Investment Grade Corporate Bond Market Summary – Week Ending 1/20/23
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Investment Grade Corporate Bond Market Summary: Week Ending 1/20/23
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 1/20/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| PNC Financial Services Group Inc. (USD) 4.758% 1/26/2027 | Floating Rate Notes | 1250 | 100 | 4.76 | 100 |
| Japan Bank for International Cooperation (USD) 4.25% 1/26/2026 | Senior Notes | 2500 | 99.981 | 4.26 | 51 |
| Target Corp. (USD) 4.8% 1/15/2053 | Senior Notes | 1150 | 99.922 | 4.8 | 115 |
| Morgan Stanley (USD) 5.05% 1/28/2027 | N/A | 1500 | 99.998 | 5.05 | N/A |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 1/13/23 – 1/20/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SMCGL 5.7 PERP | 5.70% | 01/21/99 | 15.31% | 82.27 | 71.35 | 8 |
| 2 | PFCLN 9.75 11/15/2026 144A | 9.75% | 11/15/26 | 11.35% | 64.00 | 57.48 | 2 |
| 3 | ZHONAN 3.5 3/8/2026 | 3.50% | 03/08/26 | 9.75% | 89.57 | 81.62 | 5 |
| 4 | SLOREP 1.175 2/13/2062 | 1.18% | 02/13/62 | 9.63% | 57.13 | 52.11 | 5 |
| 5 | SOCGEN 4.027 1/21/2043 REGS | 6.95% | 01/21/43 | 7.63% | 72.78 | 67.62 | 14 |
| 6 | MINCAP 5.625 8/10/2037 REGS | 5.63% | 08/10/37 | 7.56% | 86.38 | 80.30 | 14 |
| 7 | FFPFP 1.875 10/30/2026 | 1.88% | 10/30/26 | 7.35% | 90.55 | 84.35 | 8 |
| 8 | BSWHLD 2.839 11/15/2050 | 2.84% | 11/15/50 | 6.93% | 71.48 | 66.85 | 9 |
| 9 | BOSUNI 3.173 10/1/2050 | 3.17% | 10/01/50 | 6.71% | 74.59 | 69.90 | 2 |
| 10 | INDON 5.95 1/8/2046 | 5.95% | 01/08/46 | 6.57% | 109.19 | 102.45 | 20 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 1/13/23 – 1/20/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | IIPR 5.5 5/25/2026 | 5.50% | 05/25/26 | -5.66% | 86.00 | 91.16 | 7 |
| 2 | LIGTBZ 4.375 6/18/2026 REGS | 4.38% | 06/18/26 | -5.24% | 77.49 | 81.78 | 16 |
| 3 | GTLS 6.75 12/15/2025 | 6.75% | 12/15/25 | -4.70% | 53.55 | 56.19 | 5 |
| 4 | EDF 2 12/9/2049 | 2.00% | 12/09/49 | -4.13% | 61.72 | 64.38 | 15 |
| 5 | HGB 3 4/25/2041 | 3.00% | 04/25/41 | -3.93% | 56.64 | 58.96 | 3 |
| 6 | LEGGR 1.625 11/28/2034 | 1.63% | 11/28/34 | -3.81% | 70.90 | 73.71 | 13 |
| 7 | CVECN 5.2 9/15/2043 | 5.20% | 09/15/43 | -3.62% | 82.07 | 85.15 | 5 |
| 8 | GAZPRU 4.95 3/23/2027 | 4.95% | 03/23/27 | -3.58% | 68.70 | 71.25 | 6 |
| 9 | MEADF 4.988 1/12/2032 | 4.99% | 01/12/32 | -3.15% | 86.08 | 88.88 | 6 |
| 10 | BOGOTA 9.75 7/26/2028 | 9.75% | 07/26/28 | -3.09% | 78.97 | 81.49 | 4 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 1/13/23 – 1/20/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Services: Consumer | -45 bps | 5.94% | 6.39% |
| 2 | Media: Advertising, Printing & Publishing | -22 bps | 5.37% | 5.58% |
| 3 | Insurance | -15 bps | 5.12% | 5.27% |
| 4 | Real Estate | -14 bps | 6.09% | 6.23% |
