Investment Grade Corporate Bond Market Summary – Week Ending 7/22/22
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Investment Grade Corporate Bond Market Summary: Week Ending 7/22/22
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 7/22/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| CSX Corp. (USD) 4.1% 11/15/2032 | Senior Notes | 950 | 99.938 | 4.11 | 120 |
| Toyota Motor Credit Corp. (USD) FLT% 7/25/2023 | Senior Notes | 1500 | 100 | N/A | N/A |
| Bank of New York Mellon, The (USD) 4.596% 7/26/2030 | Senior Notes | 500 | 100 | 4.6 | 148 |
| Bank of America Corp. (USD) 5.015% 7/22/2033 | N/A | 5000 | 100 | N/A | N/A |
| AutoZone Inc. (USD) 4.75% 8/1/2032 | Senior Notes | 750 | 99.905 | 4.76 | 175 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 7/15/22 – 7/22/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | ORPFP 2.77 12/18/2028 | 2.77% | 12/18/28 | 21.27% | 67.33 | 55.52 |
| 2 | IAGLN 3.75 3/25/2029 | 3.75% | 03/25/29 | 10.47% | 75.60 | 68.43 |
| 3 | LNC 0 4/20/2067 | 4.78% | 04/20/67 | 9.97% | 73.54 | 66.88 |
| 4 | LHAGR 3.75 2/11/2028 | 3.75% | 02/11/28 | 8.81% | 85.42 | 78.51 |
| 5 | DT 1.75 12/9/2049 | 1.75% | 12/09/49 | 8.65% | 80.53 | 74.12 |
| 6 | WELLTR 1.5 7/14/2071 | 1.50% | 07/14/71 | 7.76% | 59.48 | 55.20 |
| 7 | OXUNIV 2.544 12/8/2017 | 2.54% | 12/08/17 | 7.70% | 75.37 | 69.99 |
| 8 | TIFSLN 3.75 4/15/2029 REGS | 3.75% | 04/15/29 | 7.26% | 76.22 | 71.06 |
| 9 | MAHLGR 2.375 5/14/2028 | 2.38% | 05/14/28 | 7.13% | 74.51 | 69.55 |
| 10 | POLGB 1.75 4/25/2032 | 1.75% | 04/25/32 | 7.12% | 70.00 | 65.34 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 7/15/22 – 7/22/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CAFFIL 1.11 9/21/2046 | 1.11% | 09/21/46 | -12.12% | 73.96 | 84.16 |
| 2 | ZHONAN 3.5 3/8/2026 | 3.50% | 03/08/26 | -10.85% | 79.28 | 88.93 |
| 3 | SHJGOV 4 7/28/2050 REGS | 4.00% | 07/28/50 | -8.95% | 59.68 | 65.55 |
| 4 | BPCECB 0.43 5/7/2040 | 0.43% | 05/07/40 | -8.59% | 70.32 | 76.93 |
| 5 | DEVOBA 1.45 5/4/2037 | 1.45% | 05/04/37 | -8.13% | 86.85 | 94.53 |
| 6 | CFF 1.27 4/26/2039 | 1.27% | 04/26/39 | -7.94% | 82.82 | 89.96 |
| 7 | CABKSM 5.4315 6/13/2038 | 5.43% | 06/13/38 | -7.93% | 135.85 | 147.56 |
| 8 | CMARK 1.534 3/31/2043 | 1.53% | 03/31/43 | -7.68% | 84.45 | 91.48 |
| 9 | ANZ 1.522 5/15/2037 | 1.52% | 05/15/37 | -7.48% | 85.68 | 92.61 |
| 10 | BCDHGR 3.25 7/15/2026 | 3.25% | 07/15/26 | -7.15% | 82.39 | 88.74 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 7/15/22 – 7/22/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Cargo | -130 bps | 4.48% | 5.79% |
| 2 | Media: Diversified & Production | -35 bps | 4.17% | 4.52% |
| 3 | Energy: Oil & Gas | -14 bps | 5.95% | 6.10% |
| 4 | Media: Advertising, Printing & Publishing | -14 bps | 4.44% | 4.58% |
| 5 | High Tech Industries | -12 bps | 4.10% | 4.22% |
