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Investment Grade Corporate Bond Market Summary:
Week Ending 5/16/25
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 5/16/25, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Truist Bank (USD) 5.071% 5/20/2031 | Fix-To-Floating Rate Notes | 1250 | 100 | 5.07 | 100 |
| Woodside Finance LTD (USD) 6% 5/19/2035 | Senior Notes | 1250 | 98.995 | 6.14 | |
| US Bank NA/Cincinnati (USD) 4.73% 5/15/2028 | Bank Notes | 1250 | 100 | 4.73 | 73 |
| US Bancorp (USD) 5.083% 5/15/2031 | Fix-To-Floating Rate Notes | 1250 | 100 | 5.08 | 98 |
| Societe Generale (USD) 5.512% 5/22/2031 144A | Senior Non Preferred Notes | 1000 | 100 | 135 | |
| Loreal SA (USD) 5% 5/20/2035 Reg S | Notes | 1000 | 99.132 | 5.11 | 62.5 |
| Belrose Funding Trust (USD) 6.79% 5/15/2055 | Collateral Trust | 1000 | 100 | 6.79 | 185 |
| Athene Holding LTD (USD) 6.625% 5/19/2055 | Senior Notes | 1000 | 99.099 | 6.69 | 172 |
| Pseg Power LLC (USD) 5.2% 5/15/2030 144A | Notes | 750 | 99.958 | 5.21 | 105 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 5/9/25 – 5/16/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | VNKRLE 3.5 11/12/2029 | 3.50% | 11/12/29 | 9.87% | 74.07 | 67.42 | 18 |
| 2 | WHR 4.6 5/15/2050 | 4.60% | 05/15/50 | 7.10% | 71.94 | 67.17 | 25 |
| 3 | AAWW 8.5 2/15/2030 144A | 8.50% | 02/15/30 | 5.09% | 97.75 | 93.02 | 22 |
| 4 | LNC FLT 5/17/2066 | 6.94% | 05/17/66 | 4.31% | 81.29 | 77.94 | 5 |
| 5 | ROMANI 4 2/14/2051 REGS | 4.00% | 02/14/51 | 4.29% | 58.65 | 56.24 | 20 |
| 6 | UPLLIN 4.625 6/16/2030 | 4.63% | 06/16/30 | 4.20% | 90.49 | 86.84 | 19 |
| 7 | W 7.25 10/31/2029 144A | 7.25% | 10/31/29 | 4.16% | 97.22 | 93.34 | 23 |
| 8 | KSS 4.625 5/1/2031 | 5.13% | 05/01/31 | 3.86% | 64.94 | 62.53 | 22 |
| 9 | DTV 8.875 2/1/2030 144A | 8.88% | 02/01/30 | 2.96% | 98.05 | 95.23 | 25 |
| 10 | SEWLTD 5.5834 3/29/2029 | 5.58% | 03/29/29 | 2.89% | 96.82 | 94.10 | 11 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 5/9/25 – 5/16/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | UNH 3.125 5/15/2060 | 3.13% | 05/15/60 | -4.25% | 56.21 | 58.71 | 20 |
| 2 | WBD 4.65 5/15/2050 | 4.65% | 05/15/50 | -4.17% | 64.36 | 67.16 | 13 |
| 3 | CVS 6 6/1/2063 | 6.00% | 06/01/63 | -2.50% | 90.26 | 92.58 | 24 |
| 4 | AGRFIN 1.625 6/30/2033 | 1.63% | 06/30/33 | -2.38% | 74.73 | 76.56 | 15 |
| 5 | TELEFO 4.895 3/6/2048 | 4.90% | 03/06/48 | -2.36% | 80.60 | 82.55 | 22 |
| 6 | DUK 4.375 3/30/2044 | 4.38% | 03/30/44 | -2.12% | 81.78 | 83.55 | 17 |
| 7 | KO 2.5 6/1/2040 | 2.50% | 06/01/40 | -1.98% | 69.95 | 71.36 | 24 |
| 8 | GBSOCH 5.193 2/12/2038 | 5.19% | 02/12/38 | -1.94% | 93.35 | 95.20 | 5 |
| 9 | UPS 3.4 9/1/2049 | 3.40% | 09/01/49 | -1.93% | 66.78 | 68.09 | 24 |
| 10 | MRK 2.75 12/10/2051 | 2.75% | 12/10/51 | -1.93% | 59.33 | 60.49 | 23 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 5/9/25 – 5/16/25
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Wholesale | -41 bps | 5.40% | 5.81% |
