Investment Grade Corporate Bond Market Summary – Week Ending 8/18/23
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Investment Grade Corporate Bond Market Summary: Week Ending 8/18/23
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 8/18/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Assured Guaranty US Hldgs Inc. (USD) 6.125% 9/15/2028 | Senior Notes | 350 | 99.462 | 6.25 | 185 |
| PNC Financial Services Group Inc. (USD) 5.939% 8/18/2034 | Floating Rate Notes | 750 | 100 | 5.94 | 173 |
| NRG Energy Inc. (USD) 7.467% 7/31/2028 | Trust Preferred Securities | 500 | 100 | 7.47 | 310 |
| Jacobs Engineering Group Inc. (USD) 6.35% 8/18/2028 | Senior Notes | 600 | 99.949 | 6.36 | 200 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 8/11/23 – 8/18/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | APO 4.95 1/14/2050 144A | 4.95% | 01/14/50 | 7.37% | 90.37 | 84.17 | 11 |
| 2 | VITRRA 5.25 4/21/2032 144A | 5.25% | 04/21/32 | 5.91% | 94.76 | 89.47 | 2 |
| 3 | GAZPRU 1.54 6/30/2027 | 1.54% | 06/30/27 | 5.21% | 62.09 | 59.01 | 3 |
| 4 | OGLETH 4.55 6/1/2044 | 4.55% | 06/01/44 | 3.40% | 76.88 | 74.35 | 7 |
| 5 | IFC 0 2/24/2025 | 0.00% | 02/24/25 | 3.24% | 60.35 | 58.45 | 2 |
| 6 | EBRD 28 9/27/2027 | 28.00% | 09/27/27 | 3.22% | 98.37 | 95.29 | 2 |
| 7 | TFC FLT 3/15/2028 | 6.18% | 03/15/28 | 3.08% | 90.84 | 88.13 | 6 |
| 8 | IAGLN 4.125 9/20/2031 144A | 4.13% | 09/20/31 | 2.63% | 87.83 | 85.58 | 3 |
| 9 | ABIBB 4.7 2/1/2036 144A | 4.70% | 02/01/36 | 2.51% | 93.30 | 91.01 | 3 |
| 10 | ENFRAG 5.375 12/30/2030 REGS | 5.38% | 12/30/30 | 2.45% | 72.59 | 70.86 | 13 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 8/11/23 – 8/18/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LNGFOR 4.5 1/16/2028 | 4.50% | 01/16/28 | -15.71% | 56.50 | 67.03 | 23 |
| 2 | PINGRE 3.25 6/23/2025 | 3.25% | 06/23/25 | -10.49% | 74.84 | 83.61 | 7 |
| 3 | AVGO 4.926 5/15/2037 REGS | 4.93% | 05/15/37 | -10.34% | 80.70 | 90.00 | 2 |
| 4 | KO 2.5 3/15/2051 | 2.50% | 03/15/51 | -8.88% | 58.02 | 63.68 | 21 |
| 5 | CHJMAO 3.2 4/9/2026 | 3.20% | 04/09/26 | -7.54% | 77.96 | 84.31 | 18 |
| 6 | TSE 5.125 4/1/2029 REGS | 5.13% | 04/01/29 | -7.48% | 52.33 | 56.56 | 19 |
| 7 | SLOVGB 4.5 5/10/2026 | 4.50% | 05/10/26 | -7.13% | 95.18 | 102.48 | 3 |
| 8 | HSBC 0 PERP | 0.00% | NULL | -6.43% | 69.25 | 74.00 | 3 |
| 9 | UU 1.702 11/21/2057 | 1.70% | 11/21/57 | -6.28% | 73.89 | 78.84 | 5 |
| 10 | KEL 1.46 8/1/2056 | 1.46% | 08/01/56 | -6.09% | 66.04 | 70.32 | 4 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 8/11/23 – 8/18/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Real Estate | -24 bps | 6.93% | 7.17% |
| 2 | Hotel, Gaming & Leisure | 1 bps | 8.37% | 8.36% |
| 3 | Retail | 5 bps | 5.73% | 5.68% |
| 4 | Media: Advertising, Printing & Publishing | 7 bps | 7.28% | 7.21% |
