Investment Grade Corporate Bond Market Summary – Week Ending 12/9/22
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Investment Grade Corporate Bond Market Summary: Week Ending 12/9/22
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 12/9/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| National Rural Utilities Cooperative Finance Corp. (USD) 4.8% 3/15/2028 | Senior Notes | 400 | 99.833 | 4.83 | 135 |
| Brandywine Operating Partnership LP (USD) 7.55% 3/15/2028 | Senior Notes | 350 | 99.058 | 7.77 | 400 |
| Toyota Motor Credit Corp. (USD) FLT% 12/11/2023 | Senior Notes | 1500 | 100 | N/A | N/A |
| Marriott Vacations Worldwide Corp. (USD) 3.25% 12/15/2027 | N/A | 575 | 100 | N/A | N/A |
| Energy Transfer LP (USD) 5.75% 2/15/2033 | Senior Notes | 1500 | 99.891 | 5.76 | 215 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 12/2/22 – 12/9/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PARHLT 3.452 11/1/2050 | 3.45% | 11/01/50 | 15.33% | 82.42 | 71.46 | 3 |
| 2 | CARGIL 4.375 4/22/2052 REGS | 4.38% | 04/22/52 | 14.53% | 91.00 | 79.45 | 2 |
| 3 | NSC 6 3/15/2105 | 6.00% | 03/15/05 | 13.34% | 102.21 | 90.18 | 4 |
| 4 | TWX 5.35 12/15/2043 | 5.35% | 12/15/43 | 12.86% | 89.80 | 79.57 | 2 |
| 5 | CHJMAO 4.25 7/23/2029 | 4.25% | 07/23/29 | 12.75% | 77.33 | 68.59 | 17 |
| 6 | ZHONAN 3.125 7/16/2025 | 3.13% | 07/16/25 | 12.74% | 83.33 | 73.91 | 5 |
| 7 | NANFUN 5 PERP | 5.00% | 09/10/99 | 12.35% | 71.17 | 63.35 | 6 |
| 8 | LASUDE 5 7/28/2026 | 5.00% | 07/28/26 | 12.01% | 64.59 | 57.66 | 6 |
| 9 | RUSSIA 12.75 6/24/2028 | 12.75% | 06/24/28 | 10.78% | 81.71 | 73.76 | 6 |
| 10 | NRW 1.375 1/15/2120 | 1.38% | 01/15/20 | 10.74% | 66.22 | 59.80 | 2 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 12/2/22 – 12/9/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | NGGLN 1.819 5/11/2056 | 1.82% | 05/11/56 | -10.17% | 81.83 | 91.10 | 3 |
| 2 | ARNDTN 3.75 PERP | 3.75% | 12/29/49 | -9.19% | 53.83 | 59.28 | 14 |
| 3 | GMKNRM 4.1 4/11/2023 | 4.10% | 04/11/23 | -8.94% | 71.06 | 78.03 | 5 |
| 4 | FOY 10.25 PERP | 10.25% | 09/03/99 | -6.83% | 80.89 | 86.82 | 6 |
| 5 | HGB 3.25 10/22/2031 | 3.25% | 10/22/31 | -6.69% | 65.11 | 69.78 | 2 |
| 6 | SSELN 1.429 10/20/2056 | 1.43% | 10/20/56 | -6.51% | 79.92 | 85.48 | 3 |
| 7 | CAMBRG 0.25 6/27/2068 | 0.25% | 06/27/68 | -5.70% | 56.97 | 60.41 | 6 |
| 8 | TOLHOS 4.982 11/15/2045 | 4.98% | 11/15/45 | -5.35% | 62.61 | 66.15 | 6 |
| 9 | ULFP 2.125 PERP | 2.13% | 04/25/99 | -5.03% | 81.89 | 86.23 | 16 |
| 10 | UKRAIL 0.53 9/1/2051 | 0.53% | 09/01/51 | -4.47% | 96.58 | 101.11 | 2 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 12/2/22 – 12/9/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Cargo | -180 bps | 5.56% | 7.36% |
| 2 | Healthcare & Pharmaceuticals | -43 bps | 4.75% | 5.18% |
| 3 | Insurance | -4 bps | 5.32% | 5.37% |
