Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 3/21/25
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 3/21/25, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Volkswagen Group of America Finance LLC (USD) 5.05% 3/27/2028 | Senior Note | 1100 | 99.876 | 5.1 | 108 |
| ING Groep NV (USD) 5.525% 3/25/2036 | Senior Note | 1000 | 100 | ||
| Ford Motor Credit Co. (USD) 5.918% 3/20/2028 | Senior Note | 1000 | 100 | 5.92 | 190 |
| Royal Bank of Scotland Group PLC (USD) 5.022% 3/21/2030 | Senior Note | 900 | 100 | 5.02 | 95 |
| Pacificorp (USD) 7.375% 9/15/2055 | Junior Subordinated Note | 850 | 100 | ||
| Santander Holdings USA (USD) 5.473% 3/20/2029 | Senior Note | 850 | 100 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 3/14/25 – 3/21/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | BCECN 3.65 8/15/2052 | 3.65% | 08/15/52 | 4.02% | 72.25 | 69.45 | 23 |
| 2 | BA 5.93 5/1/2060 | 5.93% | 05/01/60 | 3.78% | 95.64 | 92.16 | 24 |
| 3 | ETR 5.15 6/1/2045 | 5.15% | 06/01/45 | 3.60% | 96.46 | 93.11 | 7 |
| 4 | T 3.65 6/1/2051 | 3.65% | 06/01/51 | 3.55% | 72.35 | 69.87 | 27 |
| 5 | UNH 3.125 5/15/2060 | 3.13% | 05/15/60 | 3.53% | 61.52 | 59.43 | 19 |
| 6 | SPGI 2.3 8/15/2060 | 2.30% | 08/15/60 | 3.34% | 52.06 | 50.37 | 18 |
| 7 | INTC 4.25 12/15/2042 | 4.25% | 12/15/42 | 3.28% | 80.81 | 78.25 | 18 |
| 8 | CAT 3.25 9/19/2049 | 3.25% | 09/19/49 | 3.27% | 71.84 | 69.56 | 25 |
| 9 | PROXBB 0.75 11/17/2036 | 0.75% | 11/17/36 | 3.25% | 74.58 | 72.23 | 16 |
| 10 | ISPIM 4.7 9/23/2049 | 4.70% | 09/23/49 | 3.22% | 78.72 | 76.26 | 17 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 3/14/25 – 3/21/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | VNKRLE 3.975 11/9/2027 | 3.98% | 11/09/27 | -4.69% | 72.41 | 75.97 | 19 |
| 2 | CKINF 4 PERP | 4.00% | NULL | -3.41% | 69.34 | 71.79 | 10 |
| 3 | WBA 4.65 6/1/2046 | 4.65% | 06/01/46 | -2.64% | 84.09 | 86.36 | 23 |
| 4 | TEBNK 9.375 PERP | 10.13% | NULL | -1.98% | 100.74 | 102.78 | 11 |
| 5 | PNHAU 7.75 12/11/2054 | 7.75% | 12/11/54 | -1.89% | 97.64 | 99.52 | 3 |
| 6 | TURKWF 6.95 1/23/2030 | 6.95% | 01/23/30 | -1.84% | 98.81 | 100.66 | 18 |
| 7 | NEE 6.35 10/1/2066 | 7.18% | 10/01/66 | -1.64% | 95.41 | 97.00 | 10 |
| 8 | SWSFIN 7.375 12/12/2041 | 7.38% | 12/12/41 | -1.63% | 96.69 | 98.29 | 19 |
| 9 | ICBPIJ 4.805 4/27/2052 | 4.81% | 04/27/52 | -1.41% | 82.06 | 83.23 | 22 |
| 10 | NOTT 1.8768 9/30/2042 | 1.88% | 09/30/42 | -1.00% | 188.18 | 190.08 | 5 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 3/14/25 – 3/21/25
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Media: Diversified & Production | -42 bps | 5.74% | 6.16% |
| 2 | Media: Advertising, Printing & Publishing | -33 bps | 5.62% | 5.95% |
| 3 | Environmental Industries | -22 bps | 4.55% | 4.76% |
| 4 | Hotel, Gaming & Leisure | -21 bps | 4.73% | 4.93% |
