Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 5/6/22

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 5/6/22, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Northern Trust Corp. (USD) 4% 5/10/2027 Senior Notes 1000 99.838 4.04 100
Xcel Energy Inc. (USD) 4.6% 6/1/2032 N/A 700 99.964 4.6 167
American Water Capital Corp. (USD) 4.45% 6/1/2032 Senior Notes 800 99.683 4.49 150
UBS Group AG (USD) 4.488% 5/12/2026 N/A 1200 100 4.49 155

Top 10 Winners

Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 4/29/22 – 5/6/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 ENELIM 5.584 11/7/2033 5.58% 11/07/33 5.32% 159.96 151.87
2 PINIFL 2.5 8/27/2024 2.50% 08/27/24 3.58% 99.95 96.50
3 HNCDHG 2.8 9/2/2024 2.80% 09/02/24 3.08% 99.71 96.73
4 TZXITA 6.9 6/28/2022 6.90% 06/28/22 3.07% 103.07 100.00
5 DBKAZ 8.95 5/4/2023 REGS 8.95% 05/04/23 3.01% 83.44 81.00
6 KSS 6 1/15/2033 6.00% 01/15/33 2.89% 93.47 90.84
7 ENBCN 6.625 4/12/2078 6.63% 04/12/78 2.10% 103.56 101.44
8 WILTON 5.875 3/30/2033 5.88% 03/30/33 1.89% 98.72 96.89
9 SMCGL 5.45 PERP 5.45% 12/09/99 1.73% 90.94 89.39
10 AFG 3.5 8/15/2026 3.50% 08/15/26 1.72% 100.65 98.94

Top 10 Losers

Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between4/29/22 – 5/6/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 ADJGR 2.25 1/14/2029 2.25% 01/14/29 -15.24% 55.01 64.91
2 PCG 2.28 1/15/2036 2.28% 01/15/36 -11.95% 82.75 93.98
3 CIXCN 4.1 6/15/2051 4.10% 06/15/51 -8.29% 72.23 78.76
4 EDF 5.25 10/13/2055 5.25% 10/13/55 -7.53% 89.63 96.93
5 ULFP 1.75 7/1/2049 1.75% 07/01/49 -7.37% 63.31 68.34
6 TENN 1.125 6/9/2041 1.13% 06/09/41 -7.33% 72.85 78.61
7 CALTEC 4.283 9/1/2016 4.28% 09/01/16 -7.32% 85.15 91.87
8 SLOREP 1.175 2/13/2062 1.18% 02/13/62 -6.96% 69.19 74.37
9 BAC 0 PERP 3.92% 12/29/49 -6.96% 76.44 82.15
10 ICE 3 9/15/2060 3.00% 09/15/60 -6.94% 67.60 72.64

Top 10 Industry Winners

Showcases the top 10 IG industry “winners” based on the largest yield increases between 4/29/22 – 5/6/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Media: Broadcasting & Subscription -9 bps 3.66% 3.74%
2 Consumer Goods: Durable -4 bps 2.73% 2.77%
3 Transportation: Cargo -1 bps 4.66% 4.67%
4 Wholesale 7 bps 3.64% 3.57%
5 Telecommunications 8 bps 4.63% 4.55%
6 Healthcare & Pharmaceuticals 8 bps 3.30% 3.22%
7 Beverage, Food & Tobacco 10 bps 3.41% 3.32%
8 Construction & Building 12 bps 3.26% 3.14%
9 Forest Products & Paper 16 bps 3.21% 3.06%
10 Energy: Oil & Gas 16 bps 4.36% 4.20%

Top 10 Industry Losers

Showcases the top 10 IG industry “losers” based on the largest yield decreases between 4/29/22 – 5/6/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Media: Advertising, Printing & Publishing 97 bps 3.20% 2.23%
2 Media: Diversified & Production 92 bps 3.76% 2.84%
3 Sovereign & Public Finance 72 bps 3.79% 3.07%
4 Energy: Electricity 39 bps 3.29% 2.89%
5 Finance 33 bps 3.80% 3.46%
6 Containers, Packaging, & Glass 33 bps 3.72% 3.39%
7 Transportation: Consumer 33 bps 4.23% 3.90%
8 Utilities: Electric 30 bps 3.85% 3.55%
9 Chemicals, Plastics & Rubber 29 bps 4.03% 3.74%
10 Banking 29 bps 3.34% 3.05%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 4/29/22 – 5/6/22

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 4/29/22 – 5/6/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 4/29/22 vs. the week ending 5/6/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 AVGO 4.926 5/15/2037 144A 4.93% 05/15/37 148 205 57 39%
2 GARUDA 5.95 6/3/2023 5.95% 06/03/23 25 79 54 216%
3 EBAY 3.6 6/5/2027 3.60% 06/05/27 199 240 41 21%
4 IVZ 5.375 11/30/2043 5.38% 11/30/43 114 150 36 32%
5 PNC 6 10/16/2023 6.00% 10/16/23 97 131 34 35%
6 WFC 5.85 2/1/2037 5.85% 02/01/37 80 114 34 43%
7 KPERM 3.002 6/1/2051 3.00% 06/01/51 126 159 33 26%
8 BX 5 6/15/2044 5.00% 06/15/44 144 176 32 22%
9 STT 1.746 2/6/2026 1.75% 02/06/26 135 167 32 24%
10 MO 3.7 2/4/2051 3.70% 02/04/51 226 258 32 14%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 4/29/22 – 5/6/22

RANK TRANCHE COUPON MATURITY DEALERS
1 AMZN 3.3 4/13/2027 3.30% 04/13/27 45
2 AMZN 3.6 4/13/2032 3.60% 04/13/32 44
3 AMZN 3.95 4/13/2052 3.95% 04/13/52 42
4 AMZN 4.1 4/13/2062 4.10% 04/13/62 39
5 AMZN 3 4/13/2025 3.00% 04/13/25 38
6 AMZN 2.875 5/12/2041 2.88% 05/12/41 37
7 AMZN 3.45 4/13/2029 3.45% 04/13/29 37
8 AMZN 2.1 5/12/2031 2.10% 05/12/31 36
9 DIS 2.65 1/13/2031 2.65% 01/13/31 36
10 AMZN 3.1 5/12/2051 3.10% 05/12/51 35

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 4/29/22 – 5/6/22

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 4/29/22 – 5/6/22

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