Investment Grade Corporate Bond Market Summary – Week Ending 5/3/24
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Investment Grade Corporate Bond Market Summary: Week Ending 5/3/24
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 5/3/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Ohio Power Co. (USD) 5.65% 6/1/2034 | Senior Notes | 350 | 99.789 | 5.68 | 110 |
| Ryder System Inc. (USD) 5.5% 6/1/2029 | Senior Unsecured MTN | 300 | 99.672 | 5.57 | 93 |
| DTE Energy Co. (USD) 5.85% 6/1/2034 | Senior Note, To Be Issued | 850 | 99.925 | 5.86 | 125 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 4/26/24 – 5/3/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LNGFOR 3.85 1/13/2032 | 3.85% | 01/00/00 | 14.17% | 56.00 | 49.05 | 23 |
| 2 | VNKRLE 3.15 5/12/2025 | 3.15% | 01/00/00 | 6.80% | 67.02 | 62.75 | 20 |
| 3 | OPI 4.5 2/1/2025 | 4.50% | 01/00/00 | 6.26% | 82.40 | 77.55 | 26 |
| 4 | CHJMAO 4.25 7/23/2029 | 4.25% | 01/00/00 | 5.22% | 70.13 | 66.65 | 21 |
| 5 | NYPRES 2.606 8/1/2060 | 2.61% | 01/00/00 | 5.01% | 54.46 | 51.86 | 7 |
| 6 | SIVB 3.5 1/29/2025 | 3.50% | 01/00/00 | 4.98% | 66.54 | 63.38 | 13 |
| 7 | COF 3.95 PERP | 7.34% | NULL | 4.92% | 90.05 | 85.83 | 21 |
| 8 | SHUION 5.5 6/29/2026 | 5.50% | 01/00/00 | 4.74% | 61.84 | 59.04 | 19 |
| 9 | SBNY 4.125 11/1/2029 | 4.13% | 01/00/00 | 4.42% | 55.95 | 53.58 | 16 |
| 10 | GLPCHI 2.95 3/29/2026 | 2.95% | 01/00/00 | 4.33% | 83.70 | 80.23 | 19 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 4/26/24 – 5/3/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PRFINE 9.375 7/15/2028 REGS | 9.38% | 07/15/28 | -3.53% | 100.97 | 104.67 | 14 |
| 2 | EMTESA 5.125 5/2/2049 144A | 5.13% | 05/02/49 | -2.77% | 68.60 | 70.55 | 7 |
| 3 | CORHEA 2.9753 3/31/2040 | 2.98% | 03/31/40 | -2.01% | 209.51 | 213.80 | 4 |
| 4 | BCONAL 2.5 8/11/2030 REGS | 2.50% | 08/11/30 | -1.54% | 74.83 | 76.00 | 3 |
| 5 | HEIBOS 0.75 9/6/2029 | 0.75% | 09/06/29 | -1.46% | 72.52 | 73.59 | 24 |
| 6 | IMAIM FLT 4/15/2029 REGS | 0.00% | 04/15/29 | -1.39% | 100.31 | 101.73 | 9 |
| 7 | MEX 5.625 3/19/2014 | 5.63% | 03/19/14 | -1.32% | 75.27 | 76.28 | 3 |
| 8 | AEGON FLT PERP | 2.71% | NULL | -1.24% | 82.96 | 84.00 | 10 |
| 9 | CKINF 4.85 PERP | 4.85% | NULL | -1.10% | 76.32 | 77.17 | 11 |
| 10 | SESGFP 4 5/31/2027 | 4.00% | 05/31/27 | -1.08% | 97.61 | 98.68 | 4 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 4/26/24 – 5/3/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | 0 | -247 bps | 6.94% | 9.41% |
| 2 | Sovereign & Public Finance | -28 bps | 4.65% | 4.93% |
| 3 | Metals & Mining | -25 bps | 5.41% | 5.66% |
| 4 | Real Estate | -24 bps | 6.80% | 7.04% |
| 5 | Containers, Packaging, & Glass | -21 bps | 5.88% | 6.10% |
| 6 | Banking | -21 bps | 4.94% | 5.16% |
| 7 | Chemicals, Plastics & Rubber | -21 bps | 5.19% | 5.40% |
| 8 | Finance | -20 bps | 5.15% | 5.35% |
| 9 | Transportation: Consumer | -20 bps | 5.48% | 5.68% |
| 10 | Aerospace & Defense | -19 bps | 5.51% | 5.71% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 4/26/24 – 5/3/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | 21 bps | 5.29% | 5.08% |
| 2 | Media: Advertising, Printing & Publishing | 20 bps | 8.44% | 8.25% |
| 3 | Energy: Electricity | 13 bps | 6.64% | 6.51% |
| 4 | Telecommunications | 1 bps | 5.07% | 5.06% |
| 5 | Utilities: Water | -2 bps | 4.85% | 4.87% |
| 6 | Capital Equipment | -9 bps | 4.65% | 4.74% |
| 7 | Automotive | -9 bps | 5.12% | 5.21% |
| 8 | Forest Products & Paper | -9 bps | 5.10% | 5.20% |
| 9 | Construction & Building | -9 bps | 4.69% | 4.78% |
| 10 | Utilities: Oil & Gas | -9 bps | 5.16% | 5.25% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 4/26/24 – 5/3/24 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 4/26/24 – 5/3/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 4/26/24 vs. the week ending 5/3/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | EDC 4.125 2/13/2029 | 4.13% | 02/13/29 | 50 | 105 | 55 | 110% |
| 2 | THAMES 1.681 7/11/2055 | 1.68% | 07/11/55 | 24 | 70 | 46 | 192% |
| 3 | HEIBOS 0.75 9/6/2029 | 0.75% | 09/06/29 | 194 | 240 | 46 | 24% |
| 4 | GXO 2.65 7/15/2031 | 2.65% | 07/15/31 | 93 | 139 | 46 | 49% |
| 5 | BALDER 1.375 5/24/2030 | 1.38% | 05/24/30 | 204 | 250 | 46 | 23% |
| 6 | BALDER 1 1/20/2029 | 1.00% | 01/20/29 | 204 | 250 | 46 | 23% |
| 7 | C FLT 4/30/2026 | 0.00% | 04/30/26 | 36 | 80 | 44 | 122% |
| 8 | MIZUHO 4.353 10/20/2025 REGS | 4.35% | 10/20/25 | 150 | 194 | 44 | 29% |
| 9 | DOC 5.25 12/15/2032 | 5.25% | 12/15/32 | 86 | 129 | 43 | 50% |
| 10 | CPIPGR 2.75 5/12/2026 | 2.75% | 05/12/26 | 244 | 284 | 40 | 16% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 4/26/24 – 5/3/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MUFG 5.426 4/17/2035 | 5.43% | 04/17/35 | 41 |
| 2 | HSBC 8 PERP | 8.00% | 09/07/99 | 39 |
| 3 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 37 |
| 4 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 37 |
| 5 | MUFG 8.2 PERP | 8.20% | 07/15/99 | 37 |
| 6 | HSBC 4.6 PERP | 4.60% | NULL | 37 |
| 7 | DE 5.1 4/11/2034 | 5.10% | 04/11/34 | 37 |
| 8 | MUFG 5.258 4/17/2030 | 5.26% | 04/17/30 | 37 |
| 9 | HSBC 4 PERP | 4.00% | NULL | 36 |
| 10 | HSBC 4.7 PERP | 4.70% | NULL | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 4/26/24 – 5/3/24 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 4/26/24 – 5/3/24
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