Corporates

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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.

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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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