Investment Grade Corporate Bond Market Summary – Week Ending 1/5/24
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Investment Grade Corporate Bond Market Summary: Week Ending 1/5/24
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 1/5/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Sun Communities Inc. (USD) 5.5% 1/15/2029 | Senior Notes | 500 | 99.878 | 5.53 | 155 |
| New York Life Global Funding (USD) 5% 1/9/2034 | Note | 1000 | 99.992 | 5 | 100 |
| EnerSys (USD) 6.625% 1/15/2032 144A | Senior Notes | 300 | 100 | 6.63 | 264 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 12/29/23 – 1/5/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | 18.08% | 55.12 | 46.68 | 20 |
| 2 | GLPCHI 2.95 3/29/2026 | 2.95% | 03/29/26 | 10.80% | 63.27 | 57.10 | 18 |
| 3 | CASTSS 3.125 PERP | 3.13% | NULL | 4.60% | 78.72 | 75.26 | 21 |
| 4 | HPP 3.25 1/15/2030 | 3.25% | 01/15/30 | 4.43% | 76.20 | 72.97 | 16 |
| 5 | CPDEV 4.65 1/19/2026 | 4.65% | 01/19/26 | 4.40% | 83.15 | 79.64 | 15 |
| 6 | SUNSHG 4.5 4/20/2026 | 4.50% | 04/20/26 | 4.05% | 93.65 | 90.00 | 7 |
| 7 | SIVB 3.5 1/29/2025 | 3.50% | 01/29/25 | 3.95% | 66.06 | 63.55 | 15 |
| 8 | CHJMAO 4.25 7/23/2029 | 4.25% | 07/23/29 | 3.85% | 67.48 | 64.98 | 20 |
| 9 | CKINF 4 PERP | 4.00% | NULL | 3.54% | 65.41 | 63.17 | 12 |
| 10 | LNGFOR 4.5 1/16/2028 | 4.50% | 01/16/28 | 3.46% | 53.24 | 51.46 | 21 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 12/29/23 – 1/5/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | THAMES 1.6802 7/11/2053 | 1.68% | 07/11/53 | -8.42% | 119.31 | 130.28 | 8 |
| 2 | INDON 3.35 3/12/2071 | 3.35% | 03/12/71 | -8.07% | 67.39 | 73.30 | 20 |
| 3 | CMS 4.35 8/31/2064 | 4.35% | 08/31/64 | -7.28% | 81.12 | 87.49 | 6 |
| 4 | C 4.95 11/7/2043 | 4.95% | 11/07/43 | -7.01% | 82.70 | 88.94 | 4 |
| 5 | CAMBRG 2.35 6/27/2078 | 2.35% | 06/27/78 | -6.91% | 59.44 | 63.85 | 14 |
| 6 | UKRAIL 0.678 11/22/2048 | 0.68% | 11/22/48 | -6.66% | 82.87 | 88.78 | 2 |
| 7 | CVX 4.95 8/15/2047 | 4.95% | 08/15/47 | -6.60% | 91.44 | 97.90 | 7 |
| 8 | PERTIJ 4.15 2/25/2060 REGS | 4.15% | 02/25/60 | -6.43% | 74.17 | 79.26 | 19 |
| 9 | PLNIJ 4.375 2/5/2050 REGS | 4.38% | 02/05/50 | -6.37% | 76.79 | 82.01 | 19 |
| 10 | SLOREP 1.175 2/13/2062 | 1.18% | 02/13/62 | -6.31% | 58.63 | 62.58 | 3 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 12/29/23 – 1/5/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -169 bps | 7.78% | 9.47% |
| 2 | Media: Diversified & Production | -42 bps | 4.40% | 4.82% |
| 3 | Containers, Packaging, & Glass | -32 bps | 5.42% | 5.73% |
| 4 | Real Estate | -20 bps | 6.40% | 6.60% |
| 5 | Healthcare & Pharmaceuticals | -16 bps | 4.86% | 5.03% |
| 6 | Services: Business | -3 bps | 4.06% | 4.09% |
| 7 | Metals & Mining | 61 bps | 5.17% | 4.56% |
| 8 | Sovereign & Public Finance | 0 bps | 4.39% | 4.40% |
| 9 | Aerospace & Defense | 0 bps | 5.12% | 5.12% |
| 10 | Retail | 1 bps | 5.01% | 5.00% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 12/29/23 – 1/5/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Metals & Mining | 61 bps | 5.17% | 4.56% |
| 2 | Energy: Oil & Gas | 56 bps | 5.07% | 4.52% |
| 3 | Consumer Goods: Non-Durable | 48 bps | 4.46% | 3.99% |
| 4 | Services: Consumer | 42 bps | 6.18% | 5.75% |
| 5 | Consumer Goods: Durable | 38 bps | 4.04% | 3.66% |
| 6 | Beverage, Food & Tobacco | 37 bps | 4.22% | 3.85% |
| 7 | Media: Advertising, Printing & Publishing | 32 bps | 6.65% | 6.33% |
| 8 | Utilities: Electric | 32 bps | 4.57% | 4.25% |
| 9 | Utilities: Water | 29 bps | 4.57% | 4.28% |
| 10 | Hotel, Gaming & Leisure | 29 bps | 4.87% | 4.58% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 12/29/23 – 1/5/24 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 12/29/23 – 1/5/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 12/29/23 vs. the week ending 1/5/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | HKMTGC 4.68 9/12/2025 | 4.68% | 09/12/25 | 30 | 97 | 67 | 223% |
| 2 | CARGIL 3.875 4/24/2030 | 3.88% | 04/24/30 | 99 | 149 | 50 | 51% |
| 3 | RBIAV 1.375 6/17/2033 | 1.38% | 06/17/33 | 128 | 168 | 40 | 31% |
| 4 | TOYOTA FLT 12/22/2025 | 0.00% | 12/22/25 | 35 | 73 | 38 | 109% |
| 5 | SANLTD 2.3 3/8/2027 | 2.30% | 03/08/27 | 200 | 234 | 34 | 17% |
| 6 | UBS 6.373 7/15/2026 144A | 6.37% | 07/15/26 | 127 | 159 | 32 | 25% |
| 7 | ABT 1.4 6/30/2030 | 1.40% | 06/30/30 | 180 | 210 | 30 | 17% |
| 8 | UBS 6.246 9/22/2029 REGS | 6.25% | 09/22/29 | 197 | 227 | 30 | 15% |
| 9 | BAC 4.827 7/22/2026 | 4.83% | 07/22/26 | 125 | 155 | 30 | 24% |
| 10 | LLOYDS 3.75 3/18/2028 | 3.75% | 03/18/28 | 150 | 180 | 30 | 20% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 12/29/23 – 1/5/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 36 |
| 2 | TOYOTA 5.55 11/20/2030 | 5.55% | 11/20/30 | 35 |
| 3 | BMY 5.9 11/15/2033 | 5.90% | 11/15/33 | 35 |
| 4 | ACAFP 8.125 PERP | 8.13% | NULL | 33 |
| 5 | HSBC 8 PERP | 8.00% | 09/07/99 | 33 |
| 6 | ET 6.55 12/1/2033 | 6.55% | 12/01/33 | 33 |
| 7 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 33 |
| 8 | ET 5 5/15/2050 | 5.00% | 05/15/50 | 33 |
| 9 | BAC 5.872 9/15/2034 | 5.87% | 09/15/34 | 33 |
| 10 | ORCL 4.9 2/6/2033 | 4.90% | 02/06/33 | 33 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 12/29/23 – 1/5/24 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 12/29/23 – 1/5/24
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