3 6/15/2034 | 5.30% | 06/15/34 | 37 |
| 8 | NEE 5.3 3/15/2032 | 5.30% | 03/15/32 | 36 |
| 9 | WMB 6 3/15/2055 | 6.00% | 03/15/55 | 36 |
| 10 | ET 6.2 4/1/2055 | 6.20% | 04/01/55 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 2/21/25 – 2/28/25 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 2/21/25 – 2/28/25
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