| 6 | Utilities: Water | -11 bps | 3.08% | 3.19% |
| 7 | Healthcare & Pharmaceuticals | -9 bps | 3.66% | 3.75% |
| 8 | Media: Broadcasting & Subscription | -7 bps | 3.92% | 3.98% |
| 9 | Beverage, Food & Tobacco | -5 bps | 3.93% | 3.98% |
| 10 | Retail | -5 bps | 4.60% | 4.65% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 7/15/22 – 7/22/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Telecommunications | -24 bps | 3.67% | 3.91% |
| 2 | Media: Diversified & Production | -19 bps | 4.00% | 4.20% |
| 3 | Environmental Industries | -17 bps | 3.87% | 4.04% |
| 4 | Forest Products & Paper | -16 bps | 3.72% | 3.88% |
| 5 | Automotive | -14 bps | 4.12% | 4.26% |
| 6 | Services: Consumer | -14 bps | 5.03% | 5.17% |
| 7 | Containers, Packaging, & Glass | -14 bps | 4.66% | 4.79% |
| 8 | Retail | -13 bps | 4.46% | 4.59% |
| 9 | Healthcare & Pharmaceuticals | -13 bps | 3.50% | 3.62% |
| 10 | Media: Advertising, Printing & Publishing | -11 bps | 4.33% | 4.44% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 7/15/22 – 7/22/22 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 7/15/22 – 7/22/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 7/15/22 vs. the week ending 7/22/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SAVE 8 9/20/2025 REGS | 8.00% | 09/20/25 | 67 | 160 | 93 | 139% |
| 2 | AVGO 4.926 5/15/2037 REGS | 4.93% | 05/15/37 | 107 | 162 | 55 | 51% |
| 3 | BAC 2.551 2/4/2028 | 2.55% | 02/04/28 | 159 | 213 | 54 | 34% |
| 4 | MUFG 4.315 4/19/2033 | 4.32% | 04/19/33 | 214 | 267 | 53 | 25% |
| 5 | RABOBK 3.649 4/6/2028 REGS | 3.65% | 04/06/28 | 136 | 186 | 50 | 37% |
| 6 | HSBC 4.18 12/9/2025 | 4.18% | 12/09/25 | 138 | 186 | 48 | 35% |
| 7 | BAC 2.972 2/4/2033 | 2.97% | 02/04/33 | 175 | 223 | 48 | 27% |
| 8 | MS 2.63 2/18/2026 | 2.63% | 02/18/26 | 116 | 164 | 48 | 41% |
| 9 | WCNCN 2.2 1/15/2032 | 2.20% | 01/15/32 | 172 | 220 | 48 | 28% |
| 10 | CSX 3.95 5/1/2050 | 3.95% | 05/01/50 | 202 | 250 | 48 | 24% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 7/15/22 – 7/22/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | CMCSA 1.5 2/15/2031 | 1.50% | 02/15/31 | 39 |
| 2 | ORCL 2.875 3/25/2031 | 2.88% | 03/25/31 | 39 |
| 3 | DIS 3.6 1/13/2051 | 3.60% | 01/13/51 | 39 |
| 4 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 38 |
| 5 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 38 |
| 6 | AMZN 2.875 5/12/2041 | 2.88% | 05/12/41 | 38 |
| 7 | AMZN 3.95 4/13/2052 | 3.95% | 04/13/52 | 38 |
| 8 | IBM 2.72 2/9/2032 | 2.72% | 02/09/32 | 37 |
| 9 | AAPL 2.65 2/8/2051 | 2.65% | 02/08/51 | 37 |
| 10 | AMZN 3.3 4/13/2027 | 3.30% | 04/13/27 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 7/15/22 – 7/22/22 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 7/15/22 – 7/22/22
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