| 5 | Sovereign & Public Finance | -19 bps | 3.80% | 3.99% |
| 6 | Consumer Goods: Durable | -14 bps | 4.12% | 4.25% |
| 7 | Automotive | -14 bps | 4.61% | 4.75% |
| 8 | Aerospace & Defense | -13 bps | 5.17% | 5.30% |
| 9 | Forest Products & Paper | -12 bps | 4.33% | 4.45% |
| 10 | Media: Broadcasting & Subscription | -11 bps | 4.53% | 4.64% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 3/14/25 – 3/21/25
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Wholesale | 29 bps | 5.79% | 5.50% |
| 2 | Finance | 28 bps | 5.76% | 5.48% |
| 3 | Utilities: Water | 21 bps | 5.11% | 4.90% |
| 4 | Transportation: Consumer | 12 bps | 4.94% | 4.82% |
| 5 | Real Estate | 1 bps | 6.31% | 6.30% |
| 6 | Transportation: Cargo | -3 bps | 4.76% | 4.79% |
| 7 | Energy: Electricity | -3 bps | 4.14% | 4.18% |
| 8 | Retail | -4 bps | 4.91% | 4.94% |
| 9 | Capital Equipment | -5 bps | 4.26% | 4.32% |
| 10 | Services: Business | -6 bps | 3.83% | 3.89% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/14/25 – 3/21/25
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 3/14/25 – 3/21/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/14/25 vs. the week ending 3/21/25
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | BALN 3 9/15/2050 REGS | 3.00% | 09/15/50 | 51 | 142 | 91 | 178% |
| 2 | BARNES 6.75 2/1/2032 144A | 6.75% | 02/01/32 | 50 | 140 | 90 | 180% |
| 3 | INDKOR 4 9/30/2029 REGS | 4.00% | 09/30/29 | 188 | 244 | 56 | 30% |
| 4 | ACAFP 1.875 12/20/2026 | 1.88% | 12/20/26 | 184 | 240 | 56 | 30% |
| 5 | RSG 1.45 2/15/2031 | 1.45% | 02/15/31 | 175 | 228 | 53 | 30% |
| 6 | RSG 2.3 3/1/2030 | 2.30% | 03/01/30 | 192 | 243 | 51 | 27% |
| 7 | JYBC 5.5 11/16/2027 | 5.50% | 11/16/27 | 132 | 181 | 49 | 37% |
| 8 | BACR 5.69 3/12/2030 | 6.03% | 03/12/30 | 246 | 295 | 49 | 20% |
| 9 | TOYOTA 1.65 1/10/2031 | 1.65% | 01/10/31 | 188 | 234 | 46 | 24% |
| 10 | HSBC 7.39 11/3/2028 | 7.64% | 11/03/28 | 260 | 306 | 46 | 18% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 3/14/25 – 3/21/25
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | NEE 5.3 6/15/2034 | 5.30% | 06/15/34 | 41 |
| 2 | NEE 5.7 3/15/2055 | 5.70% | 03/15/55 | 40 |
| 3 | MARS 5.2 3/1/2035 144A | 5.20% | 03/01/35 | 40 |
| 4 | DUK 5.05 3/15/2035 | 5.05% | 03/15/35 | 39 |
| 5 | NEE 5.45 3/15/2035 | 5.45% | 03/15/35 | 39 |
| 6 | MARS 5.7 5/1/2055 144A | 5.70% | 05/01/55 | 38 |
| 7 | MARS 5.65 5/1/2045 144A | 5.65% | 05/01/45 | 38 |
| 8 | MARS 5.8 5/1/2065 144A | 5.80% | 05/01/65 | 38 |
| 9 | HSBC 6.95 PERP | 7.56% | NULL | 38 |
| 10 | MARS 4.8 3/1/2030 144A | 4.80% | 03/01/30 | 38 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 3/14/25 – 3/21/25
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 3/14/25 – 3/21/25
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