Investment Grade Corporate Bond Market Summary – Week Ending 12/15/23
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Investment Grade Corporate Bond Market Summary: Week Ending 12/15/23
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 12/15/23, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| One Gas Inc. (USD) 5.1% 4/1/2029 | Senior Notes | 300 | 99.861 | 5.13 | 87 |
| JP Morgan Chase & Co. (USD) 5.75% 12/12/2033 | Senior Notes | 3929 | 100 | 5.75 | |
| Ally Financial Inc. (USD) 6.848% 6/13/2030 | Fix-To-Floating Rate Notes | 750 | 100 | 6.85 | 260 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 12/8/23 – 12/15/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SVTLN 1.5 10/20/2056 | 1.50% | 10/20/56 | 9.89% | 78.72 | 71.64 | 5 |
| 2 | BRKHEC 4.15 2/15/2050 | 4.15% | 02/15/50 | 9.25% | 81.16 | 74.29 | 18 |
| 3 | SSELN 1.429 10/20/2056 | 1.43% | 10/20/56 | 9.22% | 75.09 | 68.75 | 6 |
| 4 | UU 1.815 7/28/2056 | 1.82% | 07/28/56 | 9.14% | 87.75 | 80.40 | 5 |
| 5 | CITCON 4.496 PERP | 7.69% | NULL | 8.98% | 77.32 | 70.95 | 14 |
| 6 | CAMBRG 2.35 6/27/2078 | 2.35% | 06/27/78 | 8.86% | 62.85 | 57.73 | 14 |
| 7 | FSHPHO 1.875 7/14/2061 | 1.88% | 07/14/61 | 8.81% | 52.13 | 47.92 | 14 |
| 8 | UNCOLO 1.625 6/4/2061 | 1.63% | 06/04/61 | 8.67% | 51.88 | 47.74 | 13 |
| 9 | LLY 1.375 9/14/2061 | 1.38% | 09/14/61 | 8.56% | 63.11 | 58.14 | 16 |
| 10 | OXUNIV 2.544 12/8/2017 | 2.54% | 12/08/17 | 8.43% | 57.26 | 52.81 | 13 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 12/8/23 – 12/15/23
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TELEFO 4.95 7/17/2030 REGS | 4.95% | 07/17/30 | -8.03% | 67.63 | 73.54 | 15 |
| 2 | OPI 4.5 2/1/2025 | 4.50% | 02/01/25 | -5.77% | 79.67 | 84.54 | 21 |
| 3 | LNGFOR 3.375 4/13/2027 | 3.38% | 04/13/27 | -5.46% | 55.95 | 59.18 | 24 |
| 4 | EIB 14 3/1/2026 | 14.00% | 03/01/26 | -3.75% | 60.90 | 63.28 | 2 |
| 5 | ATVI 3.4 6/15/2027 | 3.40% | 06/15/27 | -3.29% | 92.76 | 95.91 | 4 |
| 6 | FRF 8.5 10/15/2057 144A | 8.50% | 10/15/57 | -2.67% | 92.26 | 94.79 | 3 |
| 7 | UBIFP 0.878 11/24/2027 | 0.88% | 11/24/27 | -2.05% | 80.55 | 82.24 | 13 |
| 8 | VLY 5.25 6/15/2030 | 5.25% | 06/15/30 | -2.05% | 91.32 | 93.23 | 3 |
| 9 | NWBI 4 9/15/2030 | 4.00% | 09/15/30 | -2.03% | 89.15 | 91.00 | 2 |
| 10 | VNKRLE 3.45 5/25/2024 | 3.45% | 05/25/24 | -1.02% | 93.45 | 94.41 | 6 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 12/8/23 – 12/15/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | -85 bps | 4.37% | 5.22% |
| 2 | Services: Consumer | -58 bps | 5.96% | 6.54% |
| 3 | Services: Business | -50 bps | 3.98% | 4.48% |
| 4 | Media: Advertising, Printing & Publishing | -50 bps | 6.45% | 6.94% |
| 5 | Transportation: Consumer | -46 bps | 5.32% | 5.78% |
