Investment Grade Corporate Bond Market Summary – Week Ending 6/2/23
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Investment Grade Corporate Bond Market Summary: Week Ending 6/2/23
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 6/2/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Renaissance Re Holdings LTD (USD) 5.75% 6/5/2033 | Senior Notes | 750 | 99.707 | 5.79 | 215 |
| American Electric Power Co. Inc. (USD) 5.699% 8/15/2025 | Junior Subordinated Notes | 850 | 99.552 | 5.91 | 155 |
| JP Morgan Chase & Co. (USD) 5.35% 6/1/2034 | N/A | 2500 | 100 | N/A | N/A |
| Enbridge Inc. (CAD) 5.76% 5/26/2053 | N/A | 500 | 99.957 | 5.76 | 250 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 5/26/23 – 6/2/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SDSELE 5.5 7/23/2026 REGS | 5.50% | 07/23/26 | 15.79% | 66.57 | 57.50 | 17 |
| 2 | GLPCHI 4 7/2/2024 | 4.00% | 07/02/24 | 12.99% | 77.50 | 68.59 | 8 |
| 3 | LNGFOR 3.85 1/13/2032 | 3.85% | 01/13/32 | 12.88% | 67.65 | 59.93 | 21 |
| 4 | GLPSP 3.875 6/4/2025 | 3.88% | 06/04/25 | 11.96% | 66.82 | 59.68 | 17 |
| 5 | SBBBSS 1.125 9/4/2026 | 1.13% | 09/04/26 | 11.87% | 72.14 | 64.49 | 22 |
| 6 | WAL 3 6/15/2031 | 3.00% | 06/15/31 | 11.02% | 70.64 | 63.63 | 23 |
| 7 | PCPDC 5.125 6/18/2026 | 5.13% | 06/18/26 | 10.52% | 75.72 | 68.52 | 6 |
| 8 | COGARD 6.5 4/8/2024 | 6.50% | 04/08/24 | 9.00% | 68.04 | 62.42 | 21 |
| 9 | LASUDE 5 7/28/2026 | 5.00% | 07/28/26 | 8.92% | 69.63 | 63.92 | 9 |
| 10 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | 8.79% | 70.83 | 65.11 | 18 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 5/26/23 – 6/2/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | HEIMST 4.25 3/9/2026 | 4.25% | 03/09/26 | -9.60% | 59.13 | 65.41 | 16 |
| 2 | ISRELE 4 6/19/2028 | 4.00% | 06/19/28 | -5.86% | 102.84 | 109.24 | 3 |
| 3 | SAZGR 3.5 9/30/2024 REGS | 3.50% | 09/30/24 | -4.02% | 93.89 | 97.82 | 12 |
| 4 | CWHARF 3.375 4/23/2028 144A | 3.38% | 04/23/28 | -3.93% | 66.34 | 69.05 | 2 |
| 5 | GLAS 1.859 3/31/2048 | 1.86% | 03/31/48 | -3.57% | 87.41 | 90.64 | 9 |
| 6 | GMKNRM 2.55 9/11/2025 REGS | 2.55% | 09/11/25 | -3.24% | 72.93 | 75.37 | 3 |
| 7 | AEGON 0.496 PERP | 0.50% | NULL | -3.23% | 63.07 | 65.18 | 6 |
| 8 | KSS 6.875 12/15/2037 | 6.88% | 12/15/37 | -3.15% | 57.96 | 59.85 | 13 |
| 9 | GAZPRU 1.5 2/17/2027 144A | 1.50% | 02/17/27 | -2.88% | 61.96 | 63.80 | 4 |
| 10 | KMRLGP 3.9 12/12/2024 | 3.90% | 12/12/24 | -2.81% | 86.43 | 88.94 | 7 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 5/26/23 – 6/2/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | -64 bps | 4.59% | 5.23% |
| 2 | Services: Business | -42 bps | 4.27% | 4.68% |
| 3 | Utilities: Water | -36 bps | 4.77% | 5.13% |
