Investment Grade Corporate Bond Market Summary – Week Ending 3/1/24
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Investment Grade Corporate Bond Market Summary: Week Ending 3/1/24
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 3/1/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| TPG Hldg (USD) 5.875% 3/5/2034 | Senior Notes | 600 | 99.903 | 5.89 | 165 |
| Safehold Operating Partnership LP (USD) 6.1% 4/1/2034 | Senior Notes | 300 | 98.957 | 6.24 | 200 |
| Aon PLC (USD) 5.75% 3/1/2054 | Senior Notes | 2000 | 99.392 | 5.79 | 140 |
| Tyson Foods Inc. (USD) 5.7% 3/15/2034 | Senior Notes | 900 | 99.817 | 5.72 | 145 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 2/23/24 – 3/1/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | EIB 14 3/1/2026 | 14.00% | 03/01/26 | 21.47% | 56.06 | 46.15 | 2 |
| 2 | LEED 13.375 PERP | 13.38% | NULL | 9.63% | 186.17 | 169.82 | 3 |
| 3 | PCPDC 5.125 6/18/2026 | 5.13% | 06/18/26 | 5.14% | 82.56 | 78.52 | 9 |
| 4 | GLCCUK 1.375 3/31/2057 | 1.38% | 03/31/57 | 4.42% | 143.64 | 137.56 | 5 |
| 5 | SSELN 1.429 10/20/2056 | 1.43% | 10/20/56 | 4.03% | 73.21 | 70.37 | 7 |
| 6 | HYSAN 4.1 PERP | 4.10% | NULL | 3.75% | 88.49 | 85.29 | 13 |
| 7 | UU 1.585 7/12/2057 | 1.59% | 07/12/57 | 3.73% | 80.14 | 77.26 | 6 |
| 8 | AWLN 1.6777 7/3/2056 | 1.68% | 07/03/56 | 3.61% | 149.07 | 143.88 | 4 |
| 9 | SECBEN 6.5 PERP REGS | 6.50% | NULL | 3.60% | 68.63 | 66.25 | 10 |
| 10 | NGGLN 1.819 5/11/2056 | 1.82% | 05/11/56 | 3.28% | 83.05 | 80.42 | 5 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 2/23/24 – 3/1/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PARA 4.95 5/19/2050 | 4.95% | 05/19/50 | -7.60% | 71.17 | 77.02 | 29 |
| 2 | VNKRLE 3.975 11/9/2027 | 3.98% | 11/09/27 | -6.86% | 55.34 | 59.42 | 23 |
| 3 | RCFFP 3.75 6/24/2029 | 3.75% | 06/24/29 | -3.84% | 95.52 | 99.34 | 16 |
| 4 | XEL 4.5 8/15/2041 | 4.50% | 08/15/41 | -3.81% | 82.88 | 86.16 | 16 |
| 5 | HEIMST 4.25 3/9/2026 | 4.25% | 03/09/26 | -3.64% | 54.74 | 56.81 | 18 |
| 6 | LNGFOR 4.5 1/16/2028 | 4.50% | 01/16/28 | -3.63% | 52.58 | 54.56 | 23 |
| 7 | CPUAU 1.125 10/7/2031 | 1.13% | 10/07/31 | -2.76% | 78.72 | 80.96 | 9 |
| 8 | WBD 5.391 3/15/2062 | 5.39% | 03/15/62 | -2.71% | 80.55 | 82.79 | 28 |
| 9 | AIIB 40 4/25/2025 | 40.00% | 04/25/25 | -2.65% | 90.76 | 93.22 | 2 |
| 10 | TMO 2 10/18/2051 | 2.00% | 10/18/51 | -2.46% | 69.27 | 71.02 | 14 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 2/23/24 – 3/1/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | -51 bps | 4.61% | 5.12% |
| 2 | Containers, Packaging, & Glass | -50 bps | 5.37% | 5.87% |
| 3 | Utilities: Water | -15 bps | 4.78% | 4.93% |
| 4 | Transportation: Consumer | -12 bps | 5.35% | 5.47% |
| 5 | Telecommunications | -12 bps | 4.67% | 4.78% |
