Investment Grade Corporate Bond Market Summary – Week Ending 1/13/23
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Investment Grade Corporate Bond Market Summary: Week Ending 1/13/23
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 1/13/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Royal Bank of Canada (USD) 4.875% 1/12/2026 | Senior Secured MTN | 1000 | 99.97 | 4.89 | 95 |
| American Honda Finance Corp. (USD) 4.75% 1/12/2026 | Senior Secured MTN | 500 | 99.942 | 4.77 | 80 |
| Empire Life Insurance (CAD) 5.503% 1/13/2033 | Senior Subordinated Notes | 200 | 100 | 5.5 | 230 |
| Crown Castle Intl Corp. (USD) 5% 1/11/2028 | Senior Notes | 1000 | 99.908 | 5.02 | 137.5 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 1/6/23 – 1/13/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | DERSTG 2.375 12/8/2027 | 2.38% | 12/08/27 | 13.66% | 82.72 | 72.77 | 8 |
| 2 | HGB 3 4/25/2041 | 3.00% | 04/25/41 | 12.12% | 58.96 | 52.59 | 3 |
| 3 | MSTE 6.125 6/15/2028 | 6.13% | 06/15/28 | 11.85% | 82.59 | 73.84 | 20 |
| 4 | CHJMAO 4.4 3/4/2025 | 4.40% | 03/04/25 | 11.57% | 95.38 | 85.49 | 3 |
| 5 | GTLS 6.75 12/15/2025 | 6.75% | 12/15/25 | 10.15% | 56.19 | 51.01 | 5 |
| 6 | REGH 6.5 PERP | 6.50% | 04/13/99 | 9.18% | 61.12 | 55.98 | 5 |
| 7 | RTN 4.875 10/15/2040 | 4.88% | 10/15/40 | 9.15% | 90.96 | 83.33 | 2 |
| 8 | SDSELE 5.5 7/23/2026 REGS | 5.50% | 07/23/26 | 9.08% | 67.57 | 61.95 | 16 |
| 9 | YUEXIU 3.8 1/20/2031 | 3.80% | 01/20/31 | 8.97% | 76.44 | 70.15 | 12 |
| 10 | ARNDTN 1.45 7/9/2028 | 1.45% | 07/09/28 | 8.77% | 69.70 | 64.08 | 14 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 1/6/23 – 1/13/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | EOANGR 3.5 10/26/2037 | 3.50% | 10/26/37 | -14.30% | 94.17 | 109.89 | 5 |
| 2 | PBYGR 5.5 6/19/2025 | 5.50% | 06/19/25 | -9.33% | 58.20 | 64.19 | 2 |
| 3 | COGARD 3.3 1/12/2031 | 3.30% | 01/12/31 | -5.17% | 57.58 | 60.72 | 24 |
| 4 | JPM 1.561 12/10/2025 | 4.91% | 12/10/25 | -4.75% | 93.11 | 97.75 | 11 |
| 5 | CCB FLT 12/21/2024 | 0.00% | 12/21/24 | -4.47% | 94.83 | 99.26 | 6 |
| 6 | AEGON 0.496 PERP | 0.50% | 03/04/31 | -2.79% | 64.72 | 66.58 | 3 |
| 7 | BAC 6.7 7/15/2028 | 6.70% | 07/15/28 | -2.72% | 104.52 | 107.45 | 2 |
| 8 | EXCHEQ 3.582 12/31/2035 | 3.58% | 12/31/35 | -2.50% | 238.35 | 244.47 | 4 |
| 9 | GATESW 3 2/28/2027 | 3.00% | 02/28/27 | -2.44% | 65.02 | 66.65 | 5 |
| 10 | ISRELE 8.1 12/15/2096 | 8.10% | 12/15/96 | -2.32% | 116.07 | 118.83 | 5 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 1/6/23 – 1/13/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | -86 bps | 4.43% | 5.29% |
| 2 | High Tech Industries | -58 bps | 4.64% | 5.22% |
| 3 | Telecommunications | -46 bps | 4.45% | 4.91% |
| 4 | Real Estate | -44 bps | 6.24% | 6.68% |
| 5 | Energy: Oil & Gas | -41 bps | 5.23% | 5.63% |
