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Investment Grade Corporate Bond Market Summary:
Week Ending 3/11/22

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 3/11/22, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Public Service Electric & Gas Co. (USD) 3.1% 3/15/2032 Medium Term Notes 500 99.812 – 20
Southern California Gas (USD) 2.95% 4/15/2027 Senior Notes 700 99.525 3.05 125
Toronto-Dominion Bank (USD) 2.8% 3/10/2027 Senior Notes 1100 99.801 2.84 115
HCA Inc. (USD) 3.625% 03/15/2032 Senior Secured Notes 2000 99.103 3.74 185
Magallanes (USD) 5.141% 03/15/2052 Senior Notes 7000 100 5.14 300
Magallanes (USD) 4.279% 03/15/2032 Senior Notes 5000 100 4.28 235

Top 10 Winners

Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 3/4/22 – 3/11/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 GS 0 8/11/2028 0.78% 08/11/28 8.31% 99.70 92.06
2 WNTRDE 3 PERP 3.00% 01/20/99 7.77% 82.11 76.19
3 FULT 3.25 3/15/2030 3.25% 03/15/30 4.77% 101.31 96.70
4 EDF 2.625 PERP 2.63% 06/01/99 4.71% 87.84 83.89
5 DIANCH 6.6 6/26/2022 6.60% 06/26/22 4.25% 98.28 94.27
6 MQGAU 1.75 2/19/2030 1.75% 02/19/30 3.39% 99.21 95.96
7 ADJGR 1.5 7/26/2024 1.50% 07/26/24 3.05% 89.20 86.56
8 EUROGR 0.875 11/20/2040 0.88% 11/20/40 2.93% 88.87 86.34
9 GEZHOU 4.15 PERP 4.15% 11/25/99 2.58% 104.49 101.86
10 RABOBK 3.25 PERP 3.25% 09/04/99 2.15% 93.03 91.07

Top 10 Losers

Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 3/4/22 – 3/11/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 COGARD 7.25 4/8/2026 7.25% 04/08/26 -27.44% 53.25 73.39
2 SINOCE 6 7/30/2024 6.00% 07/30/24 -15.49% 75.16 88.94
3 LNGFOR 3.375 4/13/2027 3.38% 04/13/27 -13.51% 78.33 90.57
4 SHUION 5.5 6/29/2026 5.50% 06/29/26 -13.30% 72.45 83.57
5 SLOREP 0.6875 3/3/2081 0.69% 03/03/81 -13.17% 62.08 71.49
6 OXUNIV 2.544 12/8/2117 2.54% 12/08/17 -10.18% 91.82 102.23
7 SINOPE 3.35 5/13/2050 144A 3.35% 05/13/50 -9.76% 81.20 89.98
8 BABA 3.25 2/9/2061 3.25% 02/09/61 -9.52% 69.91 77.26
9 CZGB 4.85 11/26/2057 4.85% 11/26/57 -9.14% 110.74 121.88
10 WELLTR 1.5 7/14/2071 1.50% 07/14/71 -9.01% 72.24 79.39

Top 10 Industry Winners

Showcases the top 10 IG industry “winners” based on the largest yield increases between 3/4/22 – 3/11/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Media: Broadcasting & Subscription -26 bps 2.26% 2.52%
2 Energy: Electricity 10 bps 1.97% 1.87%
3 Consumer Goods: Durable 15 bps 1.86% 1.71%
4 Media: Diversified & Production 23 bps 2.82% 2.60%
5 Retail 28 bps 2.96% 2.68%
6 Wholesale 30 bps 2.75% 2.45%
7 Construction & Building 30 bps 2.28% 1.98%
8 Metals & Mining 31 bps 3.01% 2.70%
9 Services: Consumer 32 bps 3.61% 3.29%
10 Beverage, Food & Tobacco 33 bps 2.54% 2.21%

Top 10 Industry Losers

Showcases the top 10 IG industry “losers” based on the largest yield decreases between 3/4/22 – 3/11/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Sovereign & Public Finance 94 bps 2.85% 1.91%
2 Aerospace & Defense 65 bps 3.14% 2.50%
3 Forest Products & Paper 62 bps 2.35% 1.73%
4 Utilities: Water 58 bps 2.16% 1.58%
5 Finance 55 bps 2.88% 2.33%
6 Services: Business 54 bps 2.37% 1.84%
7 Transportation: Consumer 53 bps 3.45% 2.92%
8 Chemicals, Plastics & Rubber 51 bps 2.79% 2.28%
9 Real Estate 51 bps 3.36% 2.85%
10 Consumer Goods: Non-Durable 49 bps 2.51% 2.03%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 3/4/22 – 3/11/22

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 3/4/22 – 3/11/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/4/22 vs. the week ending 3/11/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 ETR 4.2 4/1/2049 4.20% 04/01/49 144 186 42 29%
2 BMO 2.15 12/8/2024 2.15% 12/08/24 10 50 40 400%
3 PRU 5.125 3/1/2052 5.13% 03/01/52 227 260 33 15%
4 SCHW 5 PERP 5.00% 10/31/99 198 230 32 16%
5 VLVY 0 2/22/2024 0.00% 02/22/24 15 46 31 207%
6 INTC 3.9 3/25/2030 3.90% 03/25/30 286 317 31 11%
7 PETRPE 4.75 6/19/2032 4.75% 06/19/32 197 227 30 15%
8 AAPL 2.4 5/3/2023 2.40% 05/03/23 122 152 30 25%
9 ANZ NATL INTL LTD MEDIUM TERM 0.00% 02/18/25 20 50 30 150%
10 COST 1.6 4/20/2030 1.60% 04/20/30 220 249 29 13%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 3/4/22 – 3/11/22

RANK TRANCHE COUPON MATURITY DEALERS
1 AMZN 2.1 5/12/2031 2.10% 05/12/31 42
2 KMI 2 2/15/2031 2.00% 02/15/31 37
3 ORCL 2.875 3/25/2031 2.88% 03/25/31 37
4 AAPL 1.65 2/8/2031 1.65% 02/08/31 36
5 ORCL 3.95 3/25/2051 3.95% 03/25/51 36
6 VZ 3.55 3/22/2051 3.55% 03/22/51 36
7 CMCSA 1.5 2/15/2031 1.50% 02/15/31 36
8 VZ 2.55 3/21/2031 2.55% 03/21/31 35
9 DIS 2.65 1/13/2031 2.65% 01/13/31 35
10 AAPL 1.7 8/5/2031 1.70% 08/05/31 35

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 3/4/22 – 3/11/22

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 3/4/22 – 3/11/22

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