| 6 | Transportation: Cargo | -10 bps | 5.06% | 5.16% |
| 7 | Real Estate | 58 bps | 7.13% | 6.55% |
| 8 | Chemicals, Plastics & Rubber | -7 bps | 5.15% | 5.23% |
| 9 | Services: Consumer | -7 bps | 6.09% | 6.16% |
| 10 | Construction & Building | -6 bps | 4.65% | 4.71% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 2/23/24 – 3/1/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Real Estate | 58 bps | 7.13% | 6.55% |
| 2 | Energy: Electricity | 44 bps | 8.14% | 7.70% |
| 3 | Forest Products & Paper | 20 bps | 4.89% | 4.69% |
| 4 | Media: Broadcasting & Subscription | 17 bps | 5.16% | 4.99% |
| 5 | Media: Advertising, Printing & Publishing | 14 bps | 7.31% | 7.18% |
| 6 | Hotel, Gaming & Leisure | 10 bps | 5.22% | 5.12% |
| 7 | Consumer Goods: Non-Durable | 6 bps | 4.62% | 4.56% |
| 8 | Beverage, Food & Tobacco | 6 bps | 4.50% | 4.44% |
| 9 | Energy: Oil & Gas | 6 bps | 5.15% | 5.09% |
| 10 | Sovereign & Public Finance | 6 bps | 4.53% | 4.47% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 2/23/24 – 3/1/24 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 2/23/24 – 3/1/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 2/23/24 vs. the week ending 3/1/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | PSX 5.3 6/30/2033 | 5.30% | 06/30/33 | 216 | 276 | 60 | 28% |
| 2 | SO 5.5 3/15/2029 | 5.50% | 03/15/29 | 195 | 242 | 47 | 24% |
| 3 | EXC 5.6 3/15/2053 | 5.60% | 03/15/53 | 273 | 318 | 45 | 16% |
| 4 | SO 5.7 3/15/2034 | 5.70% | 03/15/34 | 278 | 316 | 38 | 14% |
| 5 | NSC 4.1 5/15/2121 | 4.10% | 05/15/21 | 156 | 194 | 38 | 24% |
| 6 | RY 1.15 11/17/2025 | 1.15% | 11/17/25 | 14 | 50 | 36 | 257% |
| 7 | ORCL 6.9 11/9/2052 | 6.90% | 11/09/52 | 284 | 319 | 35 | 12% |
| 8 | HKMTGC 4.68 9/12/2025 | 4.68% | 09/12/25 | 62 | 95 | 33 | 53% |
| 9 | ORCL 3.6 4/1/2040 | 3.60% | 04/01/40 | 225 | 258 | 33 | 15% |
| 10 | PARA 5.85 9/1/2043 | 5.85% | 09/01/43 | 226 | 258 | 32 | 14% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 2/23/24 – 3/1/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | ORCL 4.9 2/6/2033 | 4.90% | 02/06/33 | 41 |
| 2 | BMY 5.9 11/15/2033 | 5.90% | 11/15/33 | 39 |
| 3 | CSCO 4.85 2/26/2029 | 4.85% | 02/26/29 | 39 |
| 4 | CSCO 5.3 2/26/2054 | 5.30% | 02/26/54 | 39 |
| 5 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 39 |
| 6 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 38 |
| 7 | AMGN 5.25 3/2/2033 | 5.25% | 03/02/33 | 38 |
| 8 | CSCO 5.05 2/26/2034 | 5.05% | 02/26/34 | 38 |
| 9 | NEE 5.25 3/15/2034 | 5.25% | 03/15/34 | 38 |
| 10 | IBM 4.9 2/5/2034 | 4.90% | 02/05/34 | 38 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 2/23/24 – 3/1/24 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 2/23/24 – 3/1/24
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