Investment Grade Corporate Bond Market Summary – Week Ending 3/31/23
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Investment Grade Corporate Bond Market Summary: Week Ending 3/31/23
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 3/31/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Western Midstream Operating, LP (USD) 6.15% 4/1/2033 | Senior Notes | 750 | 99.728 | 6.18 | 262.5 |
| Pacific Life Global Fdg MTN (USD) 4.9% 4/4/2028 | Senior Notes | 400 | 99.613 | 4.99 | 135 |
| Aviation Capital Group LLC (USD) 6.25% 4/15/2028 | Senior Notes | 600 | 99.199 | 6.44 | 275 |
| Allstate Corp. (USD) 5.25% 3/30/2033 | Senior Notes | 750 | 99.831 | 5.27 | 170 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 3/24/23 – 3/31/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ORSTED 1.5 11/26/2029 | 1.50% | 11/26/29 | 21.91% | 88.22 | 72.37 | 13 |
| 2 | ACAFP 4 PERP | 4.00% | 10/14/99 | 11.04% | 82.97 | 74.72 | 25 |
| 3 | PACW 3.25 5/1/2031 | 3.25% | 05/01/31 | 10.25% | 65.40 | 59.32 | 16 |
| 4 | BK 3.75 PERP | 3.75% | 03/20/99 | 7.76% | 82.13 | 76.22 | 18 |
| 5 | DB 1.375 2/17/2032 | 1.38% | 02/17/32 | 7.24% | 73.64 | 68.66 | 19 |
| 6 | RABOBK 6.5 PERP | 6.50% | NULL | 6.89% | 95.91 | 89.73 | 20 |
| 7 | CABKSM 8.25 PERP | 8.25% | 08/13/99 | 6.83% | 92.52 | 86.60 | 20 |
| 8 | BACR 9.25 PERP | 9.25% | 03/06/99 | 6.54% | 90.06 | 84.53 | 21 |
| 9 | HSBC 4.75 PERP | 4.75% | 07/04/99 | 6.49% | 80.19 | 75.31 | 26 |
| 10 | FRLBP 3 PERP | 3.00% | 05/20/99 | 6.39% | 63.96 | 60.12 | 19 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 3/24/23 – 3/31/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | HPP 3.25 1/15/2030 | 3.25% | 01/15/30 | -12.82% | 62.71 | 71.93 | 18 |
| 2 | GYCGR 2.75 PERP | 2.75% | 09/22/99 | -10.36% | 59.32 | 66.18 | 9 |
| 3 | HIW 2.6 2/1/2031 | 2.60% | 02/01/31 | -8.22% | 69.16 | 75.36 | 17 |
| 4 | OPI 3.45 10/15/2031 | 3.45% | 10/15/31 | -8.12% | 54.60 | 59.43 | 19 |
| 5 | ARNDTN 3.625 4/10/2031 | 3.63% | 04/10/31 | -8.06% | 60.22 | 65.50 | 16 |
| 6 | CPIPGR 1.75 1/14/2030 | 1.75% | 01/14/30 | -7.93% | 56.97 | 61.88 | 15 |
| 7 | VNO 3.4 6/1/2031 | 3.40% | 06/01/31 | -7.30% | 67.60 | 72.93 | 20 |
| 8 | KRC 3.05 2/15/2030 | 3.05% | 02/15/30 | -7.02% | 73.00 | 78.51 | 17 |
| 9 | ULFP 2.875 PERP | 2.88% | 04/25/99 | -6.62% | 76.80 | 82.25 | 17 |
| 10 | BXP 4.5 12/1/2028 | 4.50% | 12/01/28 | -6.08% | 85.55 | 91.09 | 20 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 3/24/23 – 3/31/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Services: Business | -6 bps | 4.28% | 4.34% |
| 2 | Media: Diversified & Production | -2 bps | 4.61% | 4.64% |
| 3 | Media: Broadcasting & Subscription | 2 bps | 5.62% | 5.60% |
| 4 | Media: Advertising, Printing & Publishing | 9 bps | 7.00% | 6.91% |
