Investment Grade Corporate Bond Market Summary – Week Ending 5/31/24
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Investment Grade Corporate Bond Market Summary: Week Ending 5/31/24
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 5/31/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| EPCOR Utilities Inc. (CAD) 4.99% 5/31/2054 | Senior Notes | 250 | 100 | 4.99 | 143 |
| Owens Corning (USD) 5.95% 6/15/2054 | Senior Notes | 700 | 98.674 | 6.05 | 130 |
| Lloyds Banking Group PLC (USD) 5.721% 6/5/2030 | Senior Notes | 1500 | 100 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 5/24/24 – 5/31/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CITCON 4.496 PERP | 7.38% | NULL | 6.86% | 83.74 | 78.36 | 15 |
| 2 | ADJGR 4.25 7/31/2025 | 4.25% | 07/31/25 | 5.60% | 102.21 | 96.80 | 18 |
| 3 | MRO 5.2 6/1/2045 | 5.20% | 06/01/45 | 4.77% | 91.32 | 87.17 | 22 |
| 4 | DD 5.419 11/15/2048 | 5.42% | 11/15/48 | 3.54% | 98.97 | 95.58 | 28 |
| 5 | SIGB 3 8/1/2072 | 3.00% | 08/01/72 | 2.39% | 94.55 | 92.34 | 5 |
| 6 | RUSSIA 5.1 3/28/2035 REGS | 5.10% | 03/28/35 | 2.12% | 63.27 | 61.96 | 6 |
| 7 | THAMES 4.625 6/4/2046 | 4.63% | 06/04/46 | 1.65% | 73.87 | 72.67 | 21 |
| 8 | TRIOD 2.25 2/5/2032 | 2.25% | 02/05/32 | 1.50% | 88.61 | 87.30 | 9 |
| 9 | LASUDE 5 7/28/2026 | 5.00% | 07/28/26 | 1.45% | 66.37 | 65.43 | 16 |
| 10 | CCB 0 7/24/2024 | 0.00% | 07/24/24 | 1.38% | 99.51 | 98.15 | 4 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 5/24/24 – 5/31/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | -10.68% | 67.29 | 75.34 | 20 |
| 2 | KSS 5.55 7/17/2045 | 5.55% | 07/17/45 | -6.01% | 63.38 | 67.43 | 22 |
| 3 | VNKRLE 3.5 11/12/2029 | 3.50% | 11/12/29 | -4.94% | 61.74 | 64.95 | 25 |
| 4 | OZK 2.75 10/1/2031 | 2.75% | 10/01/31 | -4.70% | 78.45 | 82.32 | 4 |
| 5 | JD 0.25 6/1/2029 REGS | 0.25% | 06/01/29 | -4.04% | 98.25 | 102.38 | 4 |
| 6 | TGT 2.95 1/15/2052 | 2.95% | 01/15/52 | -3.94% | 63.86 | 66.48 | 22 |
| 7 | LNGFOR 3.85 1/13/2032 | 3.85% | 01/13/32 | -3.86% | 61.75 | 64.23 | 22 |
| 8 | BA 3.95 8/1/2059 | 3.95% | 08/01/59 | -3.40% | 62.32 | 64.51 | 22 |
| 9 | PETRPE 5.625 6/19/2047 REGS | 5.63% | 06/19/47 | -3.29% | 59.74 | 61.77 | 21 |
| 10 | WBD 4.65 5/15/2050 | 4.65% | 05/15/50 | -3.19% | 73.26 | 75.67 | 22 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 5/24/24 – 5/31/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Oil & Gas | -19 bps | 5.40% | 5.58% |
| 2 | Transportation: Cargo | -16 bps | 5.27% | 5.43% |
| 3 | Transportation: Consumer | -13 bps | 5.40% | 5.53% |
| 4 | Real Estate | -9 bps | 7.35% | 7.44% |
| 5 | Services: Business | -7 bps | 4.27% | 4.34% |
| 6 | Media: Diversified & Production | -6 bps | 4.79% | 4.85% |
