Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 5/23/25

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 5/23/25, issue size of $50 million and larger

 

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PRC AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Finnvera PLC (USD) 4.25% 8/29/2030 Senior Notes 1000 99.917 4.26 50
Teva Pharmaceuticals Fin BV (USD) 5.75% 12/1/2030 Senior Notes 700 99.418 5.87 181
Ohio Edison Co. (USD) 4.95% 12/15/2029 Senior Notes 300 99.988 4.95 80

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 5/16/25 – 5/23/25

 

 

 

 

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 ROMANI 6 9/24/2044 REGS 6.00% 09/24/44 4.42% 89.39 85.60 18
2 LASUDE 5 7/28/2026 5.00% 07/28/26 4.07% 64.69 62.16 13
3 TOPTB 4.875 1/23/2043 REGS 4.88% 01/23/43 2.99% 79.03 76.73 8
4 AEGON 1.425 PERP 1.43% NULL 2.60% 78.86 76.86 4
5 BNS 3.625 10/27/2081 6.59% 10/27/81 2.06% 91.02 89.19 21
6 LUMN 4.125 4/15/2029 144A 4.13% 04/15/29 1.93% 97.06 95.22 16
7 UPLLIN 4.5 3/8/2028 4.50% 03/08/28 1.72% 94.53 92.94 18
8 NWG FLT 5/17/2029 144A 5.40% 05/17/29 1.41% 101.21 99.80 14
9 GYCGR 6.125 PERP 6.13% NULL 1.20% 100.59 99.40 16
10 SWSFIN 3.706 3/31/2034 3.71% 03/31/34 1.18% 221.55 218.96 11

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 5/16/25 – 5/23/25

 

 

 

 

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 WBD 5.2 9/20/2047 5.20% 09/20/47 -5.78% 66.81 70.91 16
2 ISRAEL 3.8 5/13/2060 3.80% 05/13/60 -4.00% 60.17 62.68 17
3 DT 3.625 1/21/2050 REGS 3.63% 01/21/50 -3.98% 67.32 70.12 13
4 WPLAU 5.7 9/12/2054 5.70% 09/12/54 -3.73% 84.18 87.44 14
5 AZN 2.125 8/6/2050 2.13% 08/06/50 -3.73% 51.11 53.09 21
6 WHR 4.6 5/15/2050 4.60% 05/15/50 -3.63% 69.33 71.94 24
7 FFHCN 5/20/2055 144A 6.50% 05/20/55 -3.62% 96.07 99.67 7
8 INTC 3.1 2/15/2060 3.10% 02/15/60 -3.61% 51.70 53.64 19
9 VLO 3.65 12/1/2051 3.65% 12/01/51 -3.51% 63.43 65.73 23
10 HIG 6.625 4/15/2042 6.63% 04/15/42 -3.46% 101.84 105.49 10

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 5/16/25 – 5/23/25

 

 

 

 

RANK INDUSTRY CHANGE YLD YLD-1W
1 Media: Advertising, Printing & Publishing -83 bps 5.34% 6.17%
2 Wholesale -34 bps 5.08% 5.42%
3 Utilities: Water -31 bps 4.81% 5.12%
4 Sovereign & Public Finance -24 bps 3.92% 4.16%
5 High Tech Industries -14 bps 4.59% 4.73%
6 Telecommunications -9 bps 4.38% 4.47%
7 Consumer Goods: Durable -8 bps 4.18% 4.26%
8 Utilities: Electric -8 bps 4.48% 4.56%
9 Banking -7 bps 4.57% 4.64%
10 Aerospace & Defense -6 bps 5.23% 5.29%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 5/16/25 – 5/23/25

 

 

 

 

RANK INDUSTRY CHANGE YLD YLD-1W
1 Finance 25 bps 6.30% 6.05%
2 Real Estate 17 bps 6.44% 6.27%
3 Energy: Electricity 10 bps 4.08% 3.98%
4 Construction & Building 8 bps 4.46% 4.39%
5 Environmental Industries 8 bps 4.64% 4.56%
6 Media: Diversified & Production 3 bps 4.40% 4.37%
7 Services: Consumer 2 bps 5.07% 5.04%
8 Forest Products & Paper 2 bps 4.44% 4.42%
9 Consumer Goods: Non-Durable 2 bps 4.29% 4.28%
10 Insurance 1 bps 4.71% 4.69%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 5/16/25 – 5/23/25

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 5/16/25 – 5/23/25

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/16/25 vs. the week ending 5/23/25

 

 

 

 

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 ISPIM 8.248 11/21/2033 REGS 8.44% 11/21/33 111 210 99 89%
2 SOCGEN 4.25 4/24/2026 4.25% 04/24/26 48 100 52 108%
3 MS 3.5 5/10/2027 REGS 3.50% 05/10/27 2 48 46 2300%
4 COXENT 5.45 9/1/2034 144A 5.45% 09/01/34 219 263 44 20%
5 UOBSP 1.25 4/27/2026 1.25% 04/27/26 26 70 44 169%
6 NWG FLT 5/17/2029 144A 5.40% 05/17/29 54 96 42 78%
7 USB 5.424 2/12/2036 5.67% 02/12/36 231 273 42 18%
8 QCOM 4.5 5/20/2052 4.50% 05/20/52 221 263 42 19%
9 HSBC 5.13 3/3/2031 5.55% 03/03/31 258 296 38 15%
10 BACR 3 4/8/2026 3.00% 04/08/26 2 39 37 1850%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 5/16/25 – 5/23/25

 

 

 

 

RANK TRANCHE COUPON MATURITY DEALERS
1 GOOGL 4.5 5/15/2035 4.50% 05/15/35 37
2 AAPL 4.2 5/12/2030 4.20% 05/12/30 37
3 STANLN 5.244 5/13/2031 144A 5.39% 05/13/31 36
4 DTE 5.85 5/15/2055 5.85% 05/15/55 36
5 MARS 5.2 3/1/2035 144A 5.20% 03/01/35 35
6 GOOGL 4 5/15/2030 4.00% 05/15/30 35
7 MARS 5.7 5/1/2055 144A 5.70% 05/01/55 35
8 NEE 5.45 3/15/2035 5.45% 03/15/35 34
9 TOYOTA 5.35 1/9/2035 5.35% 01/09/35 34
10 NSC 5.1 5/1/2035 5.10% 05/01/35 34

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 5/16/25 – 5/23/25

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 5/16/25 – 5/23/25

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