Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 4/29/22

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 4/29/22, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Waste Management Inc. (USD) 4.15% 4/15/2032 Convertible Senior Notes 1000 99.85 4.17 130
National Rural Utilities Cooperative Finance Corp. (USD) 3.45% 6/15/2025 Senior Notes 300 99.973 3.46 75
Cintas Corp. (USD) 3.45% 5/1/2025 Senior Notes 400 99.978 3.46 75
Anthem Inc. (USD) 4.55% 5/15/2052 Senior Notes 700 99.462 4.58 170

Top 10 Winners

Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 4/22/22 – 4/29/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 XEL 6.375 9/1/2038 6.38% 09/01/38 7.94% 129.46 119.94
2 SOCGEN 4.5 4/18/2034 4.50% 04/18/34 7.10% 97.92 91.43
3 COGARD 7.25 4/8/2026 7.25% 04/08/26 5.34% 72.29 68.63
4 WALLOO 1.25 6/22/2071 1.25% 06/22/71 4.74% 70.61 67.42
5 NGGLN 1.7298 6/28/2046 1.73% 06/28/46 4.65% 226.82 216.74
6 ENELIM 5.584 11/7/2033 5.58% 11/07/33 4.02% 151.87 146.00
7 UU 0.359 10/5/2048 0.36% 10/05/48 3.56% 108.29 104.57
8 SLOREP 0.6875 3/3/2081 0.69% 03/03/81 3.46% 51.47 49.74
9 UBIFP 0.878 11/24/2027 0.88% 11/24/27 3.34% 90.96 88.02
10 JCI 5.7 3/1/2041 5.70% 03/01/41 2.99% 105.52 102.45

Top 10 Losers

Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 4/22/22 – 4/29/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 ADJGR 2.25 4/27/2027 2.25% 04/27/27 -16.21% 65.45 78.11
2 NETGAS 3.5 7/28/2026 3.50% 07/28/26 -10.72% 87.00 97.45
3 REPHUN 3.125 9/21/2051 REGS 3.13% 09/21/51 -8.17% 69.72 75.92
4 SPPEUS 2.625 2/12/2025 2.63% 02/12/25 -8.00% 76.93 83.62
5 BNP 4.8 8/25/2031 4.80% 08/25/31 -7.88% 88.07 95.61
6 ROMANI 4.625 4/3/2049 REGS 4.63% 04/03/49 -6.70% 83.35 89.33
7 BGARIA 1.375 9/23/2050 1.38% 09/23/50 -6.32% 66.15 70.62
8 POLAND 2 3/8/2049 2.00% 03/08/49 -6.27% 89.96 95.98
9 CEOAXA 7.25 12/31/2031 7.25% 12/31/31 -6.06% 101.93 108.50
10 ANNGR 1.5 6/14/2041 1.50% 06/14/41 -6.04% 70.56 75.09

Top 10 Industry Winners

Showcases the top 10 IG industry “winners” based on the largest yield increases between 4/22/22 – 4/29/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Media: Diversified & Production -73 bps 2.74% 3.46%
2 Energy: Electricity -21 bps 2.87% 3.08%
3 Consumer Goods: Durable -17 bps 2.60% 2.77%
4 Aerospace & Defense -8 bps 3.86% 3.93%
5 Utilities: Water -7 bps 2.68% 2.75%
6 Environmental Industries -4 bps 3.52% 3.56%
7 Beverage, Food & Tobacco 0 bps 3.31% 3.31%
8 Wholesale 2 bps 3.55% 3.53%
9 Automotive 2 bps 3.53% 3.50%
10 High Tech Industries 2 bps 3.62% 3.60%

Top 10 Industry Losers

Showcases the top 10 IG industry “losers” based on the largest yield decreases between 4/22/22 – 4/29/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Transportation: Cargo 103 bps 4.72% 3.69%
2 Media: Broadcasting & Subscription 64 bps 3.68% 3.05%
3 Containers, Packaging, & Glass 42 bps 3.54% 3.12%
4 Metals & Mining 41 bps 4.96% 4.56%
5 Sovereign & Public Finance 35 bps 3.52% 3.17%
6 Finance 34 bps 3.68% 3.34%
7 Telecommunications 32 bps 4.57% 4.24%
8 Banking 25 bps 3.26% 3.01%
9 Chemicals, Plastics & Rubber 23 bps 3.76% 3.53%
10 Hotel, Gaming & Leisure 20 bps 4.06% 3.86%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 4/22/22 – 4/29/22

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 4/22/22 – 4/29/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 4/22/22 vs. the week ending 4/29/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 BRKHEC 4.6 5/1/2053 4.60% 05/01/53 2 160 158 7900%
2 RABOBK 3.649 4/6/2028 144A 3.65% 04/06/28 90 245 155 172%
3 GAZPRU 4.95 7/19/2022 4.95% 07/19/22 28 123 95 339%
4 PNC 6 10/16/2023 6.00% 10/16/23 19 97 78 411%
5 AVGO 4.926 5/15/2037 144A 4.93% 05/15/37 74 148 74 100%
6 CFR 0 3/1/1934 2.54% 03/01/34 10 50 40 400%
7 SPG 1.375 1/15/2027 1.38% 01/15/27 154 194 40 26%
8 NEM 4.875 3/15/2042 4.88% 03/15/42 181 216 35 19%
9 SPG 1.75 2/1/2028 1.75% 02/01/28 134 168 34 25%
10 BA 3.2 3/1/2029 3.20% 03/01/29 223 257 34 15%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 4/22/22 – 4/29/22

RANK TRANCHE COUPON MATURITY DEALERS
1 AMZN 3.3 4/13/2027 3.30% 04/13/27 44
2 AMZN 3.6 4/13/2032 3.60% 04/13/32 44
3 AMZN 3.95 4/13/2052 3.95% 04/13/52 43
4 AMZN 4.1 4/13/2062 4.10% 04/13/62 40
5 DIS 2.65 1/13/2031 2.65% 01/13/31 38
6 AMZN 3.45 4/13/2029 3.45% 04/13/29 38
7 VZ 3.55 3/22/2051 3.55% 03/22/51 37
8 AMZN 2.1 5/12/2031 2.10% 05/12/31 37
9 AMZN 3 4/13/2025 3.00% 04/13/25 37
10 HPQ 4.2 4/15/2032 4.20% 04/15/32 36

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 4/22/22 – 4/29/22

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 4/22/22 – 4/29/22

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