Investment Grade Corporate Bond Market Summary – Week Ending 8/25/23
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Investment Grade Corporate Bond Market Summary: Week Ending 8/25/23
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 8/25/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Charles Schwab Corp. (USD) 5.875% 8/24/2026 | Senior Notes | 1000 | 99.916 | N/A | N/A |
| Sparebank 1 Sr BK (EUR) 4.875% 8/24/2028 | Senior Notes | 500 | 99.996 | 4.88 | 217 |
| Toyota Motor Credit Corp. (USD) FLT% 8/22/2024 | Medium Term Notes | 1425 | 100 | N/A | N/A |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 8/18/23 – 8/25/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LNGFOR 4.5 1/16/2028 | 4.50% | 01/16/28 | 10.73% | 62.56 | 56.50 | 24 |
| 2 | EBRD 30 8/25/2025 | 30.00% | 08/25/25 | 9.24% | 100.11 | 91.64 | 2 |
| 3 | ETR 4.95 12/15/2044 | 4.95% | 12/15/44 | 7.27% | 88.49 | 82.50 | 8 |
| 4 | DICGR 2.25 9/22/2026 | 2.25% | 09/22/26 | 6.79% | 52.91 | 49.55 | 14 |
| 5 | DREXEL 3.215 5/1/2050 | 3.22% | 05/01/50 | 6.26% | 69.06 | 64.99 | 2 |
| 6 | BA 6.875 10/15/2043 | 6.88% | 10/15/43 | 5.87% | 106.25 | 100.36 | 3 |
| 7 | SSELN 1.429 10/20/2056 | 1.43% | 10/20/56 | 5.23% | 68.04 | 64.66 | 5 |
| 8 | ATH 3.95 5/25/2051 | 3.95% | 05/25/51 | 5.12% | 69.35 | 65.97 | 16 |
| 9 | WEC 6.875 12/1/2095 | 6.88% | 12/01/95 | 5.10% | 105.24 | 100.13 | 4 |
| 10 | PPL 1.541 12/1/2056 | 1.54% | 12/01/56 | 4.73% | 71.09 | 67.88 | 4 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 8/18/23 – 8/25/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TWX 4.9 6/15/2042 | 4.90% | 06/15/42 | -11.38% | 70.58 | 79.65 | 3 |
| 2 | HYSAN 4.1 PERP | 4.10% | NULL | -10.28% | 78.77 | 87.79 | 12 |
| 3 | PINGRE 3.25 6/23/2025 | 3.25% | 06/23/25 | -8.62% | 68.39 | 74.84 | 7 |
| 4 | LASUDE 5 7/28/2026 | 5.00% | 07/28/26 | -8.08% | 62.73 | 68.25 | 7 |
| 5 | CVECN 4.45 9/15/2042 | 4.45% | 09/15/42 | -7.49% | 65.53 | 70.83 | 7 |
| 6 | GLPCHI 2.95 3/29/2026 | 2.95% | 03/29/26 | -6.33% | 52.54 | 56.08 | 16 |
| 7 | NANFUN 5 PERP | 5.00% | NULL | -5.91% | 69.48 | 73.84 | 8 |
| 8 | LIFUNG 5 8/18/2025 | 5.00% | 08/18/25 | -5.37% | 88.53 | 93.56 | 12 |
| 9 | HEIMST FLT 10/15/2025 | 0.00% | 10/15/25 | -5.34% | 50.12 | 52.95 | 2 |
| 10 | AITOCU 5.125 8/11/2061 REGS | 5.13% | 08/11/61 | -5.08% | 74.92 | 78.92 | 4 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 8/18/23 – 8/25/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | 0 | -55 bps | 8.15% | 8.70% |
| 2 | Media: Advertising, Printing & Publishing | -28 bps | 7.09% | 7.37% |
| 3 | Metals & Mining | -15 bps | 5.75% | 5.90% |
| 4 | Utilities: Water | -14 bps | 5.58% | 5.72% |
| 5 | Services: Consumer | -11 bps | 7.04% | 7.15% |
