Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 2/4/22
Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 1/28/22 – 2/4/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | BPCEGP 0.5 10/21/2034 | 0.50% | 10/21/34 | 6.42% | 98.68 | 92.73 |
| 2 | BTPCL 5.1 7/15/2050 | 5.10% | 07/15/50 | 5.12% | 90.87 | 86.44 |
| 3 | PROXBB 3.19 3/20/2028 | 3.19% | 03/20/28 | 2.73% | 116.60 | 113.51 |
| 4 | CTXS 1.25 3/1/2026 | 1.25% | 03/01/26 | 2.19% | 98.54 | 96.43 |
| 5 | LUKOIL 3.6 10/26/2031 REGS | 3.60% | 10/26/31 | 2.18% | 92.64 | 90.66 |
| 6 | GS 0 5/7/2025 | 1.80% | 05/07/25 | 1.94% | 100.87 | 98.95 |
| 7 | RUSSIA 4.375 3/21/2029 REGS | 4.38% | 03/21/29 | 1.91% | 102.17 | 100.26 |
| 8 | KBN 0 12/22/2028 | 0.00% | 12/22/28 | 1.52% | 58.01 | 57.15 |
| 9 | IBRD 4.25 1/22/2026 | 4.25% | 01/22/26 | 1.51% | 90.41 | 89.07 |
| 10 | HGB 4 4/28/2051 | 4.00% | 04/28/51 | 1.43% | 82.67 | 81.51 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 1/28/22 – 2/4/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | BATSLN 2.25 9/9/2052 | 2.25% | 09/09/52 | -8.91% | 58.50 | 64.22 |
| 2 | BRKHEC 1.875 6/16/2062 | 1.88% | 06/16/62 | -7.52% | 80.67 | 87.23 |
| 3 | OXUNIV 2.544 12/8/2117 | 2.54% | 12/08/17 | -7.38% | 104.50 | 112.82 |
| 4 | WELLTR 1.5 7/14/2071 | 1.50% | 07/14/71 | -6.95% | 80.83 | 86.87 |
| 5 | ORPFP 2 4/1/2028 | 2.00% | 04/01/28 | -6.80% | 84.39 | 90.54 |
| 6 | TRANLN 4 4/7/2064 | 4.00% | 04/07/64 | -6.69% | 132.53 | 142.03 |
| 7 | VOD 3 8/12/2056 | 3.00% | 08/12/56 | -6.50% | 90.21 | 96.49 |
| 8 | TMO 1.875 10/1/2049 | 1.88% | 10/01/49 | -6.48% | 92.67 | 99.09 |
| 9 | KORIFP 2.25 10/15/2028 | 2.25% | 10/15/28 | -6.31% | 89.03 | 95.03 |
| 10 | UNCOLO 1.625 6/4/2061 | 1.63% | 06/04/61 | -6.28% | 88.09 | 94.00 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 1/28/22 – 2/4/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Containers, Packaging, & Glass | -44 bps | 1.95% | 2.39% |
| 2 | Services: Consumer | -8 bps | 2.90% | 2.98% |
| 3 | Environmental Industries | -2 bps | 2.26% | 2.28% |
| 4 | Hotel, Gaming & Leisure | -2 bps | 2.62% | 2.64% |
| 5 | Metals & Mining | 3 bps | 2.40% | 2.36% |
| 6 | Utilities: Oil & Gas | 3 bps | 2.37% | 2.34% |
| 7 | Aerospace & Defense | 4 bps | 2.39% | 2.35% |
| 8 | Transportation: Cargo | 6 bps | 2.30% | 2.25% |
| 9 | Construction & Building | 10 bps | 1.72% | 1.62% |
| 10 | High Tech Industries | 10 bps | 2.15% | 2.05% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 1/28/22 – 2/4/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Sovereign & Public Finance | 61 bps | 2.08% | 1.47% |
| 2 | Utilities: Water | 45 bps | 1.83% | 1.38% |
| 3 | Consumer Goods: Durable | 45 bps | 1.64% | 1.19% |
| 4 | Services: Business | 41 bps | 1.88% | 1.46% |
| 5 | Consumer Goods: Non-Durable | 36 bps | 1.83% | 1.47% |
| 6 | Energy: Electricity | 36 bps | 1.83% | 1.47% |
| 7 | Media: Diversified & Production | 34 bps | 2.43% | 2.09% |
| 8 | Banking | 27 bps | 1.90% | 1.63% |
| 9 | Telecommunications | 24 bps | 2.10% | 1.85% |
| 10 | Beverage, Food & Tobacco | 24 bps | 1.98% | 1.74% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 1/28/22 – 2/4/22
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 1/28/22 – 2/4/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 1/28/22 vs. the week ending 2/4/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | ORPFP 2.625 3/10/2025 | 2.63% | 03/10/25 | 51 | 132 | 81 | 159% |
| 2 | DHR 0.2 3/18/2026 | 0.20% | 03/18/26 | 80 | 160 | 80 | 100% |
| 3 | GFCFP 0.875 1/25/2033 | 0.88% | 01/25/33 | 62 | 115 | 53 | 85% |
| 4 | ORPFP 2 4/1/2028 | 2.00% | 04/01/28 | 91 | 142 | 51 | 56% |
| 5 | RPRX 0.75 9/2/2023 | 0.75% | 09/02/23 | 65 | 116 | 51 | 78% |
| 6 | ZIGGO 4.875 1/15/2030 REGS | 4.88% | 01/15/30 | 173 | 215 | 42 | 24% |
| 7 | NSANY 1.85 9/16/2026 144A | 1.85% | 09/16/26 | 183 | 221 | 38 | 21% |
| 8 | FDX 2.4 5/15/2031 | 2.40% | 05/15/31 | 276 | 312 | 36 | 13% |
| 9 | HYUCAP 2.5 1/24/2027 REGS | 2.50% | 01/24/27 | 129 | 165 | 36 | 28% |
| 10 | SBBBSS 0 2/19/2024 | 0.00% | 02/19/24 | 4 | 39 | 35 | 875% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 1/28/22 – 2/4/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 40 |
| 2 | AAPL 1.65 2/8/2031 | 1.65% | 02/08/31 | 38 |
| 3 | ORCL 2.875 3/25/2031 | 2.88% | 03/25/31 | 38 |
| 4 | T 2.25 2/1/2032 | 2.25% | 02/01/32 | 37 |
| 5 | T 2.75 6/1/2031 | 2.75% | 06/01/31 | 37 |
| 6 | VZ 2.55 3/21/2031 | 2.55% | 03/21/31 | 37 |
| 7 | VZ 3.55 3/22/2051 | 3.55% | 03/22/51 | 36 |
| 8 | AAPL 2.7 8/5/2051 | 2.70% | 08/05/51 | 36 |
| 9 | DIS 3.6 1/13/2051 | 3.60% | 01/13/51 | 36 |
| 10 | AMZN 2.875 5/12/2041 | 2.88% | 05/12/41 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 1/28/22 – 2/4/22
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 1/28/22 – 2/4/22
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