Investment Grade Corporate Bond Market Summary – Week Ending 2/17/23
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Investment Grade Corporate Bond Market Summary: Week Ending 2/17/23
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 2/17/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Amgen Inc. (USD) 5.15% 3/2/2028 | Senior Notes | 3750 | 99.826 | 5.19 | 115 |
| AT&T Inc. (USD) 5.539% 2/20/2026 | Global Notes | 1750 | 100 | 5.54 | N/A |
| Whirlpool Corp. (USD) 5.5% 3/1/2033 | Senior Notes | 300 | 99.914 | 5.51 | 175 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 2/10/23 – 2/17/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | NBHA 0.75 6/28/2028 | 0.75% | 06/28/28 | 16.06% | 96.52 | 83.16 | 3 |
| 2 | SYDBDC 0 11/2/2029 | 4.33% | 11/02/29 | 12.83% | 93.94 | 83.26 | 2 |
| 3 | NGGLN 1.808 10/26/2037 | 1.81% | 10/26/37 | 11.38% | 176.90 | 158.83 | 2 |
| 4 | CARDFP 1.89 11/6/2031 | 1.89% | 11/06/31 | 9.52% | 65.70 | 59.99 | 2 |
| 5 | FOY 4.25 5/19/2025 | 4.25% | 05/19/25 | 8.00% | 88.79 | 82.21 | 17 |
| 6 | GAZPRU 3.125 11/17/2023 | 3.13% | 11/17/23 | 7.35% | 80.34 | 74.84 | 6 |
| 7 | ADANIG 4.375 9/8/2024 REGS | 4.38% | 09/08/24 | 6.54% | 83.10 | 78.00 | 35 |
| 8 | CASTSS 3.125 PERP | 3.13% | 03/02/99 | 6.11% | 76.16 | 71.78 | 16 |
| 9 | ADSEZ 4.375 7/3/2029 REGS | 4.38% | 07/03/29 | 5.18% | 81.38 | 77.37 | 38 |
| 10 | EBRD 0 1/26/2026 | 0.00% | 01/26/26 | 4.74% | 56.47 | 53.92 | 3 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 2/10/23 – 2/17/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SINOCE 4.75 1/14/2030 | 4.75% | 01/14/30 | -10.74% | 60.05 | 67.28 | 22 |
| 2 | KMI 3.25 8/1/2050 | 3.25% | 08/01/50 | -8.91% | 61.59 | 67.61 | 24 |
| 3 | CB 2.85 12/15/2051 | 2.85% | 12/15/51 | -8.88% | 65.41 | 71.78 | 22 |
| 4 | BAX 3.132 12/1/2051 | 3.13% | 12/01/51 | -8.05% | 61.41 | 66.78 | 17 |
| 5 | INTC 3.2 8/12/2061 | 3.20% | 08/12/61 | -8.00% | 59.69 | 64.88 | 28 |
| 6 | HGB 3 10/27/2038 | 3.00% | 10/27/38 | -7.32% | 53.50 | 57.72 | 3 |
| 7 | ENBCN 4.5 6/10/2044 | 4.50% | 06/10/44 | -6.94% | 81.14 | 87.18 | 23 |
| 8 | CS 4.875 5/15/2045 | 4.88% | 05/15/45 | -6.87% | 76.79 | 82.46 | 20 |
| 9 | IFF 5 9/26/2048 | 5.00% | 09/26/48 | -6.84% | 85.73 | 92.02 | 21 |
| 10 | ICADFP 3.375 9/29/2023 | 3.38% | 09/29/23 | -6.64% | 90.86 | 97.32 | 3 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 2/10/23 – 2/17/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -283 bps | 7.30% | 10.14% |
| 2 | Utilities: Water | 0 bps | 4.27% | 4.27% |
| 3 | High Tech Industries | 1 bps | 5.06% | 5.06% |
| 4 | Energy: Oil & Gas | 5 bps | 5.55% | 5.49% |
| 5 | Media: Advertising, Printing & Publishing | 7 bps | 5.64% | 5.57% |
