Investment Grade Corporate Bond Market Summary – Week Ending 3/10/23
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Investment Grade Corporate Bond Market Summary: Week Ending 3/10/23
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 3/10/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Kentucky Utilities Co. (USD) 5.45% 4/15/2033 | First Mortgage Bond | 400 | 99.772 | 5.48 | 155 |
| Idaho Power Corp. (USD) 5.5% 3/15/2053 | First Mortgage Bond | 400 | 99.057 | 5.56 | N/A |
| HSBC USA Inc. (USD) 5.625% 3/17/2025 | Senior Notes | 1250 | 99.83 | 5.71 | 80 |
| AEP Transmission Co. (USD) 5.4% 3/15/2053 | Senior Notes | 700 | 99.47 | 5.44 | 157 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 3/3/23 – 3/10/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | REDOPE 5.875 10/12/2031 | 5.88% | 10/12/31 | 7.48% | 101.04 | 94.00 | 2 |
| 2 | TENN 1.125 6/9/2041 | 1.13% | 06/09/41 | 7.35% | 70.68 | 65.83 | 14 |
| 3 | UNH 3.95 10/15/2042 | 3.95% | 10/15/42 | 6.66% | 85.16 | 79.85 | 11 |
| 4 | KO 3 3/5/2051 | 3.00% | 03/05/51 | 6.49% | 72.40 | 67.98 | 21 |
| 5 | NATMUT 5.3 11/18/2044 | 5.30% | 11/18/44 | 5.80% | 93.24 | 88.13 | 14 |
| 6 | UNCOLO 1.625 6/4/2061 | 1.63% | 06/04/61 | 5.76% | 50.41 | 47.67 | 13 |
| 7 | HAL 7.6 8/15/2096 | 7.60% | 08/15/96 | 5.55% | 99.28 | 94.06 | 11 |
| 8 | THAMES 1.76 8/28/2062 | 1.76% | 08/28/62 | 5.50% | 79.53 | 75.38 | 9 |
| 9 | SVTLN 1.56625 2/1/2058 | 1.57% | 02/01/58 | 5.48% | 85.94 | 81.47 | 5 |
| 10 | RSG 3.05 3/1/2050 | 3.05% | 03/01/50 | 5.35% | 70.05 | 66.49 | 21 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 3/3/23 – 3/10/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | COGARD 5.625 1/14/2030 | 5.63% | 01/14/30 | -9.50% | 56.64 | 62.59 | 24 |
| 2 | SBBBSS 0.75 12/14/2028 | 0.75% | 12/14/28 | -8.51% | 58.36 | 63.79 | 15 |
| 3 | KGXGR 1.625 9/24/2025 | 1.63% | 09/24/25 | -6.70% | 86.97 | 93.21 | 10 |
| 4 | CS 4.5 3/21/2024 | 4.50% | 03/21/24 | -6.33% | 54.27 | 57.94 | 2 |
| 5 | LEGGR 1.625 11/28/2034 | 1.63% | 11/28/34 | -4.88% | 65.50 | 68.86 | 12 |
| 6 | BNCE 7.83 10/17/2031 | 7.83% | 10/17/31 | -4.75% | 83.54 | 87.70 | 2 |
| 7 | SBNY 4 10/15/2030 | 4.00% | 10/15/30 | -4.11% | 87.10 | 90.84 | 6 |
| 8 | JPM 3.65 4/29/2027 | 3.65% | 04/29/27 | -4.04% | 83.01 | 86.50 | 2 |
| 9 | BAYNGR 4.2 7/15/2034 144A | 4.20% | 07/15/34 | -3.87% | 83.36 | 86.72 | 4 |
| 10 | EBRD 0 1/26/2026 | 0.00% | 01/26/26 | -3.68% | 59.79 | 62.08 | 3 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 3/3/23 – 3/10/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -265 bps | 7.33% | 9.98% |
| 2 | Energy: Oil & Gas | -38 bps | 5.40% | 5.78% |
| 3 | Services: Consumer | -37 bps | 6.24% | 6.62% |
