Investment Grade Corporate Bond Market Summary – Week Ending 4/19/24
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Investment Grade Corporate Bond Market Summary: Week Ending 4/19/24
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 4/19/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Johnson Controls International PLC (USD) 5.5% 4/19/2029 | Senior Notes | 700 | 99.737 | 5.56 | 87.5 |
| JPMorgan Chase & Co. (USD) 5.571% 4/22/2028 | Floating Rate Notes | 2500 | 100 | 5.57 | 80 |
| Wells Fargo & Co. (USD) 5.707% 4/22/2028 | Floating Rate Notes | 3250 | 100 | 5.71 | 95 |
| Eversource Energy (USD) 5.95% 7/15/2034 | Senior Notes | 700 | 99.723 | 5.99 | 135 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 4/12/24 – 4/19/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | THAMES 2.875 5/3/2027 | 2.88% | 05/03/27 | 5.26% | 60.57 | 57.54 | 18 |
| 2 | LIGTBZ 4.375 6/18/2026 REGS | 4.38% | 06/18/26 | 4.54% | 50.08 | 47.91 | 13 |
| 3 | BATSLN 4 11/23/2055 | 4.00% | 11/23/55 | 3.83% | 65.26 | 62.85 | 15 |
| 4 | PTTGC 4.3 3/18/2051 REGS | 4.30% | 03/18/51 | 3.59% | 76.19 | 73.54 | 18 |
| 5 | VLY 3 6/15/2031 | 3.00% | 06/15/31 | 2.16% | 75.54 | 73.95 | 8 |
| 6 | RABOBK 6.5 PERP | 6.50% | NULL | 1.76% | 106.25 | 104.41 | 19 |
| 7 | ADXSM 4.2 12/18/2027 | 4.20% | 12/18/27 | 1.74% | 78.11 | 76.77 | 6 |
| 8 | OWL 4.125 10/7/2051 144A | 4.13% | 10/07/51 | 1.38% | 67.28 | 66.37 | 12 |
| 9 | CP 2.45 12/2/2031 | 2.45% | 12/02/31 | 1.32% | 90.08 | 88.91 | 15 |
| 10 | SBBBSS 0.75 12/14/2028 | 0.75% | 12/14/28 | 0.88% | 59.66 | 59.13 | 20 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 4/12/24 – 4/19/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LNGFOR 3.95 9/16/2029 | 3.95% | 09/16/29 | -9.79% | 51.76 | 57.38 | 22 |
| 2 | VNKRLE 3.55 6/8/2025 | 3.55% | 06/08/25 | -7.94% | 58.00 | 63.00 | 2 |
| 3 | KSS 5.55 7/17/2045 | 5.55% | 07/17/45 | -4.64% | 66.50 | 69.73 | 21 |
| 4 | CMS 2.5 5/1/2060 | 2.50% | 05/01/60 | -4.45% | 53.33 | 55.82 | 19 |
| 5 | HAS 5.1 5/15/2044 | 5.10% | 05/15/44 | -4.25% | 83.41 | 87.11 | 12 |
| 6 | WBD 4 9/15/2055 | 4.00% | 09/15/55 | -4.09% | 63.29 | 65.99 | 22 |
| 7 | TIAAGL 4.9 9/15/2044 144A | 4.90% | 09/15/44 | -4.08% | 86.70 | 90.39 | 15 |
| 8 | DUK 3.35 6/1/2050 | 3.35% | 06/01/50 | -4.04% | 63.73 | 66.41 | 13 |
| 9 | PLNIJ 6.15 5/21/2048 REGS | 6.15% | 05/21/48 | -3.90% | 95.58 | 99.46 | 21 |
| 10 | LIN 1 9/30/2051 | 1.00% | 09/30/51 | -3.90% | 58.09 | 60.45 | 12 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 4/12/24 – 4/19/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | 0 | -237 bps | 7.16% | 9.53% |
| 2 | Insurance | 4 bps | 5.24% | 5.20% |
| 3 | Retail | 7 bps | 5.38% | 5.31% |
| 4 | Services: Consumer | 9 bps | 6.36% | 6.27% |
