Investment Grade Corporate Bond Market Summary – Week Ending 2/16/24
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Investment Grade Corporate Bond Market Summary: Week Ending 2/16/24
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 2/16/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Marsh & McLennan Cos Inc. (USD) 5.15% 3/15/2034 | Senior Notes | 500 | 99.847 | 5.17 | 90 |
| Cummins Inc. (USD) 4.9% 2/20/2029 | Senior Notes | 500 | 99.812 | 4.94 | 70 |
| Cardinal Health Inc. (USD) 5.125% 2/15/2029 | Senior Notes | 650 | 99.923 | 5.14 | 90 |
| PepsiCo Inc. (USD) 4.7% 2/16/2034 | Senior Notes | 450 | 99.803 | 4.72 | 55 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 2/9/24 – 2/16/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | GAZPRU 2.5 3/21/2026 | 2.50% | 03/21/26 | 5.63% | 66.46 | 62.92 | 3 |
| 2 | GLPCHI 2.95 3/29/2026 | 2.95% | 03/29/26 | 5.00% | 74.52 | 70.97 | 21 |
| 3 | GLPSP 3.875 6/4/2025 | 3.88% | 06/04/25 | 4.31% | 82.93 | 79.50 | 21 |
| 4 | SECBEN 6.5 PERP REGS | 6.50% | NULL | 3.47% | 66.60 | 64.37 | 11 |
| 5 | TELEFO 4.95 7/17/2030 REGS | 4.95% | 07/17/30 | 3.24% | 67.87 | 65.74 | 19 |
| 6 | LNC FLT 4/20/2067 | 7.63% | 04/20/67 | 3.20% | 75.70 | 73.35 | 12 |
| 7 | BATSLN 3.75 PERP | 3.75% | NULL | 3.16% | 89.76 | 87.01 | 18 |
| 8 | VW 1.5 1/21/2041 | 1.50% | 01/21/41 | 2.77% | 67.09 | 65.28 | 12 |
| 9 | PACW 3.25 5/1/2031 | 3.25% | 05/01/31 | 2.58% | 88.23 | 86.01 | 11 |
| 10 | BCRED 1.75 11/30/2026 REGS | 1.75% | 11/30/26 | 2.50% | 93.43 | 91.15 | 7 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 2/9/24 – 2/16/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PBBGR 5 2/5/2027 | 5.00% | 02/05/27 | -7.37% | 88.94 | 96.02 | 28 |
| 2 | ALL 5.2 1/15/2042 | 5.20% | 01/15/42 | -6.22% | 85.71 | 91.39 | 4 |
| 3 | OC 4.3 7/15/2047 | 4.30% | 07/15/47 | -4.87% | 81.01 | 85.15 | 21 |
| 4 | HAS 5.1 5/15/2044 | 5.10% | 05/15/44 | -4.76% | 85.39 | 89.66 | 9 |
| 5 | VNKRLE 3.975 11/9/2027 | 3.98% | 11/09/27 | -4.75% | 56.00 | 58.79 | 22 |
| 6 | HESLAN 5.375 2/1/2033 | 5.38% | 02/01/33 | -4.72% | 89.10 | 93.52 | 5 |
| 7 | IDA 4.85 8/15/2040 | 4.85% | 08/15/40 | -3.84% | 88.35 | 91.88 | 5 |
| 8 | LMT 5.5 11/15/2039 | 5.50% | 11/15/39 | -3.84% | 97.69 | 101.58 | 6 |
| 9 | AYX 8.75 3/15/2028 144A | 8.75% | 03/15/28 | -3.81% | 102.73 | 106.79 | 18 |
| 10 | INTC 4.9 7/29/2045 | 4.90% | 07/29/45 | -3.68% | 95.48 | 99.13 | 7 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 2/9/24 – 2/16/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Containers, Packaging, & Glass | -32 bps | 5.41% | 5.73% |
| 2 | 0 | -18 bps | 6.86% | 7.05% |
| 3 | Real Estate | -10 bps | 6.61% | 6.71% |
| 4 | Consumer Goods: Non-Durable | -8 bps | 4.45% | 4.53% |
