Investment Grade Corporate Bond Market Summary – Week Ending 7/19/24
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Investment Grade Corporate Bond Market Summary: Week Ending 7/19/24
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 7/19/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Prologis LP (USD) 5% 1/31/2035 | Senior Notes | 700 | 98.856 | 5.14 | 95 |
| Mitsubishi HC Capital Inc. (USD) 5.15% 10/24/2029 | Senior Notes | 500 | 99.885 | 5.18 | 110 |
| Oaktree Strategic Credit Fund (USD) 6.5% 7/23/2029 | Senior Unsecured Notes | 400 | 99.408 | 6.64 | 255 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 7/12/24 – 7/19/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SGN 2.066 10/21/2025 | 2.07% | 10/21/25 | 5.27% | 199.70 | 189.70 | 6 |
| 2 | NANFUN 5 PERP | 5.00% | NULL | 4.19% | 69.56 | 66.77 | 12 |
| 3 | HPP 4.65 4/1/2029 | 4.65% | 04/01/29 | 3.89% | 81.01 | 77.98 | 24 |
| 4 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | 3.70% | 74.72 | 72.06 | 20 |
| 5 | BRITEL 3.5 4/25/2025 | 3.50% | 04/25/25 | 3.15% | 230.32 | 223.30 | 8 |
| 6 | MTB 3.5 PERP | 3.50% | NULL | 2.99% | 86.48 | 83.98 | 19 |
| 7 | HYSAN 4.85 PERP | 4.85% | NULL | 2.94% | 69.79 | 67.80 | 13 |
| 8 | GYCGR 1.5 PERP | 1.50% | NULL | 2.59% | 71.33 | 69.53 | 16 |
| 9 | SO 5.5 3/15/2041 | 5.50% | 03/15/41 | 2.47% | 99.54 | 97.14 | 10 |
| 10 | SBNY 4 10/15/2030 | 4.00% | 10/15/30 | 2.34% | 53.97 | 52.74 | 14 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 7/12/24 – 7/19/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | UKRAIL 1.9618 12/1/2025 | 1.96% | 12/01/25 | -11.17% | 169.98 | 191.36 | 4 |
| 2 | THAMES 4 6/19/2025 | 4.00% | 06/19/25 | -7.25% | 79.49 | 85.70 | 21 |
| 3 | SAVE 8 9/20/2025 144A | 8.00% | 09/20/25 | -5.84% | 64.69 | 68.70 | 23 |
| 4 | WBD 5.391 3/15/2062 | 5.39% | 03/15/62 | -5.62% | 74.97 | 79.43 | 30 |
| 5 | MEX 3.75 4/19/2071 | 3.75% | 04/19/71 | -2.84% | 60.41 | 62.18 | 21 |
| 6 | PANAMA 4.5 1/19/2063 | 4.50% | 01/19/63 | -2.49% | 63.64 | 65.26 | 19 |
| 7 | PARA 5.25 4/1/2044 | 5.25% | 04/01/44 | -2.45% | 76.51 | 78.43 | 20 |
| 8 | PETRPE 5.625 6/19/2047 REGS | 5.63% | 06/19/47 | -2.18% | 61.79 | 63.17 | 21 |
| 9 | FBC 4.125 11/1/2030 | 4.13% | 11/01/30 | -1.90% | 83.04 | 84.65 | 9 |
| 10 | WBA 4.4 9/15/2042 | 4.40% | 09/15/42 | -1.85% | 75.69 | 77.12 | 19 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 7/12/24 – 7/19/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Real Estate | -93 bps | 6.02% | 6.95% |
| 2 | Energy: Electricity | -46 bps | 11.51% | 11.97% |
| 3 | Utilities: Water | -25 bps | 4.50% | 4.75% |
| 4 | Transportation: Consumer | -21 bps | 4.99% | 5.20% |
| 5 | Aerospace & Defense | -18 bps | 5.08% | 5.25% |
| 6 | Forest Products & Paper | -17 bps | 4.56% | 4.73% |
| 7 | Construction & Building | -16 bps | 4.58% | 4.74% |
| 8 | Media: Broadcasting & Subscription | -16 bps | 4.95% | 5.11% |
| 9 | Finance | -13 bps | 5.53% | 5.66% |
| 10 | Services: Business | -13 bps | 4.00% | 4.12% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 7/12/24 – 7/19/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Consumer Goods: Non-Durable | 10 bps | 4.78% | 4.68% |
| 2 | Banking | 1 bps | 4.82% | 4.80% |
| 3 | Environmental Industries | 1 bps | 4.77% | 4.76% |
| 4 | Retail | 0 bps | 5.03% | 5.03% |
| 5 | Beverage, Food & Tobacco | -1 bps | 4.38% | 4.39% |
| 6 | Transportation: Cargo | -1 bps | 4.82% | 4.82% |
| 7 | Containers, Packaging, & Glass | -1 bps | 5.63% | 5.64% |
| 8 | Hotel, Gaming & Leisure | -2 bps | 4.83% | 4.84% |
| 9 | Consumer Goods: Durable | -2 bps | 4.31% | 4.33% |
| 10 | Metals & Mining | -2 bps | 5.12% | 5.14% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 7/12/24 – 7/19/24 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 7/12/24 – 7/19/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 7/12/24 vs. the week ending 7/19/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | NOMURA FLT 7/2/2027 | #VALUE! | 07/02/27 | 111 | 174 | 63 | 57% |
| 2 | MQGAU FLT 7/2/2027 REGS | #VALUE! | 07/02/27 | 84 | 147 | 63 | 75% |
| 3 | MS 2.802 1/25/2052 | 2.80% | 01/25/52 | 15 | 70 | 55 | 367% |
| 4 | MS FLT 5/26/2028 | 6.20% | 05/26/28 | 75 | 128 | 53 | 71% |
| 5 | EPD 3.3 2/15/2053 | 3.30% | 02/15/53 | 258 | 308 | 50 | 19% |
| 6 | HKINTL 2.9 2/7/2026 | 2.90% | 02/07/26 | 20 | 68 | 48 | 240% |
| 7 | BIDU 4.125 6/30/2025 | 4.13% | 06/30/25 | 172 | 218 | 46 | 27% |
| 8 | INDON 4.625 4/15/2043 REGS | 4.63% | 04/15/43 | 184 | 230 | 46 | 25% |
| 9 | CM FLT 6/28/2027 | 6.28% | 06/28/27 | 47 | 92 | 45 | 96% |
| 10 | CARR 2.722 2/15/2030 | 2.72% | 02/15/30 | 194 | 238 | 44 | 23% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 7/12/24 – 7/19/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | HSBC 8 PERP | 8.00% | 09/07/99 | 39 |
| 2 | ENBCN 5.625 4/5/2034 | 5.63% | 04/05/34 | 37 |
| 3 | MUFG 8.2 PERP | 8.20% | 07/15/99 | 37 |
| 4 | WBD 4.279 3/15/2032 | 4.28% | 03/15/32 | 36 |
| 5 | T 5.4 2/15/2034 | 5.40% | 02/15/34 | 36 |
| 6 | HSBC 4.7 PERP | 4.70% | NULL | 36 |
| 7 | TOYOTA 4.8 1/5/2034 | 4.80% | 01/05/34 | 36 |
| 8 | ENBCN 5.95 4/5/2054 | 5.95% | 04/05/54 | 36 |
| 9 | HSBC 4.6 PERP | 4.60% | NULL | 36 |
| 10 | ET 6.05 9/1/2054 | 6.05% | 09/01/54 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 7/12/24 – 7/19/24 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 7/12/24 – 7/19/24
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