Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 3/25/22

Our newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.

New Issues

IG Corp bond new issues for the week ending 3/25/22, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Home Depot Inc. (USD) 3.625% 4/15/2052 Senior Notes 1500 97.863 3.74 120
Targa Resources LLC (USD) 4.95% 4/15/2052 Senior Notes 750 99.333 4.99 245
Timken Co. (USD) 4.125% 4/1/2032 Senior Notes 350 98.373 4.33 195
Sempra Energy (USD) 3.3% 4/1/2025 Senior Notes 750 99.823 3.36 102

Top 10 Winners

Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 3/18/22 – 3/25/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 SHUION 6.15 8/24/2024 6.15% 08/24/24 17.67% 88.80 75.47
2 POLGB 0 5/25/2024 4.65% 05/25/24 11.06% 98.47 88.66
3 SINOCE 6 7/30/2024 6.00% 07/30/24 10.71% 82.57 74.58
4 COGARD 4.75 1/17/2023 4.75% 01/17/23 9.21% 83.19 76.18
5 ADSEZ 5 8/2/2041 144A 5.00% 08/02/41 8.28% 92.32 85.26
6 SNAP 0.125 3/1/2028 0.13% 03/01/28 8.04% 100.78 93.28
7 CATHAY 4.875 8/17/2026 4.88% 08/17/26 6.26% 96.29 90.61
8 SANLTD 2.85 3/8/2029 144A 2.85% 03/08/29 5.72% 83.39 78.88
9 BIIB 3.25 2/15/2051 REGS 3.25% 02/15/51 5.64% 81.15 76.81
10 TRAFIG 5.875 PERP 5.88% 09/16/99 5.63% 85.54 80.98

Top 10 Losers

Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 3/18/22 – 3/25/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 PEP 5.5 5/15/2035 5.50% 05/15/35 -14.92% 119.40 140.35
2 LUKOIL 2.8 4/26/2027 REGS 2.80% 04/26/27 -12.29% 50.68 57.79
3 NGGLN 1.823 5/26/2056 1.82% 05/26/56 -10.48% 158.88 177.49
4 GRRIVE 6.254 7/1/2038 6.25% 07/01/38 -9.23% 112.25 123.66
5 CZGB 4.85 11/26/2057 4.85% 11/26/57 -8.16% 104.28 113.55
6 UU 1.7829 12/14/2040 1.78% 12/14/40 -6.95% 240.93 258.94
7 PRXNA 4.027 8/3/2050 REGS 4.03% 08/03/50 -6.63% 73.35 78.56
8 FAIRVW 3.456 11/15/2051 3.46% 11/15/51 -6.08% 83.78 89.20
9 WIALUM 3.564 10/1/2049 3.56% 10/01/49 -5.29% 95.45 100.78
10 HGB 3.25 10/22/2031 3.25% 10/22/31 -5.20% 77.41 81.66

Top 10 Industry Winners

Showcases the top 10 IG industry “winners” based on the largest yield increases between 3/18/22 – 3/25/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Telecommunications -42 bps 3.38% 3.80%
2 Capital Equipment 3 bps 2.35% 2.33%
3 Services: Consumer 3 bps 3.93% 3.90%
4 Containers, Packaging, & Glass 9 bps 2.83% 2.74%
5 Beverage, Food & Tobacco 12 bps 2.72% 2.60%
6 Transportation: Cargo 14 bps 3.73% 3.59%
7 Hotel, Gaming & Leisure 15 bps 3.67% 3.52%
8 Media: Advertising, Printing & Publishing 15 bps 2.24% 2.09%
9 Aerospace & Defense 16 bps 3.33% 3.18%
10 Construction & Building 18 bps 2.62% 2.44%

Top 10 Industry Losers

Showcases the top 10 IG industry “losers” based on the largest yield decreases between 3/18/22 – 3/25/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Sovereign & Public Finance 115 bps 3.71% 2.56%
2 Chemicals, Plastics & Rubber 49 bps 3.14% 2.65%
3 Environmental Industries 44 bps 3.25% 2.80%
4 Utilities: Oil & Gas 36 bps 3.49% 3.13%
5 Banking 32 bps 2.80% 2.47%
6 Automotive 31 bps 3.04% 2.73%
7 Media: Diversified & Production 31 bps 3.14% 2.83%
8 Consumer Goods: Non-Durable 30 bps 2.77% 2.47%
9 Transportation: Consumer 29 bps 3.57% 3.28%
10 Retail 28 bps 3.30% 3.02%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 3/18/22 – 3/25/22

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 3/18/22 – 3/25/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/18/22 vs. the week ending 3/25/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 SCHW 5 PERP 5.00% 12/01/99 25 135 110 440%
2 CM 2.25 1/31/2025 2.25% 01/31/25 6 74 68 1133%
3 PEG 3.1 3/15/2032 3.10% 03/15/32 194 239 45 23%
4 R 2.85 3/1/2027 2.85% 03/01/27 175 217 42 24%
5 INTC 3.4 3/25/2025 3.40% 03/25/25 226 267 41 18%
6 FSK 4.75 5/15/2022 4.75% 05/15/22 21 60 39 186%
7 AEE 2.5 9/15/2024 2.50% 09/15/24 10 46 36 360%
8 INTNED 4.1 10/2/2023 4.10% 10/02/23 124 160 36 29%
9 CBAAU 2.552 3/14/2027 REGS 2.55% 03/14/27 169 204 35 21%
10 T 3.5 9/15/2053 3.50% 09/15/53 139 173 34 24%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 3/18/22 – 3/25/22

RANK TRANCHE COUPON MATURITY DEALERS
1 AMZN 2.1 5/12/2031 2.10% 05/12/31 41
2 VZ 2.55 3/21/2031 2.55% 03/21/31 37
3 ORCL 3.95 3/25/2051 3.95% 03/25/51 37
4 T 2.25 2/1/2032 2.25% 02/01/32 36
5 AAPL 1.65 2/8/2031 1.65% 02/08/31 36
6 AMZN 2.5 6/3/2050 2.50% 06/03/50 36
7 VZ 3.55 3/22/2051 3.55% 03/22/51 36
8 AAPL 2.375 2/8/2041 2.38% 02/08/41 36
9 AAPL 1.7 8/5/2031 1.70% 08/05/31 36
10 CMCSA 2.8 1/15/2051 2.80% 01/15/51 36

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 3/18/22 – 3/25/22

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 3/18/22 – 3/25/22

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