Investment Grade Corporate Bond Market Summary – Week Ending 6/16/23
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Investment Grade Corporate Bond Market Summary: Week Ending 6/16/23
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 6/16/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Duke Energy Carolinas (USD) 5.4% 1/15/2054 | First Mortgage Bond | 500 | 99.637 | 5.42 | 150 |
| HSBC Holdings PLC (USD) 6.547% 6/20/2034 | Floating Rate Notes | 2000 | 100 | 6.55 | 280 |
| Extra Space Storage Inc. (USD) 5.5% 7/1/2030 | Senior Notes | 450 | 98.878 | 5.69 | 185 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 6/9/23 – 6/16/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CBAAU FLT PERP | 5.71% | NULL | 12.50% | 99.15 | 88.13 | 12 |
| 2 | COGARD 5.125 1/17/2025 | 5.13% | 01/17/25 | 11.09% | 56.90 | 51.21 | 22 |
| 3 | SMCGL 7 PERP | 7.00% | NULL | 10.24% | 81.77 | 74.18 | 13 |
| 4 | SBBBSS 0.75 12/14/2028 | 0.75% | 12/14/28 | 9.37% | 65.73 | 60.10 | 23 |
| 5 | KSS 6 1/15/2033 | 6.00% | 01/15/33 | 8.54% | 66.24 | 61.03 | 13 |
| 6 | VITRRA 3.2 4/21/2031 REGS | 3.20% | 04/21/31 | 7.27% | 83.31 | 77.67 | 9 |
| 7 | SECBEN 7.45 10/1/2033 | 7.45% | 10/01/33 | 6.98% | 100.58 | 94.02 | 5 |
| 8 | AIIB 40 4/25/2025 | 40.00% | 04/25/25 | 6.21% | 102.30 | 96.32 | 2 |
| 9 | PFCLN 9.75 11/15/2026 144A | 9.75% | 11/15/26 | 5.87% | 78.47 | 74.11 | 5 |
| 10 | GLPSP 3.875 6/4/2025 | 3.88% | 06/04/25 | 4.88% | 72.82 | 69.43 | 18 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 6/9/23 – 6/16/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | RAKUTN 1.5 12/2/2036 | 1.50% | 12/02/36 | -5.57% | 50.04 | 52.98 | 4 |
| 2 | IDA 4.3 4/1/2042 | 4.30% | 04/01/42 | -4.91% | 78.15 | 82.18 | 2 |
| 3 | SANUK 0 6/15/2038 | 0.00% | 06/15/38 | -4.63% | 61.71 | 64.71 | 3 |
| 4 | SPG 1.125 3/19/2033 | 1.13% | 03/19/33 | -4.49% | 70.20 | 73.50 | 15 |
| 5 | KMRLGP 3.9 12/12/2024 | 3.90% | 12/12/24 | -3.75% | 80.19 | 83.31 | 6 |
| 6 | EIB 0.75 7/15/2027 | 0.75% | 07/15/27 | -3.68% | 84.08 | 87.30 | 2 |
| 7 | BRKHEC 6.75 7/1/2037 | 6.75% | 07/01/37 | -3.47% | 108.17 | 112.06 | 8 |
| 8 | MTB FLT 7/15/2029 | 7.00% | 07/15/29 | -3.44% | 84.86 | 87.88 | 4 |
| 9 | JNJ 6.95 9/1/2029 | 6.95% | 09/01/29 | -3.05% | 116.56 | 120.23 | 7 |
| 10 | RKTLN 1.75 5/19/2032 144A | 1.75% | 05/19/32 | -3.00% | 75.17 | 77.50 | 4 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 6/9/23 – 6/16/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Hotel, Gaming & Leisure | -93 bps | 6.91% | 7.83% |
| 2 | Services: Business | -16 bps | 4.43% | 4.59% |
| 3 | Media: Advertising, Printing & Publishing | -11 bps | 7.17% | 7.28% |
| 4 | Aerospace & Defense | -5 bps | 5.53% | 5.58% |
| 5 | High Tech Industries | 4 bps | 5.04% | 5.00% |
| 6 | Automotive | 5 bps | 5.24% | 5.19% |
| 7 | Telecommunications | 6 bps | 4.81% | 4.76% |
| 8 | Media: Diversified & Production | 8 bps | 4.82% | 4.74% |
| 9 | Utilities: Water | 9 bps | 5.21% | 5.12% |
| 10 | Consumer Goods: Non-Durable | 9 bps | 4.96% | 4.87% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 6/9/23 – 6/16/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Consumer Goods: Durable | 85 bps | 5.54% | 4.69% |
| 2 | Energy: Electricity | 80 bps | 7.65% | 6.85% |
| 3 | Containers, Packaging, & Glass | 47 bps | 6.14% | 5.67% |
| 4 | Sovereign & Public Finance | 43 bps | 5.12% | 4.69% |
| 5 | Real Estate | 32 bps | 7.58% | 7.26% |
| 6 | Transportation: Consumer | 31 bps | 5.67% | 5.36% |
| 7 | Transportation: Cargo | 30 bps | 5.29% | 4.99% |
| 8 | Wholesale | 29 bps | 5.19% | 4.89% |
| 9 | Insurance | 28 bps | 5.80% | 5.52% |
| 10 | Metals & Mining | 27 bps | 5.67% | 5.41% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 6/9/23 – 6/16/23 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 6/9/23 – 6/16/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 6/9/23 vs. the week ending 6/16/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | C 3.668 7/24/2028 | 3.67% | 07/24/28 | 171 | 221 | 50 | 29% |
| 2 | DT 2.485 9/19/2023 | 2.49% | 09/19/23 | 75 | 124 | 49 | 65% |
| 3 | BNSF 3.65 9/1/2025 | 3.65% | 09/01/25 | 146 | 190 | 44 | 30% |
| 4 | WSTP 2.35 2/19/2025 | 2.35% | 02/19/25 | 153 | 196 | 43 | 28% |
| 5 | C 3.887 1/10/2028 | 3.89% | 01/10/28 | 170 | 210 | 40 | 24% |
| 6 | BBVASM 5.875 9/13/2034 REGS | 5.88% | 09/13/34 | 130 | 168 | 38 | 29% |
| 7 | GS 3.691 6/5/2028 | 3.69% | 06/05/28 | 127 | 165 | 38 | 30% |
| 8 | CITNAT 4.625 4/21/2028 REGS | 4.63% | 04/21/28 | 116 | 154 | 38 | 33% |
| 9 | JPM 4.203 7/23/2029 | 4.20% | 07/23/29 | 180 | 218 | 38 | 21% |
| 10 | LUV 3 11/15/2026 | 3.00% | 11/15/26 | 121 | 158 | 37 | 31% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 6/9/23 – 6/16/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AAPL 4.3 5/10/2033 | 4.30% | 05/10/33 | 41 |
| 2 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 39 |
| 3 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 39 |
| 4 | PFE 4.45 5/19/2028 | 4.45% | 05/19/28 | 39 |
| 5 | WFC 5.389 4/24/2034 | 5.39% | 04/24/34 | 38 |
| 6 | C 6.174 5/25/2034 | 6.17% | 05/25/34 | 38 |
| 7 | AAPL 4 5/10/2028 | 4.00% | 05/10/28 | 38 |
| 8 | JPM 4.912 7/25/2033 | 4.91% | 07/25/33 | 37 |
| 9 | META 4.95 5/15/2033 | 4.95% | 05/15/33 | 37 |
| 10 | TOYOTA 4.45 5/18/2026 | 4.45% | 05/18/26 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 6/9/23 – 6/16/23 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 6/9/23 – 6/16/23
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