| 6 | Automotive | -37 bps | 4.73% | 5.10% |
| 7 | Construction & Building | -37 bps | 4.35% | 4.72% |
| 8 | Aerospace & Defense | -36 bps | 5.04% | 5.40% |
| 9 | High Tech Industries | -36 bps | 4.52% | 4.88% |
| 10 | Environmental Industries | -34 bps | 4.56% | 4.90% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 12/8/23 – 12/15/23
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Real Estate | -19 bps | 7.09% | 7.27% |
| 2 | Insurance | -20 bps | 5.14% | 5.34% |
| 3 | Utilities: Water | -20 bps | 4.61% | 4.81% |
| 4 | Energy: Electricity | -20 bps | 6.21% | 6.41% |
| 5 | Sovereign & Public Finance | -22 bps | 4.41% | 4.63% |
| 6 | Consumer Goods: Non-Durable | -22 bps | 4.36% | 4.57% |
| 7 | Wholesale | -22 bps | 4.97% | 5.20% |
| 8 | Healthcare & Pharmaceuticals | -22 bps | 5.07% | 5.30% |
| 9 | Utilities: Electric | -25 bps | 4.58% | 4.83% |
| 10 | Hotel, Gaming & Leisure | -26 bps | 4.90% | 5.15% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 12/8/23 – 12/15/23 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 12/8/23 – 12/15/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 12/8/23 vs. the week ending 12/15/23
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | EDF 6 1/22/2114 | 6.00% | 01/22/14 | 31 | 153 | 122 | 394% |
| 2 | WBA 4.5 11/18/2034 | 4.50% | 11/18/34 | 68 | 140 | 72 | 106% |
| 3 | WBA 3.2 4/15/2030 | 3.20% | 04/15/30 | 175 | 247 | 72 | 41% |
| 4 | WBA 4.1 4/15/2050 | 4.10% | 04/15/50 | 167 | 231 | 64 | 38% |
| 5 | SANLTD 2.3 3/8/2027 | 2.30% | 03/08/27 | 107 | 170 | 63 | 59% |
| 6 | RSG 4.875 4/1/2029 | 4.88% | 04/01/29 | 178 | 241 | 63 | 35% |
| 7 | WBA 4.65 6/1/2046 | 4.65% | 06/01/46 | 116 | 177 | 61 | 53% |
| 8 | WBA 3.45 6/1/2026 | 3.45% | 06/01/26 | 190 | 249 | 59 | 31% |
| 9 | WBA 4.8 11/18/2044 | 4.80% | 11/18/44 | 161 | 215 | 54 | 34% |
| 10 | JPM 1.5 8/28/2025 | 1.50% | 08/28/25 | 2 | 50 | 48 | 2400% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 12/8/23 – 12/15/23
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | TOYOTA 5.55 11/20/2030 | 5.55% | 11/20/30 | 36 |
| 2 | GM 6.4 1/9/2033 | 6.40% | 01/09/33 | 35 |
| 3 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 35 |
| 4 | TOYOTA 5.4 11/20/2026 | 5.40% | 11/20/26 | 34 |
| 5 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 34 |
| 6 | SJM 6.2 11/15/2033 | 6.20% | 11/15/33 | 33 |
| 7 | PFE 4.65 5/19/2030 | 4.65% | 05/19/30 | 33 |
| 8 | BMY 5.75 2/1/2031 | 5.75% | 02/01/31 | 33 |
| 9 | HSBC 8 PERP | 8.00% | 09/07/99 | 33 |
| 10 | PFE 5.3 5/19/2053 | 5.30% | 05/19/53 | 33 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 12/8/23 – 12/15/23 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 12/8/23 – 12/15/23
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