Investment Grade Corporate Bond Market Summary – Week Ending 2/9/24
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Investment Grade Corporate Bond Market Summary: Week Ending 2/9/24
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 2/9/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Rogers Communications Inc. (USD) 5% 2/15/2029 | Senior Notes | 1250 | 99.714 | 5.06 | 100 |
| Eli Lilly & Co. (USD) 5.1% 2/9/2064 | Senior Notes | 1500 | 99.881 | 5.11 | 77 |
| Dow Chemical Co. (USD) 5.15% 2/15/2034 | Senior Notes | 600 | 99.983 | 5.15 | 105 |
| Barings BDC Inc. (USD) 7% 2/15/2029 | Senior Notes | 300 | 98.948 | 7.25 | 320 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 2/2/24 – 2/9/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TSINGH 4.75 1/31/2021 | 4.75% | 01/31/21 | 10.11% | 50.90 | 46.23 | 10 |
| 2 | RUSSIA 5.25 6/23/2047 REGS | 5.25% | 06/23/47 | 7.95% | 50.02 | 46.34 | 6 |
| 3 | KLOVSS FLT PERP | 10.04% | NULL | 7.57% | 98.25 | 91.34 | 2 |
| 4 | PETRPE 5.625 6/19/2047 | 5.63% | 06/19/47 | 5.87% | 66.53 | 62.84 | 20 |
| 5 | GATESW 3 2/28/2027 | 3.00% | 02/28/27 | 5.46% | 76.97 | 72.99 | 7 |
| 6 | FORASO FLT 4/30/2027 REGS | 9.39% | 04/30/27 | 5.01% | 97.33 | 92.68 | 8 |
| 7 | PEAKRN 5.35 PERP | 5.35% | NULL | 3.56% | 90.57 | 87.46 | 9 |
| 8 | GLPSP 3.875 6/4/2025 | 3.88% | 06/04/25 | 3.06% | 79.50 | 77.14 | 22 |
| 9 | DEPTCC 3.375 PERP | 3.38% | NULL | 3.00% | 87.42 | 84.87 | 10 |
| 10 | SECBEN 6.5 PERP 144A | 9.45% | NULL | 2.99% | 65.47 | 63.57 | 9 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 2/2/24 – 2/9/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | MTB 3.5 PERP | 3.50% | NULL | -9.37% | 71.78 | 79.20 | 16 |
| 2 | LNGFOR 3.85 1/13/2032 | 3.85% | 01/13/32 | -9.11% | 36.94 | 40.65 | 23 |
| 3 | LBBW 4 PERP | 4.00% | NULL | -8.92% | 75.87 | 83.30 | 19 |
| 4 | VNKRLE 3.975 11/9/2027 | 3.98% | 11/09/27 | -7.39% | 58.79 | 63.48 | 23 |
| 5 | AARB 0.75 4/18/2028 | 0.75% | 04/18/28 | -6.46% | 81.35 | 86.96 | 17 |
| 6 | PBBGR 5 2/5/2027 | 5.00% | 02/05/27 | -6.32% | 96.02 | 102.50 | 28 |
| 7 | FMC 4.5 10/1/2049 | 4.50% | 10/01/49 | -5.94% | 74.29 | 78.98 | 15 |
| 8 | LLY 4.95 2/27/2063 | 4.95% | 02/27/63 | -5.69% | 96.37 | 102.19 | 27 |
| 9 | SLOREP 1.175 2/13/2062 | 1.18% | 02/13/62 | -5.55% | 51.51 | 54.54 | 3 |
| 10 | AAPL 2.55 8/20/2060 | 2.55% | 08/20/60 | -5.49% | 62.30 | 65.92 | 21 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 2/2/24 – 2/9/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -108 bps | 6.01% | 7.10% |
| 2 | Real Estate | -33 bps | 6.72% | 7.05% |
| 3 | Wholesale | -4 bps | 5.05% | 5.09% |
| 4 | High Tech Industries | 1 bps | 4.71% | 4.70% |
| 5 | Forest Products & Paper | 6 bps | 4.61% | 4.56% |