| 6 | Hotel, Gaming & Leisure | -8 bps | 8.28% | 8.37% |
| 7 | Wholesale | -8 bps | 5.57% | 5.65% |
| 8 | Media: Diversified & Production | -6 bps | 5.12% | 5.18% |
| 9 | Utilities: Oil & Gas | -6 bps | 5.51% | 5.57% |
| 10 | Insurance | -5 bps | 5.84% | 5.90% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 8/18/23 – 8/25/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Real Estate | 52 bps | 7.38% | 6.86% |
| 2 | Containers, Packaging, & Glass | 51 bps | 6.41% | 5.90% |
| 3 | Consumer Goods: Durable | 50 bps | 5.50% | 5.00% |
| 4 | Sovereign & Public Finance | 34 bps | 5.27% | 4.93% |
| 5 | Transportation: Cargo | 31 bps | 5.55% | 5.24% |
| 6 | Capital Equipment | 24 bps | 5.15% | 4.91% |
| 7 | Energy: Electricity | 15 bps | 7.27% | 7.12% |
| 8 | Chemicals, Plastics & Rubber | 15 bps | 6.00% | 5.85% |
| 9 | Consumer Goods: Non-Durable | 14 bps | 5.17% | 5.03% |
| 10 | Finance | 13 bps | 5.70% | 5.56% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 8/18/23 – 8/25/23 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 8/18/23 – 8/25/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 8/18/23 vs. the week ending 8/25/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ABIBB 4.7 2/1/2036 | 4.70% | 02/01/36 | 114 | 241 | 127 | 111% |
| 2 | SANLTD 2.3 3/8/2027 REGS | 2.30% | 03/08/27 | 40 | 152 | 112 | 280% |
| 3 | DELL 6.02 6/15/2026 | 6.02% | 06/15/26 | 94 | 197 | 103 | 110% |
| 4 | ROMANI 4.375 8/22/2023 144A | 4.38% | 08/22/23 | 5 | 86 | 81 | 1620% |
| 5 | CS 4.282 1/9/2028 | 4.28% | 01/09/28 | 43 | 112 | 69 | 160% |
| 6 | HYNMTR 2.75 9/27/2026 REGS | 2.75% | 09/27/26 | 41 | 103 | 62 | 151% |
| 7 | ANZNZ 5.355 8/14/2028 REGS | 5.36% | 08/14/28 | 130 | 190 | 60 | 46% |
| 8 | SIEGR 2.35 10/15/2026 144A | 2.35% | 10/15/26 | 24 | 78 | 54 | 225% |
| 9 | MCD 4.95 8/14/2033 | 4.95% | 08/14/33 | 287 | 338 | 51 | 18% |
| 10 | LLOYDS 4.344 1/9/2048 | 4.34% | 01/09/48 | 149 | 196 | 47 | 32% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 8/18/23 – 8/25/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 36 |
| 2 | BAC 5.288 4/25/2034 | 5.29% | 04/25/34 | 36 |
| 3 | JPM 5.35 6/1/2034 | 5.35% | 06/01/34 | 36 |
| 4 | MCD 4.95 8/14/2033 | 4.95% | 08/14/33 | 35 |
| 5 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 34 |
| 6 | WFC 5.574 7/25/2029 | 5.57% | 07/25/29 | 33 |
| 7 | SANLTD 4.375 6/18/2030 | 4.38% | 06/18/30 | 33 |
| 8 | AMZN 4.7 12/1/2032 | 4.70% | 12/01/32 | 33 |
| 9 | AAPL 4.3 5/10/2033 | 4.30% | 05/10/33 | 33 |
| 10 | SUMIBK 5.766 1/13/2033 | 5.77% | 01/13/33 | 33 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 8/18/23 – 8/25/23 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 8/18/23 – 8/25/23
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