Investment Grade Corporate Bond Market Summary – Week Ending 2/10/23
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Investment Grade Corporate Bond Market Summary: Week Ending 2/10/23
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 2/10/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Waste Management Inc. (USD) 4.625% 2/15/2033 | Senior Notes | 500 | 99.826 | 4.65 | 100 |
| Vodafone Group PLC (USD) 5.75% 2/10/2063 | Senior Notes | 500 | 99.164 | 5.8 | 210 |
| Starbucks Corp. (USD) 4.8% 2/15/2033 | Senior Notes | 500 | 99.804 | 4.82 | 115 |
| Intel Corp. (USD) 5.9% 2/10/2063 | Senior Notes | 1250 | 99.954 | 5.9 | 215 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 2/3/23 – 2/10/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ADTIN 4 8/3/2026 | 4.00% | 08/03/26 | 10.81% | 82.94 | 74.85 | 36 |
| 2 | ADSEZ 4.2 8/4/2027 REGS | 4.20% | 08/04/27 | 10.60% | 81.59 | 73.77 | 36 |
| 3 | RURAIL 4.6 3/6/2023 | 4.60% | 03/06/23 | 7.14% | 75.00 | 70.00 | 2 |
| 4 | ADANEM 3.949 2/12/2030 REGS | 3.95% | 02/12/30 | 6.76% | 74.17 | 69.47 | 37 |
| 5 | HEIMST 4.375 3/6/2027 | 4.38% | 03/06/27 | 6.62% | 72.09 | 67.61 | 13 |
| 6 | CASTSS 3.125 PERP | 3.13% | 03/02/99 | 6.54% | 71.78 | 67.37 | 16 |
| 7 | SGLGR 5.75 9/21/2027 | 5.75% | 09/21/27 | 5.81% | 122.30 | 115.59 | 3 |
| 8 | ARYNSW FLT PERP | 6.49% | 04/25/49 | 5.19% | 87.42 | 83.11 | 3 |
| 9 | TYANLI 5.25 PERP | 5.25% | 09/23/99 | 4.98% | 89.65 | 85.39 | 7 |
| 10 | CPIPGR 1.625 4/23/2027 | 1.63% | 04/23/27 | 4.93% | 76.00 | 72.43 | 19 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 2/3/23 – 2/10/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | COGARD 7.25 4/8/2026 | 7.25% | 04/08/26 | -8.06% | 70.83 | 77.03 | 22 |
| 2 | ADGB 2.7 9/2/2070 REGS | 2.70% | 09/02/70 | -7.08% | 60.71 | 65.33 | 21 |
| 3 | OPI 3.45 10/15/2031 | 3.45% | 10/15/31 | -6.41% | 65.81 | 70.32 | 16 |
| 4 | ECLCI 3.4 1/28/2030 REGS | 3.40% | 01/28/30 | -6.33% | 78.78 | 84.10 | 14 |
| 5 | KSA 3.45 2/2/2061 REGS | 3.45% | 02/02/61 | -6.21% | 70.15 | 74.79 | 22 |
| 6 | MEX 3.75 4/19/2071 | 3.75% | 04/19/71 | -6.20% | 65.21 | 69.52 | 20 |
| 7 | VZ 3 11/20/2060 | 3.00% | 11/20/60 | -6.19% | 62.51 | 66.63 | 22 |
| 8 | IFF 3.468 12/1/2050 144A | 3.47% | 12/01/50 | -6.16% | 70.65 | 75.29 | 26 |
| 9 | KO 2.75 6/1/2060 | 2.75% | 06/01/60 | -6.03% | 69.46 | 73.92 | 15 |
| 10 | VOD 3 8/12/2056 | 3.00% | 08/12/56 | -5.90% | 61.28 | 65.12 | 13 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 2/3/23 – 2/10/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Real Estate | -7 bps | 5.76% | 5.83% |
| 2 | High Tech Industries | 3 bps | 4.84% | 4.80% |
| 3 | Insurance | 9 bps | 4.99% | 4.89% |
| 4 | Telecommunications | 10 bps | 4.57% | 4.47% |
