Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 5/13/22

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 5/13/22, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Willis North America Inc. (USD) 4.65% 6/15/2027 Senior Notes 750 99.955 4.66 N/A
NXP Semiconductors (USD) 4.4% 6/1/2027 Senior Notes 500 99.846 4.43 165
Intercontinental Exchange Inc. (USD) 3.65% 5/23/2025 Senior Notes 1250 99.89 N/A 95
Caterpillar Financial Services Corp. (USD) FLT% 11/13/2023 Senior Notes 500 100 N/A N/A

Top 10 Winners

Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 5/6/22 – 5/13/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 GAZPRU 2.25 7/19/2022 2.25% 07/19/22 15.91% 63.71 54.97
2 LUKOIL 6.656 6/7/2022 6.66% 06/07/22 8.76% 86.96 79.95
3 ADJGR 2.25 4/27/2027 2.25% 04/27/27 7.39% 60.53 56.36
4 RAGB 0.85 6/30/2120 0.85% 06/30/20 6.46% 55.48 52.11
5 WAUNIV 3.79 10/15/2055 3.79% 10/15/55 5.56% 89.20 84.50
6 CPPIBC 1.625 10/22/2071 1.63% 10/22/71 4.82% 73.60 70.22
7 LLY 1.375 9/14/2061 1.38% 09/14/61 4.59% 65.67 62.78
8 BRKHEC 1.875 6/16/2062 1.88% 06/16/62 4.57% 68.45 65.46
9 UNCOLO 1.625 6/4/2061 1.63% 06/04/61 4.57% 73.54 70.33
10 OXUNIV 2.544 12/8/2117 2.54% 12/08/17 4.49% 84.00 80.39

Top 10 Losers

Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 5/6/22 – 5/13/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 COGARD 5.125 1/14/2027 5.13% 01/14/27 -16.71% 54.40 65.31
2 CZGB 1.5 4/24/2040 1.50% 04/24/40 -9.54% 58.38 64.53
3 LNC 0 4/20/2067 3.03% 04/20/67 -8.31% 72.94 79.55
4 ICBPIJ 4.745 6/9/2051 4.75% 06/09/51 -7.21% 72.22 77.83
5 MSTE 6.125 6/15/2028 6.13% 06/15/28 -6.39% 81.80 87.39
6 ITC 6.15 1/31/2038 6.15% 01/31/38 -6.21% 107.82 114.96
7 ALFACL 4.55 9/27/2051 REGS 4.55% 09/27/51 -5.98% 72.00 76.57
8 ROMGB 4.25 4/28/2036 4.25% 04/28/36 -5.78% 66.26 70.32
9 VW 1.5 1/21/2041 1.50% 01/21/41 -5.73% 70.86 75.16
10 VGPBB 1.5 4/8/2029 1.50% 04/08/29 -5.67% 75.83 80.40

Top 10 Industry Winners

Showcases the top 10 IG industry “winners” based on the largest yield increases between 5/6/22 – 5/13/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Consumer Goods: Durable -30 bps 2.60% 2.90%
2 Energy: Oil & Gas -30 bps 4.05% 4.36%
3 Construction & Building -30 bps 2.98% 3.27%
4 Telecommunications -25 bps 4.31% 4.56%
5 Media: Diversified & Production -22 bps 3.58% 3.81%
6 Media: Broadcasting & Subscription -20 bps 3.61% 3.81%
7 Utilities: Water -18 bps 2.60% 2.79%
8 Healthcare & Pharmaceuticals -18 bps 3.15% 3.33%
9 High Tech Industries -15 bps 3.67% 3.82%
10 Energy: Electricity -15 bps 2.86% 3.01%

Top 10 Industry Losers

Showcases the top 10 IG industry “losers” based on the largest yield decreases between 5/6/22 – 5/13/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Transportation: Cargo 321 bps 7.88% 4.67%
2 Sovereign & Public Finance 87 bps 4.21% 3.34%
3 Banking 28 bps 3.47% 3.19%
4 Hotel, Gaming & Leisure 28 bps 4.24% 3.97%
5 Finance 24 bps 3.84% 3.60%
6 Real Estate 11 bps 4.34% 4.23%
7 Wholesale 8 bps 3.69% 3.61%
8 Metals & Mining 8 bps 5.03% 4.95%
9 Chemicals, Plastics & Rubber 7 bps 4.05% 3.98%
10 Retail 1 bps 4.04% 4.03%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 5/6/22 – 5/13/22

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 5/6/22 – 5/13/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/6/22 vs. the week ending 5/13/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 EXC 3.35 3/15/2032 144A 3.35% 03/15/32 86 228 142 165%
2 BAC 6.125 PERP 6.13% 07/27/99 139 277 138 99%
3 LUKOIL 6.656 6/7/2022 6.66% 06/07/22 63 117 54 86%
4 JPM 4.08 4/26/2026 4.08% 04/26/26 186 236 50 27%
5 GARUDA 5.95 6/3/2023 5.95% 06/03/23 79 128 49 62%
6 SHNHAN 4.375 4/13/2032 144A 4.38% 04/13/32 40 89 49 123%
7 PNC 6 PERP 6.00% 11/15/99 203 243 40 20%
8 PM 6.375 5/16/2038 6.38% 05/16/38 156 190 34 22%
9 PM 4.875 11/15/2043 4.88% 11/15/43 146 177 31 21%
10 GRWALL 3.95 PERP 3.95% 07/31/99 115 145 30 26%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 5/6/22 – 5/13/22

RANK TRANCHE COUPON MATURITY DEALERS
1 AMZN 3.95 4/13/2052 3.95% 04/13/52 40
2 AMZN 3.3 4/13/2027 3.30% 04/13/27 40
3 AMZN 3.6 4/13/2032 3.60% 04/13/32 40
4 DIS 2.65 1/13/2031 2.65% 01/13/31 36
5 AMZN 4.1 4/13/2062 4.10% 04/13/62 35
6 AMZN 2.875 5/12/2041 2.88% 05/12/41 35
7 VZ 3.55 3/22/2051 3.55% 03/22/51 34
8 WFC 4.611 4/25/2053 4.61% 04/25/53 34
9 ORCL 2.875 3/25/2031 2.88% 03/25/31 34
10 AMZN 3 4/13/2025 3.00% 04/13/25 33

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 5/6/22 – 5/13/22

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 5/6/22 – 5/13/22

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