Investment Grade Corporate Bond Market Summary – Week Ending 5/17/24
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Investment Grade Corporate Bond Market Summary: Week Ending 5/17/24
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 5/17/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Apollo Global Mgmt Inc. (USD) 5.8% 5/21/2054 | Senior Notes | 750 | 100 | 5.8 | 128 |
| MPLX LP (USD) 5.5% 6/1/2034 | Senior Notes | 1650 | 98.778 | 5.66 | 130 |
| BP Capital Markets PLC (USD) 5.227% 11/17/2034 | Guaranteed Notes | 1000 | 100 | 5.23 | 88 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 5/10/24 – 5/17/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | VNKRLE 3.975 11/9/2027 | 3.98% | 11/09/27 | 28.62% | 63.58 | 49.43 | 21 |
| 2 | LNGFOR 3.85 1/13/2032 | 3.85% | 01/13/32 | 12.18% | 64.07 | 57.11 | 22 |
| 3 | HEIMST 4.375 3/6/2027 | 4.38% | 03/06/27 | 10.24% | 70.39 | 63.85 | 18 |
| 4 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | 9.26% | 68.57 | 62.76 | 19 |
| 5 | ADJGR 4.25 7/31/2025 | 4.25% | 07/31/25 | 6.74% | 95.34 | 89.33 | 18 |
| 6 | MULHEA 2.803 8/15/2050 | 2.80% | 08/15/50 | 5.36% | 61.17 | 58.06 | 3 |
| 7 | CHJMAO 4.25 7/23/2029 | 4.25% | 07/23/29 | 5.12% | 73.96 | 70.36 | 22 |
| 8 | ETLFP 1.5 10/13/2028 | 1.50% | 10/13/28 | 4.69% | 79.41 | 75.85 | 18 |
| 9 | CMS 3.1 8/15/2050 | 3.10% | 08/15/50 | 4.48% | 70.63 | 67.60 | 15 |
| 10 | UPLLIN 4.625 6/16/2030 | 4.63% | 06/16/30 | 4.45% | 82.64 | 79.11 | 26 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 5/10/24 – 5/17/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TENN 0.5 11/30/2040 | 0.50% | 11/30/40 | -15.54% | 68.30 | 80.87 | 20 |
| 2 | CITCON 4.496 PERP | 7.38% | NULL | -3.42% | 81.89 | 84.79 | 14 |
| 3 | GARUDA 6.5 12/29/2031 | 6.50% | 12/29/31 | -2.95% | 60.35 | 62.19 | 8 |
| 4 | CIXCN 3.2 12/17/2030 | 3.20% | 12/17/30 | -2.29% | 78.92 | 80.76 | 11 |
| 5 | FRF 8.5 10/15/2057 144A | 8.50% | 10/15/57 | -2.15% | 97.33 | 99.47 | 3 |
| 6 | CZGB 1.5 4/24/2040 | 1.50% | 04/24/40 | -1.89% | 68.84 | 70.17 | 2 |
| 7 | NATMUT 6.75 5/15/2037 | 6.75% | 05/15/37 | -1.66% | 98.87 | 100.55 | 10 |
| 8 | LLY 1.375 9/14/2061 | 1.38% | 09/14/61 | -1.43% | 54.83 | 55.63 | 14 |
| 9 | THAMES 7.75 4/30/2044 | 7.75% | 04/30/44 | -1.32% | 94.74 | 96.01 | 24 |
| 10 | SRC 3.2 2/15/2031 | 3.20% | 02/15/31 | -1.23% | 85.73 | 86.80 | 4 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 5/10/24 – 5/17/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | -24 bps | 4.43% | 4.67% |
| 2 | Aerospace & Defense | -15 bps | 5.31% | 5.46% |
| 3 | Services: Consumer | -14 bps | 6.07% | 6.21% |
| 4 | Hotel, Gaming & Leisure | -11 bps | 5.07% | 5.18% |
| 5 | Containers, Packaging, & Glass | -9 bps | 5.76% | 5.84% |
| 6 | High Tech Industries | -8 bps | 4.84% | 4.92% |
| 7 | Chemicals, Plastics & Rubber | -8 bps | 5.02% | 5.10% |
| 8 | Finance | -8 bps | 5.05% | 5.13% |
| 9 | Metals & Mining | -7 bps | 5.28% | 5.35% |
| 10 | Transportation: Cargo | -7 bps | 5.02% | 5.09% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 5/10/24 – 5/17/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | 47 bps | 5.14% | 4.67% |
| 2 | Real Estate | 24 bps | 7.89% | 7.64% |
| 3 | Energy: Electricity | 12 bps | 6.58% | 6.46% |
| 4 | Telecommunications | 8 bps | 4.95% | 4.88% |
| 5 | Energy: Oil & Gas | 5 bps | 5.34% | 5.29% |
| 6 | Services: Business | 4 bps | 4.25% | 4.21% |
| 7 | Construction & Building | 4 bps | 4.71% | 4.67% |
| 8 | Media: Advertising, Printing & Publishing | 1 bps | 8.40% | 8.39% |
| 9 | Forest Products & Paper | 1 bps | 4.99% | 4.98% |
| 10 | Retail | 1 bps | 5.21% | 5.20% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 5/10/24 – 5/17/24 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 5/10/24 – 5/17/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/10/24 vs. the week ending 5/17/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | WELLTR 2.517 2/7/2118 | 2.52% | 02/07/18 | 63 | 146 | 83 | 132% |
| 2 | ANZ FLT 3/18/2026 REGS | #VALUE! | 03/18/26 | 129 | 200 | 71 | 55% |
| 3 | BAC 2.831 10/24/2051 | 2.83% | 10/24/51 | 0 | 66 | 66 | #DIV/0! |
| 4 | PHILIP 5.045 6/6/2029 144A | 5.05% | 06/06/29 | 122 | 170 | 48 | 39% |
| 5 | MKL 4.15 9/17/2050 | 4.15% | 09/17/50 | 106 | 151 | 45 | 42% |
| 6 | JHUNIV 4.083 7/1/2053 | 4.08% | 07/01/53 | 60 | 104 | 44 | 73% |
| 7 | WM 4.15 7/15/2049 | 4.15% | 07/15/49 | 138 | 181 | 43 | 31% |
| 8 | BFFIM 5.875 PERP | 5.88% | NULL | 98 | 136 | 38 | 39% |
| 9 | ADVHEA 4.272 8/15/2048 | 4.27% | 08/15/48 | 37 | 71 | 34 | 92% |
| 10 | ACAFP 4 12/28/2033 | 4.00% | 12/28/33 | 5 | 39 | 34 | 680% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 5/10/24 – 5/17/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MUFG 5.426 4/17/2035 | 5.43% | 04/17/35 | 38 |
| 2 | HSBC 8 PERP | 8.00% | 09/07/99 | 38 |
| 3 | AMGN 5.25 3/2/2033 | 5.25% | 03/02/33 | 37 |
| 4 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 36 |
| 5 | HSBC 4.6 PERP | 4.60% | NULL | 36 |
| 6 | MUFG 8.2 PERP | 8.20% | 07/15/99 | 36 |
| 7 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 36 |
| 8 | SHBASS 4.75 PERP | 4.75% | NULL | 35 |
| 9 | HSBC 4 PERP | 4.00% | NULL | 35 |
| 10 | HSBC 4.7 PERP | 4.70% | NULL | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 5/10/24 – 5/17/24 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 5/10/24 – 5/17/24
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