Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 9/23/22

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 9/23/22, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
WEC Energy Group Inc. (USD) 5% 9/27/2025 Senior Notes 500 99.928 5.03 90
Digital Realty Trust LP (USD) 5.55% 1/15/2028 Senior Notes 550 99.918 5.57 165
Toyota Motor Corp. (USD) 4.55% 9/20/2027 Senior Notes 1000 99.903 4.57 90
National Grid Electricity Trans. (CAD) 5.221% 9/16/2031 Senior Notes 550 100 5.22 209

Top 10 Winners

Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 9/16/22 – 9/23/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 DXC 0.95 9/15/2031 REGS 0.95% 09/15/31 5.10% 73.31 69.75
2 RCICN 5.25 4/15/2052 5.25% 04/15/52 4.27% 94.27 90.41
3 RGA 0 12/15/2065 5.40% 12/15/65 3.20% 88.33 85.59
4 CELG 3.9 2/20/2028 3.90% 02/20/28 3.19% 97.58 94.56
5 CHJMAO 4 6/21/2024 4.00% 06/21/24 2.22% 94.49 92.44
6 LINKNO 3.375 12/15/2025 3.38% 12/15/25 2.22% 82.37 80.58
7 XEC 4.375 6/1/2024 4.38% 06/01/24 2.19% 99.90 97.75
8 GRNTVT FLT 9/23/2024 7.29% 09/23/24 2.16% 98.07 96.00
9 JPM FLT 9/30/2034 3.69% 09/30/34 2.12% 85.46 83.68
10 FUMVFH 2.125 2/27/2029 2.13% 02/27/29 2.07% 83.75 82.05

Top 10 Losers

Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 9/16/22 – 9/23/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 COGARD 8 1/27/2024 8.00% 01/27/24 -13.72% 51.07 59.19
2 ORPFP 2.625 3/10/2025 2.63% 03/10/25 -12.60% 69.58 79.61
3 HTHROW 3.334 12/9/2041 3.33% 12/09/41 -12.41% 112.76 128.73
4 W 3.25 9/15/2027 3.25% 09/15/27 -12.00% 88.82 100.93
5 OXUNIV 2.544 12/8/2017 2.54% 12/08/17 -11.69% 52.01 58.89
6 SLTFIN 1.527 11/23/2051 1.53% 11/23/51 -11.47% 50.68 57.25
7 ISLMAN 1.625 9/14/2051 1.63% 09/14/51 -10.96% 50.44 56.65
8 PEAKRN 5.35 PERP 5.35% 10/28/99 -10.54% 73.09 81.69
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 9/16/22 – 9/23/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Automotive -72 bps 5.38% 6.10%
2 Metals & Mining -13 bps 5.74% 5.87%
3 Energy: Electricity 14 bps 4.24% 4.10%
4 Energy: Oil & Gas 21 bps 5.87% 5.66%
5 Healthcare & Pharmaceuticals 25 bps 4.58% 4.33%
6 Services: Consumer 26 bps 6.21% 5.95%
7 Consumer Goods: Non-Durable 28 bps 4.44% 4.16%
8 Environmental Industries 31 bps 4.83% 4.52%
9 Media: Diversified & Production 31 bps 4.95% 4.64%
10 Telecommunications 32 bps 4.73% 4.41%

Top 10 Industry Losers

Showcases the top 10 IG industry “losers” based on the largest yield decreases between 9/16/22 – 9/23/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Capital Equipment 131 bps 5.11% 3.80%
2 Transportation: Cargo 125 bps 8.61% 7.36%
3 Media: Broadcasting & Subscription 105 bps 5.39% 4.34%
4 Utilities: Water 87 bps 5.01% 4.14%
5 Construction & Building 67 bps 5.13% 4.46%
6 Finance 66 bps 5.60% 4.94%
7 Forest Products & Paper 65 bps 4.90% 4.25%
8 Hotel, Gaming & Leisure 64 bps 5.89% 5.25%
9 Wholesale 59 bps 5.06% 4.47%
10 Transportation: Consumer 59 bps 6.17% 5.58%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 9/16/22 – 9/23/22

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 9/16/22 – 9/23/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 9/16/22 vs. the week ending 9/23/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 GS 4 5/30/2029 4.00% 05/30/29 10 90 80 800%
2 FDX 3.25 4/1/2026 3.25% 04/01/26 135 209 74 55%
3 FDX 2.4 5/15/2031 2.40% 05/15/31 261 321 60 23%
4 SANLTD 2.85 3/8/2029 REGS 2.85% 03/08/29 79 134 55 70%
5 UNP 4.5 1/20/2033 4.50% 01/20/33 277 330 53 19%
6 PKG 3.05 10/1/2051 3.05% 10/01/51 154 203 49 32%
7 FDX 3.4 2/15/2028 3.40% 02/15/28 180 229 49 27%
8 PARSLY 5.625 10/15/2027 144A 5.63% 10/15/27 24 72 48 200%
9 LITHUN 0.75 5/6/2030 0.75% 05/06/30 10 57 47 470%
10 UNP 4.95 9/9/2052 4.95% 09/09/52 305 352 47 15%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 9/16/22 – 9/23/22

RANK TRANCHE COUPON MATURITY DEALERS
1 LOW 3.75 4/1/2032 3.75% 04/01/32 40
2 INTC 4.15 8/5/2032 4.15% 08/05/32 39
3 AAPL 3.35 8/8/2032 3.35% 08/08/32 39
4 DIS 2.65 1/13/2031 2.65% 01/13/31 38
5 AAPL 3.95 8/8/2052 3.95% 08/08/52 38
6 VZ 3.55 3/22/2051 3.55% 03/22/51 37
7 LOW 5.625 4/15/2053 5.63% 04/15/53 36
8 FDX 5.25 5/15/2050 5.25% 05/15/50 36
9 LOW 4.25 4/1/2052 4.25% 04/01/52 36
10 WMT 1.8 9/22/2031 1.80% 09/22/31 36

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 9/16/22 – 9/23/22

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 9/16/22 – 9/23/22

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