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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