Investment Grade Corporate Bond Market Summary – Week Ending 3/15/24
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Investment Grade Corporate Bond Market Summary: Week Ending 3/15/24
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 3/15/24, issue size of $50 million and larger
| Issue | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Brunswick Corp. (USD) 5.85% 3/18/2029 | Senior Notes | 400 | 99.829 | 5.89 | 160 |
| Southern California Edison Co. (USD) 5.6% 4/1/2054 | First & General Mortgage Bonds | 500 | 99.35 | 5.64 | 133 |
| Global Atlantic Fin (USD) 6.75% 3/15/2054 | Senior Note | 750 | 99.326 | 6.8 | 250 |
| Constellation Energy Group Inc. (USD) 5.75% 3/15/2054 | Senior Notes | 900 | 99.901 | 5.76 | 145 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 3/8/24 – 3/15/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | HEIMST 4.25 3/9/2026 | 4.25% | 03/09/26 | 22.20% | 69.24 | 56.66 | 18 |
| 2 | LNGFOR 4.5 1/16/2028 | 4.50% | 01/16/28 | 11.83% | 50.97 | 45.58 | 24 |
| 3 | GYCGR 1.5 PERP | 1.50% | NULL | 6.48% | 59.62 | 56.00 | 14 |
| 4 | AARB 0.875 2/26/2026 | 0.88% | 02/26/26 | 5.73% | 94.25 | 89.15 | 2 |
| 5 | VNKRLE 4.2 6/7/2024 | 4.20% | 06/07/24 | 5.50% | 93.87 | 88.98 | 26 |
| 6 | SMCGL 5.45 PERP | 5.45% | NULL | 4.53% | 89.65 | 85.76 | 15 |
| 7 | SECBEN 6.5 PERP REGS | 6.50% | NULL | 3.52% | 75.16 | 72.60 | 10 |
| 8 | TENN 0.5 11/30/2040 | 0.50% | 11/30/40 | 3.16% | 82.00 | 79.49 | 19 |
| 9 | GLPCHI 2.95 3/29/2026 | 2.95% | 03/29/26 | 2.97% | 80.71 | 78.39 | 23 |
| 10 | KSS 3.375 5/1/2031 | 3.38% | 05/01/31 | 2.46% | 80.73 | 78.79 | 23 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 3/8/24 – 3/15/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | BA 3.75 2/1/2050 | 3.75% | 02/01/50 | -4.95% | 69.12 | 72.72 | 27 |
| 2 | HARTHC 5.746 4/1/2044 | 5.75% | 04/01/44 | -4.18% | 97.83 | 102.09 | 3 |
| 3 | BACR 0 3/15/2038 | 0.00% | 03/15/38 | -4.09% | 61.41 | 64.02 | 2 |
| 4 | PETRPE 5.625 6/19/2047 REGS | 5.63% | 06/19/47 | -4.06% | 65.61 | 68.39 | 17 |
| 5 | TEMASE 2.75 8/2/2061 144A | 2.75% | 08/02/61 | -3.89% | 67.13 | 69.85 | 6 |
| 6 | PFGLN 8.875 1/13/2032 | 8.88% | 01/13/32 | -3.73% | 86.50 | 89.86 | 14 |
| 7 | COLBYC 3.072 7/1/2052 | 3.07% | 07/01/52 | -3.59% | 64.22 | 66.61 | 4 |
| 8 | CHIHOS 2.82 11/15/2050 | 2.82% | 11/15/50 | -3.57% | 64.03 | 66.40 | 3 |
| 9 | MRK 2.45 6/24/2050 | 2.45% | 06/24/50 | -3.54% | 60.63 | 62.85 | 19 |
| 10 | APTV 3.1 12/1/2051 | 3.10% | 12/01/51 | -3.42% | 61.96 | 64.16 | 19 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 3/8/24 – 3/15/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | -24 bps | 4.62% | 4.86% |
| 2 | Hotel, Gaming & Leisure | -2 bps | 4.96% | 4.98% |
| 3 | Construction & Building | 1 bps | 4.58% | 4.57% |
| 4 | Chemicals, Plastics & Rubber | 6 bps | 5.01% | 4.95% |
