Corporates
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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
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