Corporates

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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.

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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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