Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 3/4/22

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 3/4/22, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Waste Connections Inc. (USD) 3.2% 6/1/2032 Senior Notes 500 99.925 3.21 135
Progressive Corp. (USD) 3.7% 3/15/2052 Senior Notes 500 99.747 3.71 145
Nucor Corp. (USD) 3.85% 4/1/2052 Senior Notes 550 99.065 3.9 165

Top 10 Winners

Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 2/25/22 – 3/4/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 NRW 1.95 9/26/2078 1.95% 09/26/78 8.78% 128.96 118.55
2 LLY 1.375 9/14/2061 1.38% 09/14/61 8.35% 81.81 75.51
3 EDF 2 12/9/2049 2.00% 12/09/49 7.55% 94.28 87.66
4 MDT 1.625 10/15/2050 1.63% 10/15/50 7.48% 92.36 85.93
5 ORAFP 1.375 9/4/2049 1.38% 09/04/49 7.15% 95.96 89.55
6 ANNGR 1.625 9/1/2051 1.63% 09/01/51 6.95% 80.13 74.92
7 TMO 2 10/18/2051 2.00% 10/18/51 6.92% 95.76 89.56
8 DT 1.75 12/9/2049 1.75% 12/09/49 6.68% 96.31 90.28
9 PLD 1.5 9/10/2049 1.50% 09/10/49 6.66% 86.12 80.74
10 DHR 1.8 9/18/2049 1.80% 09/18/49 6.63% 96.41 90.41

Top 10 Losers

Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 2/25/22 – 3/4/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 COGARD 6.15 9/17/2025 6.15% 09/17/25 -15.62% 70.23 83.23
2 SPPEUS 1.625 6/25/2027 1.63% 06/25/27 -14.27% 84.47 98.52
3 KAZAKS 4.875 10/14/2044 144A 4.88% 10/14/44 -13.59% 89.84 103.97
4 SINOCE 4.75 8/5/2029 4.75% 08/05/29 -13.10% 69.12 79.54
5 TRAFIG 7.5 PERP 7.50% 07/31/99 -11.97% 92.69 105.29
6 KCN 6.875 9/1/2041 6.88% 09/01/41 -11.61% 105.34 119.18
7 PETRPE 5.625 6/19/2047 5.63% 06/19/47 -9.59% 79.47 87.90
8 SPPDIS 1 6/9/2031 1.00% 06/09/31 -9.59% 81.95 90.64
9 ROTH 0 8/29/2049 0.63% 08/29/49 -9.36% 76.06 83.91
10 CZGRID 0.875 3/31/2031 0.88% 03/31/31 -8.40% 80.78 88.19

Top 10 Industry Winners

Showcases the top 10 IG industry “winners” based on the largest yield increases between 2/25/22 – 3/4/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Services: Consumer -34 bps 3.09% 3.43%
2 Metals & Mining -33 bps 2.57% 2.90%
3 Hotel, Gaming & Leisure -33 bps 3.05% 3.37%
4 Telecommunications -32 bps 2.11% 2.43%
5 Construction & Building -27 bps 1.88% 2.15%
6 Energy: Electricity -26 bps 1.93% 2.18%
7 High Tech Industries -25 bps 2.27% 2.52%
8 Transportation: Cargo -22 bps 2.34% 2.56%
9 Services: Business -20 bps 1.86% 2.05%
10 Containers, Packaging, & Glass -19 bps 2.14% 2.33%

Top 10 Industry Losers

Showcases the top 10 IG industry “losers” based on the largest yield decreases between 2/25/22 – 3/4/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Consumer Goods: Durable 11 bps 1.71% 1.60%
2 Utilities: Water 7 bps 1.84% 1.77%
3 Media: Diversified & Production 6 bps 2.58% 2.52%
4 Forest Products & Paper 5 bps 1.91% 1.86%
5 Consumer Goods: Non-Durable 1 bps 2.00% 2.00%
6 Automotive 0 bps 2.33% 2.33%
7 Sovereign & Public Finance 0 bps 1.99% 1.99%
8 Wholesale 0 bps 2.48% 2.49%
9 Real Estate -3 bps 2.85% 2.88%
10 Beverage, Food & Tobacco -5 bps 2.17% 2.22%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 2/25/22 – 3/4/22

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 2/25/22 – 3/4/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 2/25/22 vs. the week ending 3/4/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 KMI 3.5 2/15/2032 3.50% 02/15/32 120 180 60 50%
2 PCG 4.2 3/1/2029 4.20% 03/01/29 153 201 48 31%
3 PCG 4.4 3/1/2032 4.40% 03/01/32 155 197 42 27%
4 MS 2.63 2/18/2026 2.63% 02/18/26 149 188 39 26%
5 PCG 5.25 3/1/2052 5.25% 03/01/52 158 196 38 24%
6 HOUASS 8.25 6/7/2027 8.25% 06/07/27 24 60 36 150%
7 C 3.07 2/24/2028 3.07% 02/24/28 227 262 35 15%
8 BA 2.7 2/1/2027 2.70% 02/01/27 185 215 30 16%
9 SBBBSS 0.75 12/14/2028 0.75% 12/14/28 144 173 29 20%
10 ECL 2.75 8/18/2055 2.75% 08/18/55 188 215 27 14%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 2/25/22 – 3/4/22

RANK TRANCHE COUPON MATURITY DEALERS
1 AMZN 2.1 5/12/2031 2.10% 05/12/31 40
2 ORCL 2.875 3/25/2031 2.88% 03/25/31 37
3 AAPL 1.65 2/8/2031 1.65% 02/08/31 37
4 ORCL 3.95 3/25/2051 3.95% 03/25/51 36
5 VZ 3.55 3/22/2051 3.55% 03/22/51 36
6 CMCSA 1.5 2/15/2031 1.50% 02/15/31 36
7 AAPL 2.65 2/8/2051 2.65% 02/08/51 35
8 KMI 2 2/15/2031 2.00% 02/15/31 35
9 DIS 2.65 1/13/2031 2.65% 01/13/31 35
10 VZ 2.55 3/21/2031 2.55% 03/21/31 35

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 2/25/22 – 3/4/22

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 2/25/22 – 3/4/22

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