Investment Grade Corporate Bond Market Summary – Week Ending 12/2/22
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Investment Grade Corporate Bond Market Summary: Week Ending 12/2/22
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 12/2/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Public Service Electric & Gas Co. (USD) 4.9% 12/15/2032 | Senior Notes | 400 | 99.935 | 4.91 | 113 |
| Flex LTD (USD) 6% 1/15/2028 | Senior Notes | 400 | 99.073 | 6.21 | 225 |
| Bank of Nova Scotia (USD) 5.25% 12/6/2024 | Senior Notes | 1000 | 99.908 | 5.3 | 90 |
| Southwest Gas Corp. (USD) 5.8% 12/1/2027 | Senior Notes | 300 | 99.867 | 5.83 | 190 |
| Pacificorp (USD) 5.35% 12/1/2053 | First Mortgage Bond | 1100 | 99.7 | 5.37 | 153 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 11/25/22 – 12/2/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | GLPCHI 4 7/2/2024 | 4.00% | 07/02/24 | 30.09% | 70.14 | 53.92 | 6 |
| 2 | COGARD 8 1/27/2024 | 8.00% | 01/27/24 | 25.71% | 64.69 | 51.46 | 23 |
| 3 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | 21.68% | 73.96 | 60.79 | 16 |
| 4 | GLPSP 3.875 6/4/2025 | 3.88% | 06/04/25 | 20.25% | 76.57 | 63.68 | 15 |
| 5 | PEAKRN 5.35 PERP | 5.35% | 10/28/99 | 17.99% | 73.92 | 62.65 | 5 |
| 6 | LNGFOR 4.5 1/16/2028 | 4.50% | 01/16/28 | 17.24% | 78.82 | 67.23 | 21 |
| 7 | SDSELE 5.5 7/23/2026 REGS | 5.50% | 07/23/26 | 15.03% | 63.24 | 54.98 | 16 |
| 8 | AACTEC 3.75 6/2/2031 | 3.75% | 06/02/31 | 14.30% | 66.44 | 58.13 | 16 |
| 9 | XIAOMI 4.1 7/14/2051 144A | 4.10% | 07/14/51 | 13.08% | 57.39 | 50.75 | 4 |
| 10 | MEITUA 3.05 10/28/2030 REGS | 3.05% | 10/28/30 | 11.05% | 75.67 | 68.14 | 23 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 11/25/22 – 12/2/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | GYCGR 2.75 PERP | 2.75% | 09/22/99 | -16.51% | 61.13 | 73.22 | 11 |
| 2 | FOOBON 6.25 5/15/2026 REGS | 6.25% | 05/15/26 | -12.13% | 60.86 | 69.26 | 12 |
| 3 | ARNDTN 5.25 PERP | 5.25% | 06/21/99 | -11.63% | 54.96 | 62.19 | 12 |
| 4 | UNANA 1.375 9/14/2030 | 1.38% | 09/14/30 | -7.85% | 79.44 | 86.21 | 15 |
| 5 | CS 9.75 11/21/2023 | 5.91% | 11/21/23 | -7.39% | 85.96 | 92.81 | 4 |
| 6 | NGGLN 1.819 5/11/2056 | 1.82% | 05/11/56 | -7.06% | 91.10 | 98.01 | 2 |
| 7 | THAMES 1.771 8/28/2057 | 1.77% | 08/28/57 | -6.96% | 85.39 | 91.78 | 4 |
| 8 | UU 1.435 11/21/2056 | 1.44% | 11/21/56 | -6.67% | 93.72 | 100.42 | 3 |
| 9 | SSELN 1.429 10/20/2056 | 1.43% | 10/20/56 | -5.48% | 85.48 | 90.44 | 3 |
| 10 | VOD 3 8/12/2056 | 3.00% | 08/12/56 | -5.36% | 64.94 | 68.61 | 16 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 11/25/22 – 12/2/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | -77 bps | 4.53% | 5.31% |
| 2 | High Tech Industries | -41 bps | 4.81% | 5.22% |
| 3 | Real Estate | -32 bps | 6.95% | 7.27% |
| 4 | Healthcare & Pharmaceuticals | -28 bps | 5.13% | 5.41% |
