Investment Grade Corporate Bond Market Summary – Week Ending 3/28/24
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Investment Grade Corporate Bond Market Summary: Week Ending 3/28/24
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 3/28/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| St Marys Cement Inc (USD) 5.75% 4/2/2034 | Senior Notes | 500 | 98.909 | 5.9 | 170 |
| Toronto-Dominion Bank (USD) 4.994% 4/5/2029 | Senior Notes | 900 | 100 | 4.99 | 78 |
| Glencore Funding LLC (USD) 5.893% 4/4/2054 | Senior Notes | 500 | 100 | 5.89 | 150 |
| Sammons Financial Group (USD) 6.875% 4/15/2034 | Senior Unsecured Notes | 750 | 99.779 | 6.91 | 265 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 3/22/24 – 3/28/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LNGFOR 3.375 4/13/2027 | 3.38% | 04/13/27 | 15.58% | 64.16 | 55.51 | 24 |
| 2 | GARUDA 6.5 12/28/2031 | 6.50% | 12/28/31 | 5.98% | 58.16 | 54.88 | 4 |
| 3 | LNC FLT 4/20/2067 | 7.61% | 04/20/67 | 4.04% | 76.89 | 73.91 | 12 |
| 4 | CMCSA 2.45 8/15/2052 | 2.45% | 08/15/52 | 2.78% | 59.21 | 57.61 | 26 |
| 5 | RTX 2.82 9/1/2051 | 2.82% | 09/01/51 | 2.45% | 63.85 | 62.32 | 20 |
| 6 | BACR 6.036 3/12/2055 | 6.04% | 03/12/55 | 2.43% | 104.25 | 101.78 | 30 |
| 7 | RESFER 4.83 3/25/2060 | 4.83% | 03/25/60 | 2.43% | 97.20 | 94.90 | 4 |
| 8 | SRE 5.6 4/1/2054 | 5.60% | 04/01/54 | 2.39% | 100.36 | 98.02 | 20 |
| 9 | ROSW 2.607 12/13/2051 144A | 2.61% | 12/13/51 | 2.33% | 63.90 | 62.45 | 23 |
| 10 | ATH 6.25 4/1/2054 | 6.25% | 04/01/54 | 2.26% | 101.68 | 99.43 | 23 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 3/22/24 – 3/28/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | THAMES 2.875 5/3/2027 | 2.88% | 05/03/27 | -11.00% | 69.46 | 78.04 | 18 |
| 2 | HEIMST 4.25 3/9/2026 | 4.25% | 03/09/26 | -4.80% | 64.34 | 67.59 | 17 |
| 3 | LASUDE 5 7/28/2026 | 5.00% | 07/28/26 | -4.77% | 60.86 | 63.91 | 14 |
| 4 | QNBK 1.71 7/21/2026 | 1.71% | 07/21/26 | -4.36% | 92.03 | 96.22 | 5 |
| 5 | PANAMA 3.87 7/23/2060 | 3.87% | 07/23/60 | -3.08% | 57.65 | 59.48 | 20 |
| 6 | FUNOTR 6.39 1/15/2050 REGS | 6.39% | 01/15/50 | -2.48% | 81.47 | 83.55 | 10 |
| 7 | PARA 4.9 8/15/2044 | 4.90% | 08/15/44 | -2.27% | 71.03 | 72.68 | 23 |
| 8 | SBBBSS 1 8/12/2027 | 1.00% | 08/12/27 | -2.09% | 66.48 | 67.90 | 20 |
| 9 | LBBW 4 PERP | 4.00% | NULL | -2.03% | 86.42 | 88.21 | 20 |
| 10 | UPLLIN 4.625 6/16/2030 | 4.63% | 06/16/30 | -2.00% | 80.20 | 81.84 | 26 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 3/22/24 – 3/28/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | -317 bps | 3.14% | 6.31% |
| 2 | Transportation: Consumer | -143 bps | 3.72% | 5.15% |
| 3 | 0 | -94 bps | 5.55% | 6.49% |
| 4 | Utilities: Oil & Gas | -89 bps | 4.02% | 4.91% |