| 7 | Utilities: Water | -6 bps | 4.95% | 5.01% |
| 8 | Aerospace & Defense | -5 bps | 5.43% | 5.49% |
| 9 | Utilities: Oil & Gas | -4 bps | 5.10% | 5.14% |
| 10 | Wholesale | -2 bps | 5.32% | 5.34% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 5/24/24 – 5/31/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Hotel, Gaming & Leisure | 273 bps | 7.82% | 5.09% |
| 2 | Services: Consumer | 18 bps | 6.28% | 6.10% |
| 3 | Beverage, Food & Tobacco | 16 bps | 4.76% | 4.60% |
| 4 | Consumer Goods: Non-Durable | 14 bps | 5.06% | 4.93% |
| 5 | 0 | 13 bps | 8.25% | 8.12% |
| 6 | Insurance | 12 bps | 5.24% | 5.12% |
| 7 | Construction & Building | 12 bps | 4.89% | 4.77% |
| 8 | Containers, Packaging, & Glass | 11 bps | 6.21% | 6.10% |
| 9 | Sovereign & Public Finance | 11 bps | 4.71% | 4.60% |
| 10 | Energy: Electricity | 9 bps | 12.48% | 12.39% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 5/24/24 – 5/31/24 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 5/24/24 – 5/31/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/24/24 vs. the week ending 5/31/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ENIIM 5.5 5/15/2034 REGS | 5.50% | 05/15/34 | 25 | 87 | 62 | 248% |
| 2 | WSTP FLT 4/16/2026 | #VALUE! | 04/16/26 | 137 | 191 | 54 | 39% |
| 3 | BPLN 5.227 11/17/2034 | 5.23% | 11/17/34 | 275 | 326 | 51 | 19% |
| 4 | CGB 2.45 3/15/2034 | 2.45% | 03/15/34 | 10 | 60 | 50 | 500% |
| 5 | ENIIM 5.95 5/15/2054 REGS | 5.95% | 05/15/54 | 125 | 172 | 47 | 38% |
| 6 | NEE 4.4 5/15/2028 | 4.40% | 05/15/28 | 228 | 268 | 40 | 18% |
| 7 | STANLN FLT 5/14/2028 REGS | #VALUE! | 05/14/28 | 108 | 148 | 40 | 37% |
| 8 | HKINTL 3.3 6/7/2033 | 3.30% | 06/07/33 | 40 | 79 | 39 | 98% |
| 9 | BMW 3.25 11/17/2028 | 3.25% | 11/17/28 | 159 | 198 | 39 | 25% |
| 10 | BNS 5.6 PERP | 0.00% | NULL | 2 | 40 | 38 | 1900% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 5/24/24 – 5/31/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MUFG 5.426 4/17/2035 | 5.43% | 04/17/35 | 38 |
| 2 | AMGN 5.25 3/2/2033 | 5.25% | 03/02/33 | 37 |
| 3 | HSBC 8 PERP | 8.00% | 09/07/99 | 37 |
| 4 | ENBCN 5.95 4/5/2054 | 5.95% | 04/05/54 | 36 |
| 5 | PFE 4.75 5/19/2033 | 4.75% | 05/19/33 | 36 |
| 6 | TOYOTA 4.8 1/5/2034 | 4.80% | 01/05/34 | 35 |
| 7 | BA 5.805 5/1/2050 | 5.81% | 05/01/50 | 35 |
| 8 | INTC 5.2 2/10/2033 | 5.20% | 02/10/33 | 35 |
| 9 | MUFG 5.258 4/17/2030 | 5.26% | 04/17/30 | 35 |
| 10 | CVS 5.4 6/1/2029 | 5.40% | 06/01/29 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 5/24/24 – 5/31/24 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 5/24/24 – 5/31/24
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