Investment Grade Corporate Bond Market Summary – Week Ending 5/27/22
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Investment Grade Corporate Bond Market Summary: Week Ending 5/27/22
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 5/27/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Visa Inc. (EUR) 2% 6/15/2029 | Senior Notes | 1000 | 99.675 | 2.05 | 129 |
| Santander (USD) 3.213% 6/12/2026 | Senior Notes | 1000 | 100 | 3.21 | 56 |
| USAA Capital Corp. (USD) 3.375% 5/1/2025 | Senior Notes | 500 | 99.673 | 3.49 | 70 |
| Southwestern Public Service Co. (USD) 5.15% 6/1/2052 | Callable notes | 200 | 99.47 | 5.19 | 210 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 5/20/22 – 5/27/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | FTSCN 4.776 4/1/2042 | 4.78% | 04/01/42 | 12.16% | 102.34 | 91.25 |
| 2 | XL 3.25 6/29/2047 | 3.25% | 06/29/47 | 9.99% | 107.85 | 98.06 |
| 3 | PETMK 3.404 4/28/2061 144A | 3.40% | 04/28/61 | 8.21% | 79.32 | 73.30 |
| 4 | ALB 5.65 6/1/2052 | 5.65% | 06/01/52 | 7.32% | 104.48 | 97.35 |
| 5 | GTOWNU 2.943 4/1/2050 | 2.94% | 04/01/50 | 7.25% | 75.61 | 70.50 |
| 6 | AEP 2.75 8/15/2051 | 2.75% | 08/15/51 | 7.11% | 75.14 | 70.16 |
| 7 | BMETR 3.693 9/13/2061 REGS | 3.69% | 09/13/61 | 6.90% | 72.91 | 68.20 |
| 8 | FULT 3.25 3/15/2030 | 3.25% | 03/15/30 | 6.80% | 101.47 | 95.01 |
| 9 | PERU 3.23 7/28/2121 | 3.23% | 07/28/21 | 6.79% | 68.53 | 64.17 |
| 10 | ROMANI 4 2/14/2051 REGS | 4.00% | 02/14/51 | 6.61% | 76.62 | 71.87 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 5/20/22 – 5/27/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | SINOCE 2.7 1/13/2025 | 2.70% | 01/13/25 | -10.67% | 73.67 | 82.48 |
| 2 | ORPFP 2.2 12/15/2024 | 2.20% | 12/15/24 | -9.51% | 80.54 | 89.00 |
| 3 | COGARD 5.4 5/27/2025 | 5.40% | 05/27/25 | -8.22% | 66.53 | 72.49 |
| 4 | RAGB 2.1 9/20/2117 | 2.10% | 09/20/17 | -7.56% | 95.25 | 103.04 |
| 5 | IBRD 0.2 1/21/2061 | 0.20% | 01/21/61 | -7.11% | 53.18 | 57.25 |
| 6 | VAMASN 5.136 8/15/2044 | 5.14% | 08/15/44 | -6.16% | 90.01 | 95.92 |
| 7 | ULFP 2 5/29/2037 | 2.00% | 05/29/37 | -6.06% | 76.79 | 81.75 |
| 8 | UPLLIN 4.625 6/16/2030 | 4.63% | 06/16/30 | -6.00% | 84.05 | 89.42 |
| 9 | NGGLN 1.6574 7/28/2056 | 1.66% | 07/28/56 | -5.71% | 130.52 | 138.42 |
| 10 | ADJGR 1.5 7/26/2024 | 1.50% | 07/26/24 | -5.49% | 60.05 | 63.54 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 5/20/22 – 5/27/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Consumer Goods: Durable | -35 bps | 2.32% | 2.68% |
| 2 | Transportation: Cargo | -31 bps | 4.42% | 4.73% |
| 3 | Media: Broadcasting & Subscription | -28 bps | 3.53% | 3.81% |
| 4 | High Tech Industries | -24 bps | 3.53% | 3.78% |
| 5 | Retail | -23 bps | 3.89% | 4.13% |
| 6 | Insurance | -20 bps | 3.70% | 3.90% |
| 7 | Environmental Industries | -18 bps | 3.42% | 3.60% |
| 8 | Services: Consumer | -17 bps | 4.50% | 4.67% |
| 9 | Beverage, Food & Tobacco | -16 bps | 3.26% | 3.42% |
| 10 | Finance | -16 bps | 3.65% | 3.81% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 5/20/22 – 5/27/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | 55 bps | 3.98% | 3.43% |
| 2 | Capital Equipment | 30 bps | 2.99% | 2.69% |
| 3 | Consumer Goods: Non-Durable | 14 bps | 3.26% | 3.12% |
| 4 | Chemicals, Plastics & Rubber | 11 bps | 3.92% | 3.82% |
| 5 | Transportation: Consumer | 10 bps | 4.28% | 4.17% |
| 6 | Wholesale | 8 bps | 3.65% | 3.57% |
| 7 | Energy: Electricity | 7 bps | 2.92% | 2.85% |
| 8 | Hotel, Gaming & Leisure | 6 bps | 4.33% | 4.27% |
| 9 | Real Estate | 4 bps | 4.45% | 4.41% |
| 10 | Automotive | 1 bps | 3.64% | 3.63% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 5/20/22 – 5/27/22 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 5/20/22 – 5/27/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/20/22 vs. the week ending 5/27/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ONCRTX 4.15 6/1/2032 | 4.15% | 06/01/32 | 1 | 172 | 171 | 17100% |
| 2 | LNC FLT 5/17/2066 | 3.35% | 05/17/66 | 21 | 120 | 99 | 471% |
| 3 | HEP 6.375 4/15/2027 144A | 6.38% | 04/15/27 | 77 | 176 | 99 | 129% |
| 4 | NXPI 2.65 2/15/2032 | 2.65% | 02/15/32 | 16 | 112 | 96 | 600% |
| 5 | SBBBSS 2.875 PERP | 2.88% | 01/30/99 | 58 | 150 | 92 | 159% |
| 6 | DB 3.25 11/27/2028 | 3.25% | 11/27/28 | 39 | 130 | 91 | 233% |
| 7 | NXPI 4.3 6/18/2029 | 4.30% | 06/18/29 | 36 | 127 | 91 | 253% |
| 8 | BANORT 5.875 PERP 144A | 5.88% | 10/24/99 | 2 | 89 | 87 | 4350% |
| 9 | NXPI 2.5 5/11/2031 | 2.50% | 05/11/31 | 38 | 112 | 74 | 195% |
| 10 | BANORT 6.625 PERP 144A | 6.63% | 10/24/99 | 42 | 109 | 67 | 160% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 5/20/22 – 5/27/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 40 |
| 2 | AMZN 3.3 4/13/2027 | 3.30% | 04/13/27 | 39 |
| 3 | AMZN 3.95 4/13/2052 | 3.95% | 04/13/52 | 39 |
| 4 | DIS 3.6 1/13/2051 | 3.60% | 01/13/51 | 37 |
| 5 | AMZN 2.875 5/12/2041 | 2.88% | 05/12/41 | 36 |
| 6 | AAPL 1.65 2/8/2031 | 1.65% | 02/08/31 | 35 |
| 7 | IBM 2.95 5/15/2050 | 2.95% | 05/15/50 | 35 |
| 8 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 35 |
| 9 | AMZN 1.65 5/12/2028 | 1.65% | 05/12/28 | 35 |
| 10 | DIS 3.5 5/13/2040 | 3.50% | 05/13/40 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 5/20/22 – 5/27/22 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 5/20/22 – 5/27/22
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