Investment Grade Corporate Bond Market Summary – Week Ending 3/24/23
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Investment Grade Corporate Bond Market Summary: Week Ending 3/24/23
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 3/24/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Prologis (USD) 4.75% 6/15/2033 | Senior Notes | 750 | 99.815 | 4.77 | 140 |
| Nutrien LTD (USD) 5.8% 3/27/2053 | Senior Notes | 750 | 99.367 | 5.84 | 215 |
| Marriott International Inc. (USD) 4.9% 4/15/2029 | Senior Notes | 800 | 98.732 | 5.15 | 170 |
| American International Group Inc. (USD) 5.125% 3/27/2033 | Senior Notes | 750 | 99.529 | 5.19 | 175 |
| Republic Services Inc. (USD) 4.875% 4/1/2029 | Senior Notes | 400 | 99.578 | 4.96 | 120 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 3/17/23 – 3/24/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CS 2.593 9/11/2025 144A | 2.59% | 09/11/25 | 65.99% | 92.12 | 55.50 | 11 |
| 2 | VLY 6.25 9/30/2032 | 6.25% | 09/30/32 | 23.73% | 90.32 | 73.00 | 2 |
| 3 | PACW 3.25 5/1/2031 | 3.25% | 05/01/31 | 18.82% | 59.32 | 49.92 | 15 |
| 4 | WAL 5.25 6/1/2030 | 5.25% | 06/01/30 | 16.54% | 67.46 | 57.89 | 14 |
| 5 | SIVB 3.5 1/29/2025 | 3.50% | 01/29/25 | 9.84% | 65.96 | 60.05 | 39 |
| 6 | NRW 1.95 9/26/2078 | 1.95% | 09/26/78 | 8.65% | 74.00 | 68.11 | 2 |
| 7 | GL 5.275 11/17/2057 144A | 5.28% | 11/17/57 | 8.28% | 98.54 | 91.00 | 2 |
| 8 | NWN 3.6 3/15/2050 | 3.60% | 03/15/50 | 8.24% | 75.87 | 70.09 | 3 |
| 9 | SLOVGB 4.4 7/11/2029 | 4.40% | 07/11/29 | 8.21% | 108.38 | 100.16 | 3 |
| 10 | FARMER 4.747 11/1/2057 144A | 4.75% | 11/01/57 | 7.45% | 84.63 | 78.76 | 9 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 3/17/23 – 3/24/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | FRC 4.625 2/13/2047 | 4.63% | 02/13/47 | -22.54% | 51.59 | 66.60 | 29 |
| 2 | SINOCE 3.25 5/5/2026 | 3.25% | 05/05/26 | -22.11% | 52.68 | 67.63 | 22 |
| 3 | ACAFP 4.75 PERP REGS | 4.75% | 12/31/99 | -15.41% | 70.39 | 83.21 | 26 |
| 4 | HSBC 4 PERP | 4.00% | 03/09/99 | -15.06% | 75.94 | 89.40 | 29 |
| 5 | ALPHA 11.875 PERP | 11.88% | 08/08/99 | -11.40% | 84.43 | 95.30 | 18 |
| 6 | SPGI 3.9 3/1/2062 144A | 3.90% | 03/01/62 | -11.38% | 80.51 | 90.85 | 16 |
| 7 | BACR 7.3 PERP | 7.30% | 12/15/99 | -11.38% | 86.41 | 97.50 | 5 |
| 8 | SOCGEN 9.375 PERP 144A | 9.38% | 11/22/99 | -11.33% | 93.48 | 105.42 | 24 |
| 9 | HPP 3.95 11/1/2027 | 3.95% | 11/01/27 | -10.58% | 75.82 | 84.79 | 13 |
| 10 | STANLN 7.75 PERP 144A | 7.75% | 08/15/99 | -9.95% | 90.03 | 99.98 | 22 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 3/17/23 – 3/24/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Oil & Gas | -49 bps | 4.96% | 5.44% |
| 2 | Telecommunications | -41 bps | 4.43% | 4.85% |
| 3 | Media: Broadcasting & Subscription | -40 bps | 5.26% | 5.65% |
