Investment Grade Corporate Bond Market Summary – Week Ending 3/22/24
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Investment Grade Corporate Bond Market Summary: Week Ending 3/22/24
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 3/22/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| UnitedHealth Group Inc. (USD) 4.6% 4/15/2027 | Senior Notes | 500 | 99.303 | 4.85 | 37 |
| Leighton Finance LTD (USD) 7% 3/25/2034 | Senior Notes | 650 | 99.434 | 7.08 | 275 |
| Appalachian Power Co. (USD) 5.65% 4/1/2034 | Senior Notes | 400 | 99.695 | 5.69 | 135 |
| Anheuser-Busch Inbev Worldwide Inc. (USD) 5% 6/15/2034 | Senior Notes | 1000 | 99.596 | 5.05 | 75 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 3/15/24 – 3/22/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | AFFNTY 1.024 6/1/2033 | 1.02% | 06/01/33 | 37.55% | 94.61 | 68.78 | 2 |
| 2 | UU 0.01 12/9/2031 | 0.01% | 12/09/31 | 33.15% | 88.66 | 66.58 | 2 |
| 3 | EBRD 0 1/26/2026 | 0.00% | 01/26/26 | 6.82% | 52.22 | 48.89 | 3 |
| 4 | KSS 5.55 7/17/2045 | 5.55% | 07/17/45 | 4.96% | 71.48 | 68.10 | 24 |
| 5 | GYCGR 1.5 PERP | 1.50% | NULL | 4.57% | 62.35 | 59.62 | 14 |
| 6 | PARA 6.25 2/28/2057 | 6.25% | 02/28/57 | 4.16% | 86.98 | 83.51 | 19 |
| 7 | AES 4.375 5/31/2030 144A | 4.38% | 05/31/30 | 3.58% | 87.00 | 83.99 | 11 |
| 8 | NGGLN 1.8055 1/26/2039 | 1.81% | 01/26/39 | 3.05% | 183.07 | 177.65 | 4 |
| 9 | FISOMA 4.375 7/22/2031 REGS | 4.38% | 07/22/31 | 2.98% | 80.43 | 78.09 | 12 |
| 10 | RGA 0 12/15/2065 | 8.26% | 12/15/65 | 2.86% | 98.50 | 95.76 | 11 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 3/15/24 – 3/22/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | NEE 5.11 9/29/2057 144A | 5.11% | 09/29/57 | -6.18% | 78.18 | 83.33 | 3 |
| 2 | AGN 4.625 10/1/2042 | 4.63% | 10/01/42 | -5.73% | 68.37 | 72.52 | 2 |
| 3 | EQIX 3.4 2/15/2052 | 3.40% | 02/15/52 | -4.58% | 68.07 | 71.34 | 20 |
| 4 | T 7.12 7/15/2097 | 7.12% | 07/15/97 | -4.50% | 100.18 | 104.90 | 4 |
| 5 | LASUDE 5 7/28/2026 | 5.00% | 07/28/26 | -3.90% | 64.00 | 66.60 | 14 |
| 6 | RUSSIA 1.125 11/20/2027 | 1.13% | 11/20/27 | -3.88% | 57.91 | 60.25 | 5 |
| 7 | GE 4.418 11/15/2035 144A | 4.42% | 11/15/35 | -3.57% | 85.39 | 88.55 | 2 |
| 8 | ISPIM 6.06 5/23/2028 | 6.06% | 05/23/28 | -3.46% | 90.19 | 93.42 | 2 |
| 9 | ETRHWY 4.45 8/14/2031 | 4.45% | 08/14/31 | -3.34% | 94.19 | 97.45 | 2 |
| 10 | KMI 6.4 1/5/2036 | 6.40% | 01/05/36 | -3.20% | 101.48 | 104.83 | 2 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 3/15/24 – 3/22/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -134 bps | 6.43% | 7.77% |
| 2 | Real Estate | -102 bps | 6.57% | 7.60% |
| 3 | Healthcare & Pharmaceuticals | -53 bps | 4.56% | 5.09% |
| 4 | Services: Consumer | -44 bps | 5.71% | 6.15% |
