Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 2/25/22

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 2/25/22, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Aon Corp. (USD) 3.9% 2/28/2052 Senior Notes 900 98.49 3.99 170
Stanley Black & Decker Inc. (USD) 2.3% 2/24/2025 Senior Notes 500 99.87 2.35 63
Bio-Rad Laboratories Inc. (USD) 3.7% 3/15/2032 Senior Notes 800 99.73 3.73 175

Top 10 Winners

Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 2/18/22 – 2/25/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 C 0 7/30/2024 0.59% 07/30/24 10.47% 111.84 101.24
2 ADJGR 2.25 4/27/2027 2.25% 04/27/27 5.55% 82.71 78.37
3 LLOYDS 2 7/21/2028 2.00% 07/21/28 4.71% 100.83 96.30
4 SLOREP 0.6875 3/3/2081 0.69% 03/03/81 4.58% 67.35 64.40
5 YUNMET 5.5 4/8/2022 5.50% 04/08/22 4.43% 87.02 83.33
6 WSTP 5 3/2/2048 5.00% 03/02/48 4.18% 105.32 101.10
7 ABNANV 0 3/30/2024 0.27% 03/30/24 3.74% 105.78 101.96
8 GS 1 12/21/2025 1.00% 12/21/25 3.71% 98.65 95.12
9 CDTFIN 2.1798 8/10/2048 2.18% 08/10/48 3.21% 265.39 257.14
10 PPL 2.671 6/1/2043 2.67% 06/01/43 3.13% 180.90 175.42

Top 10 Losers

Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 2/18/22 – 2/25/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 RUSSIA 5.875 9/16/2043 5.88% 09/16/43 -35.47% 72.36 112.14
2 GAZPRU 8.625 4/28/2034 8.63% 04/28/34 -28.84% 90.20 126.76
3 PHORRU 2.6 9/16/2028 REGS 2.60% 09/16/28 -28.37% 64.47 90.00
4 NLMKRU 1.45 6/2/2026 REGS 1.45% 06/02/26 -27.85% 66.50 92.17
5 ALRSRU 3.1 6/25/2027 REGS 3.10% 06/25/27 -27.65% 67.38 93.14
6 LUKOIL 3.875 5/6/2030 REGS 3.88% 05/06/30 -24.24% 69.32 91.51
7 SIBUR 3.45 9/23/2024 REGS 3.45% 09/23/24 -12.89% 86.05 98.79
8 ULFP 2 12/5/2033 2.00% 12/05/33 -11.56% 90.12 101.89
9 VEBBNK 6.8 11/22/2025 6.80% 11/22/25 -11.13% 93.87 105.63
10 RURAIL 5.7 4/5/2022 5.70% 04/05/22 -9.47% 90.65 100.13

Top 10 Industry Winners

Showcases the top 10 IG industry “winners” based on the largest yield increases between 2/18/22 – 2/25/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Beverage, Food & Tobacco -9 bps 2.09% 2.18%
2 Containers, Packaging, & Glass -8 bps 2.31% 2.40%
3 Transportation: Cargo -8 bps 2.48% 2.56%
4 Construction & Building -7 bps 1.96% 2.03%
5 Services: Business -1 bps 2.07% 2.08%
6 Wholesale 0 bps 2.39% 2.39%
7 Transportation: Consumer 4 bps 2.95% 2.91%
8 Media: Diversified & Production 5 bps 2.49% 2.44%
9 High Tech Industries 6 bps 2.42% 2.36%
10 Real Estate 8 bps 2.83% 2.76%

Top 10 Industry Losers

Showcases the top 10 IG industry “losers” based on the largest yield decreases between 2/18/22 – 2/25/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Sovereign & Public Finance 55 bps 2.36% 1.81%
2 Environmental Industries 32 bps 2.61% 2.29%
3 Metals & Mining 30 bps 2.96% 2.66%
4 Capital Equipment 26 bps 2.12% 1.86%
5 Telecommunications 26 bps 2.48% 2.23%
6 Energy: Oil & Gas 24 bps 3.02% 2.78%
7 Energy: Electricity 22 bps 2.14% 1.92%
8 Chemicals, Plastics & Rubber 20 bps 2.39% 2.19%
9 Media: Advertising, Printing & Publishing 18 bps 1.64% 1.47%
10 Aerospace & Defense 17 bps 2.80% 2.63%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 2/18/22 – 2/25/22

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 2/18/22 – 2/25/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 2/18/22 vs. the week ending 2/25/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 ACFP 2.5 1/25/2024 2.50% 01/25/24 83 124 41 49%
2 CNBG 3.875 PERP 3.88% 06/24/99 56 95 39 70%
3 GM 1 5/20/2025 1.00% 05/20/25 6 41 35 583%
4 BPCEGP 0 1/14/2025 REGS 0.00% 01/14/25 59 91 32 54%
5 MS 1.102 4/29/2033 1.10% 04/29/33 165 197 32 19%
6 CXO 3.75 10/1/2027 3.75% 10/01/27 30 62 32 107%
7 CXO 4.3 8/15/2028 4.30% 08/15/28 30 62 32 107%
8 ASIA 0 8/27/2026 1.05% 08/27/26 20 50 30 150%
9 EXC 4.25 6/15/2022 4.25% 06/15/22 38 68 30 79%
10 CBAAU 0 1/14/2027 0.00% 01/14/27 55 84 29 53%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 2/18/22 – 2/25/22

RANK TRANCHE COUPON MATURITY DEALERS
1 AMZN 2.1 5/12/2031 2.10% 05/12/31 41
2 ORCL 2.875 3/25/2031 2.88% 03/25/31 38
3 AAPL 1.65 2/8/2031 1.65% 02/08/31 38
4 VZ 3.55 3/22/2051 3.55% 03/22/51 37
5 VZ 2.55 3/21/2031 2.55% 03/21/31 37
6 CMCSA 1.5 2/15/2031 1.50% 02/15/31 36
7 ORCL 3.95 3/25/2051 3.95% 03/25/51 36
8 ORCL 2.95 4/1/2030 2.95% 04/01/30 36
9 DIS 2.65 1/13/2031 2.65% 01/13/31 36
10 AAPL 2.65 2/8/2051 2.65% 02/08/51 36

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 2/18/22 – 2/25/22

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 2/18/22 – 2/25/22

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