| 5 | Services: Consumer | 10 bps | 7.06% | 6.97% |
| 6 | Utilities: Oil & Gas | 12 bps | 5.53% | 5.41% |
| 7 | Environmental Industries | 12 bps | 5.21% | 5.09% |
| 8 | Forest Products & Paper | 13 bps | 5.06% | 4.93% |
| 9 | Automotive | 14 bps | 5.41% | 5.27% |
| 10 | Aerospace & Defense | 14 bps | 5.64% | 5.50% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 8/11/23 – 8/18/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | 0 | 100 bps | 8.93% | 7.93% |
| 2 | Energy: Electricity | 81 bps | 7.69% | 6.88% |
| 3 | Consumer Goods: Durable | 62 bps | 5.50% | 4.87% |
| 4 | Chemicals, Plastics & Rubber | 48 bps | 6.06% | 5.58% |
| 5 | Capital Equipment | 43 bps | 5.16% | 4.74% |
| 6 | Containers, Packaging, & Glass | 42 bps | 6.13% | 5.71% |
| 7 | Consumer Goods: Non-Durable | 37 bps | 5.21% | 4.84% |
| 8 | Transportation: Consumer | 35 bps | 5.90% | 5.55% |
| 9 | Media: Broadcasting & Subscription | 35 bps | 6.39% | 6.05% |
| 10 | Metals & Mining | 32 bps | 5.99% | 5.67% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 8/11/23 – 8/18/23 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 8/11/23 – 8/18/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 8/11/23 vs. the week ending 8/18/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SANLTD 5.4 8/8/2028 | 5.40% | 08/08/28 | 179 | 268 | 89 | 50% |
| 2 | PNC 5.068 1/24/2034 | 5.07% | 01/24/34 | 244 | 332 | 88 | 36% |
| 3 | GSCCOR 5.375 8/7/2028 REGS | 5.38% | 08/07/28 | 54 | 136 | 82 | 152% |
| 4 | ADJGR 5 4/27/2027 | 5.00% | 04/27/27 | 50 | 126 | 76 | 152% |
| 5 | ADJGR 6 8/5/2025 | 6.00% | 08/05/25 | 60 | 130 | 70 | 117% |
| 6 | ADJGR 5 1/14/2029 | 5.00% | 01/14/29 | 72 | 140 | 68 | 94% |
| 7 | BCRED 7.05 9/29/2025 | 7.05% | 09/29/25 | 74 | 139 | 65 | 88% |
| 8 | ADJGR 4.625 1/14/2026 | 4.63% | 01/14/26 | 76 | 140 | 64 | 84% |
| 9 | HCA 4.375 3/15/2042 | 4.38% | 03/15/42 | 30 | 92 | 62 | 207% |
| 10 | UBS 0.65 9/10/2029 | 0.65% | 09/10/29 | 158 | 218 | 60 | 38% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 8/11/23 – 8/18/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | PNC 5.068 1/24/2034 | 5.07% | 01/24/34 | 36 |
| 2 | JPM 5.35 6/1/2034 | 5.35% | 06/01/34 | 35 |
| 3 | MCD 4.95 8/14/2033 | 4.95% | 08/14/33 | 35 |
| 4 | BAC 5.288 4/25/2034 | 5.29% | 04/25/34 | 35 |
| 5 | WFC 5.574 7/25/2029 | 5.57% | 07/25/29 | 35 |
| 6 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 35 |
| 7 | DE 4.95 7/14/2028 | 4.95% | 07/14/28 | 34 |
| 8 | JPM 5.299 7/24/2029 | 5.30% | 07/24/29 | 34 |
| 9 | GM 6.4 1/9/2033 | 6.40% | 01/09/33 | 34 |
| 10 | T 5.4 2/15/2034 | 5.40% | 02/15/34 | 33 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 8/11/23 – 8/18/23 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 8/11/23 – 8/18/23
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