Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 8/5/22

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 8/5/22, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Moody’s Corp. (USD) 4.25% 8/8/2032 N/A 500 99.589 4.3 158
Intel Corp. (USD) 5.05% 8/5/2062 N/A 900 99.778 5.06 200
Canadian National Railway Co. (USD) 3.85% 8/5/2032 N/A 800 99.606 3.9 115
Arbor Realty Trust Inc. (USD) 7.5% 8/1/2025 N/A 250 100 N/A N/A

Top 10 Winners

Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 7/29/22 – 8/5/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 RUSSIA 4.875 9/16/2023 4.88% 09/16/23 20.96% 51.31 42.42
2 ATOFP 1.75 5/7/2025 1.75% 05/07/25 17.03% 80.44 68.73
3 LUKOIL 4.75 11/2/2026 4.75% 11/02/26 16.72% 72.08 61.75
4 SVTLN 1.5225 8/1/2058 1.52% 08/01/58 14.23% 124.60 109.08
5 ROMANI 3.375 1/28/2050 144A 3.38% 01/28/50 14.18% 66.65 58.38
6 EPD 7 6/1/2067 3.04% 06/01/67 10.61% 81.34 73.53
7 DANBNK 0.75 11/22/2027 0.75% 11/22/27 9.87% 96.23 87.59
8 WALLOO 1.25 6/22/2071 1.25% 06/22/71 9.24% 71.43 65.39
9 ORPFP 2 8/9/2029 2.00% 08/09/29 8.78% 60.91 55.99
10 KEL 1.75756 2/1/2054 1.76% 02/01/54 8.47% 129.50 119.38

Top 10 Losers

Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 7/29/22 – 8/5/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 COGARD 4.75 1/17/2023 4.75% 01/17/23 -15.95% 65.29 77.68
2 IBRD 0 2/21/2030 0.00% 02/21/30 -14.43% 76.23 89.08
3 LNGFOR 3.85 1/13/2032 3.85% 01/13/32 -12.83% 56.69 65.04
4 VNKRLE 3.975 11/9/2027 3.98% 11/09/27 -11.02% 74.04 83.21
5 ACACN 3.55 1/15/2030 144A 3.55% 01/15/30 -8.64% 78.23 85.63
6 VRITAS 3.25 12/9/2027 3.25% 12/09/27 -8.29% 85.01 92.70
7 LASUDE 5 7/28/2026 5.00% 07/28/26 -8.03% 72.19 78.50
8 DUK 2.387 7/1/2037 2.39% 07/01/37 -7.50% 84.61 91.48
9 BWP 7.25 7/15/2027 7.25% 07/15/27 -6.77% 103.40 110.90
10 MRWLN 2.5 10/1/2031 2.50% 10/01/31 -6.18% 93.27 99.42

Top 10 Industry Winners

Showcases the top 10 IG industry “winners” based on the largest yield increases between 7/29/22 – 8/5/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Transportation: Cargo -16 bps 6.53% 6.69%
2 Telecommunications 1 bps 3.48% 3.46%
3 Energy: Electricity 2 bps 3.14% 3.11%
4 Construction & Building 2 bps 3.94% 3.91%
5 Beverage, Food & Tobacco 5 bps 3.55% 3.50%
6 Utilities: Electric 7 bps 4.11% 4.04%
7 Hotel, Gaming & Leisure 10 bps 4.97% 4.87%
8 Retail 11 bps 4.28% 4.18%
9 Insurance 13 bps 4.27% 4.14%
10 Automotive 13 bps 4.01% 3.88%

Top 10 Industry Losers

Showcases the top 10 IG industry “losers” based on the largest yield decreases between 7/29/22 – 8/5/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Sovereign & Public Finance 76 bps 4.23% 3.48%
2 Capital Equipment 72 bps 3.91% 3.19%
3 Media: Broadcasting & Subscription 59 bps 3.54% 2.94%
4 Services: Consumer 57 bps 5.42% 4.84%
5 Consumer Goods: Durable 45 bps 3.33% 2.88%
6 Chemicals, Plastics & Rubber 45 bps 4.69% 4.24%
7 Real Estate 41 bps 5.87% 5.45%
8 Metals & Mining 38 bps 5.32% 4.94%
9 Transportation: Consumer 35 bps 5.12% 4.77%
10 Aerospace & Defense 34 bps 4.90% 4.56%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 7/29/22 – 8/5/22

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 7/29/22 – 8/5/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 7/29/22 vs. the week ending 8/5/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 ACAFP 7.875 PERP REGS 7.88% 10/29/49 111 275 164 148%
2 GLENLN 2.85 4/27/2031 REGS 2.85% 04/27/31 20 113 93 465%
3 GLENLN 2.625 9/23/2031 REGS 2.63% 09/23/31 15 105 90 600%
4 GLENLN 3.375 9/23/2051 REGS 3.38% 09/23/51 15 97 82 547%
5 PERTIJ 3.1 8/27/2030 REGS 3.10% 08/27/30 74 151 77 104%
6 RIFP 2.75 10/1/2050 REGS 2.75% 10/01/50 10 84 74 740%
7 BMW 0.75 8/12/2024 REGS 0.75% 08/12/24 91 165 74 81%
8 HUANEN 3.6 PERP 9.65% 10/30/99 55 129 74 135%
9 TAISEM 4.625 7/22/2032 REGS 4.63% 07/22/32 152 224 72 47%
10 TAISEM 4.375 7/22/2027 REGS 4.38% 07/22/27 144 210 66 46%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 7/29/22 – 8/5/22

RANK TRANCHE COUPON MATURITY DEALERS
1 IBM 4.9 7/27/2052 4.90% 07/27/52 41
2 BAC 5.015 7/22/2033 5.02% 07/22/33 41
3 IBM 4.4 7/27/2032 4.40% 07/27/32 40
4 MS 4.889 7/20/2033 4.89% 07/20/33 40
5 AAPL 2.65 2/8/2051 2.65% 02/08/51 40
6 IBM 4.15 7/27/2027 4.15% 07/27/27 38
7 AMZN 3.6 4/13/2032 3.60% 04/13/32 38
8 ORCL 2.875 3/25/2031 2.88% 03/25/31 38
9 CE 6.05 3/15/2025 6.05% 03/15/25 37
10 AMZN 3.95 4/13/2052 3.95% 04/13/52 37

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 7/29/22 – 8/5/22

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 7/29/22 – 8/5/22

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