Investment Grade Corporate Bond Market Summary – Week Ending 5/20/22
GET OUR CORPORATE MARKET SUMMARIES STRAIGHT TO YOUR INBOX. LEARN MORE
Investment Grade Corporate Bond Market Summary: Week Ending 5/20/22
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 5/20/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Essential Utilities Inc. (USD) 5.3% 5/1/2052 | Senior Notes | 500 | 99.128 | 5.36 | 225 |
| Citizens Financial Group Inc. (USD) 5.641% 5/21/2037 | Subordinated Notes | 400 | 100 | 5.64 | 275 |
| Relx Capital Inc. (USD) 4.75% 5/20/2032 | Guaranteed Notes | 500 | 99.121 | 4.86 | 190 |
| PECO Energy Co. (USD) 4.6% 5/15/2052 | Mortgage Bond | 350 | 99.277 | 4.64 | 147 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 5/13/22 – 5/20/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | COGARD 5.4 5/27/2025 | 5.40% | 05/27/25 | 20.32% | 72.49 | 60.25 |
| 2 | POLGB 0 5/25/2024 | 4.92% | 05/25/24 | 13.45% | 98.04 | 86.42 |
| 3 | GAZPRU 4.95 7/19/2022 | 4.95% | 07/19/22 | 11.56% | 70.25 | 62.97 |
| 4 | EURDEV 4.767 9/20/2022 | 4.77% | 09/20/22 | 7.73% | 74.52 | 69.17 |
| 5 | ISPIM 0 5/17/2027 | 0.00% | 05/17/27 | 6.07% | 92.12 | 86.85 |
| 6 | REDOPE 5.875 10/12/2031 | 5.88% | 10/12/31 | 5.77% | 101.54 | 96.00 |
| 7 | TWX 4.85 7/15/2045 | 4.85% | 07/15/45 | 5.67% | 90.78 | 85.91 |
| 8 | GMKNRM 6.625 10/14/2022 | 6.63% | 10/14/22 | 5.50% | 65.05 | 61.65 |
| 9 | DZBK 0.15 12/30/2030 | 0.15% | 12/30/30 | 5.24% | 90.29 | 85.80 |
| 10 | DNBNO 1.447 6/22/2037 | 1.45% | 06/22/37 | 5.22% | 94.22 | 89.54 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 5/13/22 – 5/20/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | ARNDTN 1.625 PERP | 1.63% | 01/15/99 | -12.28% | 75.63 | 86.21 |
| 2 | ADJGR 2.25 4/27/2027 | 2.25% | 04/27/27 | -11.93% | 53.31 | 60.53 |
| 3 | SBBBSS 2.875 PERP | 2.88% | 01/30/99 | -11.35% | 71.63 | 80.81 |
| 4 | HEIMST 6.75 PERP | 6.75% | 01/15/99 | -8.29% | 84.27 | 91.88 |
| 5 | PANAMA 8.125 4/28/2034 | 8.13% | 04/28/34 | -7.85% | 127.20 | 138.04 |
| 6 | CASTSS 3.125 PERP | 3.13% | 03/02/99 | -7.40% | 75.51 | 81.54 |
| 7 | FUNOTR 6.95 1/30/2044 REGS | 6.95% | 01/30/44 | -7.33% | 88.34 | 95.33 |
| 8 | CZGRID 0.875 3/31/2031 | 0.88% | 03/31/31 | -6.85% | 70.35 | 75.52 |
| 9 | GTCAPW 2.25 6/23/2026 | 2.25% | 06/23/26 | -6.43% | 82.21 | 87.86 |
| 10 | ESSGR 3.625 2/13/2023 | 3.63% | 02/13/23 | -6.21% | 77.81 | 82.95 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 5/13/22 – 5/20/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Cargo | -280 bps | 4.86% | 7.65% |
| 2 | Consumer Goods: Durable | -47 bps | 2.39% | 2.85% |
| 3 | Capital Equipment | -37 bps | 2.65% | 3.02% |
| 4 | Consumer Goods: Non-Durable | -9 bps | 3.11% | 3.19% |
| 5 | Energy: Electricity | -8 bps | 2.78% | 2.86% |
| 6 | Metals & Mining | -3 bps | 4.85% | 4.88% |
