Investment Grade Corporate Bond Market Summary – Week Ending 5/26/23
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Investment Grade Corporate Bond Market Summary: Week Ending 5/26/23
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 5/26/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Lockheed Martin Corp. (USD) 4.75% 2/15/2034 | Senior Notes | 850 | 99.674 | 4.79 | 110 |
| Lockheed Martin Corp. (USD) 4.45% 5/15/2028 | Senior Notes | 500 | 99.82 | 4.49 | 75 |
| American Honda Finance Corp. (USD) 5% 5/23/2025 | Medium Term Notes | 750 | 99.931 | 5.04 | 70 |
| Ameren Illinois Co. (USD) 4.95% 6/1/2033 | First Mortgage Bond | 500 | 99.696 | 4.99 | 127 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 5/19/23 – 5/26/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PL 5.35 8/10/2052 144A | 5.35% | 08/10/52 | 9.79% | 82.21 | 74.88 | 3 |
| 2 | PHORRU 3.05 1/23/2025 REGS | 3.05% | 01/23/25 | 9.65% | 79.04 | 72.08 | 3 |
| 3 | SDSELE 5.5 7/23/2026 REGS | 5.50% | 07/23/26 | 9.37% | 57.50 | 52.57 | 17 |
| 4 | EIB 14 3/1/2026 | 14.00% | 03/01/26 | 8.30% | 75.41 | 69.63 | 2 |
| 5 | PNFP 4.125 9/15/2029 | 4.13% | 09/15/29 | 7.35% | 95.21 | 88.69 | 2 |
| 6 | OPI 2.4 2/1/2027 | 2.40% | 02/01/27 | 7.09% | 60.98 | 56.94 | 23 |
| 7 | LNC 0 4/20/2067 | 7.22% | 04/20/67 | 6.92% | 52.03 | 48.66 | 4 |
| 8 | HBAN 2.487 8/15/2036 144A | 2.49% | 08/15/36 | 6.66% | 67.63 | 63.41 | 2 |
| 9 | KEY 2.55 10/1/2029 | 2.55% | 10/01/29 | 6.42% | 75.70 | 71.14 | 26 |
| 10 | PENDLE 5.572 10/1/2050 | 5.57% | 10/01/50 | 5.69% | 99.49 | 94.13 | 2 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 5/19/23 – 5/26/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | EIB 10.5 4/29/2024 | 10.50% | 04/29/24 | -12.80% | 66.58 | 76.36 | 2 |
| 2 | KMRLGP 8.5 12/7/2025 | 8.50% | 12/07/25 | -10.00% | 82.20 | 91.34 | 2 |
| 3 | EDF 4.65 10/21/2046 | 4.65% | 10/21/46 | -8.62% | 74.89 | 81.95 | 2 |
| 4 | BANC 4.375 10/30/2030 | 4.38% | 10/30/30 | -8.53% | 67.05 | 73.30 | 2 |
| 5 | PGR 4.2 3/15/2048 | 4.20% | 03/15/48 | -7.74% | 78.71 | 85.31 | 14 |
| 6 | SLOVGB 2.25 6/12/2068 | 2.25% | 06/12/68 | -7.68% | 62.39 | 67.58 | 4 |
| 7 | MMM 3.125 9/19/2046 | 3.13% | 09/19/46 | -7.66% | 64.89 | 70.27 | 18 |
| 8 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | -7.50% | 65.11 | 70.38 | 17 |
| 9 | COGARD 8 1/27/2024 | 8.00% | 01/27/24 | -7.13% | 66.27 | 71.35 | 21 |
| 10 | HTHROW 0.101 12/11/2032 | 0.10% | 12/11/32 | -6.94% | 74.43 | 79.98 | 4 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 5/19/23 – 5/26/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -180 bps | 4.87% | 6.66% |
| 2 | Services: Business | -23 bps | 4.45% | 4.68% |
| 3 | Media: Diversified & Production | -19 bps | 4.82% | 5.01% |
| 4 | High Tech Industries | 0 bps | 5.11% | 5.11% |