| 6 | Media: Broadcasting & Subscription | 12 bps | 5.46% | 5.34% |
| 7 | Telecommunications | 15 bps | 4.82% | 4.67% |
| 8 | Environmental Industries | 17 bps | 4.79% | 4.62% |
| 9 | Healthcare & Pharmaceuticals | 18 bps | 5.19% | 5.01% |
| 10 | Retail | 20 bps | 5.19% | 5.00% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 2/10/23 – 2/17/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Consumer Goods: Durable | 78 bps | 5.13% | 4.35% |
| 2 | Containers, Packaging, & Glass | 58 bps | 5.95% | 5.37% |
| 3 | Transportation: Consumer | 58 bps | 6.12% | 5.54% |
| 4 | Chemicals, Plastics & Rubber | 50 bps | 5.43% | 4.93% |
| 5 | Transportation: Cargo | 48 bps | 5.30% | 4.82% |
| 6 | Capital Equipment | 47 bps | 4.65% | 4.18% |
| 7 | Sovereign & Public Finance | 46 bps | 4.93% | 4.47% |
| 8 | Finance | 41 bps | 5.12% | 4.71% |
| 9 | Forest Products & Paper | 38 bps | 4.90% | 4.51% |
| 10 | Banking | 37 bps | 4.91% | 4.54% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 2/10/23 – 2/17/23 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 2/10/23 – 2/17/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 2/10/23 vs. the week ending 2/17/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | MTB 5.053 1/27/2034 | 5.05% | 01/27/34 | 60 | 406 | 346 | 577% |
| 2 | NYLIFE 4.55 1/28/2033 REGS | 4.55% | 01/28/33 | 62 | 158 | 96 | 155% |
| 3 | NYKRE 4 10/1/2028 | 4.00% | 10/01/28 | 12 | 106 | 94 | 783% |
| 4 | CP 1.35 12/2/2024 | 1.35% | 12/02/24 | 100 | 185 | 85 | 85% |
| 5 | PEP 3.6 2/18/2028 | 3.60% | 02/18/28 | 213 | 274 | 61 | 29% |
| 6 | PEP 3.9 7/18/2032 | 3.90% | 07/18/32 | 211 | 270 | 59 | 28% |
| 7 | HPQ 3.4 6/17/2030 | 3.40% | 06/17/30 | 207 | 266 | 59 | 29% |
| 8 | PEP 4.2 7/18/2052 | 4.20% | 07/18/52 | 201 | 259 | 58 | 29% |
| 9 | STZ 5 2/2/2026 | 5.00% | 02/02/26 | 106 | 164 | 58 | 55% |
| 10 | ORCL 5.55 2/6/2053 | 5.55% | 02/06/53 | 292 | 349 | 57 | 20% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 2/10/23 – 2/17/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | KEY 5 1/26/2033 | 5.00% | 01/26/33 | 47 |
| 2 | PNC 5.068 1/24/2034 | 5.07% | 01/24/34 | 43 |
| 3 | STT 4.821 1/26/2034 | 4.82% | 01/26/34 | 42 |
| 4 | COF 5.817 2/1/2034 | 5.82% | 02/01/34 | 42 |
| 5 | BK 4.706 2/1/2034 | 4.71% | 02/01/34 | 42 |
| 6 | INTC 4.15 8/5/2032 | 4.15% | 08/05/32 | 41 |
| 7 | COF 5.468 2/1/2029 | 5.47% | 02/01/29 | 41 |
| 8 | RY 5 2/1/2033 | 5.00% | 02/01/33 | 41 |
| 9 | NEE 5.05 2/28/2033 | 5.05% | 02/28/33 | 41 |
| 10 | MTB 5.053 1/27/2034 | 5.05% | 01/27/34 | 41 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 2/10/23 – 2/17/23 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 2/10/23 – 2/17/23
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