| 5 | Retail | -26 bps | 5.15% | 5.41% |
| 6 | Hotel, Gaming & Leisure | -25 bps | 5.36% | 5.61% |
| 7 | Aerospace & Defense | -25 bps | 5.65% | 5.90% |
| 8 | Media: Broadcasting & Subscription | -19 bps | 4.90% | 5.09% |
| 9 | Media: Advertising, Printing & Publishing | -17 bps | 5.40% | 5.57% |
| 10 | Telecommunications | -17 bps | 4.58% | 4.75% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 11/25/22 – 12/2/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Consumer Goods: Durable | 79 bps | 5.23% | 4.44% |
| 2 | Sovereign & Public Finance | 58 bps | 4.93% | 4.35% |
| 3 | Containers, Packaging, & Glass | 35 bps | 5.69% | 5.34% |
| 4 | Services: Business | 31 bps | 4.85% | 4.54% |
| 5 | Capital Equipment | 30 bps | 4.68% | 4.37% |
| 6 | Transportation: Cargo | 27 bps | 8.24% | 7.97% |
| 7 | Beverage, Food & Tobacco | 20 bps | 4.68% | 4.48% |
| 8 | Utilities: Water | 18 bps | 4.71% | 4.52% |
| 9 | Metals & Mining | 18 bps | 5.64% | 5.46% |
| 10 | Transportation: Consumer | 17 bps | 6.49% | 6.32% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 11/25/22 – 12/02/22 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 11/25/22 – 12/2/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 11/25/22 vs. the week ending 12/2/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | CNP 0 3/2/2023 | 1.70% | 02/02/31 | 29 | 74 | 45 | 155% |
| 2 | CAT 4.9 1/17/2025 | 4.90% | 01/17/25 | 264 | 308 | 44 | 17% |
| 3 | MIZUHO 2.869 9/13/2030 | 2.87% | 09/13/30 | 125 | 166 | 41 | 33% |
| 4 | AL 3.375 7/1/2025 | 3.38% | 07/01/25 | 162 | 200 | 38 | 23% |
| 5 | MQGAU 4 7/29/2025 | 4.00% | 07/29/25 | 113 | 151 | 38 | 34% |
| 6 | AL 2.875 1/15/2026 | 2.88% | 01/15/26 | 185 | 221 | 36 | 19% |
| 7 | C 3.785 3/17/2033 | 3.79% | 03/17/33 | 157 | 192 | 35 | 22% |
| 8 | NYLIFE 0.55 4/26/2024 144A | 0.55% | 04/26/24 | 104 | 139 | 35 | 34% |
| 9 | C 6.27 11/17/2033 | 6.27% | 11/17/33 | 280 | 314 | 34 | 12% |
| 10 | MQGAU 3.9 1/15/2026 | 3.90% | 01/15/26 | 129 | 163 | 34 | 26% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 11/25/22 – 12/2/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | TOYOTA 5.45 11/10/2027 | 5.45% | 11/10/27 | 39 |
| 2 | ORCL 6.25 11/9/2032 | 6.25% | 11/09/32 | 36 |
| 3 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 36 |
| 4 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 36 |
| 5 | AAPL 3.95 8/8/2052 | 3.95% | 08/08/52 | 35 |
| 6 | ORCL 6.9 11/9/2052 | 6.90% | 11/09/52 | 34 |
| 7 | BA 5.15 5/1/2030 | 5.15% | 05/01/30 | 34 |
| 8 | AAPL 3.35 8/8/2032 | 3.35% | 08/08/32 | 34 |
| 9 | TOYOTA 5.4 11/10/2025 | 5.40% | 11/10/25 | 34 |
| 10 | UNH 5.3 2/15/2030 | 5.30% | 02/15/30 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 11/25/22 – 12/02/22 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 11/25/22 – 12/2/22
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