| 5 | Finance | 0 bps | 4.87% | 4.88% |
| 6 | Utilities: Oil & Gas | 0 bps | 5.06% | 5.05% |
| 7 | Energy: Electricity | 124 bps | 7.27% | 6.03% |
| 8 | Sovereign & Public Finance | 1 bps | 4.42% | 4.41% |
| 9 | Insurance | 4 bps | 5.12% | 5.08% |
| 10 | Capital Equipment | 5 bps | 4.61% | 4.57% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 2/9/24 – 2/16/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | 124 bps | 7.27% | 6.03% |
| 2 | Media: Advertising, Printing & Publishing | 65 bps | 7.29% | 6.63% |
| 3 | Forest Products & Paper | 26 bps | 4.87% | 4.61% |
| 4 | Aerospace & Defense | 20 bps | 5.32% | 5.12% |
| 5 | Consumer Goods: Durable | 19 bps | 4.40% | 4.20% |
| 6 | Telecommunications | 18 bps | 4.75% | 4.58% |
| 7 | Retail | 15 bps | 5.16% | 5.01% |
| 8 | Construction & Building | 14 bps | 4.67% | 4.53% |
| 9 | Services: Consumer | 13 bps | 6.17% | 6.05% |
| 10 | Utilities: Water | 12 bps | 4.92% | 4.79% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 2/9/24 – 2/16/24 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 2/9/24 – 2/16/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 2/9/24 vs. the week ending 2/16/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | BAC 4.33 3/15/2050 | 4.33% | 03/15/50 | 25 | 117 | 92 | 368% |
| 2 | CARR 6.2 3/15/2054 REGS | 6.20% | 03/15/54 | 49 | 140 | 91 | 186% |
| 3 | PBBGR 0.125 9/5/2024 | 0.13% | 09/05/24 | 187 | 253 | 66 | 35% |
| 4 | PBBGR 0.25 1/17/2025 | 0.25% | 01/17/25 | 205 | 267 | 62 | 30% |
| 5 | PBBGR 0.1 2/2/2026 | 0.10% | 02/02/26 | 212 | 270 | 58 | 27% |
| 6 | PBBGR 4.375 8/28/2026 | 4.38% | 08/28/26 | 209 | 265 | 56 | 27% |
| 7 | PBBGR 0.25 10/27/2025 | 0.25% | 10/27/25 | 147 | 202 | 55 | 37% |
| 8 | PEP 4.45 2/15/2033 | 4.45% | 02/15/33 | 243 | 298 | 55 | 23% |
| 9 | PEP 2.75 3/19/2030 | 2.75% | 03/19/30 | 211 | 264 | 53 | 25% |
| 10 | PBBGR 5 2/5/2027 | 5.00% | 02/05/27 | 245 | 295 | 50 | 20% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 2/9/24 – 2/16/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | JPM 5.336 1/23/2035 | 5.34% | 01/23/35 | 40 |
| 2 | WFC 5.499 1/23/2035 | 5.50% | 01/23/35 | 38 |
| 3 | NAB 4.787 1/10/2029 | 4.79% | 01/10/29 | 38 |
| 4 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 38 |
| 5 | MS 5.466 1/18/2035 | 5.47% | 01/18/35 | 38 |
| 6 | BMY 5.9 11/15/2033 | 5.90% | 11/15/33 | 37 |
| 7 | NEE 5.25 3/15/2034 | 5.25% | 03/15/34 | 37 |
| 8 | ORCL 4.9 2/6/2033 | 4.90% | 02/06/33 | 37 |
| 9 | LLOYDS 5.679 1/5/2035 | 5.68% | 01/05/35 | 36 |
| 10 | TOYOTA 4.65 1/5/2029 | 4.65% | 01/05/29 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 2/9/24 – 2/16/24 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 2/9/24 – 2/16/24
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