Investment Grade Corporate Bond Market Summary – Week Ending 4/25/25
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Investment Grade Corporate Bond Market Summary: Week Ending 4/25/25
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 4/25/25, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Hydro Quebec (CAD) 3.55% 9/1/2032 | Senior Notes | 700 | 99.843 | 3.57 | |
| Western & Southern Financial Group Inc. (USD) 4.9% 5/1/2030 | Senior Notes | 500 | 99.873 | 4.93 | 100 |
| Pacific Life Global Fdg MTN (USD) 4.45% 1/5/2028 | Backed Senior Secured | 600 | 99.994 | 4.45 | 65 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 4/17/25 – 4/25/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | KSS 4.625 5/1/2031 | 4.63% | 05/01/31 | 9.07% | 64.09 | 58.76 | 22 |
| 2 | VNKRLE 3.5 11/12/2029 | 3.50% | 11/12/29 | 7.08% | 65.99 | 61.63 | 17 |
| 3 | VFC 6.45 11/1/2037 | 6.45% | 11/01/37 | 5.73% | 83.73 | 79.19 | 16 |
| 4 | PRXNA 3.832 2/8/2051 REGS | 3.83% | 02/08/51 | 5.36% | 62.51 | 59.32 | 19 |
| 5 | HPP 3.95 11/1/2027 | 3.95% | 11/01/27 | 4.68% | 87.50 | 83.59 | 23 |
| 6 | INDON 3.35 3/12/2071 | 3.35% | 03/12/71 | 4.65% | 60.76 | 58.07 | 21 |
| 7 | TENN 2.75 5/17/2042 | 2.75% | 05/17/42 | 4.03% | 92.94 | 89.34 | 20 |
| 8 | AAWW 8.5 2/15/2030 144A | 8.50% | 02/15/30 | 3.90% | 94.57 | 91.02 | 22 |
| 9 | HTHROW 2.75 8/9/2049 | 8.92% | 08/09/49 | 3.86% | 55.68 | 53.61 | 16 |
| 10 | OB 10 2/15/2030 144A | 10.00% | 02/15/30 | 3.72% | 83.05 | 80.07 | 20 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 4/17/25 – 4/25/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SECBEN 6.5 PERP REGS | 6.50% | NULL | -3.83% | 87.82 | 91.32 | 12 |
| 2 | SBNY 4 10/15/2030 | 4.00% | 10/15/30 | -3.67% | 56.22 | 58.36 | 12 |
| 3 | BENTLR 10.5 5/15/2028 REGS | 10.50% | 05/15/28 | -2.39% | 101.66 | 104.15 | 13 |
| 4 | MSFT 3.75 5/1/2043 | 3.75% | 05/01/43 | -2.35% | 81.16 | 83.11 | 7 |
| 5 | WHR 4.5 6/1/2046 | 4.50% | 06/01/46 | -2.34% | 68.85 | 70.50 | 15 |
| 6 | SWX 3.8 9/29/2046 | 3.80% | 09/29/46 | -2.27% | 70.73 | 72.37 | 9 |
| 7 | TENN 0.875 6/16/2035 | 0.88% | 06/16/35 | -2.22% | 82.01 | 83.87 | 18 |
| 8 | GPN 4.15 8/15/2049 | 4.15% | 08/15/49 | -1.65% | 70.15 | 71.32 | 20 |
| 9 | XOM 6.1 4/1/2036 | 6.10% | 04/01/36 | -1.56% | 105.24 | 106.90 | 7 |
| 10 | TRICN 5.5 8/15/2035 | 5.50% | 08/15/35 | -0.96% | 99.86 | 100.83 | 3 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 4/17/25 – 4/25/25
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Construction & Building | -95 bps | 4.24% | 5.19% |
| 2 | Chemicals, Plastics & Rubber | -84 bps | 5.09% | 5.93% |
| 3 | Aerospace & Defense | -81 bps | 5.22% | 6.03% |
| 4 | Capital Equipment | -74 bps | 4.03% | 4.77% |
