Investment Grade Corporate Bond Market Summary – Week Ending 3/8/24
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Investment Grade Corporate Bond Market Summary: Week Ending 3/8/24
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 3/8/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Microchip Technology Inc. (USD) 5.05% 3/15/2029 | Senior Secured Notes | 1000 | 99.823 | 5.09 | 95 |
| Magna International Inc. (USD) 5.05% 3/14/2029 | Senior Notes | 400 | 99.852 | 5.08 | 95 |
| Keurig Dr Pepper Inc. (USD) 5.3% 3/15/2034 | Senior Notes | 650 | 99.806 | 5.33 | 110 |
| Hormel Foods Corp. (USD) 4.8% 3/30/2027 | Senior Notes | 500 | 99.903 | 4.83 | 50 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 3/1/24 – 3/8/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LBBW 4 PERP | 4.00% | NULL | 11.95% | 82.63 | 73.81 | 20 |
| 2 | ESSGR 5.625 2/13/2026 | 5.63% | 02/13/26 | 9.73% | 51.18 | 46.64 | 11 |
| 3 | REGH 6.5 PERP | 6.50% | NULL | 8.84% | 53.80 | 49.43 | 8 |
| 4 | ETLFP 1.5 10/13/2028 | 1.50% | 10/13/28 | 8.31% | 70.42 | 65.02 | 19 |
| 5 | KUDSW 1.5 9/27/2024 | 1.50% | 09/27/24 | 6.83% | 87.87 | 82.25 | 3 |
| 6 | HESLAN 5.375 2/1/2033 | 5.38% | 02/01/33 | 6.75% | 93.40 | 87.50 | 6 |
| 7 | BAYNGR 5.875 4/15/2038 144A | 5.88% | 04/15/38 | 6.56% | 92.62 | 86.92 | 3 |
| 8 | VMUKLN 8.25 PERP | 8.25% | NULL | 6.40% | 99.84 | 93.84 | 19 |
| 9 | CHIHOS 2.82 11/15/2050 | 2.82% | 11/15/50 | 6.10% | 66.40 | 62.58 | 3 |
| 10 | HEIMST 4.375 3/6/2027 | 4.38% | 03/06/27 | 6.06% | 54.62 | 51.50 | 17 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 3/1/24 – 3/8/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | VNKRLE 3.55 6/8/2025 | 3.55% | 06/08/25 | -10.08% | 63.84 | 71.00 | 2 |
| 2 | LNGFOR 3.375 4/13/2027 | 3.38% | 04/13/27 | -9.58% | 50.06 | 55.36 | 23 |
| 3 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | -5.40% | 58.51 | 61.85 | 20 |
| 4 | CHJMAO 4.25 7/23/2029 | 4.25% | 07/23/29 | -3.72% | 66.07 | 68.62 | 20 |
| 5 | TSINGH 6 12/10/2020 | 6.00% | 12/10/20 | -2.41% | 54.05 | 55.38 | 12 |
| 6 | SIVB 4.345 4/29/2028 | 7.11% | 04/29/28 | -2.32% | 63.13 | 64.63 | 13 |
| 7 | OPI 2.4 2/1/2027 | 2.40% | 02/01/27 | -2.26% | 50.35 | 51.52 | 23 |
| 8 | AAWW 8.5 2/15/2030 144A | 8.50% | 02/15/30 | -1.96% | 96.22 | 98.14 | 20 |
| 9 | SBBBSS 1.125 11/26/2029 | 1.13% | 11/26/29 | -1.79% | 59.92 | 61.01 | 22 |
| 10 | PINGRE 3.25 6/23/2025 | 3.25% | 06/23/25 | -1.36% | 89.03 | 90.25 | 16 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 3/1/24 – 3/8/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Oil & Gas | -41 bps | 4.76% | 5.17% |
| 2 | 0 | -29 bps | 6.66% | 6.96% |
| 3 | Metals & Mining | -23 bps | 5.07% | 5.29% |
| 4 | Beverage, Food & Tobacco | -22 bps | 4.29% | 4.51% |
