Investment Grade Corporate Bond Market Summary – Week Ending 10/28/22
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Investment Grade Corporate Bond Market Summary: Week Ending 10/28/22
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 10/28/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Elevance Health Inc. (USD) 5.5% 10/15/2032 | Senior Notes | 650 | 99.384 | 5.58 | 155 |
| Truist Financial Corp. (USD) 5.9% 10/28/2026 | Senior Notes | 750 | 100 | 5.9 | 150 |
| PNC Financial Services Group Inc. (USD) 6.037% 10/28/2033 | Floating Rate Notes | 1500 | 100 | 6.04 | 195 |
| Northern Trust Corp. (USD) 6.125% 11/2/2032 | Subordinated Notes | 1000 | 99.646 | 6.17 | 215 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 10/21/22 – 10/28/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | BRKHEC 2.25 10/9/2059 | 2.25% | 10/09/59 | 14.13% | 57.61 | 50.47 |
| 2 | CAMBRG 2.35 6/27/2078 | 2.35% | 06/27/78 | 13.63% | 62.03 | 54.59 |
| 3 | RAGB 1.5 11/2/2086 | 1.50% | 11/02/86 | 13.61% | 62.23 | 54.77 |
| 4 | EDF 6 1/23/2014 | 6.00% | 01/23/14 | 12.93% | 92.32 | 81.75 |
| 5 | UNCOLO 1.625 6/4/2061 | 1.63% | 06/04/61 | 12.89% | 53.23 | 47.15 |
| 6 | RDSALN 1.75 9/10/2052 | 1.75% | 09/10/52 | 12.81% | 51.87 | 45.98 |
| 7 | BRK 2.625 6/19/2059 | 2.63% | 06/19/59 | 12.56% | 63.73 | 56.62 |
| 8 | UNISOU 2.25 4/11/2057 | 2.25% | 04/11/57 | 12.56% | 60.13 | 53.43 |
| 9 | LIVEWE 1.875 2/18/2056 | 1.88% | 02/18/56 | 12.41% | 50.43 | 44.86 |
| 10 | GUINNE 2 4/22/2055 | 2.00% | 04/22/55 | 12.37% | 51.57 | 45.90 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 10/21/22 – 10/28/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | VNKRLE 3.975 11/9/2027 | 3.98% | 11/09/27 | -23.35% | 55.75 | 72.73 |
| 2 | ENFRAG 5.375 12/30/2030 REGS | 5.38% | 12/30/30 | -11.02% | 52.00 | 58.44 |
| 3 | SHUION 6.15 8/24/2024 | 6.15% | 08/24/24 | -9.29% | 59.99 | 66.14 |
| 4 | CITCON FLT PERP | 7.67% | 11/22/99 | -8.49% | 61.82 | 67.56 |
| 5 | ADANIG 4.375 9/8/2024 REGS | 4.38% | 09/08/24 | -7.77% | 74.84 | 81.14 |
| 6 | STOR 2.7 12/1/2031 | 2.70% | 12/01/31 | -7.49% | 75.66 | 81.79 |
| 7 | CTPNV 1.25 6/21/2029 | 1.25% | 06/21/29 | -7.48% | 60.50 | 65.39 |
| 8 | SBBBSS 0.75 12/14/2028 | 0.75% | 12/14/28 | -7.44% | 54.55 | 58.94 |
| 9 | CPIPGR 1.625 4/23/2027 | 1.63% | 04/23/27 | -7.30% | 67.83 | 73.17 |
| 10 | DICGR 2.25 9/22/2026 | 2.25% | 09/22/26 | -7.23% | 57.48 | 61.96 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 10/21/22 – 10/28/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -52 bps | 4.47% | 4.99% |
| 2 | Media: Diversified & Production | -37 bps | 5.18% | 5.55% |
| 3 | Telecommunications | -34 bps | 5.10% | 5.44% |
| 4 | Beverage, Food & Tobacco | -32 bps | 4.97% | 5.29% |
| 5 | High Tech Industries | -31 bps | 5.33% | 5.64% |
| 6 | Media: Broadcasting & Subscription | -29 bps | 5.69% | 5.98% |
| 7 | Energy: Oil & Gas | -28 bps | 6.35% | 6.62% |
| 8 | Utilities: Electric | -20 bps | 5.67% | 5.87% |
| 9 | Insurance | -20 bps | 6.09% | 6.29% |
| 10 | Automotive | -19 bps | 5.84% | 6.04% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 10/21/22 – 10/28/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Real Estate | 132 bps | 9.53% | 8.21% |
| 2 | Transportation: Cargo | 91 bps | 8.95% | 8.05% |
| 3 | Consumer Goods: Durable | 84 bps | 5.95% | 5.11% |
| 4 | Healthcare & Pharmaceuticals | 48 bps | 5.74% | 5.26% |
| 5 | Aerospace & Defense | 35 bps | 6.69% | 6.35% |
| 6 | Transportation: Consumer | 31 bps | 7.05% | 6.74% |
| 7 | Capital Equipment | 31 bps | 5.38% | 5.08% |
| 8 | Sovereign & Public Finance | 26 bps | 5.35% | 5.09% |
| 9 | Services: Consumer | 26 bps | 7.29% | 7.03% |
| 10 | Metals & Mining | 21 bps | 6.43% | 6.22% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 9/23/22 – 9/30/22 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 10/21/22 – 10/28/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 10/21/22 vs. the week ending 10/28/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | RY 1.2 4/27/2026 | 1.20% | 04/27/26 | 195 | 252 | 57 | 29% |
| 2 | TD 8.125 10/31/2082 | 8.13% | 10/31/82 | 214 | 256 | 42 | 20% |
| 3 | INTC 3.7 7/29/2025 | 3.70% | 07/29/25 | 219 | 259 | 40 | 18% |
| 4 | DOW 4.25 10/1/2034 | 4.25% | 10/01/34 | 180 | 218 | 38 | 21% |
| 5 | COST 1.375 6/20/2027 | 1.38% | 06/20/27 | 193 | 231 | 38 | 20% |
| 6 | RY 4.24 8/3/2027 | 4.24% | 08/03/27 | 235 | 271 | 36 | 15% |
| 7 | RY 0.875 1/20/2026 | 0.88% | 01/20/26 | 202 | 236 | 34 | 17% |
| 8 | RY 2.25 11/1/2024 | 2.25% | 11/01/24 | 202 | 236 | 34 | 17% |
| 9 | BAC 3.248 10/21/2027 | 3.25% | 10/21/27 | 134 | 168 | 34 | 25% |
| 10 | INTC 2.875 5/11/2024 | 2.88% | 05/11/24 | 111 | 145 | 34 | 31% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 10/21/22 – 10/28/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AAPL 3.95 8/8/2052 | 3.95% | 08/08/52 | 40 |
| 2 | AAPL 3.35 8/8/2032 | 3.35% | 08/08/32 | 38 |
| 3 | VZ 3.55 3/22/2051 | 3.55% | 03/22/51 | 38 |
| 4 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 37 |
| 5 | CMCSA 1.5 2/15/2031 | 1.50% | 02/15/31 | 36 |
| 6 | INTC 4.9 8/5/2052 | 4.90% | 08/05/52 | 36 |
| 7 | AAPL 2.375 2/8/2041 | 2.38% | 02/08/41 | 36 |
| 8 | ORCL 3.95 3/25/2051 | 3.95% | 03/25/51 | 36 |
| 9 | XOM 3.452 4/15/2051 | 3.45% | 04/15/51 | 36 |
| 10 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 9/23/22 – 9/30/22 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 10/21/22 – 10/28/22
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