| 5 | Construction & Building | -14 bps | 4.30% | 4.44% |
| 6 | Telecommunications | -12 bps | 4.44% | 4.56% |
| 7 | Consumer Goods: Non-Durable | -11 bps | 4.17% | 4.28% |
| 8 | Media: Diversified & Production | -10 bps | 4.40% | 4.50% |
| 9 | Energy: Oil & Gas | -10 bps | 5.21% | 5.30% |
| 10 | Aerospace & Defense | -8 bps | 5.31% | 5.39% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 1/13/23 – 1/20/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | 37 bps | 4.61% | 4.24% |
| 2 | Utilities: Water | 31 bps | 4.47% | 4.15% |
| 3 | Metals & Mining | 31 bps | 5.30% | 4.99% |
| 4 | Consumer Goods: Durable | 25 bps | 4.62% | 4.37% |
| 5 | Transportation: Cargo | 20 bps | 4.80% | 4.59% |
| 6 | Forest Products & Paper | 19 bps | 4.52% | 4.34% |
| 7 | Energy: Electricity | 18 bps | 6.81% | 6.63% |
| 8 | Transportation: Consumer | 11 bps | 5.87% | 5.76% |
| 9 | Containers, Packaging, & Glass | 10 bps | 5.37% | 5.27% |
| 10 | Automotive | 9 bps | 4.82% | 4.73% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 1/13/23 – 1/20/23 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 1/13/23 – 1/20/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 1/13/23 vs. the week ending 1/20/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | TFC 6.123 10/28/2033 | 6.12% | 10/28/33 | 34 | 204 | 170 | 500% |
| 2 | EXC 4.1 3/15/2052 | 4.10% | 03/15/52 | 23 | 151 | 128 | 557% |
| 3 | META 4.65 8/15/2062 | 4.65% | 08/15/62 | 70 | 191 | 121 | 173% |
| 4 | META 4.45 8/15/2052 | 4.45% | 08/15/52 | 114 | 225 | 111 | 97% |
| 5 | BNP 5.125 1/13/2029 REGS | 5.13% | 01/13/29 | 109 | 216 | 107 | 98% |
| 6 | SOCGEN 4.027 1/21/2043 REGS | 6.95% | 01/21/43 | 30 | 133 | 103 | 343% |
| 7 | BNP 5.125 1/13/2029 144A | 5.13% | 01/13/29 | 55 | 155 | 100 | 182% |
| 8 | EXC 2.75 3/15/2027 | 2.75% | 03/15/27 | 16 | 90 | 74 | 463% |
| 9 | AES 5.5 5/14/2027 REGS | 5.50% | 05/14/27 | 4 | 72 | 68 | 1700% |
| 10 | AKERBP 3.1 7/15/2031 REGS | 3.10% | 07/15/31 | 10 | 76 | 66 | 660% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 1/13/23 – 1/20/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | SUMIBK 5.766 1/13/2033 | 5.77% | 01/13/33 | 39 |
| 2 | RY 5 2/1/2033 | 5.00% | 02/01/33 | 38 |
| 3 | UNH 5.35 2/15/2033 | 5.35% | 02/15/33 | 37 |
| 4 | TD 5.156 1/10/2028 | 5.16% | 01/10/28 | 35 |
| 5 | UBS 5.959 1/12/2034 144A | 5.96% | 01/12/34 | 35 |
| 6 | GEHC 5.905 11/22/2032 144A | 5.91% | 11/22/32 | 35 |
| 7 | NAB 4.944 1/12/2028 | 4.94% | 01/12/28 | 35 |
| 8 | RY 4.9 1/12/2028 | 4.90% | 01/12/28 | 35 |
| 9 | TOYOTA 4.625 1/12/2028 | 4.63% | 01/12/28 | 35 |
| 10 | HSBC 8.113 11/3/2033 | 8.11% | 11/03/33 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 1/13/23 – 1/20/23 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 1/13/23 – 1/20/23
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