| 4 | Media: Advertising, Printing & Publishing | -4 bps | 5.32% | 5.36% |
| 5 | Real Estate | -4 bps | 6.74% | 6.78% |
| 6 | Telecommunications | -3 bps | 4.61% | 4.64% |
| 7 | Banking | -1 bps | 4.87% | 4.88% |
| 8 | Media: Diversified & Production | 1 bps | 4.56% | 4.55% |
| 9 | Finance | 2 bps | 5.27% | 5.25% |
| 10 | High Tech Industries | 4 bps | 5.06% | 5.02% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 12/2/22 – 12/9/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Consumer Goods: Durable | 80 bps | 5.22% | 4.42% |
| 2 | Services: Business | 71 bps | 4.97% | 4.26% |
| 3 | Sovereign & Public Finance | 70 bps | 4.91% | 4.21% |
| 4 | Capital Equipment | 56 bps | 4.80% | 4.24% |
| 5 | Utilities: Water | 53 bps | 4.84% | 4.31% |
| 6 | Transportation: Consumer | 50 bps | 6.61% | 6.11% |
| 7 | Hotel, Gaming & Leisure | 35 bps | 5.69% | 5.34% |
| 8 | Aerospace & Defense | 35 bps | 5.81% | 5.46% |
| 9 | Chemicals, Plastics & Rubber | 34 bps | 5.42% | 5.08% |
| 10 | Consumer Goods: Non-Durable | 30 bps | 4.62% | 4.32% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 11/02/22 – 12/09/22 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 12/2/22 – 12/9/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 12/2/22 vs. the week ending 12/9/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | EDF 7.5 5/11/2012 | 7.50% | 05/11/12 | 23 | 95 | 72 | 313% |
| 2 | C 3.106 4/8/2026 | 3.11% | 04/08/26 | 115 | 165 | 50 | 43% |
| 3 | BNS 5.25 10/31/2024 | 5.25% | 10/31/24 | 26 | 75 | 49 | 188% |
| 4 | BCRED 2.625 12/15/2026 | 2.63% | 12/15/26 | 62 | 107 | 45 | 73% |
| 5 | FREGR 4.5 1/15/2023 | 4.50% | 01/15/23 | 15 | 60 | 45 | 300% |
| 6 | BNS FLT 9/15/2023 | 4.35% | 09/15/23 | 73 | 114 | 41 | 56% |
| 7 | OPI 4.5 2/1/2025 | 4.50% | 02/01/25 | 176 | 215 | 39 | 22% |
| 8 | HSBC 4.18 12/9/2025 | 4.18% | 12/09/25 | 148 | 186 | 38 | 26% |
| 9 | OPI 2.4 2/1/2027 | 2.40% | 02/01/27 | 149 | 186 | 37 | 25% |
| 10 | OPI 4.25 5/15/2024 | 4.25% | 05/15/24 | 151 | 188 | 37 | 25% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 12/2/22 – 12/9/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | ORCL 6.25 11/9/2032 | 6.25% | 11/09/32 | 34 |
| 2 | BA 5.15 5/1/2030 | 5.15% | 05/01/30 | 34 |
| 3 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 34 |
| 4 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 34 |
| 5 | KMI 5.45 8/1/2052 | 5.45% | 08/01/52 | 34 |
| 6 | AAPL 3.95 8/8/2052 | 3.95% | 08/08/52 | 34 |
| 7 | UNH 5.35 2/15/2033 | 5.35% | 02/15/33 | 33 |
| 8 | ORCL 6.9 11/9/2052 | 6.90% | 11/09/52 | 33 |
| 9 | TOYOTA 5.4 11/10/2025 | 5.40% | 11/10/25 | 33 |
| 10 | TOYOTA 5.45 11/10/2027 | 5.45% | 11/10/27 | 33 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 11/02/22 – 12/09/22 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 12/2/22 – 12/9/22
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