| 6 | Utilities: Oil & Gas | -36 bps | 5.03% | 5.40% |
| 7 | Environmental Industries | -36 bps | 4.35% | 4.71% |
| 8 | Hotel, Gaming & Leisure | -36 bps | 5.10% | 5.46% |
| 9 | Aerospace & Defense | -36 bps | 5.32% | 5.67% |
| 10 | Media: Advertising, Printing & Publishing | -34 bps | 5.54% | 5.88% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 1/6/23 – 1/13/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | -2 bps | 4.47% | 4.50% |
| 2 | Metals & Mining | -4 bps | 5.23% | 5.27% |
| 3 | Consumer Goods: Non-Durable | -6 bps | 4.37% | 4.43% |
| 4 | Consumer Goods: Durable | -9 bps | 4.43% | 4.52% |
| 5 | Transportation: Consumer | -11 bps | 5.96% | 6.07% |
| 6 | Wholesale | -12 bps | 4.78% | 4.90% |
| 7 | Containers, Packaging, & Glass | -12 bps | 5.39% | 5.51% |
| 8 | Forest Products & Paper | -14 bps | 4.56% | 4.70% |
| 9 | Transportation: Cargo | -14 bps | 4.76% | 4.90% |
| 10 | Capital Equipment | -15 bps | 4.24% | 4.39% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 1/6/23 – 1/13/23 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 1/6/23 – 1/13/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 1/6/23 vs. the week ending 1/13/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | TMUS 2.4 3/15/2029 | 2.40% | 03/15/29 | 36 | 126 | 90 | 250% |
| 2 | CMCSA 2.937 11/1/2056 | 2.94% | 11/01/56 | 113 | 201 | 88 | 78% |
| 3 | ACAFP 4.25 1/25/2029 | 4.25% | 01/25/29 | 30 | 116 | 86 | 287% |
| 4 | TMUS 3.4 10/15/2052 | 3.40% | 10/15/52 | 139 | 225 | 86 | 62% |
| 5 | META 3.5 8/15/2027 | 3.50% | 08/15/27 | 119 | 200 | 81 | 68% |
| 6 | TMUS 2.7 3/15/2032 | 2.70% | 03/15/32 | 108 | 183 | 75 | 69% |
| 7 | RABOBK 5 7/2/2025 | 5.00% | 07/02/25 | 20 | 89 | 69 | 345% |
| 8 | SANLTD 3.25 8/8/2031 | 3.25% | 08/08/31 | 99 | 162 | 63 | 64% |
| 9 | HKAA 1.75 1/12/2027 REGS | 1.75% | 01/12/27 | 129 | 192 | 63 | 49% |
| 10 | HKAA 2.5 1/12/2032 REGS | 2.50% | 01/12/32 | 142 | 202 | 60 | 42% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 1/6/23 – 1/13/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | SUMIBK 5.766 1/13/2033 | 5.77% | 01/13/33 | 37 |
| 2 | TD 5.156 1/10/2028 | 5.16% | 01/10/28 | 36 |
| 3 | UNH 5.35 2/15/2033 | 5.35% | 02/15/33 | 34 |
| 4 | GEHC 5.905 11/22/2032 144A | 5.91% | 11/22/32 | 34 |
| 5 | HSBC 8.113 11/3/2033 | 8.11% | 11/03/33 | 34 |
| 6 | NAB 4.944 1/12/2028 | 4.94% | 01/12/28 | 34 |
| 7 | AAPL 3.95 8/8/2052 | 3.95% | 08/08/52 | 33 |
| 8 | MS 6.342 10/18/2033 | 6.34% | 10/18/33 | 33 |
| 9 | AAPL 3.35 8/8/2032 | 3.35% | 08/08/32 | 33 |
| 10 | UBS 5.959 1/12/2034 144A | 5.96% | 01/12/34 | 33 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 1/6/23 – 1/13/23 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 1/6/23 – 1/13/23
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