| 5 | Automotive | -71 bps | 4.77% | 5.48% |
| 6 | Transportation: Consumer | -67 bps | 4.98% | 5.65% |
| 7 | Utilities: Oil & Gas | -62 bps | 4.60% | 5.22% |
| 8 | Utilities: Electric | -62 bps | 4.43% | 5.05% |
| 9 | Metals & Mining | -43 bps | 4.89% | 5.32% |
| 10 | Services: Consumer | -42 bps | 4.94% | 5.36% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 4/17/25 – 4/25/25
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | 831 bps | 14.72% | 6.41% |
| 2 | Finance | 142 bps | 5.72% | 4.30% |
| 3 | Wholesale | 132 bps | 6.01% | 4.69% |
| 4 | Services: Business | 112 bps | 4.05% | 2.94% |
| 5 | Consumer Goods: Durable | 82 bps | 4.05% | 3.23% |
| 6 | Utilities: Water | 79 bps | 5.21% | 4.42% |
| 7 | Banking | 73 bps | 4.51% | 3.78% |
| 8 | High Tech Industries | 70 bps | 4.67% | 3.97% |
| 9 | Real Estate | 70 bps | 6.38% | 5.67% |
| 10 | Telecommunications | 61 bps | 4.38% | 3.77% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 4/17/25 – 4/25/25 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 4/17/25 – 4/25/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 4/17/25 vs. the week ending 4/25/25
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | BRKHEC 3.7 7/15/2030 REGS | 3.70% | 07/15/30 | 11 | 89 | 78 | 709% |
| 2 | CG 5.65 9/15/2048 144A | 5.65% | 09/15/48 | 50 | 110 | 60 | 120% |
| 3 | VFC 6 10/15/2033 | 6.00% | 10/15/33 | 83 | 133 | 50 | 60% |
| 4 | D 6.25 10/15/2053 | 6.25% | 10/15/53 | 208 | 255 | 47 | 23% |
| 5 | MASSMU FLT 4/9/2027 144A | 5.03% | 04/09/27 | 55 | 100 | 45 | 82% |
| 6 | BAC 5.744 2/12/2036 | 5.99% | 02/12/36 | 257 | 296 | 39 | 15% |
| 7 | HPQ 1.45 6/17/2026 | 1.45% | 06/17/26 | 114 | 153 | 39 | 34% |
| 8 | MS 5.424 7/21/2034 | 6.17% | 07/21/34 | 156 | 194 | 38 | 24% |
| 9 | C 7.2 9/29/2025 | #VALUE! | 09/29/25 | 2 | 38 | 36 | 1800% |
| 10 | SPSP 3 9/26/2027 144A | 3.00% | 09/26/27 | 71 | 107 | 36 | 51% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 4/17/25 – 4/25/25
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MARS 5.2 3/1/2035 144A | 5.20% | 03/01/35 | 40 |
| 2 | MARS 5.7 5/1/2055 144A | 5.70% | 05/01/55 | 38 |
| 3 | JPM 5.502 1/24/2036 | 5.61% | 01/24/36 | 37 |
| 4 | MARS 5.65 5/1/2045 144A | 5.65% | 05/01/45 | 37 |
| 5 | GS 5.536 1/28/2036 | 5.67% | 01/28/36 | 36 |
| 6 | MARS 5.8 5/1/2065 144A | 5.80% | 05/01/65 | 36 |
| 7 | MS 5.587 1/18/2036 | 5.71% | 01/18/36 | 35 |
| 8 | BAC 5.511 1/24/2036 | 5.60% | 01/24/36 | 35 |
| 9 | WM 4.95 3/15/2035 | 4.95% | 03/15/35 | 35 |
| 10 | HSBC 8 PERP | 8.00% | 09/07/99 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 4/17/25 – 4/25/25 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 4/17/25 – 4/25/25
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