| 5 | Construction & Building | -84 bps | 3.59% | 4.43% |
| 6 | Aerospace & Defense | -79 bps | 4.44% | 5.23% |
| 7 | Services: Business | -76 bps | 3.39% | 4.14% |
| 8 | Consumer Goods: Non-Durable | -71 bps | 4.01% | 4.72% |
| 9 | Utilities: Electric | -68 bps | 4.02% | 4.70% |
| 10 | Utilities: Water | -65 bps | 3.88% | 4.53% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 3/22/24 – 3/28/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Real Estate | 447 bps | 12.04% | 7.58% |
| 2 | Containers, Packaging, & Glass | 39 bps | 5.99% | 5.60% |
| 3 | Media: Broadcasting & Subscription | 36 bps | 5.34% | 4.98% |
| 4 | Sovereign & Public Finance | 0 bps | 4.45% | 4.45% |
| 5 | Wholesale | -6 bps | 5.07% | 5.13% |
| 6 | Chemicals, Plastics & Rubber | -9 bps | 4.78% | 4.88% |
| 7 | Metals & Mining | -10 bps | 5.07% | 5.17% |
| 8 | Environmental Industries | -14 bps | 4.67% | 4.81% |
| 9 | Automotive | -17 bps | 4.67% | 4.84% |
| 10 | Telecommunications | -25 bps | 4.31% | 4.56% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/22/24 – 3/28/24 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 3/22/24 – 3/28/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/22/24 vs. the week ending 3/28/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | LLOYDS 4.5 3/18/2030 | 4.50% | 03/18/30 | 25 | 138 | 113 | 452% |
| 2 | TENCNT 3.975 4/11/2029 144A | 3.98% | 04/11/29 | 141 | 239 | 98 | 70% |
| 3 | CBAAU 5.837 3/13/2034 REGS | 5.84% | 03/13/34 | 246 | 337 | 91 | 37% |
| 4 | KEDRIM 6.5 9/1/2029 REGS | 6.50% | 09/01/29 | 36 | 126 | 90 | 250% |
| 5 | KDP 5.3 3/15/2034 | 5.30% | 03/15/34 | 262 | 349 | 87 | 33% |
| 6 | LIBMUT 2.75 5/4/2026 REGS | 2.75% | 05/04/26 | 21 | 105 | 84 | 400% |
| 7 | TENCNT 3.8 2/11/2025 144A | 3.80% | 02/11/25 | 110 | 187 | 77 | 70% |
| 8 | BLK 5.25 3/14/2054 | 5.25% | 03/14/54 | 197 | 273 | 76 | 39% |
| 9 | DE 4.95 3/6/2026 | 4.95% | 03/06/26 | 182 | 256 | 74 | 41% |
| 10 | BBVASM 5.381 3/13/2029 | 5.38% | 03/13/29 | 217 | 290 | 73 | 34% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 3/22/24 – 3/28/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | CSCO 5.05 2/26/2034 | 5.05% | 02/26/34 | 40 |
| 2 | ABBV 5.05 3/15/2034 | 5.05% | 03/15/34 | 39 |
| 3 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 38 |
| 4 | MUFG 8.2 PERP | 8.20% | 07/15/99 | 38 |
| 5 | CSCO 5.3 2/26/2054 | 5.30% | 02/26/54 | 38 |
| 6 | ORCL 4.9 2/6/2033 | 4.90% | 02/06/33 | 38 |
| 7 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 37 |
| 8 | HSBC 8 PERP | 8.00% | 09/07/99 | 37 |
| 9 | AAPL 4.3 5/10/2033 | 4.30% | 05/10/33 | 36 |
| 10 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 3/22/24 – 3/28/24 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 3/22/24 – 3/28/24
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