Investment Grade Corporate Bond Market Summary – Week Ending 5/12/23
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Investment Grade Corporate Bond Market Summary: Week Ending 5/12/23
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 5/12/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Schlumberger Investment (USD) 4.5% 5/15/2028 | Senior Notes | 500 | 99.81 | 4.54 | 105 |
| Ohio Power Co. (USD) 5% 6/1/2033 | Senior Notes | 400 | 99.528 | 5.06 | 155 |
| DTE Energy Co. (USD) 4.875% 6/1/2028 | Senior Notes | 800 | 99.948 | 4.89 | 140 |
| Caterpillar Financial Services Corp. (USD) 4.35% 5/15/2026 | Senior Notes | 1250 | 99.953 | 4.37 | 65 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 5/5/23 – 5/12/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | RURAIL 7.487 3/25/2031 | 7.49% | 03/25/31 | 15.60% | 63.50 | 54.93 | 4 |
| 2 | FHN 4 5/26/2025 | 4.00% | 05/26/25 | 14.67% | 89.42 | 77.98 | 20 |
| 3 | EBRD 0 1/26/2026 | 0.00% | 01/26/26 | 11.27% | 54.30 | 48.80 | 2 |
| 4 | SIVB 3.125 6/5/2030 | 3.13% | 06/05/30 | 7.26% | 63.74 | 59.43 | 21 |
| 5 | FOY 10.25 PERP | 10.25% | NULL | 6.99% | 91.78 | 85.79 | 8 |
| 6 | AIIB 30 7/19/2024 | 30.00% | 07/19/24 | 6.52% | 84.78 | 79.59 | 2 |
| 7 | EURDEV 1 3/17/2026 | 1.00% | 03/17/26 | 6.50% | 73.49 | 69.01 | 5 |
| 8 | NAB FLT 11/18/2031 | 5.58% | 11/18/31 | 6.24% | 98.22 | 92.45 | 5 |
| 9 | ICPLN 2.5 1/28/2030 | 2.50% | 01/28/30 | 5.30% | 70.90 | 67.33 | 11 |
| 10 | CQNXCT 5.45 10/29/2024 | 5.45% | 10/29/24 | 5.05% | 98.09 | 93.38 | 4 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 5/5/23 – 5/12/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CMA 5.332 8/25/2033 | 5.33% | 08/25/33 | -12.30% | 71.01 | 80.96 | 25 |
| 2 | SMCGL 5.7 PERP | 5.70% | NULL | -11.22% | 70.45 | 79.36 | 10 |
| 3 | SBBBSS 1.125 9/4/2026 | 1.13% | 09/04/26 | -11.10% | 64.42 | 72.46 | 19 |
| 4 | BKU 5.125 6/11/2030 | 5.13% | 06/11/30 | -10.22% | 72.35 | 80.58 | 10 |
| 5 | KSS 6.875 12/15/2037 | 6.88% | 12/15/37 | -9.08% | 57.06 | 62.76 | 13 |
| 6 | WAL FLT 6/23/2028 144A | 0.00% | 06/23/28 | -8.86% | 68.21 | 74.85 | 2 |
| 7 | COGARD 8 1/27/2024 | 8.00% | 01/27/24 | -8.67% | 74.27 | 81.32 | 22 |
| 8 | CMA 7.875 9/15/2026 | 7.88% | 09/15/26 | -8.66% | 87.18 | 95.44 | 15 |
| 9 | TSE 5.125 4/1/2029 REGS | 5.13% | 04/01/29 | -8.61% | 50.30 | 55.04 | 19 |
| 10 | GLAD 3.75 5/1/2027 | 3.75% | 05/01/27 | -7.91% | 80.76 | 87.70 | 2 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 5/5/23 – 5/12/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Cargo | -142 bps | 5.23% | 6.66% |
| 2 | Media: Diversified & Production | -47 bps | 4.29% | 4.76% |
| 3 | Services: Business | -34 bps | 4.10% | 4.44% |
| 4 | Real Estate | -27 bps | 6.14% | 6.41% |
| 5 | Telecommunications | -5 bps | 4.35% | 4.40% |
| 6 | Services: Consumer | -2 bps | 6.44% | 6.46% |
| 7 | Healthcare & Pharmaceuticals | 0 bps | 4.82% | 4.81% |
| 8 | Banking | 1 bps | 5.06% | 5.05% |
| 9 | Retail | 2 bps | 4.97% | 4.95% |
| 10 | High Tech Industries | 3 bps | 4.64% | 4.62% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 5/5/23 – 5/12/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Containers, Packaging, & Glass | 53 bps | 5.86% | 5.33% |
| 2 | Consumer Goods: Durable | 51 bps | 4.97% | 4.47% |
| 3 | Media: Advertising, Printing & Publishing | 45 bps | 7.16% | 6.71% |
| 4 | Energy: Electricity | 34 bps | 6.86% | 6.52% |
| 5 | Sovereign & Public Finance | 30 bps | 5.05% | 4.75% |
| 6 | Transportation: Consumer | 28 bps | 5.55% | 5.27% |
| 7 | Metals & Mining | 26 bps | 5.37% | 5.12% |
| 8 | Chemicals, Plastics & Rubber | 24 bps | 5.42% | 5.18% |
| 9 | Media: Broadcasting & Subscription | 20 bps | 5.46% | 5.26% |
| 10 | Aerospace & Defense | 17 bps | 5.23% | 5.06% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 5/5/23 – 5/12/23 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 5/5/23 – 5/12/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/5/23 vs. the week ending 5/12/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | TFC 6.123 10/28/2033 | 6.12% | 10/28/33 | 11 | 180 | 169 | 1536% |
| 2 | FHN 4 5/26/2025 | 4.00% | 05/26/25 | 135 | 206 | 71 | 53% |
| 3 | RABOBK 5.564 2/28/2029 144A | 5.56% | 02/28/29 | 95 | 166 | 71 | 75% |
| 4 | ONCRTX 4.95 9/15/2052 | 4.95% | 09/15/52 | 145 | 214 | 69 | 48% |
| 5 | DANBNK 6.466 1/9/2026 144A | 6.47% | 01/09/26 | 84 | 151 | 67 | 80% |
| 6 | SOCGEN 6.691 1/10/2034 144A | 6.69% | 01/10/34 | 181 | 243 | 62 | 34% |
| 7 | ES 5.45 3/1/2028 | 5.45% | 03/01/28 | 176 | 238 | 62 | 35% |
| 8 | KEY 4.15 8/8/2025 | 4.15% | 08/08/25 | 187 | 248 | 61 | 33% |
| 9 | FHN 3.55 5/26/2023 | 3.55% | 05/26/23 | 60 | 119 | 59 | 98% |
| 10 | SOCGEN 7.367 1/10/2053 144A | 7.37% | 01/10/53 | 138 | 195 | 57 | 41% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 5/5/23 – 5/12/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | BK 4.967 4/26/2034 | 4.97% | 04/26/34 | 41 |
| 2 | META 4.95 5/15/2033 | 4.95% | 05/15/33 | 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 | WFC 5.389 4/24/2034 | 5.39% | 04/24/34 | 39 |
| 7 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 39 |
| 8 | MS 5.25 4/21/2034 | 5.25% | 04/21/34 | 39 |
| 9 | INTC 5.7 2/10/2053 | 5.70% | 02/10/53 | 38 |
| 10 | META 3.85 8/15/2032 | 3.85% | 08/15/32 | 38 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 5/5/23 – 5/12/23 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 5/5/23 – 5/12/23
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