| 5 | Utilities: Water | -27 bps | 4.51% | 4.78% |
| 6 | Transportation: Consumer | -23 bps | 5.16% | 5.39% |
| 7 | Forest Products & Paper | -23 bps | 4.56% | 4.79% |
| 8 | 0 | -22 bps | 6.49% | 6.70% |
| 9 | Chemicals, Plastics & Rubber | -19 bps | 4.90% | 5.09% |
| 10 | Retail | -16 bps | 4.99% | 5.15% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 3/15/24 – 3/22/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Containers, Packaging, & Glass | 28 bps | 5.63% | 5.35% |
| 2 | Media: Diversified & Production | 19 bps | 4.81% | 4.62% |
| 3 | Finance | 6 bps | 4.98% | 4.92% |
| 4 | Beverage, Food & Tobacco | 1 bps | 4.43% | 4.42% |
| 5 | Energy: Oil & Gas | 0 bps | 5.09% | 5.10% |
| 6 | Services: Business | -2 bps | 4.14% | 4.16% |
| 7 | Telecommunications | -2 bps | 4.55% | 4.57% |
| 8 | Banking | -4 bps | 4.79% | 4.82% |
| 9 | Hotel, Gaming & Leisure | -4 bps | 4.95% | 4.99% |
| 10 | Automotive | -4 bps | 4.84% | 4.88% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/15/24 – 3/22/24 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 3/15/24 – 3/22/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/15/24 vs. the week ending 3/22/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | LILAK 6.875 9/15/2027 | 6.88% | 09/15/27 | 42 | 120 | 78 | 186% |
| 2 | CMCSA 1.95 1/15/2031 | 1.95% | 01/15/31 | 204 | 273 | 69 | 34% |
| 3 | SANTAN 3.49 5/28/2030 | 3.49% | 05/28/30 | 158 | 213 | 55 | 35% |
| 4 | MUFG 2.559 2/25/2030 | 2.56% | 02/25/30 | 190 | 245 | 55 | 29% |
| 5 | RSG 3.05 3/1/2050 | 3.05% | 03/01/50 | 162 | 215 | 53 | 33% |
| 6 | UCGIM 0.325 1/19/2026 | 0.33% | 01/19/26 | 192 | 245 | 53 | 28% |
| 7 | MIZUHO 2.172 5/22/2032 | 2.17% | 05/22/32 | 182 | 235 | 53 | 29% |
| 8 | CMCSA 2.8 1/15/2051 | 2.80% | 01/15/51 | 193 | 245 | 52 | 27% |
| 9 | ISPIM 0.75 3/16/2028 | 0.75% | 03/16/28 | 204 | 255 | 51 | 25% |
| 10 | AMGN 3.15 2/21/2040 | 3.15% | 02/21/40 | 190 | 240 | 50 | 26% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 3/15/24 – 3/22/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | CSCO 5.05 2/26/2034 | 5.05% | 02/26/34 | 43 |
| 2 | CSCO 4.85 2/26/2029 | 4.85% | 02/26/29 | 42 |
| 3 | CSCO 5.3 2/26/2054 | 5.30% | 02/26/54 | 42 |
| 4 | ABBV 5.05 3/15/2034 | 5.05% | 03/15/34 | 41 |
| 5 | CSCO 4.8 2/26/2027 | 4.80% | 02/26/27 | 41 |
| 6 | CSCO 4.95 2/26/2031 | 4.95% | 02/26/31 | 40 |
| 7 | ABBV 4.8 3/15/2029 | 4.80% | 03/15/29 | 40 |
| 8 | ORCL 4.9 2/6/2033 | 4.90% | 02/06/33 | 40 |
| 9 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 40 |
| 10 | CSCO 5.35 2/26/2064 | 5.35% | 02/26/64 | 39 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 3/15/24 – 3/22/24 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 3/15/24 – 3/22/24
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