Investment Grade Corporate Bond Market Summary – Week Ending 5/5/23
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Investment Grade Corporate Bond Market Summary: Week Ending 5/5/23
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 5/5/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Tractor Supply Co. (USD) 5.25% 5/15/2033 | Senior Notes | 750 | 99.559 | 5.31 | 175 |
| Northern States Power Co. of Wisconsin (USD) 5.1% 5/15/2053 | First Mortgage Bond | 800 | 99.254 | 5.15 | 135 |
| Meta Platforms Inc. (USD) 5.75% 5/15/2063 | Senior Notes | 1750 | 99.702 | 5.77 | 192 |
| Hershey Co. (USD) 4.5% 5/4/2033 | Senior Notes | 400 | 99.801 | 4.52 | 97 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 4/28/23 – 5/5/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CFG 3.75 7/1/2024 | 3.75% | 07/01/24 | 4.71% | 95.16 | 90.88 | 4 |
| 2 | FRSTSO 5.625 10/1/2046 | 5.63% | 10/01/46 | 4.60% | 100.36 | 95.94 | 3 |
| 3 | WFC 6.125 1/9/2028 | 6.13% | 01/09/28 | 4.59% | 102.97 | 98.45 | 3 |
| 4 | CITCON 4.496 PERP | 7.76% | NULL | 4.15% | 66.14 | 63.50 | 16 |
| 5 | PAA 6.65 1/15/2037 | 6.65% | 01/15/37 | 3.99% | 103.76 | 99.78 | 16 |
| 6 | CFELEC 5 9/29/2036 | 5.00% | 09/29/36 | 3.95% | 84.72 | 81.50 | 2 |
| 7 | CMS 2.5 5/1/2060 | 2.50% | 05/01/60 | 3.90% | 60.77 | 58.49 | 17 |
| 8 | ADTIN 4.25 5/21/2036 144A | 4.25% | 05/21/36 | 3.77% | 74.86 | 72.15 | 2 |
| 9 | NRW 1.75 7/11/2068 | 1.75% | 07/11/68 | 3.57% | 65.16 | 62.92 | 4 |
| 10 | HSBC 4.25 8/18/2025 | 4.25% | 08/18/25 | 3.49% | 97.77 | 94.46 | 17 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 4/21/23 – 4/28/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | MTB 5.125 PERP | 5.13% | NULL | -10.43% | 69.54 | 77.64 | 19 |
| 2 | COF 3.95 PERP | 6.76% | NULL | -10.08% | 67.88 | 75.49 | 18 |
| 3 | PPBI 4.875 5/15/2029 | 4.88% | 05/15/29 | -9.90% | 80.41 | 89.25 | 2 |
| 4 | MTB 3.5 PERP | 3.50% | NULL | -9.89% | 59.25 | 65.75 | 17 |
| 5 | TFC 5.125 PERP | 7.96% | NULL | -9.85% | 72.62 | 80.56 | 17 |
| 6 | PNC 3.4 PERP | 3.40% | NULL | -9.54% | 68.79 | 76.04 | 19 |
| 7 | HTLF 2.75 9/15/2031 | 2.75% | 09/15/31 | -9.40% | 74.67 | 82.42 | 2 |
| 8 | VLY 5.25 6/15/2030 | 5.25% | 06/15/30 | -8.69% | 86.75 | 95.00 | 2 |
| 9 | USB 0 PERP | 3.50% | NULL | -8.59% | 70.48 | 77.10 | 4 |
| 10 | LNC FLT 5/17/2066 | 7.53% | 05/17/66 | -8.10% | 57.76 | 62.85 | 11 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 4/28/23 – 5/5/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Broadcasting & Subscription | -46 bps | 5.24% | 5.71% |
| 2 | High Tech Industries | -30 bps | 4.61% | 4.91% |
| 3 | Aerospace & Defense | -26 bps | 5.10% | 5.36% |
| 4 | Wholesale | -22 bps | 4.59% | 4.81% |
| 5 | Energy: Electricity | -20 bps | 6.41% | 6.61% |
