Investment Grade Corporate Bond Market Summary – Week Ending 8/12/22
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Investment Grade Corporate Bond Market Summary: Week Ending 8/12/22
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 8/12/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Texas Instruments Inc. (USD) 3.65% 8/16/2032 | N/A | 400 | 99.709 | 3.69 | 90 |
| Post Holdings Inc. (USD) 2.5% 8/15/2027 | N/A | 575 | 100 | N/A | N/A |
| National Rural Utilities Cooperative Finance Corp. (USD) 4.15% 12/15/2032 | N/A | 400 | 99.639 | 4.19 | 140 |
| Kimco Realty Corp. (USD) 4.6% 2/1/2033 | N/A | 650 | 99.43 | 4.67 | 190 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 8/5/22 – 8/12/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | NLMKRU 4 9/21/2024 REGS | 4.00% | 09/21/24 | 23.16% | 51.72 | 42.00 |
| 2 | KEL 1.46 8/1/2056 | 1.46% | 08/01/56 | 13.34% | 119.15 | 105.13 |
| 3 | KAZAKS 1.5 9/30/2034 REGS | 1.50% | 09/30/34 | 7.64% | 75.13 | 69.79 |
| 4 | PERUEN 0 6/2/2025 | 0.00% | 06/02/25 | 6.24% | 92.43 | 87.01 |
| 5 | MRWLN 2.5 10/1/2031 | 2.50% | 10/01/31 | 5.74% | 98.63 | 93.27 |
| 6 | ADXSM 4.2 12/18/2027 | 4.20% | 12/18/27 | 5.35% | 73.51 | 69.78 |
| 7 | ARCPLN 4.5 10/31/2028 REGS | 4.50% | 10/31/28 | 4.60% | 89.54 | 85.61 |
| 8 | ACC 2.85 2/1/2030 | 2.85% | 02/01/30 | 4.58% | 99.80 | 95.43 |
| 9 | ICBPIJ 4.745 6/9/2051 | 4.75% | 06/09/51 | 4.57% | 80.29 | 76.78 |
| 10 | LNC 0 5/17/2066 | 5.10% | 05/17/66 | 4.15% | 71.35 | 68.51 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 8/5/22 – 8/12/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | -14.00% | 51.98 | 60.43 |
| 2 | TOLHOS 4.982 11/15/2045 | 4.98% | 11/15/45 | -10.36% | 67.99 | 75.85 |
| 3 | TEMASE 1.25 11/20/2049 | 1.25% | 11/20/49 | -7.20% | 77.28 | 83.27 |
| 4 | WEC 6.875 12/1/2095 | 6.88% | 12/01/95 | -6.47% | 127.69 | 136.53 |
| 5 | ZURNVX 4.5 7/26/2038 | 4.50% | 07/26/38 | -5.67% | 85.28 | 90.41 |
| 6 | GFCFP 3 6/1/2026 | 3.00% | 06/01/26 | -5.61% | 104.28 | 110.48 |
| 7 | TRISTA 4.25 6/1/2046 | 4.25% | 06/01/46 | -5.49% | 82.76 | 87.57 |
| 8 | GUARDN 7.375 9/30/2039 | 7.38% | 09/30/39 | -5.17% | 118.35 | 124.80 |
| 9 | NWN 3.6 3/15/2050 | 3.60% | 03/15/50 | -4.90% | 71.79 | 75.49 |
| 10 | ANNGR 1.625 9/1/2051 | 1.63% | 09/01/51 | -4.89% | 63.45 | 66.72 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 8/5/22 – 8/12/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Cargo | -147 bps | 4.18% | 5.65% |
| 2 | Media: Diversified & Production | -57 bps | 3.82% | 4.38% |
| 3 | Energy: Oil & Gas | -47 bps | 4.87% | 5.35% |
| 4 | Real Estate | -39 bps | 5.41% | 5.80% |
| 5 | Metals & Mining | -26 bps | 4.51% | 4.78% |
| 6 | Insurance | -9 bps | 4.13% | 4.22% |
| 7 | High Tech Industries | -9 bps | 3.84% | 3.92% |
| 8 | Utilities: Water | -2 bps | 3.05% | 3.07% |
| 9 | Consumer Goods: Non-Durable | -2 bps | 3.41% | 3.43% |
| 10 | Environmental Industries | -2 bps | 3.79% | 3.80% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 8/5/22 – 8/12/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Capital Equipment | 67 bps | 3.96% | 3.28% |
| 2 | Hotel, Gaming & Leisure | 53 bps | 5.05% | 4.52% |
| 3 | Transportation: Consumer | 43 bps | 5.30% | 4.86% |
| 4 | Wholesale | 42 bps | 4.07% | 3.64% |
| 5 | Energy: Electricity | 37 bps | 3.42% | 3.05% |
| 6 | Media: Advertising, Printing & Publishing | 35 bps | 4.70% | 4.35% |
| 7 | Services: Business | 35 bps | 3.73% | 3.39% |
| 8 | Aerospace & Defense | 33 bps | 5.18% | 4.85% |
| 9 | Services: Consumer | 32 bps | 5.36% | 5.03% |
| 10 | Utilities: Oil & Gas | 30 bps | 4.41% | 4.11% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 8/5/22 – 8/12/22 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 8/5/22 – 8/12/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 8/5/22 vs. the week ending 8/12/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | BAC 5.015 7/22/2033 | 5.02% | 07/22/33 | 292 | 417 | 125 | 43% |
| 2 | DTE 4.22 11/1/2024 | 4.22% | 11/01/24 | 37 | 148 | 111 | 300% |
| 3 | JPM 4.912 7/25/2033 | 4.91% | 07/25/33 | 274 | 378 | 104 | 38% |
| 4 | VZ 3 11/20/2060 | 3.00% | 11/20/60 | 166 | 270 | 104 | 63% |
| 5 | BACR 0 1/29/2027 | 8.00% | 01/29/27 | 71 | 125 | 54 | 76% |
| 6 | SBBBSS 2.875 PERP | 2.88% | 01/30/99 | 74 | 119 | 45 | 61% |
| 7 | AEP 4.5 8/1/2032 | 4.50% | 08/01/32 | 216 | 260 | 44 | 20% |
| 8 | SBBBSS 2.625 PERP | 2.63% | 12/14/99 | 84 | 128 | 44 | 52% |
| 9 | BAC 4.948 7/22/2028 | 4.95% | 07/22/28 | 298 | 341 | 43 | 14% |
| 10 | MS 2.188 4/28/2026 | 2.19% | 04/28/26 | 150 | 192 | 42 | 28% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 8/5/22 – 8/12/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | BAC 5.015 7/22/2033 | 5.02% | 07/22/33 | 42 |
| 2 | MS 4.889 7/20/2033 | 4.89% | 07/20/33 | 41 |
| 3 | IBM 4.9 7/27/2052 | 4.90% | 07/27/52 | 41 |
| 4 | IBM 4.4 7/27/2032 | 4.40% | 07/27/32 | 40 |
| 5 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 39 |
| 6 | WFC 4.897 7/25/2033 | 4.90% | 07/25/33 | 39 |
| 7 | JPM 4.912 7/25/2033 | 4.91% | 07/25/33 | 39 |
| 8 | IBM 3.5 5/15/2029 | 3.50% | 05/15/29 | 39 |
| 9 | DIS 3.6 1/13/2051 | 3.60% | 01/13/51 | 38 |
| 10 | AAPL 2.65 2/8/2051 | 2.65% | 02/08/51 | 38 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 8/5/22 – 8/12/22 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 8/5/22 – 8/12/22
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