| 4 | Services: Consumer | -38 bps | 6.19% | 6.57% |
| 5 | Aerospace & Defense | -38 bps | 5.30% | 5.69% |
| 6 | Environmental Industries | -37 bps | 4.37% | 4.75% |
| 7 | Retail | -31 bps | 4.98% | 5.28% |
| 8 | Utilities: Oil & Gas | -27 bps | 4.99% | 5.26% |
| 9 | Construction & Building | -20 bps | 4.30% | 4.51% |
| 10 | Beverage, Food & Tobacco | -18 bps | 4.27% | 4.45% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 3/17/23 – 3/24/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | 20 bps | 7.05% | 6.85% |
| 2 | Sovereign & Public Finance | 6 bps | 4.68% | 4.63% |
| 3 | Metals & Mining | 5 bps | 5.26% | 5.21% |
| 4 | Transportation: Consumer | 2 bps | 5.61% | 5.59% |
| 5 | Real Estate | 1 bps | 6.35% | 6.34% |
| 6 | Transportation: Cargo | 0 bps | 4.80% | 4.80% |
| 7 | Finance | 0 bps | 5.39% | 5.39% |
| 8 | Consumer Goods: Durable | -4 bps | 4.64% | 4.68% |
| 9 | Forest Products & Paper | -5 bps | 4.51% | 4.56% |
| 10 | Banking | -6 bps | 5.23% | 5.29% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/17/23 – 3/24/23 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 3/17/23 – 3/24/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/17/23 vs. the week ending 3/24/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | CS 0.52 8/9/2023 | 0.52% | 08/09/23 | 140 | 285 | 145 | 104% |
| 2 | CS 1 5/5/2023 | 1.00% | 05/05/23 | 186 | 327 | 141 | 76% |
| 3 | CS 3.625 9/9/2024 | 3.63% | 09/09/24 | 197 | 325 | 128 | 65% |
| 4 | CS 4.282 1/9/2028 | 4.28% | 01/09/28 | 159 | 276 | 117 | 74% |
| 5 | CS 3.8 6/9/2023 | 3.80% | 06/09/23 | 182 | 298 | 116 | 64% |
| 6 | CS 0.495 2/2/2024 | 0.50% | 02/02/24 | 144 | 255 | 111 | 77% |
| 7 | CS 2.95 4/9/2025 | 2.95% | 04/09/25 | 204 | 315 | 111 | 54% |
| 8 | CS 3.75 3/26/2025 | 3.75% | 03/26/25 | 180 | 286 | 106 | 59% |
| 9 | CS 9.016 11/15/2033 REGS | 9.02% | 11/15/33 | 211 | 316 | 105 | 50% |
| 10 | CS 3.7 2/21/2025 | 3.70% | 02/21/25 | 200 | 303 | 103 | 52% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 3/17/23 – 3/24/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | SIVB 1.8 10/28/2026 | 1.80% | 10/28/26 | 46 |
| 2 | KEY 5 1/26/2033 | 5.00% | 01/26/33 | 45 |
| 3 | SIVB 3.125 6/5/2030 | 3.13% | 06/05/30 | 44 |
| 4 | SIVB 1.8 2/2/2031 | 1.80% | 02/02/31 | 44 |
| 5 | SIVB 4.345 4/29/2028 | 6.01% | 04/29/28 | 44 |
| 6 | TFC 5.122 1/26/2034 | 5.12% | 01/26/34 | 43 |
| 7 | SIVB 2.1 5/15/2028 | 2.10% | 05/15/28 | 42 |
| 8 | SIVB 4.57 4/29/2033 | 6.27% | 04/29/33 | 42 |
| 9 | MS 6.342 10/18/2033 | 6.34% | 10/18/33 | 41 |
| 10 | BAC 5.015 7/22/2033 | 5.02% | 07/22/33 | 41 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 3/17/23 – 3/24/23 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 3/17/23 – 3/24/23
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