Investment Grade Corporate Bond Market Summary – Week Ending 7/14/23
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Investment Grade Corporate Bond Market Summary: Week Ending 7/14/23
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 7/14/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| John Deere Capital Corp. (USD) 4.95% 7/14/2028 | Senior Notes | 1500 | 99.851 | 4.98 | 75 |
| Japan Bank for International Cooperation (USD) 4.625% 7/19/2028 | Guaranteed Senior Notes | 1500 | 99.559 | 4.72 | 48 |
| MetLife Inc. (USD) 5.375% 7/15/2033 | Senior Notes | 1000 | 99.396 | 5.45 | 145 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 7/7/23 – 7/14/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TSE 5.125 4/1/2029 144A | 5.13% | 04/01/29 | 19.27% | 54.31 | 45.54 | 7 |
| 2 | TWX 4.9 6/15/2042 | 4.90% | 06/15/42 | 8.70% | 80.24 | 73.82 | 3 |
| 3 | SDSELE 5.5 7/23/2026 REGS | 5.50% | 07/23/26 | 8.39% | 71.54 | 66.00 | 16 |
| 4 | COMFIN 0.33929 12/1/2040 | 0.34% | 12/01/40 | 7.77% | 74.07 | 68.72 | 2 |
| 5 | SBBBSS 1.125 9/4/2026 | 1.13% | 09/04/26 | 7.66% | 76.77 | 71.30 | 23 |
| 6 | FARMCB 5.7 PERP | 5.70% | NULL | 7.09% | 91.85 | 85.76 | 3 |
| 7 | AEGON 0.496 PERP | 0.50% | NULL | 6.98% | 68.10 | 63.66 | 6 |
| 8 | HEIMST 4.375 3/6/2027 | 4.38% | 03/06/27 | 5.90% | 64.26 | 60.67 | 15 |
| 9 | WPPLN 5.625 11/15/2043 | 5.63% | 11/15/43 | 5.86% | 83.91 | 79.26 | 7 |
| 10 | ATVI 2.5 9/15/2050 | 2.50% | 09/15/50 | 5.71% | 65.78 | 62.23 | 22 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 7/7/23 – 7/14/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | DICGR 2.25 9/22/2026 | 2.25% | 09/22/26 | -8.38% | 55.26 | 60.32 | 16 |
| 2 | ADJGR 1.5 7/26/2024 | 1.50% | 07/26/24 | -8.16% | 69.74 | 75.94 | 5 |
| 3 | COGARD 8 1/27/2024 | 8.00% | 01/27/24 | -7.36% | 54.72 | 59.06 | 22 |
| 4 | UU 1.556 10/25/2056 | 1.56% | 10/25/56 | -7.28% | 74.02 | 79.84 | 3 |
| 5 | KEL 1.75756 2/1/2054 | 1.76% | 02/01/54 | -5.91% | 75.59 | 80.33 | 2 |
| 6 | ALLY 4.7 5/15/2032 | 4.70% | 05/15/32 | -4.68% | 66.10 | 69.35 | 3 |
| 7 | CI 6.15 11/15/2036 | 6.15% | 11/15/36 | -4.49% | 96.80 | 101.35 | 4 |
| 8 | EIBKOR FLT 5/24/2024 REGS | 0.00% | 05/24/24 | -3.69% | 95.60 | 99.27 | 3 |
| 9 | MEDHEA 3.626 8/15/2049 | 3.63% | 08/15/49 | -3.13% | 71.72 | 74.04 | 2 |
| 10 | THAMES 1.76 8/28/2062 | 1.76% | 08/28/62 | -2.63% | 65.26 | 67.02 | 9 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 7/7/23 – 7/14/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Hotel, Gaming & Leisure | -614 bps | 8.86% | 15.00% |
| 2 | Real Estate | -101 bps | 6.46% | 7.47% |
| 3 | Media: Diversified & Production | -88 bps | 4.77% | 5.65% |
| 4 | Media: Advertising, Printing & Publishing | -70 bps | 7.09% | 7.78% |
