Investment Grade Corporate Bond Market Summary – Week Ending 9/8/23
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Investment Grade Corporate Bond Market Summary: Week Ending 9/8/23
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 9/8/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Nordic Investment Bank | Global Notes | 1000 | 99.868 | 5.06 | 4 |
| Marsh & McLennan Cos Inc. | Senior Notes | 1000 | 99.7 | 5.72 | 135 |
| Philip Morris Intl | Senior Notes | 1000 | 98.137 | 5.87 | 160 |
| MidAmerican Energy Holdings Co | First & General Mortgage Bonds | 1000 | 99.884 | 5.86 | 147 |
| John Deere Capital Corp. | Medium Term Notes | 1000 | 99.985 | 5.15 | 90 |
| ING Groep NV | Senior Notes | 1250 | 100 | 6.11 | 185 |
| BHP Billiton Finance | Senior Notes | 1500 | 99.157 | 5.36 | 110 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 9/1/23 – 9/8/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SHUION 5.5 3/3/2025 | 5.50% | 03/03/25 | 13.42% | 60.06 | 52.95 | 20 |
| 2 | SOLBBB 0.5 9/6/2029 | 0.50% | 09/06/29 | 10.76% | 98.20 | 88.66 | 11 |
| 3 | UGI 2.5 12/1/2029 REGS | 2.50% | 12/01/29 | 7.22% | 84.43 | 78.74 | 10 |
| 4 | SDSELE 5.5 7/23/2026 REGS | 5.50% | 07/23/26 | 6.61% | 68.72 | 64.46 | 16 |
| 5 | HYSAN 4.1 PERP | 4.10% | NULL | 6.50% | 84.43 | 79.28 | 13 |
| 6 | CITCON 3.625 PERP | 3.63% | NULL | 5.29% | 56.06 | 53.25 | 16 |
| 7 | NANFUN 5 PERP | 5.00% | NULL | 4.70% | 66.85 | 63.85 | 10 |
| 8 | CPDEV 4.65 1/19/2026 | 4.65% | 01/19/26 | 4.13% | 77.67 | 74.59 | 14 |
| 9 | SIVB 1.8 2/2/2031 | 1.80% | 02/02/31 | 3.76% | 63.11 | 60.83 | 16 |
| 10 | AARB 0.25 11/23/2027 | 0.25% | 11/23/27 | 3.38% | 81.49 | 78.82 | 16 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 9/1/23 – 9/8/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PINGRE 3.45 7/29/2026 | 3.45% | 07/29/26 | -10.32% | 65.39 | 72.92 | 8 |
| 2 | THAMES 1.76 8/28/2062 | 1.76% | 08/28/62 | -5.54% | 61.88 | 65.51 | 8 |
| 3 | NBHA 4.25 12/15/2023 | 4.25% | 12/15/23 | -5.49% | 92.63 | 98.01 | 3 |
| 4 | MLFP 0.625 11/2/2040 | 0.63% | 11/02/40 | -5.40% | 61.20 | 64.69 | 13 |
| 5 | ORAFP 1.2 7/11/2034 | 1.20% | 07/11/34 | -5.09% | 74.03 | 78.00 | 6 |
| 6 | TSN 5.1 9/28/2048 | 5.10% | 09/28/48 | -4.89% | 82.47 | 86.71 | 20 |
| 7 | MMM 3.25 8/26/2049 | 3.25% | 08/26/49 | -4.68% | 65.98 | 69.22 | 19 |
| 8 | SRE 5.35 5/15/2040 | 5.35% | 05/15/40 | -4.57% | 91.65 | 96.04 | 6 |
| 9 | MRK 2.45 6/24/2050 | 2.45% | 06/24/50 | -4.56% | 59.19 | 62.02 | 17 |
| 10 | VTRS 4 6/22/2050 | 4.00% | 06/22/50 | -4.41% | 63.34 | 66.26 | 21 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 9/1/23 – 9/8/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -183 bps | 6.81% | 8.64% |
| 2 | Metals & Mining | -12 bps | 5.77% | 5.88% |
| 3 | Real Estate | -8 bps | 7.38% | 7.46% |
| 4 | Media: Advertising, Printing & Publishing | -5 bps | 7.17% | 7.22% |