| 5 | Services: Business | -22 bps | 4.05% | 4.27% |
| 6 | Environmental Industries | -22 bps | 4.69% | 4.91% |
| 7 | Media: Diversified & Production | 28 bps | 4.90% | 4.61% |
| 8 | Consumer Goods: Durable | -21 bps | 4.23% | 4.44% |
| 9 | Capital Equipment | -20 bps | 4.39% | 4.59% |
| 10 | High Tech Industries | -19 bps | 4.68% | 4.88% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 3/1/24 – 3/8/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | 28 bps | 4.90% | 4.61% |
| 2 | Services: Consumer | 1 bps | 6.09% | 6.08% |
| 3 | Construction & Building | -9 bps | 4.58% | 4.66% |
| 4 | Consumer Goods: Non-Durable | -9 bps | 4.53% | 4.62% |
| 5 | Utilities: Oil & Gas | -10 bps | 4.97% | 5.06% |
| 6 | Banking | -10 bps | 4.67% | 4.77% |
| 7 | Chemicals, Plastics & Rubber | -13 bps | 5.02% | 5.14% |
| 8 | Utilities: Electric | -13 bps | 4.66% | 4.79% |
| 9 | Finance | -13 bps | 4.73% | 4.86% |
| 10 | Wholesale | -13 bps | 5.02% | 5.15% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/1/24 – 3/8/24 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 3/1/24 – 3/8/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/1/24 vs. the week ending 3/8/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SAVE 8 9/20/2025 144A | 8.00% | 09/20/25 | 65 | 132 | 67 | 103% |
| 2 | UBS 4.282 1/9/2028 REGS | 4.28% | 01/09/28 | 50 | 104 | 54 | 108% |
| 3 | ADSEZ 5 8/2/2041 REGS | 5.00% | 08/02/41 | 240 | 292 | 52 | 22% |
| 4 | KDB 4.5 2/15/2029 | 4.50% | 02/15/29 | 176 | 228 | 52 | 30% |
| 5 | BATSLN 6 2/20/2034 | 6.00% | 02/20/34 | 170 | 222 | 52 | 31% |
| 6 | AMT 1.875 10/15/2030 | 1.88% | 10/15/30 | 163 | 214 | 51 | 31% |
| 7 | PTTEPT 6.35 6/12/2042 REGS | 6.35% | 06/12/42 | 75 | 125 | 50 | 67% |
| 8 | ABBV 4.8 3/15/2027 | 4.80% | 03/15/27 | 255 | 304 | 49 | 19% |
| 9 | CAT 2.6 4/9/2030 | 2.60% | 04/09/30 | 237 | 284 | 47 | 20% |
| 10 | HYNMTR 2.75 9/27/2026 REGS | 2.75% | 09/27/26 | 105 | 152 | 47 | 45% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 3/1/24 – 3/8/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | ORCL 4.9 2/6/2033 | 4.90% | 02/06/33 | 43 |
| 2 | CSCO 4.85 2/26/2029 | 4.85% | 02/26/29 | 41 |
| 3 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 41 |
| 4 | BMY 5.9 11/15/2033 | 5.90% | 11/15/33 | 39 |
| 5 | CSCO 4.8 2/26/2027 | 4.80% | 02/26/27 | 39 |
| 6 | CSCO 4.95 2/26/2031 | 4.95% | 02/26/31 | 39 |
| 7 | CSCO 5.05 2/26/2034 | 5.05% | 02/26/34 | 39 |
| 8 | CSCO 5.3 2/26/2054 | 5.30% | 02/26/54 | 39 |
| 9 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 39 |
| 10 | CSCO 5.35 2/26/2064 | 5.35% | 02/26/64 | 38 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 3/1/24 – 3/8/24 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 3/1/24 – 3/8/24
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