| 6 | Energy: Oil & Gas | 8 bps | 5.03% | 4.95% |
| 7 | Containers, Packaging, & Glass | 54 bps | 5.70% | 5.17% |
| 8 | Chemicals, Plastics & Rubber | 12 bps | 5.08% | 4.96% |
| 9 | Retail | 13 bps | 5.02% | 4.89% |
| 10 | Transportation: Consumer | 14 bps | 5.28% | 5.14% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 2/2/24 – 2/9/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Containers, Packaging, & Glass | 54 bps | 5.70% | 5.17% |
| 2 | Media: Diversified & Production | 38 bps | 4.65% | 4.27% |
| 3 | Capital Equipment | 26 bps | 4.56% | 4.30% |
| 4 | Hotel, Gaming & Leisure | 26 bps | 4.93% | 4.67% |
| 5 | Utilities: Electric | 25 bps | 4.67% | 4.43% |
| 6 | Finance | 24 bps | 4.88% | 4.64% |
| 7 | Healthcare & Pharmaceuticals | 23 bps | 4.98% | 4.74% |
| 8 | Metals & Mining | 23 bps | 5.19% | 4.96% |
| 9 | Services: Consumer | 22 bps | 6.07% | 5.84% |
| 10 | Services: Business | 22 bps | 4.13% | 3.91% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 2/2/24 – 2/9/24 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 2/2/24 – 2/9/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 2/2/24 vs. the week ending 2/9/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | GM 5.4 2/20/2027 | 5.40% | 02/20/27 | 5 | 131 | 126 | 2520% |
| 2 | GS 3.21 4/22/2042 | 3.21% | 04/22/42 | 84 | 158 | 74 | 88% |
| 3 | GZRFPR 6.5 7/11/2025 | 6.50% | 07/11/25 | 78 | 146 | 68 | 87% |
| 4 | UBS 5.5 8/20/2026 | 5.50% | 08/20/26 | 150 | 210 | 60 | 40% |
| 5 | TXN 5.05 5/18/2063 | 5.05% | 05/18/63 | 219 | 273 | 54 | 25% |
| 6 | TXN 1.75 5/4/2030 | 1.75% | 05/04/30 | 200 | 249 | 49 | 25% |
| 7 | PBBGR 0.125 9/5/2024 | 0.13% | 09/05/24 | 140 | 187 | 47 | 34% |
| 8 | PBBGR 7.625 12/8/2025 | 7.63% | 12/08/25 | 120 | 167 | 47 | 39% |
| 9 | SBUX 2.25 3/12/2030 | 2.25% | 03/12/30 | 230 | 272 | 42 | 18% |
| 10 | SBUX 2 3/12/2027 | 2.00% | 03/12/27 | 225 | 266 | 41 | 18% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 2/2/24 – 2/9/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | JPM 5.336 1/23/2035 | 5.34% | 01/23/35 | 40 |
| 2 | HSBC 8 PERP | 8.00% | 09/07/99 | 37 |
| 3 | ET 5.55 5/15/2034 | 5.55% | 05/15/34 | 37 |
| 4 | NAB 4.787 1/10/2029 | 4.79% | 01/10/29 | 37 |
| 5 | ET 5.95 5/15/2054 | 5.95% | 05/15/54 | 37 |
| 6 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 36 |
| 7 | AMGN 5.25 3/2/2033 | 5.25% | 03/02/33 | 36 |
| 8 | TOYOTA 4.65 1/5/2029 | 4.65% | 01/05/29 | 36 |
| 9 | NEE 5.25 3/15/2034 | 5.25% | 03/15/34 | 36 |
| 10 | WFC 5.499 1/23/2035 | 5.50% | 01/23/35 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 2/2/24 – 2/9/24 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 2/2/24 – 2/9/24
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