Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 7/8/22
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 7/8/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Tampa Electric Co. (USD) 3.875% 7/12/2024 | Senior Notes | 300 | 99.962 | 3.89 | 85 |
| MetLife Inc. (USD) 5% 7/15/2052 | Senior Notes | 1000 | 99.829 | 5.01 | 220 |
| Fidelity National Info Services Inc (USD) 5.625% 7/15/2052 | Senior Notes | 500 | 99.956 | 5.63 | 250 |
| Celanese Corp. (USD) 6.379% 7/15/2032 | Senior Notes | 1000 | 100 | 6.38 | 337.5 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 7/1/22 – 7/8/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | CASTSS 3.125 PERP | 3.13% | 03/02/99 | 18.70% | 62.11 | 52.32 |
| 2 | EDF 2.625 PERP | 2.63% | 06/01/99 | 11.94% | 78.85 | 70.44 |
| 3 | D 5.25 3/1/2035 | 5.25% | 03/01/35 | 10.15% | 108.47 | 98.48 |
| 4 | ARNDTN 1.625 PERP | 1.63% | 01/15/99 | 8.96% | 67.68 | 62.12 |
| 5 | TTEFP 2.125 PERP | 2.13% | 01/18/99 | 8.40% | 75.19 | 69.36 |
| 6 | DHR 1.8 9/18/2049 | 1.80% | 09/18/49 | 7.86% | 70.41 | 65.29 |
| 7 | VW 4.375 PERP | 0.00% | 03/28/99 | 7.53% | 86.71 | 80.64 |
| 8 | TMO 1.875 10/1/2049 | 1.88% | 10/01/49 | 7.45% | 72.83 | 67.78 |
| 9 | ANNGR 1.625 10/7/2039 | 1.63% | 10/07/39 | 7.03% | 63.01 | 58.88 |
| 10 | CZGB 1.5 4/24/2040 | 1.50% | 04/24/40 | 6.47% | 62.48 | 58.68 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 7/1/22 – 7/8/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | SHUION 5.5 3/3/2025 | 5.50% | 03/03/25 | -11.58% | 66.66 | 75.39 |
| 2 | GRWALL 2.875 11/23/2026 | 2.88% | 11/23/26 | -8.47% | 79.89 | 87.29 |
| 3 | UCBBB 1 3/30/2028 | 1.00% | 03/30/28 | -7.88% | 78.35 | 85.05 |
| 4 | TELSEC 1.3657 12/10/2031 | 1.37% | 12/10/31 | -7.25% | 84.59 | 91.21 |
| 5 | CHJMAO 4.25 7/23/2029 | 4.25% | 07/23/29 | -7.15% | 70.71 | 76.16 |
| 6 | PEAKRN 5.35 PERP | 5.35% | 10/28/99 | -6.70% | 75.20 | 80.60 |
| 7 | RGA 0 12/15/2065 | 4.94% | 12/15/65 | -6.07% | 71.18 | 75.78 |
| 8 | KSS 5.55 7/17/2045 | 5.55% | 07/17/45 | -5.53% | 75.12 | 79.52 |
| 9 | AEGON 1.425 PERP | 1.43% | 10/29/49 | -5.35% | 80.46 | 85.00 |
| 10 | DWNIGY 2 3/28/2034 | 2.00% | 03/28/34 | -5.28% | 75.19 | 79.38 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 7/1/22 – 7/8/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Media: Broadcasting & Subscription | -23 bps | 3.79% | 4.03% |
| 2 | Energy: Electricity | -17 bps | 3.47% | 3.64% |
| 3 | Media: Diversified & Production | -14 bps | 4.30% | 4.44% |
| 4 | Banking | -6 bps | 3.90% | 3.96% |
| 5 | Energy: Oil & Gas | -4 bps | 5.90% | 5.94% |
| 6 | Telecommunications | -4 bps | 3.87% | 3.91% |
| 7 | Utilities: Water | -2 bps | 3.16% | 3.18% |
| 8 | Consumer Goods: Durable | -2 bps | 3.49% | 3.51% |
| 9 | Transportation: Consumer | -1 bps | 5.09% | 5.10% |
| 10 | Services: Business | -1 bps | 3.88% | 3.89% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 7/1/22 – 7/8/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Transportation: Cargo | 172 bps | 5.91% | 4.20% |
| 2 | Sovereign & Public Finance | 62 bps | 4.61% | 3.98% |
| 3 | Chemicals, Plastics & Rubber | 52 bps | 5.08% | 4.56% |
| 4 | Automotive | 35 bps | 4.53% | 4.18% |
| 5 | Real Estate | 30 bps | 5.89% | 5.59% |
| 6 | Hotel, Gaming & Leisure | 30 bps | 5.86% | 5.56% |
| 7 | Containers, Packaging, & Glass | 24 bps | 4.79% | 4.55% |
| 8 | Aerospace & Defense | 24 bps | 4.97% | 4.73% |
| 9 | Metals & Mining | 23 bps | 5.03% | 4.80% |
| 10 | Capital Equipment | 22 bps | 3.87% | 3.65% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 7/1/22 – 7/8/22
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 7/1/22 – 7/8/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending7/1/22 vs. the week ending 7/8/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | COP 3.758 3/15/2042 REGS | 3.76% | 03/15/42 | 15 | 79 | 64 | 427% |
| 2 | EDF 6 1/23/2014 | 6.00% | 01/23/14 | 108 | 152 | 44 | 41% |
| 3 | JPM 5 PERP | 5.00% | 07/31/99 | 180 | 222 | 42 | 23% |
| 4 | RABOBK 0.875 5/5/2028 | 0.88% | 05/05/28 | 168 | 204 | 36 | 21% |
| 5 | MUFG 2.341 1/19/2028 | 2.34% | 01/19/28 | 167 | 203 | 36 | 22% |
| 6 | LVS 2.9 6/25/2025 | 2.90% | 06/25/25 | 174 | 207 | 33 | 19% |
| 7 | VW 4.35 6/8/2027 REGS | 4.35% | 06/08/27 | 202 | 235 | 33 | 16% |
| 8 | MKC 2.7 8/15/2022 | 2.70% | 08/15/22 | 46 | 78 | 32 | 70% |
| 9 | BAC 0.694 3/22/2031 | 0.69% | 03/22/31 | 172 | 204 | 32 | 19% |
| 10 | BAC 1.102 5/24/2032 | 1.10% | 05/24/32 | 167 | 199 | 32 | 19% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 7/1/22 – 7/8/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 41 |
| 2 | ORCL 2.875 3/25/2031 | 2.88% | 03/25/31 | 41 |
| 3 | CMCSA 1.5 2/15/2031 | 1.50% | 02/15/31 | 39 |
| 4 | AMZN 3.95 4/13/2052 | 3.95% | 04/13/52 | 39 |
| 5 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 38 |
| 6 | AMZN 3.3 4/13/2027 | 3.30% | 04/13/27 | 38 |
| 7 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 38 |
| 8 | AMZN 1.5 6/3/2030 | 1.50% | 06/03/30 | 37 |
| 9 | AMZN 1.65 5/12/2028 | 1.65% | 05/12/28 | 37 |
| 10 | AAPL 1.7 8/5/2031 | 1.70% | 08/05/31 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 7/1/22 – 7/8/22
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 7/1/22 – 7/8/22
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