| 5 | Telecommunications | -57 bps | 4.66% | 5.23% |
| 6 | Media: Broadcasting & Subscription | -51 bps | 5.80% | 6.31% |
| 7 | Environmental Industries | -47 bps | 4.76% | 5.23% |
| 8 | Services: Business | -45 bps | 4.46% | 4.91% |
| 9 | Services: Consumer | -44 bps | 6.90% | 7.34% |
| 10 | Energy: Oil & Gas | -39 bps | 5.23% | 5.62% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 7/7/23 – 7/14/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Consumer | 12 bps | 5.94% | 5.81% |
| 2 | Utilities: Water | 6 bps | 5.46% | 5.40% |
| 3 | Containers, Packaging, & Glass | 5 bps | 6.12% | 6.06% |
| 4 | Energy: Electricity | 3 bps | 7.38% | 7.35% |
| 5 | Transportation: Cargo | -4 bps | 5.40% | 5.44% |
| 6 | Metals & Mining | -5 bps | 5.85% | 5.89% |
| 7 | Consumer Goods: Durable | -9 bps | 5.23% | 5.32% |
| 8 | 0 | -10 bps | 8.03% | 8.13% |
| 9 | Sovereign & Public Finance | -11 bps | 5.05% | 5.17% |
| 10 | High Tech Industries | -12 bps | 5.21% | 5.33% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 7/7/23 – 7/14/23 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 7/7/23 – 7/14/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 7/7/23 vs. the week ending 7/14/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SHBASS 5.5 6/15/2028 REGS | 5.50% | 06/15/28 | 0 | 176 | 176 | #DIV/0! |
| 2 | ANZ 5.375 7/3/2025 | 5.38% | 07/03/25 | 122 | 188 | 66 | 54% |
| 3 | NRUC 5.05 9/15/2028 | 5.05% | 09/15/28 | 153 | 204 | 51 | 33% |
| 4 | ISPIM 6.625 6/20/2033 REGS | 6.63% | 06/20/33 | 165 | 214 | 49 | 30% |
| 5 | ASSEMB FLT 7/5/2029 REGS | 0.00% | 07/05/29 | 52 | 101 | 49 | 94% |
| 6 | MU 5.875 9/15/2033 | 5.88% | 09/15/33 | 176 | 224 | 48 | 27% |
| 7 | COVFP 1.5 6/21/2027 | 1.50% | 06/21/27 | 69 | 112 | 43 | 62% |
| 8 | KPN 3.875 7/3/2031 | 3.88% | 07/03/31 | 93 | 135 | 42 | 45% |
| 9 | NACF 4.875 7/3/2028 REGS | 4.88% | 07/03/28 | 218 | 256 | 38 | 17% |
| 10 | SUMIBK 3.65 7/23/2025 | 3.65% | 07/23/25 | 117 | 153 | 36 | 31% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 7/7/23 – 7/14/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 36 |
| 2 | ABIBB 4.75 1/23/2029 | 4.75% | 01/23/29 | 36 |
| 3 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 36 |
| 4 | RTX 4.125 11/16/2028 | 4.13% | 11/16/28 | 36 |
| 5 | HSBC 6.547 6/20/2034 | 6.55% | 06/20/34 | 36 |
| 6 | SUMIBK 5.766 1/13/2033 | 5.77% | 01/13/33 | 35 |
| 7 | INTC 5.7 2/10/2053 | 5.70% | 02/10/53 | 35 |
| 8 | AMGN 5.25 3/2/2033 | 5.25% | 03/02/33 | 35 |
| 9 | WFC 5.389 4/24/2034 | 5.39% | 04/24/34 | 35 |
| 10 | USB 5.836 6/12/2034 | 5.84% | 06/12/34 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 7/7/23 – 7/14/23 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 7/7/23 – 7/14/23
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