| 2 | Transportation: Consumer | -16 bps | 4.93% | 5.09% |
| 3 | Hotel, Gaming & Leisure | -12 bps | 4.87% | 4.98% |
| 4 | Services: Consumer | -11 bps | 4.92% | 5.02% |
| 5 | Chemicals, Plastics & Rubber | -10 bps | 5.08% | 5.18% |
| 6 | Consumer Goods: Non-Durable | -7 bps | 4.23% | 4.30% |
| 7 | Aerospace & Defense | -6 bps | 5.24% | 5.30% |
| 8 | Insurance | -6 bps | 4.68% | 4.74% |
| 9 | Transportation: Cargo | -6 bps | 4.92% | 4.98% |
| 10 | Energy: Oil & Gas | -6 bps | 5.47% | 5.53% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 5/9/25 – 5/16/25
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Sovereign & Public Finance | 51 bps | 4.17% | 3.66% |
| 2 | Finance | 36 bps | 6.10% | 5.74% |
| 3 | Banking | 24 bps | 4.61% | 4.36% |
| 4 | Energy: Electricity | 13 bps | 3.97% | 3.84% |
| 5 | Utilities: Water | 11 bps | 5.07% | 4.95% |
| 6 | Real Estate | 9 bps | 6.27% | 6.18% |
| 7 | Media: Diversified & Production | 6 bps | 4.40% | 4.34% |
| 8 | Healthcare & Pharmaceuticals | 5 bps | 4.43% | 4.39% |
| 9 | Utilities: Oil & Gas | 4 bps | 4.69% | 4.64% |
| 10 | Metals & Mining | 3 bps | 4.94% | 4.91% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 5/9/25 – 5/16/25
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 5/9/25 – 5/16/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/9/25 vs. the week ending 5/16/25
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | GLENLN 6.141 4/1/2055 REGS | 6.14% | 04/01/55 | 10 | 145 | 135 | 1350% |
| 2 | CPGX 5.439 2/15/2035 144A | 5.44% | 02/15/35 | 115 | 210 | 95 | 83% |
| 3 | TOYOTA 4.5 8/17/2027 | 4.50% | 08/17/27 | 25 | 85 | 60 | 240% |
| 4 | NSC 5.1 5/1/2035 | 5.10% | 05/01/35 | 237 | 287 | 50 | 21% |
| 5 | DNBNO 3.125 6/5/2031 | 2.34% | 06/05/31 | 23 | 65 | 42 | 183% |
| 6 | BAC 5.744 2/12/2036 | 6.01% | 02/12/36 | 225 | 266 | 41 | 18% |
| 7 | AAPL 1.4 8/5/2028 | 1.40% | 08/05/28 | 225 | 262 | 37 | 16% |
| 8 | GOOGL 4 5/15/2030 | 4.00% | 05/15/30 | 306 | 342 | 36 | 12% |
| 9 | CMI 4.9 2/20/2029 | 4.90% | 02/20/29 | 181 | 216 | 35 | 19% |
| 10 | AEP 5.3 4/1/2033 | 5.30% | 04/01/33 | 177 | 211 | 34 | 19% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 5/9/25 – 5/16/25
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | STANLN 5.244 5/13/2031 144A | 5.39% | 05/13/31 | 36 |
| 2 | GOOGL 4.5 5/15/2035 | 4.50% | 05/15/35 | 36 |
| 3 | MARS 5.2 3/1/2035 144A | 5.20% | 03/01/35 | 35 |
| 4 | KMI 5.15 6/1/2030 | 5.15% | 06/01/30 | 35 |
| 5 | XEL 5.65 5/15/2055 | 5.65% | 05/15/55 | 34 |
| 6 | DTE 5.85 5/15/2055 | 5.85% | 05/15/55 | 34 |
| 7 | GOOGL 2.05 8/15/2050 | 2.05% | 08/15/50 | 34 |
| 8 | RTX 6.1 3/15/2034 | 6.10% | 03/15/34 | 34 |
| 9 | GOOGL 5.25 5/15/2055 | 5.25% | 05/15/55 | 34 |
| 10 | CMCSA 5.3 6/1/2034 | 5.30% | 06/01/34 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 5/9/25 – 5/16/25
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 5/9/25 – 5/16/25
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