Investment Grade Corporate Bond Market Summary – Week Ending 3/19/21
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Investment Grade Corporate Bond Market Summary: Week Ending 3/19/21
Our newsletter presents key trends derived from observable Investment Grade 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 3/12/21 – 3/19/21
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | RISSUN 8 4/24/2022 | 8.00% | 04/24/22 | 6.15% | 92.42 | 87.07 |
| 2 | MDLZ 7 8/11/2037 | 7.00% | 08/11/37 | 3.35% | 132.29 | 128.01 |
| 3 | DOW 3.8 3/15/2050 | 3.80% | 03/15/50 | 2.94% | 98.83 | 96.00 |
| 4 | EIX 5.55 1/15/2037 | 5.55% | 01/15/37 | 2.86% | 121.26 | 117.89 |
| 5 | IBRD 4.9 4/19/2022 | 4.90% | 04/19/22 | 2.79% | 96.83 | 94.20 |
| 6 | HIG 0 2/12/2047 | 2.31% | 02/12/47 | 2.74% | 96.16 | 93.60 |
| 7 | MEXCAT 5.5 10/31/2046 | 5.50% | 10/31/46 | 2.62% | 96.49 | 94.03 |
| 8 | RUTMAR 6.75 2/15/2044 REGS | 6.75% | 02/15/44 | 2.58% | 85.80 | 83.64 |
| 9 | MFCCN 3 11/21/2029 | 3.00% | 11/21/29 | 2.21% | 103.68 | 101.43 |
| 10 | UAL 4.15 4/11/2024 | 4.15% | 04/11/24 | 2.07% | 103.31 | 101.21 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 3/12/21 – 3/19/21
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | OXUNIV 2.544 12/8/2017 | 2.54% | 12/08/17 | -6.66% | 117.59 | 125.98 |
| 2 | PFGLN 7 6/4/2023 | 7.00% | 06/04/23 | -6.16% | 96.27 | 102.59 |
| 3 | BCECN 3.5 9/30/2050 | 3.50% | 09/30/50 | -5.59% | 88.14 | 93.35 |
| 4 | GRRIVE 4.478 7/1/2030 | 4.48% | 07/01/30 | -5.52% | 108.57 | 114.91 |
| 5 | RCICN 4.35 5/1/2049 | 4.35% | 05/01/49 | -5.42% | 106.67 | 112.78 |
| 6 | TCN 3.95 2/16/2050 | 3.95% | 02/16/50 | -5.36% | 94.48 | 99.83 |
| 7 | GXCMIN 2.95 10/30/2025 | 2.95% | 10/30/25 | -4.77% | 94.55 | 99.29 |
| 8 | NOV 3.95 12/1/2042 | 3.95% | 12/01/42 | -4.47% | 89.58 | 93.77 |
| 9 | NCMAU 4.2 5/13/2050 144A | 4.20% | 05/13/50 | -4.26% | 106.74 | 111.50 |
| 10 | CNRCN 3.6 7/31/2048 | 3.60% | 07/31/48 | -4.15% | 102.25 | 106.68 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 3/12/21 – 3/19/21
| RANK | NAME | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Metals & Mining | -365 bps | 1.76% | 5.42% |
| 2 | Media: Advertising, Printing & Publishing | -49 bps | 0.43% | 0.91% |
| 3 | Hotel, Gaming & Leisure | -36 bps | 2.55% | 2.90% |
| 4 | Media: Diversified & Production | -34 bps | 1.13% | 1.47% |
| 5 | Construction & Building | -11 bps | 1.04% | 1.15% |
| 6 | Services: Consumer | -7 bps | 1.72% | 1.79% |
| 7 | Chemicals, Plastics & Rubber | -1 bps | 1.45% | 1.46% |
| 8 | Beverage, Food & Tobacco | 1 bps | 1.07% | 1.06% |
| 9 | Aerospace & Defense | 1 bps | 1.60% | 1.59% |
| 10 | Transportation: Cargo | 1 bps | 1.03% | 1.02% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 3/12/21 – 3/19/21
| RANK | NAME | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Containers, Packaging, & Glass | 96 bps | 1.69% | 0.73% |
| 2 | Sovereign & Public Finance | 57 bps | 1.29% | 0.72% |
| 3 | Consumer Goods: Durable | 31 bps | 1.52% | 1.21% |
| 4 | Banking | 24 bps | 1.42% | 1.17% |
| 5 | Environmental Industries | 24 bps | 1.26% | 1.02% |
| 6 | Utilities: Oil & Gas | 20 bps | 1.59% | 1.39% |
| 7 | Utilities: Water | 18 bps | 1.14% | 0.96% |
| 8 | Finance | 18 bps | 1.50% | 1.32% |
| 9 | Forest Products & Paper | 15 bps | 1.20% | 1.05% |
| 10 | Capital Equipment | 11 bps | 0.43% | 0.32% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/12/21 – 3/19/21 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 3/12/21 – 3/19/21
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/12/21 vs. the week ending 3/19/21
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SVELEV 0.95 2/10/2026 144A | 0.95% | 02/10/26 | 144 | 274 | 130 | 90% |
| 2 | RTX 4.125 11/16/2028 | 4.13% | 11/16/28 | 116 | 246 | 130 | 112% |
| 3 | RTX 3.125 5/4/2027 | 3.13% | 05/04/27 | 56 | 185 | 129 | 230% |
| 4 | BRKHEC 4.25 10/15/2050 | 4.25% | 10/15/50 | 19 | 139 | 120 | 632% |
| 5 | RTX 4.05 5/4/2047 | 4.05% | 05/04/47 | 60 | 173 | 113 | 188% |
| 6 | RTX 4.625 11/16/2048 | 4.63% | 11/16/48 | 112 | 211 | 99 | 88% |
| 7 | RPRX 3.3 9/2/2040 REGS | 3.30% | 09/02/40 | 34 | 133 | 99 | 291% |
| 8 | SVELEV 0.8 2/10/2024 144A | 0.80% | 02/10/24 | 140 | 231 | 91 | 65% |
| 9 | DUK 2.5 3/15/2031 | 2.50% | 03/15/31 | 96 | 185 | 89 | 93% |
| 10 | RTX 5.7 4/15/2040 | 5.70% | 04/15/40 | 78 | 167 | 89 | 114% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 3/12/21 – 3/19/21
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | XOM 2.61 10/15/2030 | 2.61% | 10/15/30 | 38 |
| 2 | VZ 3.55 3/22/2051 | 3.55% | 03/22/51 | 37 |
| 3 | XOM 2.992 3/19/2025 | 2.99% | 03/19/25 | 37 |
| 4 | VZ 1.75 1/20/2031 | 1.75% | 01/20/31 | 36 |
| 5 | AAPL 1.2 2/8/2028 | 1.20% | 02/08/28 | 35 |
| 6 | ETP 5 5/15/2050 | 5.00% | 05/15/50 | 34 |
| 7 | VZ 2.55 3/21/2031 | 2.55% | 03/21/31 | 34 |
| 8 | AAPL 1.65 2/8/2031 | 1.65% | 02/08/31 | 34 |
| 9 | AAPL 2.65 2/8/2051 | 2.65% | 02/08/51 | 33 |
| 10 | VZ 3.7 3/22/2061 | 3.70% | 03/22/61 | 33 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 3/12/21 – 3/19/21 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 3/12/21 – 3/19/21
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