| 5 | Utilities: Oil & Gas | 9 bps | 5.22% | 5.13% |
| 6 | Utilities: Electric | 10 bps | 5.06% | 4.95% |
| 7 | Forest Products & Paper | 11 bps | 5.16% | 5.06% |
| 8 | Media: Advertising, Printing & Publishing | 11 bps | 8.13% | 8.03% |
| 9 | Transportation: Cargo | 11 bps | 5.26% | 5.15% |
| 10 | Utilities: Water | 11 bps | 4.88% | 4.77% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 4/12/24 – 4/19/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Oil & Gas | 37 bps | 5.45% | 5.08% |
| 2 | Energy: Electricity | 36 bps | 8.38% | 8.02% |
| 3 | Telecommunications | 29 bps | 5.07% | 4.78% |
| 4 | Metals & Mining | 29 bps | 5.47% | 5.18% |
| 5 | Banking | 29 bps | 5.21% | 4.93% |
| 6 | Media: Diversified & Production | 25 bps | 4.99% | 4.74% |
| 7 | Real Estate | 25 bps | 6.97% | 6.72% |
| 8 | Aerospace & Defense | 22 bps | 5.63% | 5.40% |
| 9 | Finance | 21 bps | 5.30% | 5.08% |
| 10 | Transportation: Consumer | 21 bps | 5.51% | 5.30% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 4/12/24 – 4/19/24 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 4/12/24 – 4/19/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 4/12/24 vs. the week ending 4/19/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | GZRFPR 6.5 7/11/2027 | 6.50% | 07/11/27 | 75 | 132 | 57 | 76% |
| 2 | GL 4.55 9/15/2028 | 4.55% | 09/15/28 | 113 | 168 | 55 | 49% |
| 3 | GL 4.8 6/15/2032 | 4.80% | 06/15/32 | 102 | 157 | 55 | 54% |
| 4 | TPR 7 11/27/2026 | 7.00% | 11/27/26 | 147 | 200 | 53 | 36% |
| 5 | TPR 4.125 7/15/2027 | 4.13% | 07/15/27 | 127 | 175 | 48 | 38% |
| 6 | GL 2.15 8/15/2030 | 2.15% | 08/15/30 | 98 | 146 | 48 | 49% |
| 7 | TPR 7.85 11/27/2033 | 7.85% | 11/27/33 | 229 | 277 | 48 | 21% |
| 8 | TPR 7.35 11/27/2028 | 7.35% | 11/27/28 | 189 | 234 | 45 | 24% |
| 9 | BAZFIN 0.074 5/16/2049 | 0.07% | 05/16/49 | 6 | 50 | 44 | 733% |
| 10 | BMW 4.9 4/2/2029 REGS | 4.90% | 04/02/29 | 178 | 222 | 44 | 25% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 4/12/24 – 4/19/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | CSCO 5.05 2/26/2034 | 5.05% | 02/26/34 | 39 |
| 2 | AMGN 5.25 3/2/2033 | 5.25% | 03/02/33 | 39 |
| 3 | CSCO 4.95 2/26/2031 | 4.95% | 02/26/31 | 38 |
| 4 | DE 5.1 4/11/2034 | 5.10% | 04/11/34 | 38 |
| 5 | MUFG 5.426 4/17/2035 | 5.43% | 04/17/35 | 38 |
| 6 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 38 |
| 7 | HSBC 8 PERP | 8.00% | 09/07/99 | 37 |
| 8 | T 5.4 2/15/2034 | 5.40% | 02/15/34 | 36 |
| 9 | ENBCN 5.95 4/5/2054 | 5.95% | 04/05/54 | 36 |
| 10 | MUFG 5.258 4/17/2030 | 5.26% | 04/17/30 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 4/12/24 – 4/19/24 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 4/12/24 – 4/19/24
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