| 5 | Energy: Electricity | 6 bps | 7.79% | 7.73% |
| 6 | Utilities: Oil & Gas | 6 bps | 5.05% | 4.99% |
| 7 | Services: Consumer | 8 bps | 6.16% | 6.08% |
| 8 | Telecommunications | 8 bps | 4.57% | 4.48% |
| 9 | Aerospace & Defense | 9 bps | 5.25% | 5.16% |
| 10 | Automotive | 10 bps | 4.87% | 4.77% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 3/8/24 – 3/15/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Real Estate | 55 bps | 7.57% | 7.02% |
| 2 | Energy: Oil & Gas | 34 bps | 5.11% | 4.77% |
| 3 | Transportation: Consumer | 28 bps | 5.41% | 5.14% |
| 4 | Transportation: Cargo | 25 bps | 5.14% | 4.89% |
| 5 | Metals & Mining | 23 bps | 5.30% | 5.07% |
| 6 | Environmental Industries | 22 bps | 4.91% | 4.69% |
| 7 | Utilities: Water | 20 bps | 4.80% | 4.60% |
| 8 | Wholesale | 19 bps | 5.20% | 5.01% |
| 9 | Finance | 18 bps | 4.90% | 4.72% |
| 10 | Consumer Goods: Non-Durable | 18 bps | 4.73% | 4.55% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/8/24 – 3/15/24 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 3/8/24 – 3/15/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/8/24 vs. the week ending 3/15/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SAVE 8 9/20/2025 144A | 8.00% | 09/20/25 | 132 | 268 | 136 | 103% |
| 2 | UBS 4.282 1/9/2028 REGS | 4.28% | 01/09/28 | 104 | 185 | 81 | 78% |
| 3 | PTTEPT 6.35 6/12/2042 REGS | 6.35% | 06/12/42 | 125 | 196 | 71 | 57% |
| 4 | HYNMTR 2.75 9/27/2026 REGS | 2.75% | 09/27/26 | 152 | 221 | 69 | 45% |
| 5 | SWEDA 6.136 9/12/2026 144A | 6.14% | 09/12/26 | 119 | 180 | 61 | 51% |
| 6 | PRU 6.5 10/15/2037 | 6.50% | 10/15/37 | 28 | 84 | 56 | 200% |
| 7 | SOCGEN 4.75 11/24/2025 144A | 4.75% | 11/24/25 | 105 | 160 | 55 | 52% |
| 8 | UBS 4.125 4/15/2026 144A | 4.13% | 04/15/26 | 114 | 166 | 52 | 46% |
| 9 | UBS 4.125 9/24/2025 144A | 4.13% | 09/24/25 | 124 | 175 | 51 | 41% |
| 10 | BNP 4.375 5/12/2026 144A | 4.38% | 05/12/26 | 119 | 170 | 51 | 43% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 3/8/24 – 3/15/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | ORCL 4.9 2/6/2033 | 4.90% | 02/06/33 | 41 |
| 2 | CSCO 5.05 2/26/2034 | 5.05% | 02/26/34 | 41 |
| 3 | CSCO 4.85 2/26/2029 | 4.85% | 02/26/29 | 41 |
| 4 | CSCO 4.95 2/26/2031 | 4.95% | 02/26/31 | 40 |
| 5 | CSCO 4.8 2/26/2027 | 4.80% | 02/26/27 | 39 |
| 6 | CSCO 5.3 2/26/2054 | 5.30% | 02/26/54 | 39 |
| 7 | CSCO 5.35 2/26/2064 | 5.35% | 02/26/64 | 38 |
| 8 | ABBV 5.05 3/15/2034 | 5.05% | 03/15/34 | 38 |
| 9 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 38 |
| 10 | HSBC 8 PERP | 8.00% | 09/07/99 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 3/8/24 – 3/15/24 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 3/8/24 – 3/15/24
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