| 4 | Retail | -28 bps | 5.31% | 5.59% |
| 5 | High Tech Industries | -25 bps | 5.23% | 5.48% |
| 6 | Telecommunications | -21 bps | 4.88% | 5.09% |
| 7 | Aerospace & Defense | -21 bps | 5.74% | 5.95% |
| 8 | Environmental Industries | -20 bps | 4.94% | 5.14% |
| 9 | Construction & Building | -16 bps | 4.72% | 4.89% |
| 10 | Real Estate | -14 bps | 6.23% | 6.38% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 3/3/23 – 3/10/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | 31 bps | 5.06% | 4.75% |
| 2 | 0 | 24 bps | 10.54% | 10.30% |
| 3 | Metals & Mining | 24 bps | 5.70% | 5.47% |
| 4 | Consumer Goods: Durable | 23 bps | 5.14% | 4.91% |
| 5 | Transportation: Cargo | 21 bps | 5.44% | 5.23% |
| 6 | Wholesale | 17 bps | 5.19% | 5.01% |
| 7 | Transportation: Consumer | 13 bps | 5.72% | 5.58% |
| 8 | Capital Equipment | 12 bps | 4.81% | 4.69% |
| 9 | Finance | 11 bps | 5.33% | 5.22% |
| 10 | Media: Broadcasting & Subscription | 7 bps | 5.80% | 5.73% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/3/23 – 3/10/23 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 3/3/23 – 3/10/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/3/23 vs. the week ending 3/10/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SPGI 2.7 3/1/2029 | 2.70% | 03/01/29 | 21 | 127 | 106 | 505% |
| 2 | HSBC 8 7/3/2024 | 8.00% | 07/03/24 | 52 | 149 | 97 | 187% |
| 3 | SPGI 4.25 5/1/2029 | 4.25% | 05/01/29 | 18 | 109 | 91 | 506% |
| 4 | SPGI 3.7 3/1/2052 | 3.70% | 03/01/52 | 38 | 128 | 90 | 237% |
| 5 | HSBC FIN CORP | 0.00% | 11/24/08 | 56 | 136 | 80 | 143% |
| 6 | SPGI 2.9 3/1/2032 | 2.90% | 03/01/32 | 34 | 110 | 76 | 224% |
| 7 | SPGI 2.45 3/1/2027 | 2.45% | 03/01/27 | 29 | 105 | 76 | 262% |
| 8 | NSANY 1.85 9/16/2026 144A | 1.85% | 09/16/26 | 231 | 296 | 65 | 28% |
| 9 | NSANY 4.345 9/17/2027 REGS | 4.35% | 09/17/27 | 224 | 281 | 57 | 25% |
| 10 | PG 3 3/25/2030 | 3.00% | 03/25/30 | 199 | 252 | 53 | 27% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 3/3/23 – 3/10/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 43 |
| 2 | NEE 5.05 2/28/2033 | 5.05% | 02/28/33 | 42 |
| 3 | BPLN 4.812 2/13/2033 | 4.81% | 02/13/33 | 41 |
| 4 | INTC 5.625 2/10/2043 | 5.63% | 02/10/43 | 40 |
| 5 | KEY 5 1/26/2033 | 5.00% | 01/26/33 | 39 |
| 6 | TFC 5.122 1/26/2034 | 5.12% | 01/26/34 | 39 |
| 7 | ORCL 4.9 2/6/2033 | 4.90% | 02/06/33 | 38 |
| 8 | CVS 5.25 2/21/2033 | 5.25% | 02/21/33 | 38 |
| 9 | INTC 5.7 2/10/2053 | 5.70% | 02/10/53 | 38 |
| 10 | JPM 4.912 7/25/2033 | 4.91% | 07/25/33 | 38 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 3/3/23 – 3/10/23 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 3/3/23 – 3/10/23
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