Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 9/16/22
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 9/16/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Valley National Bank (USD) 6.25% 9/30/2032 | Subordinated Notes | 150 | 100 | 6.25 | N/A |
| Prologis LP (USD) 4.625% 1/15/2033 | Senior Notes | 650 | 99.665 | 4.67 | 122 |
| T-Mobile USA Inc. (USD) 5.8% 9/15/2062 | N/A | 750 | 99.322 | 5.84 | 230 |
| Pacific Life Corp. (USD) 5.4% 9/15/2052 | Senior Notes | 750 | 99.852 | 5.41 | 195 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 9/9/22 – 9/16/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | RUSSIA 4.25 6/23/2027 REGS | 4.25% | 06/23/27 | 23.54% | 50.23 | 40.66 |
| 2 | COGARD 6.5 4/8/2024 | 6.50% | 04/08/24 | 8.87% | 54.88 | 50.41 |
| 3 | TOLHOS 6.015 11/15/2048 | 6.02% | 11/15/48 | 6.77% | 69.78 | 65.35 |
| 4 | ADJGR 2.75 11/13/2026 | 2.75% | 11/13/26 | 5.51% | 56.61 | 53.66 |
| 5 | INDON 1.45 6/9/2032 | 1.45% | 06/09/32 | 4.77% | 97.34 | 92.91 |
| 6 | MDT 1.75 7/2/2049 | 1.75% | 07/02/49 | 4.31% | 71.50 | 68.55 |
| 7 | NRW 1.75 7/11/2068 | 1.75% | 07/11/68 | 4.24% | 82.88 | 79.51 |
| 8 | REPHUN 3.125 9/21/2051 REGS | 3.13% | 09/21/51 | 4.00% | 63.53 | 61.08 |
| 9 | SOFBB 1 9/23/2028 | 1.00% | 09/23/28 | 3.30% | 75.71 | 73.29 |
| 10 | DT 1.75 12/9/2049 | 1.75% | 12/09/49 | 3.29% | 71.34 | 69.07 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 9/9/22 – 9/16/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | ORPFP 2.625 3/10/2025 | 2.63% | 03/10/25 | -12.60% | 69.58 | 79.61 |
| 2 | LUV 2.75 11/16/2022 | 2.75% | 11/16/22 | -11.27% | 88.52 | 99.76 |
| 3 | PEAKRN 5.35 PERP | 5.35% | 10/28/99 | -10.54% | 73.09 | 81.69 |
| 4 | NGGLN 1.819 5/11/2056 | 1.82% | 05/11/56 | -9.99% | 97.25 | 108.04 |
| 5 | SR FLT 12/2/2024 | 1.78% | 12/02/24 | -7.83% | 90.58 | 98.27 |
| 6 | THAMES 1.76 8/28/2062 | 1.76% | 08/28/62 | -7.76% | 93.18 | 101.02 |
| 7 | WEC 6.09 2/11/2040 | 6.09% | 02/11/40 | -7.45% | 102.27 | 110.50 |
| 8 | UU 1.435 11/21/2056 | 1.44% | 11/21/56 | -7.43% | 99.97 | 107.99 |
| 9 | CONSTE 4.875 7/15/2027 REGS | 4.88% | 07/15/27 | -7.27% | 71.69 | 77.31 |
| 10 | SVTLN 1.602 9/29/2056 | 1.60% | 09/29/56 | -6.30% | 99.93 | 106.65 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 9/9/22 – 9/16/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Media: Broadcasting & Subscription | -26 bps | 4.20% | 4.47% |
| 2 | Insurance | 5 bps | 4.91% | 4.86% |
| 3 | Energy: Electricity | 12 bps | 4.16% | 4.04% |
| 4 | Consumer Goods: Non-Durable | 13 bps | 4.14% | 4.01% |
| 5 | Retail | 14 bps | 4.99% | 4.84% |
| 6 | Telecommunications | 15 bps | 4.40% | 4.25% |
| 7 | Utilities: Water | 16 bps | 4.22% | 4.06% |
| 8 | Energy: Oil & Gas | 17 bps | 5.69% | 5.51% |
| 9 | Media: Diversified & Production | 18 bps | 4.67% | 4.49% |
| 10 | Automotive | 20 bps | 4.92% | 4.72% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 9/9/22 – 9/16/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
| 1 | Transportation: Cargo | 219 bps | 8.98% | 6.79% |
| 2 | Aerospace & Defense | 83 bps | 5.99% | 5.16% |
| 3 | Media: Advertising, Printing & Publishing | 72 bps | 5.72% | 5.00% |
| 4 | Transportation: Consumer | 62 bps | 5.97% | 5.35% |
| 5 | Services: Consumer | 62 bps | 6.22% | 5.61% |
| 6 | Chemicals, Plastics & Rubber | 59 bps | 5.41% | 4.82% |
| 7 | Containers, Packaging, & Glass | 59 bps | 5.37% | 4.78% |
| 8 | Sovereign & Public Finance | 55 bps | 4.46% | 3.91% |
| 9 | Capital Equipment | 45 bps | 4.45% | 4.00% |
| 10 | Finance | 44 bps | 5.08% | 4.64% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 9/9/22 – 9/16/22
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 9/9/22 – 9/16/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 9/9/22 vs. the week ending 9/16/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | ADCBUH 4.5 10/25/2027 | 4.50% | 10/25/27 | 66 | 140 | 74 | 112% |
| 2 | DG 3.5 4/3/2030 | 3.50% | 04/03/30 | 240 | 300 | 60 | 25% |
| 3 | DG 4.125 5/1/2028 | 4.13% | 05/01/28 | 188 | 241 | 53 | 28% |
| 4 | RDSALN 3 11/26/2051 | 3.00% | 11/26/51 | 263 | 313 | 50 | 19% |
| 5 | GM 5.2 4/1/2045 | 5.20% | 04/01/45 | 228 | 278 | 50 | 22% |
| 6 | BPLN 2.721 1/12/2032 | 2.72% | 01/12/32 | 299 | 347 | 48 | 16% |
| 7 | XOM 3.482 3/19/2030 | 3.48% | 03/19/30 | 238 | 285 | 47 | 20% |
| 8 | ORCL 3.6 4/1/2040 | 3.60% | 04/01/40 | 240 | 286 | 46 | 19% |
| 9 | EOG 4.95 4/15/2050 | 4.95% | 04/15/50 | 223 | 269 | 46 | 21% |
| 10 | COP 6.95 4/15/2029 | 6.95% | 04/15/29 | 144 | 190 | 46 | 32% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 9/9/22 – 9/16/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | INTC 4.15 8/5/2032 | 4.15% | 08/05/32 | 40 |
| 2 | AAPL 3.35 8/8/2032 | 3.35% | 08/08/32 | 39 |
| 3 | AAPL 3.95 8/8/2052 | 3.95% | 08/08/52 | 38 |
| 4 | LOW 3.75 4/1/2032 | 3.75% | 04/01/32 | 38 |
| 5 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 37 |
| 6 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 37 |
| 7 | BAC 5.015 7/22/2033 | 5.02% | 07/22/33 | 36 |
| 8 | FDX 5.25 5/15/2050 | 5.25% | 05/15/50 | 36 |
| 9 | INTC 4 8/5/2029 | 4.00% | 08/05/29 | 36 |
| 10 | LOW 4.25 4/1/2052 | 4.25% | 04/01/52 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 9/9/22 – 9/16/22
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 9/9/22 – 9/16/22
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