| 5 | Finance | 10 bps | 4.78% | 4.68% |
| 6 | Media: Advertising, Printing & Publishing | 16 bps | 5.58% | 5.41% |
| 7 | Retail | 17 bps | 4.96% | 4.78% |
| 8 | Energy: Oil & Gas | 19 bps | 5.42% | 5.23% |
| 9 | Hotel, Gaming & Leisure | 20 bps | 5.18% | 4.98% |
| 10 | Metals & Mining | 20 bps | 5.34% | 5.14% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 2/3/23 – 2/10/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | 72 bps | 4.86% | 4.14% |
| 2 | Consumer Goods: Durable | 66 bps | 4.82% | 4.16% |
| 3 | Consumer Goods: Non-Durable | 52 bps | 4.51% | 3.99% |
| 4 | Forest Products & Paper | 50 bps | 4.78% | 4.28% |
| 5 | Wholesale | 47 bps | 4.76% | 4.29% |
| 6 | Transportation: Cargo | 46 bps | 5.10% | 4.64% |
| 7 | Containers, Packaging, & Glass | 44 bps | 5.44% | 5.00% |
| 8 | Services: Consumer | 43 bps | 6.05% | 5.62% |
| 9 | Automotive | 41 bps | 4.91% | 4.50% |
| 10 | Utilities: Water | 41 bps | 4.36% | 3.95% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 2/3/23 – 2/10/23 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 2/3/23 – 2/10/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 2/3/23 vs. the week ending 2/10/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | NACN 5.25 1/17/2025 | 5.25% | 01/17/25 | 154 | 246 | 92 | 60% |
| 2 | PNC 6.25 1/25/2029 | 6.25% | 01/25/29 | 19 | 110 | 91 | 479% |
| 3 | ACAFP 1.874 12/9/2031 | 1.87% | 12/09/31 | 21 | 105 | 84 | 400% |
| 4 | ADSEZ 3.375 7/24/2024 REGS | 3.38% | 07/24/24 | 297 | 367 | 70 | 24% |
| 5 | MTB 5.053 1/27/2034 | 5.05% | 01/27/34 | 308 | 377 | 69 | 22% |
| 6 | ADTIN 4.25 5/21/2036 REGS | 4.25% | 05/21/36 | 230 | 291 | 61 | 27% |
| 7 | NRUC 5.8 1/15/2033 | 5.80% | 01/15/33 | 139 | 198 | 59 | 42% |
| 8 | NOC 7.75 2/15/2031 | 7.75% | 02/15/31 | 25 | 83 | 58 | 232% |
| 9 | SOCGEN 6.446 1/10/2029 144A | 6.45% | 01/10/29 | 125 | 180 | 55 | 44% |
| 10 | ADSEZ 4.2 8/4/2027 REGS | 4.20% | 08/04/27 | 307 | 361 | 54 | 18% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 2/3/23 – 2/10/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | KEY 5 1/26/2033 | 5.00% | 01/26/33 | 45 |
| 2 | RY 5 2/1/2033 | 5.00% | 02/01/33 | 44 |
| 3 | PNC 5.068 1/24/2034 | 5.07% | 01/24/34 | 42 |
| 4 | STT 4.821 1/26/2034 | 4.82% | 01/26/34 | 41 |
| 5 | TOYOTA 4.625 1/12/2028 | 4.63% | 01/12/28 | 41 |
| 6 | RY 4.9 1/12/2028 | 4.90% | 01/12/28 | 40 |
| 7 | INTC 4.15 8/5/2032 | 4.15% | 08/05/32 | 40 |
| 8 | BK 4.706 2/1/2034 | 4.71% | 02/01/34 | 40 |
| 9 | TFC 5.122 1/26/2034 | 5.12% | 01/26/34 | 39 |
| 10 | MTB 5.053 1/27/2034 | 5.05% | 01/27/34 | 39 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 2/3/23 – 2/10/23 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 2/3/23 – 2/10/23
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