| 4 | Hotel, Gaming & Leisure | -32 bps | 7.00% | 7.32% |
| 5 | Telecommunications | -28 bps | 4.64% | 4.92% |
| 6 | Media: Advertising, Printing & Publishing | -27 bps | 7.37% | 7.65% |
| 7 | Utilities: Oil & Gas | -21 bps | 5.20% | 5.41% |
| 8 | Banking | -20 bps | 5.23% | 5.43% |
| 9 | Environmental Industries | -19 bps | 4.64% | 4.83% |
| 10 | High Tech Industries | -19 bps | 4.91% | 5.10% |
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 | Consumer Goods: Durable | 31 bps | 5.23% | 4.92% |
| 2 | Real Estate | 20 bps | 7.54% | 7.34% |
| 3 | Transportation: Consumer | 14 bps | 5.76% | 5.62% |
| 4 | Beverage, Food & Tobacco | 9 bps | 4.65% | 4.56% |
| 5 | Transportation: Cargo | 8 bps | 5.30% | 5.23% |
| 6 | Metals & Mining | 7 bps | 5.58% | 5.51% |
| 7 | Sovereign & Public Finance | 4 bps | 4.95% | 4.91% |
| 8 | 0 | 4 bps | 8.19% | 8.15% |
| 9 | Insurance | 3 bps | 5.58% | 5.55% |
| 10 | Consumer Goods: Non-Durable | 2 bps | 4.85% | 4.83% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 5/26/23 – 6/2/23 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 5/26/23 – 6/2/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/26/23 vs. the week ending 6/2/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | NDASS 6 7/1/2026 | 6.00% | 07/01/26 | 33 | 100 | 67 | 203% |
| 2 | SHNHAN 4.5 4/12/2028 REGS | 4.50% | 04/12/28 | 179 | 225 | 46 | 26% |
| 3 | MUFG 2.309 7/20/2032 | 2.31% | 07/20/32 | 165 | 209 | 44 | 27% |
| 4 | SO 4.85 6/15/2028 | 4.85% | 06/15/28 | 228 | 271 | 43 | 19% |
| 5 | CAMBRG 0.25 6/27/2068 | 0.25% | 06/27/68 | 10 | 50 | 40 | 400% |
| 6 | MS 3.591 7/22/2028 | 3.59% | 07/22/28 | 165 | 204 | 39 | 24% |
| 7 | PFE 4.45 5/19/2028 | 4.45% | 05/19/28 | 350 | 387 | 37 | 11% |
| 8 | SO 5.2 6/15/2033 | 5.20% | 06/15/33 | 250 | 285 | 35 | 14% |
| 9 | SVTLN 1.602 9/29/2056 | 1.60% | 09/29/56 | 8 | 40 | 32 | 400% |
| 10 | ICE 2.65 9/15/2040 | 2.65% | 09/15/40 | 143 | 174 | 31 | 22% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 5/26/23 – 6/2/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AAPL 4.3 5/10/2033 | 4.30% | 05/10/33 | 43 |
| 2 | AAPL 4.85 5/10/2053 | 4.85% | 05/10/53 | 41 |
| 3 | WFC 5.389 4/24/2034 | 5.39% | 04/24/34 | 40 |
| 4 | AAPL 4 5/10/2028 | 4.00% | 05/10/28 | 40 |
| 5 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 40 |
| 6 | CAT 4.35 5/15/2026 | 4.35% | 05/15/26 | 39 |
| 7 | PFE 4.45 5/19/2028 | 4.45% | 05/19/28 | 39 |
| 8 | JPM 4.912 7/25/2033 | 4.91% | 07/25/33 | 38 |
| 9 | META 4.8 5/15/2030 | 4.80% | 05/15/30 | 38 |
| 10 | AAPL 4.15 5/10/2030 | 4.15% | 05/10/30 | 38 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 5/26/23 – 6/2/23 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 5/26/23 – 6/2/23
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