| 5 | Banking | 10 bps | 5.24% | 5.14% |
| 6 | Transportation: Consumer | 10 bps | 5.64% | 5.54% |
| 7 | Services: Consumer | 13 bps | 6.52% | 6.40% |
| 8 | Energy: Oil & Gas | 13 bps | 5.39% | 5.25% |
| 9 | Containers, Packaging, & Glass | 15 bps | 6.05% | 5.90% |
| 10 | Wholesale | 15 bps | 4.98% | 4.83% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 3/24/23 – 3/31/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Real Estate | 79 bps | 7.07% | 6.28% |
| 2 | Energy: Electricity | 63 bps | 7.16% | 6.53% |
| 3 | Sovereign & Public Finance | 51 bps | 4.83% | 4.32% |
| 4 | Utilities: Water | 49 bps | 4.67% | 4.18% |
| 5 | Metals & Mining | 45 bps | 5.38% | 4.93% |
| 6 | Transportation: Cargo | 38 bps | 5.14% | 4.76% |
| 7 | Forest Products & Paper | 37 bps | 4.71% | 4.33% |
| 8 | Chemicals, Plastics & Rubber | 34 bps | 5.10% | 4.76% |
| 9 | Healthcare & Pharmaceuticals | 32 bps | 5.11% | 4.78% |
| 10 | Utilities: Oil & Gas | 30 bps | 5.19% | 4.90% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/24/23 – 3/31/23 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 3/24/23 – 3/31/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/24/23 vs. the week ending 3/31/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | HOLNSW 3 5/12/2032 | 3.00% | 05/12/32 | 60 | 126 | 66 | 110% |
| 2 | TTEFP 1.405 9/3/2031 | 1.41% | 09/03/31 | 70 | 134 | 64 | 91% |
| 3 | TTEFP 1.491 4/8/2027 | 1.49% | 04/08/27 | 35 | 99 | 64 | 183% |
| 4 | TTEFP 1.535 5/31/2039 | 1.54% | 05/31/39 | 35 | 97 | 62 | 177% |
| 5 | NGGLN 1.75 9/9/2031 | 1.75% | 09/09/31 | 55 | 117 | 62 | 113% |
| 6 | WAL 3 6/15/2031 | 3.00% | 06/15/31 | 121 | 183 | 62 | 51% |
| 7 | ACAFP 8.125 PERP | 8.13% | 10/29/49 | 30 | 90 | 60 | 200% |
| 8 | TTEFP 2.125 9/18/2029 | 2.13% | 09/18/29 | 80 | 138 | 58 | 73% |
| 9 | NGGLN 5.75 12/10/2040 | 5.75% | 12/10/40 | 53 | 109 | 56 | 106% |
| 10 | CS 3.8 9/29/2023 | 3.80% | 09/29/23 | 76 | 132 | 56 | 74% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 3/24/23 – 3/31/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | USB 4.839 2/1/2034 | 4.84% | 02/01/34 | 47 |
| 2 | PNC 5.068 1/24/2034 | 5.07% | 01/24/34 | 46 |
| 3 | KEY 5 1/26/2033 | 5.00% | 01/26/33 | 45 |
| 4 | SIVB 1.8 10/28/2026 | 1.80% | 10/28/26 | 45 |
| 5 | SIVB 3.125 6/5/2030 | 3.13% | 06/05/30 | 44 |
| 6 | TFC 5.122 1/26/2034 | 5.12% | 01/26/34 | 43 |
| 7 | SIVB 1.8 2/2/2031 | 1.80% | 02/02/31 | 43 |
| 8 | SIVB 4.345 4/29/2028 | 6.01% | 04/29/28 | 43 |
| 9 | WFC 4.897 7/25/2033 | 4.90% | 07/25/33 | 42 |
| 10 | BAC 5.015 7/22/2033 | 5.02% | 07/22/33 | 42 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 3/24/23 – 3/31/23 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 3/24/23 – 3/31/23
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