| 5 | Forest Products & Paper | 2 bps | 4.69% | 4.68% |
| 6 | Energy: Oil & Gas | 2 bps | 5.40% | 5.38% |
| 7 | Construction & Building | 6 bps | 4.66% | 4.61% |
| 8 | Capital Equipment | 7 bps | 4.57% | 4.50% |
| 9 | Transportation: Cargo | 9 bps | 5.49% | 5.40% |
| 10 | Environmental Industries | 9 bps | 4.81% | 4.72% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 5/19/23 – 5/26/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | 71 bps | 5.35% | 4.64% |
| 2 | Consumer Goods: Durable | 68 bps | 5.41% | 4.72% |
| 3 | Hotel, Gaming & Leisure | 58 bps | 8.42% | 7.84% |
| 4 | Containers, Packaging, & Glass | 53 bps | 6.11% | 5.58% |
| 5 | Real Estate | 52 bps | 7.54% | 7.02% |
| 6 | Chemicals, Plastics & Rubber | 42 bps | 5.95% | 5.53% |
| 7 | Utilities: Water | 33 bps | 5.19% | 4.86% |
| 8 | Healthcare & Pharmaceuticals | 31 bps | 5.41% | 5.11% |
| 9 | Services: Consumer | 27 bps | 7.01% | 6.73% |
| 10 | Banking | 26 bps | 5.50% | 5.24% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 5/19/23 – 5/26/23 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 5/19/23 – 5/26/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/19/23 vs. the week ending 5/26/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | BGCP 5.375 7/24/2023 | 5.38% | 07/24/23 | 10 | 66 | 56 | 560% |
| 2 | SHNHAN 4.5 4/12/2028 REGS | 4.50% | 04/12/28 | 127 | 179 | 52 | 41% |
| 3 | GM 4.5 6/20/2027 | 4.50% | 06/20/27 | 85 | 135 | 50 | 59% |
| 4 | BSWHLD 2.839 11/15/2050 | 2.84% | 11/15/50 | 53 | 100 | 47 | 89% |
| 5 | ISPIM 4 5/21/2026 | 4.16% | 05/21/26 | 99 | 145 | 46 | 46% |
| 6 | TOYOTA 4.45 4/6/2026 | 4.45% | 04/06/26 | 146 | 190 | 44 | 30% |
| 7 | BCHINA 2.93 3/27/2025 | 2.93% | 03/27/25 | 20 | 61 | 41 | 205% |
| 8 | ITC 4.95 9/22/2027 144A | 4.95% | 09/22/27 | 153 | 190 | 37 | 24% |
| 9 | ICBCAS 3 1/19/2025 | 3.00% | 01/19/25 | 35 | 71 | 36 | 103% |
| 10 | AGRBK 2.97 1/30/2025 | 2.97% | 01/30/25 | 35 | 71 | 36 | 103% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 5/19/23 – 5/26/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | META 4.95 5/15/2033 | 4.95% | 05/15/33 | 42 |
| 2 | AAPL 4.3 5/10/2033 | 4.30% | 05/10/33 | 40 |
| 3 | META 4.6 5/15/2028 | 4.60% | 05/15/28 | 40 |
| 4 | WFC 5.389 4/24/2034 | 5.39% | 04/24/34 | 40 |
| 5 | JPM 4.912 7/25/2033 | 4.91% | 07/25/33 | 39 |
| 6 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 39 |
| 7 | PNC 5.068 1/24/2034 | 5.07% | 01/24/34 | 39 |
| 8 | AAPL 4 5/10/2028 | 4.00% | 05/10/28 | 38 |
| 9 | AAPL 4.85 5/10/2053 | 4.85% | 05/10/53 | 38 |
| 10 | META 4.8 5/15/2030 | 4.80% | 05/15/30 | 38 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 5/19/23 – 5/26/23 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 5/19/23 – 5/26/23
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