Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 5/30/25

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 5/30/25, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PRC AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
HSBC Holdings PLC (USD) 7.05% PERP Convertible Subordinated Notes 2000 100
BNG Bank NV (USD) 4.625% 6/4/2035 144A Senior Notes 2000 99.834 4.65 71
National Australia Bank (USD) 4.37% 6/3/2030 144A Covered Bonds 1750 100 4.37 71
AT&T Inc. (USD) 6.05% 8/15/2056 Global Notes 1250 99.364 6.09 70
AT&T Inc. (USD) 5.375% 8/15/2035 Global Notes 1250 99.887 5.39 37.5
Omnis Funding Trust (USD) 6.722% 5/15/2055 Guaranteed Trust Secured Notes 1000 100 6.72 175

Top 10 Performers

Showcases the top 10 IG Corp performers based on the largest bid price increases between 5/23/25 – 5/30/25

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 GLENLN 5.893 4/4/2054 REGS 5.89% 04/04/54 5.11% 95.57 90.92 28
2 WBD 5.2 9/20/2047 5.20% 09/20/47 4.69% 69.94 66.81 16
3 SBNY 4 10/15/2030 4.00% 10/15/30 4.68% 57.17 54.61 12
4 INTC 3.1 2/15/2060 3.10% 02/15/60 4.54% 54.05 51.70 18
5 NWMLIC 3.625 9/30/2059 144A 3.63% 09/30/59 4.43% 66.48 63.66 17
6 HPP 3.25 1/15/2030 3.25% 01/15/30 4.37% 67.51 64.68 20
7 LLY 1.375 9/14/2061 1.38% 09/14/61 4.24% 50.66 48.60 15
8 CVS 6 6/1/2063 6.00% 06/01/63 4.20% 91.83 88.13 22
9 ALL 3.85 8/10/2049 3.85% 08/10/49 4.17% 73.45 70.51 19
10 ADSEZ 5 8/2/2041 REGS 5.00% 08/02/41 4.16% 78.61 75.46 21

Bottom 10 Performers

Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 5/23/25 – 5/30/25

RANK BOND NAME COUPON MATURITY CHANGE PRC PRC-1W DEALERS
1 PACW 3.25 5/1/2031 3.25% 05/01/31 -3.06% 86.76 89.50 10
2 VNKRLE 3.975 11/9/2027 3.98% 11/09/27 -2.43% 80.58 82.58 18
3 IVN 7.875 1/23/2030 REGS 7.88% 01/23/30 -2.17% 97.51 99.68 23
4 CDEL 6.3 9/8/2053 144A 6.30% 09/08/53 -1.45% 95.79 97.20 18
5 SECO 5.684 4/11/2053 5.68% 04/11/53 -1.45% 94.58 95.97 17
6 RBOSGR 2.95 7/11/2039 2.95% 07/11/39 -1.10% 89.41 90.40 7
7 HYSAN 7.2 PERP 7.20% NULL -0.75% 96.77 97.50 16
8 PETRPE 5.625 6/19/2047 REGS 5.63% 06/19/47 -0.72% 60.17 60.61 18
9 NSANY 7.05 9/15/2028 REGS 7.05% 09/15/28 -0.61% 101.56 102.18 27
10 HSBC 3.4 6/29/2027 3.40% 06/29/27 -0.60% 100.61 101.21 6

Top 10 Industry Performers

Showcases the top 10 IG industry performers based on the largest yield increases between 5/23/25 – 5/30/25

RANK INDUSTRY CHANGE YLD YLD-1W
1 Utilities: Electric -18 bps 4.36% 4.54%
2 Consumer Goods: Durable -14 bps 4.08% 4.22%
3 Environmental Industries -14 bps 4.49% 4.63%
4 Automotive -13 bps 4.59% 4.71%
5 Energy: Oil & Gas -11 bps 5.38% 5.49%
6 Capital Equipment -10 bps 3.92% 4.03%
7 Media: Broadcasting & Subscription -10 bps 4.42% 4.52%
8 Beverage, Food & Tobacco -9 bps 4.10% 4.19%
9 Construction & Building -9 bps 4.41% 4.50%
10 Consumer Goods: Non-Durable -9 bps 4.20% 4.29%

Bottom 10 Industry Performers

Showcases the bottom 10 IG industry performers based on the largest yield decreases between 5/23/25 – 5/30/25

RANK INDUSTRY CHANGE YLD YLD-1W
1 Hotel, Gaming & Leisure 11519 bps 120.06% 4.88%
2 Finance 74 bps 6.49% 5.75%
3 Wholesale 33 bps 5.46% 5.13%
4 Sovereign & Public Finance 22 bps 3.87% 3.65%
5 Banking 21 bps 4.59% 4.38%
6 Media: Diversified & Production 19 bps 4.63% 4.44%
7 Transportation: Consumer 9 bps 4.99% 4.90%
8 Insurance 8 bps 4.74% 4.66%
9 Telecommunications -1 bps 4.39% 4.40%
10 Services: Consumer -1 bps 5.12% 5.14%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 5/23/25 – 5/30/25

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 5/23/25 – 5/30/25

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/23/25 vs. the week ending 5/30/25

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 MARS 5.2 3/1/2035 REGS 5.20% 03/01/35 42 360 318 757%
2 JBLU 9.875 9/20/2031 REGS 9.88% 09/20/31 5 322 317 6340%
3 MARS 5.7 5/1/2055 REGS 5.70% 05/01/55 38 348 310 816%
4 MARS 5.65 5/1/2045 REGS 5.65% 05/01/45 28 336 308 1100%
5 MARS 5.8 5/1/2065 REGS 5.80% 05/01/65 15 312 297 1980%
6 AVGO 3.469 4/15/2034 REGS 3.47% 04/15/34 23 313 290 1261%
7 DUK 5.45 6/15/2034 5.45% 06/15/34 55 339 284 516%
8 MARS 4.8 3/1/2030 REGS 4.80% 03/01/30 29 311 282 972%
9 DTE 5.85 6/1/2034 5.85% 06/01/34 53 334 281 530%
10 AVGO 4.926 5/15/2037 REGS 4.93% 05/15/37 1 281 280 28000%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 5/23/25 – 5/30/25

RANK TRANCHE COUPON MATURITY DEALERS
1 AAPL 4.2 5/12/2030 4.20% 05/12/30 39
2 STANLN 1 5/13/2031 REGS 5.39% 05/13/31 39
3 STANLN 5.244 5/13/2031 144A 5.39% 05/13/31 39
4 DTE 5.25 5/15/2035 5.25% 05/15/35 37
5 T 5.4 2/15/2034 5.40% 02/15/34 37
6 DTE 5.85 5/15/2055 5.85% 05/15/55 37
7 GOOGL 4 5/15/2030 4.00% 05/15/30 36
8 CMI 5.3 5/9/2035 5.30% 05/09/35 36
9 GM 5.625 4/15/2030 5.63% 04/15/30 36
10 UBS 5.699 2/8/2035 144A 5.81% 02/08/35 36

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 5/23/25 – 5/30/25

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 5/23/25 – 5/30/25

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