| 7 | Chemicals, Plastics & Rubber | 1 bps | 3.92% | 3.91% |
| 8 | Transportation: Consumer | 2 bps | 4.18% | 4.16% |
| 9 | Utilities: Oil & Gas | 4 bps | 4.23% | 4.19% |
| 10 | Telecommunications | 5 bps | 4.35% | 4.30% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 5/13/22 – 5/20/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | 105 bps | 4.32% | 3.27% |
| 2 | Finance | 38 bps | 4.04% | 3.66% |
| 3 | Hotel, Gaming & Leisure | 36 bps | 4.42% | 4.07% |
| 4 | Real Estate | 34 bps | 4.56% | 4.22% |
| 5 | Containers, Packaging, & Glass | 32 bps | 3.69% | 3.37% |
| 6 | Aerospace & Defense | 27 bps | 4.18% | 3.91% |
| 7 | Energy: Oil & Gas | 26 bps | 4.28% | 4.03% |
| 8 | Banking | 20 bps | 3.51% | 3.31% |
| 9 | Utilities: Water | 20 bps | 2.82% | 2.62% |
| 10 | Services: Business | 19 bps | 3.33% | 3.14% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 5/13/22 – 5/20/22 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 5/13/22 – 5/20/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/13/22 vs. the week ending 5/20/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ACAFP 7.875 PERP | 7.88% | 10/29/49 | 81 | 230 | 149 | 184% |
| 2 | ONCRTX 2.7 11/15/2051 | 2.70% | 11/15/51 | 2 | 135 | 133 | 6650% |
| 3 | TSINGH 6.5 1/31/2028 | 6.50% | 01/31/28 | 24 | 110 | 86 | 358% |
| 4 | SIBNEF 4.375 9/19/2022 | 4.38% | 09/19/22 | 10 | 66 | 56 | 560% |
| 5 | WM 2.9 9/15/2022 | 2.90% | 09/15/22 | 60 | 109 | 49 | 82% |
| 6 | PYPL 2.3 6/1/2030 | 2.30% | 06/01/30 | 251 | 299 | 48 | 19% |
| 7 | PYPL 2.85 10/1/2029 | 2.85% | 10/01/29 | 259 | 303 | 44 | 17% |
| 8 | SBBBSS 2.624 PERP | 2.62% | 01/30/99 | 126 | 168 | 42 | 33% |
| 9 | BA 5.705 5/1/2040 | 5.71% | 05/01/40 | 264 | 304 | 40 | 15% |
| 10 | SHNHAN 4.375 4/13/2032 REGS | 4.38% | 04/13/32 | 35 | 74 | 39 | 111% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 5/13/22 – 5/20/22
| 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 | 43 |
| 3 | AMZN 3.95 4/13/2052 | 3.95% | 04/13/52 | 40 |
| 4 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 37 |
| 5 | AMZN 2.875 5/12/2041 | 2.88% | 05/12/41 | 37 |
| 6 | DIS 3.6 1/13/2051 | 3.60% | 01/13/51 | 36 |
| 7 | VZ 3.55 3/22/2051 | 3.55% | 03/22/51 | 35 |
| 8 | VZ 3.7 3/22/2061 | 3.70% | 03/22/61 | 35 |
| 9 | DIS 3.5 5/13/2040 | 3.50% | 05/13/40 | 35 |
| 10 | AMZN 4.1 4/13/2062 | 4.10% | 04/13/62 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 5/13/22 – 5/20/22 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 5/13/22 – 5/20/22
Stay up-to-date with weekly summaries.
Related Resources
About SOLVE
SOLVE is the leading market data platform provider for fixed-income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in Connecticut, with offices across the globe, SOLVE is the definitive source for market pricing in fixed-income markets.
