Investment Grade Corporate Bond Market Summary – Week Ending 9/6/24
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Investment Grade Corporate Bond Market Summary: Week Ending 9/6/24
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 9/6/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Woodside Finance LTD (USD) 5.1% 9/12/2034 | Senior Notes | 1250 | 99.744 | 5.13 | 140 |
| Northwestern Mutual Life Insurance Co. (USD) 4.11% 9/12/2027 | Senior Notes | 600 | 99.997 | 4.11 | 50 |
| McKesson Corp. (USD) 4.25% 9/15/2029 | Senior Notes | 500 | 99.946 | 4.26 | 72 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 8/30/24 – 9/6/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | HEIMST 0 PERP | 9.18% | NULL | 10.42% | 55.12 | 49.92 | 5 |
| 2 | CITCON 3.625 PERP | 3.63% | NULL | 4.91% | 73.35 | 69.92 | 15 |
| 3 | FYBR 6.73 2/15/2028 | 6.73% | 02/15/28 | 4.47% | 103.16 | 98.74 | 9 |
| 4 | CWHARF 3.375 4/23/2028 144A | 3.38% | 04/23/28 | 4.46% | 82.95 | 79.41 | 3 |
| 5 | TEMASE 2.5 10/6/2070 144A | 2.50% | 10/06/70 | 4.14% | 67.23 | 64.55 | 6 |
| 6 | UNP 4.821 2/1/2044 | 4.82% | 02/01/44 | 4.05% | 94.24 | 90.57 | 7 |
| 7 | CRHID 4.4 5/9/2047 REGS | 4.40% | 05/09/47 | 3.98% | 87.82 | 84.45 | 3 |
| 8 | HKAA 3.5 1/12/2062 144A | 3.50% | 01/12/62 | 3.93% | 81.28 | 78.21 | 5 |
| 9 | UNICHI 4.003 10/1/2053 | 4.00% | 10/01/53 | 3.89% | 88.72 | 85.40 | 4 |
| 10 | UNP 4.75 12/15/2043 | 4.75% | 12/15/43 | 3.88% | 93.16 | 89.68 | 7 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 8/30/24 – 9/6/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | -8.15% | 70.11 | 76.33 | 19 |
| 2 | LNGFOR 3.85 1/13/2032 | 3.85% | 01/13/32 | -6.02% | 60.66 | 64.55 | 20 |
| 3 | VNKRLE 3.5 11/12/2029 | 3.50% | 11/12/29 | -5.53% | 50.50 | 53.46 | 21 |
| 4 | LASUDE 5 7/28/2026 | 5.00% | 07/28/26 | -4.64% | 68.60 | 71.93 | 15 |
| 5 | WBA 4.4 9/15/2042 | 4.40% | 09/15/42 | -4.31% | 67.56 | 70.60 | 14 |
| 6 | AWLN 1.141 8/1/2042 | 1.14% | 08/01/42 | -3.28% | 77.72 | 80.35 | 4 |
| 7 | TSIVMG 1.55 12/17/2029 | 1.55% | 12/17/29 | -2.30% | 54.54 | 55.83 | 4 |
| 8 | GLPCHI 2.95 3/29/2026 | 2.95% | 03/29/26 | -2.16% | 82.39 | 84.21 | 18 |
| 9 | UPLLIN 4.625 6/16/2030 | 4.63% | 06/16/30 | -2.09% | 83.06 | 84.84 | 23 |
| 10 | AWLN 5.75 6/7/2043 | 5.75% | 06/07/43 | -1.98% | 95.39 | 97.32 | 16 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 8/30/24 – 9/6/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Hotel, Gaming & Leisure | -357 bps | 4.55% | 8.12% |
| 2 | Energy: Electricity | -200 bps | 11.03% | 13.02% |
| 3 | Media: Diversified & Production | -50 bps | 3.99% | 4.50% |
| 4 | Transportation: Consumer | -41 bps | 4.61% | 5.01% |