| 6 | Forest Products & Paper | -20 bps | 4.30% | 4.50% |
| 7 | Automotive | -17 bps | 4.86% | 5.02% |
| 8 | Finance | -14 bps | 5.05% | 5.19% |
| 9 | Beverage, Food & Tobacco | -14 bps | 4.10% | 4.24% |
| 10 | Environmental Industries | -14 bps | 4.26% | 4.40% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 4/28/23 – 5/5/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Cargo | 56 bps | 6.65% | 6.09% |
| 2 | Consumer Goods: Durable | 11 bps | 4.46% | 4.35% |
| 3 | Chemicals, Plastics & Rubber | 9 bps | 5.15% | 5.06% |
| 4 | Media: Advertising, Printing & Publishing | 8 bps | 6.71% | 6.63% |
| 5 | Insurance | 3 bps | 5.34% | 5.31% |
| 6 | Sovereign & Public Finance | -2 bps | 4.74% | 4.76% |
| 7 | Utilities: Water | -2 bps | 4.56% | 4.58% |
| 8 | Containers, Packaging, & Glass | -3 bps | 5.32% | 5.35% |
| 9 | Banking | -4 bps | 5.05% | 5.09% |
| 10 | Services: Consumer | -5 bps | 6.44% | 6.49% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 4/28/23 – 5/5/23 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 4/28/23 – 5/5/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 4/28/23 vs. the week ending 5/5/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | PM 5.125 2/15/2030 | 5.13% | 02/15/30 | 167 | 236 | 69 | 41% |
| 2 | PM 5.375 2/15/2033 | 5.38% | 02/15/33 | 211 | 279 | 68 | 32% |
| 3 | WAL 5.25 6/1/2030 | 5.25% | 06/01/30 | 99 | 165 | 66 | 67% |
| 4 | PM 4.875 2/15/2028 | 4.88% | 02/15/28 | 198 | 262 | 64 | 32% |
| 5 | BPCEGP 5.975 1/18/2027 144A | 5.98% | 01/18/27 | 140 | 203 | 63 | 45% |
| 6 | PRU 5.625 6/15/2043 | 5.63% | 06/15/43 | 190 | 253 | 63 | 33% |
| 7 | SHINHAN BK GLOBAL MEDIUM TERM | 4.50% | 04/12/28 | 92 | 146 | 54 | 59% |
| 8 | HSY 1.7 6/1/2030 | 1.70% | 06/01/30 | 124 | 176 | 52 | 42% |
| 9 | CMA 7.875 9/15/2026 | 7.88% | 09/15/26 | 75 | 122 | 47 | 63% |
| 10 | HSY 0.9 6/1/2025 | 0.90% | 06/01/25 | 105 | 149 | 44 | 42% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 4/28/23 – 5/5/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | BK 4.967 4/26/2034 | 4.97% | 04/26/34 | 42 |
| 2 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 41 |
| 3 | USB 4.839 2/1/2034 | 4.84% | 02/01/34 | 41 |
| 4 | PNC 5.068 1/24/2034 | 5.07% | 01/24/34 | 40 |
| 5 | TFC 5.122 1/26/2034 | 5.12% | 01/26/34 | 40 |
| 6 | META 3.85 8/15/2032 | 3.85% | 08/15/32 | 38 |
| 7 | MS 5.25 4/21/2034 | 5.25% | 04/21/34 | 38 |
| 8 | BAC 5.288 4/25/2034 | 5.29% | 04/25/34 | 38 |
| 9 | INTC 5.7 2/10/2053 | 5.70% | 02/10/53 | 37 |
| 10 | WFC 5.389 4/24/2034 | 5.39% | 04/24/34 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 4/28/23 – 5/5/23 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 4/28/23 – 5/5/23
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