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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.

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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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