| 5 | Aerospace & Defense | -32 bps | 4.55% | 4.87% |
| 6 | Consumer Goods: Non-Durable | -29 bps | 4.45% | 4.74% |
| 7 | Chemicals, Plastics & Rubber | -25 bps | 4.49% | 4.75% |
| 8 | Retail | -24 bps | 4.71% | 4.94% |
| 9 | Telecommunications | -22 bps | 4.29% | 4.50% |
| 10 | Beverage, Food & Tobacco | -20 bps | 3.93% | 4.14% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 8/30/24 – 9/6/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Metals & Mining | 13 bps | 4.67% | 4.54% |
| 2 | Services: Consumer | 11 bps | 4.81% | 4.70% |
| 3 | Sovereign & Public Finance | 8 bps | 4.07% | 3.99% |
| 4 | Wholesale | -2 bps | 5.24% | 5.26% |
| 5 | Banking | -3 bps | 4.39% | 4.41% |
| 6 | Utilities: Water | -8 bps | 4.86% | 4.93% |
| 7 | Insurance | -8 bps | 4.49% | 4.57% |
| 8 | Real Estate | -9 bps | 6.17% | 6.27% |
| 9 | Media: Broadcasting & Subscription | -11 bps | 4.75% | 4.86% |
| 10 | Automotive | -11 bps | 4.33% | 4.45% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 8/30/24 – 9/6/24 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 8/30/24 – 9/6/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 8/30/24 vs. the week ending 9/6/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | KSS 4.625 5/1/2031 | 4.63% | 05/01/31 | 84 | 158 | 74 | 88% |
| 2 | NSC 4.1 5/15/2121 | 4.10% | 05/15/21 | 90 | 147 | 57 | 63% |
| 3 | BNSF 4.55 9/1/2044 | 4.55% | 09/01/44 | 161 | 215 | 54 | 34% |
| 4 | ORCL 3.6 4/1/2050 | 3.60% | 04/01/50 | 239 | 290 | 51 | 21% |
| 5 | TELSEC FLT 12/10/2033 | 6.04% | 12/10/33 | 32 | 80 | 48 | 150% |
| 6 | WSTP 4.421 7/24/2039 | 4.42% | 07/24/39 | 180 | 225 | 45 | 25% |
| 7 | AMXLMM 5.75 6/28/2030 | 5.75% | 06/28/30 | 102 | 146 | 44 | 43% |
| 8 | ROSW 5.218 3/8/2054 144A | 5.22% | 03/08/54 | 165 | 209 | 44 | 27% |
| 9 | KNBZMK 5.2 3/26/2029 | 5.20% | 03/26/29 | 16 | 60 | 44 | 275% |
| 10 | AMGN 5.5 12/7/2026 | 5.50% | 12/07/26 | 98 | 140 | 42 | 43% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 8/30/24 – 9/6/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | KR 4.65 9/15/2029 | 4.65% | 09/15/29 | 39 |
| 2 | KR 5 9/15/2034 | 5.00% | 09/15/34 | 39 |
| 3 | HSBC 8 PERP | 8.00% | 09/07/99 | 39 |
| 4 | MUFG 8.2 PERP | 8.20% | 07/15/99 | 39 |
| 5 | HSBC 4.6 PERP | 4.60% | NULL | 37 |
| 6 | ENBCN 5.625 4/5/2034 | 5.63% | 04/05/34 | 37 |
| 7 | ENBCN 5.95 4/5/2054 | 5.95% | 04/05/54 | 37 |
| 8 | ET 6.05 9/1/2054 | 6.05% | 09/01/54 | 37 |
| 9 | KR 5.5 9/15/2054 | 5.50% | 09/15/54 | 37 |
| 10 | KR 4.9 9/15/2031 | 4.90% | 09/15/31 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 8/30/24 – 9/6/24 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 8/30/24 – 9/6/24
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