| 5 | Insurance | -4 bps | 5.79% | 5.82% |
| 6 | Transportation: Consumer | -2 bps | 5.75% | 5.77% |
| 7 | Utilities: Water | 1 bps | 5.37% | 5.36% |
| 8 | Healthcare & Pharmaceuticals | 3 bps | 5.57% | 5.54% |
| 9 | Sovereign & Public Finance | 5 bps | 4.90% | 4.85% |
| 10 | Media: Broadcasting & Subscription | 6 bps | 6.18% | 6.12% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 9/1/23 – 9/8/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Hotel, Gaming & Leisure | 56 bps | 8.91% | 8.35% |
| 2 | #REF! | -183 bps | 6.81% | 8.64% |
| 3 | Media: Diversified & Production | 53 bps | 5.51% | 4.98% |
| 4 | Services: Business | 27 bps | 5.36% | 5.08% |
| 5 | Containers, Packaging, & Glass | 26 bps | 5.99% | 5.72% |
| 6 | Chemicals, Plastics & Rubber | 25 bps | 5.94% | 5.68% |
| 7 | Telecommunications | 25 bps | 5.10% | 4.85% |
| 8 | Capital Equipment | 23 bps | 4.89% | 4.66% |
| 9 | Beverage, Food & Tobacco | 22 bps | 4.75% | 4.53% |
| 10 | Consumer Goods: Non-Durable | 22 bps | 5.03% | 4.82% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 9/1/23 – 9/8/23 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 9/1/23 – 9/8/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 9/1/23 vs. the week ending 9/8/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ANZNZ 5.355 8/14/2028 144A | 5.36% | 08/14/28 | 56 | 140 | 84 | 150% |
| 2 | UBS 5.8 8/18/2025 | 5.80% | 08/18/25 | 5 | 78 | 73 | 1460% |
| 3 | VW 5.8 11/17/2025 | 5.80% | 11/17/25 | 10 | 80 | 70 | 700% |
| 4 | ERAFP 7 5/22/2028 | 7.00% | 05/22/28 | 144 | 188 | 44 | 31% |
| 5 | MIZUHO 4.608 8/28/2030 | 4.61% | 08/28/30 | 118 | 160 | 42 | 36% |
| 6 | BAC 3.419 12/20/2028 | 3.42% | 12/20/28 | 168 | 209 | 41 | 24% |
| 7 | ACAFP 5.5 8/28/2033 | 5.50% | 08/28/33 | 122 | 163 | 41 | 34% |
| 8 | NYLIFE 4.55 1/28/2033 144A | 4.55% | 01/28/33 | 175 | 212 | 37 | 21% |
| 9 | DE 4.85 10/11/2029 | 4.85% | 10/11/29 | 187 | 222 | 35 | 19% |
| 10 | D 5.25 8/1/2033 | 5.25% | 08/01/33 | 98 | 133 | 35 | 36% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 9/1/23 – 9/8/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | JPM 5.35 6/1/2034 | 5.35% | 06/01/34 | 36 |
| 2 | MCD 4.95 8/14/2033 | 4.95% | 08/14/33 | 35 |
| 3 | BAC 5.288 4/25/2034 | 5.29% | 04/25/34 | 35 |
| 4 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 34 |
| 5 | BK 4.967 4/26/2034 | 4.97% | 04/26/34 | 34 |
| 6 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 34 |
| 7 | AMZN 4.7 12/1/2032 | 4.70% | 12/01/32 | 33 |
| 8 | WFC 5.557 7/25/2034 | 5.56% | 07/25/34 | 33 |
| 9 | SUMIBK 5.766 1/13/2033 | 5.77% | 01/13/33 | 33 |
| 10 | PNC 5.068 1/24/2034 | 5.07% | 01/24/34 | 33 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 9/1/23 – 9/8/23 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 9/1/23 – 9/8/23
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