Investment Grade Corporate Bond Market Summary – Week Ending 10/4/24
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Investment Grade Corporate Bond Market Summary: Week Ending 10/4/24
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 10/4/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| F&G Annuities & Life Inc (USD) 6.25% 10/4/2034 | Senior Notes | 500 | 99.363 | 6.34 | 260 |
| Dell International LLC (USD) 4.85% 2/1/2035 | Senior Notes | 800 | 99.646 | 4.9 | 115 |
| Darden Restaurants Inc. (USD) 4.55% 10/15/2029 | Senior Notes | 350 | 99.811 | 4.59 | 102 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 9/27/24 – 10/4/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | 6.80% | 82.62 | 77.36 | 19 |
| 2 | HEIMST 6.75 PERP | 6.75% | NULL | 6.05% | 61.41 | 57.90 | 18 |
| 3 | GYCGR 5.901 PERP | 2.50% | NULL | 5.33% | 83.89 | 79.65 | 9 |
| 4 | LNGFOR 3.95 9/16/2029 | 3.95% | 09/16/29 | 4.54% | 75.94 | 72.64 | 20 |
| 5 | SKFBSS 0.25 2/15/2031 | 0.25% | 02/15/31 | 3.79% | 87.59 | 84.39 | 15 |
| 6 | CHJMAO 4.25 7/23/2029 | 4.25% | 07/23/29 | 3.74% | 82.74 | 79.75 | 20 |
| 7 | FARMER 5.454 10/15/2054 144A | 5.45% | 10/15/54 | 3.64% | 92.84 | 89.58 | 10 |
| 8 | TSINGH 4.75 1/31/2021 | 4.75% | 01/31/21 | 2.93% | 63.45 | 61.64 | 11 |
| 9 | VIVFP 1.125 12/11/2028 | 1.13% | 12/11/28 | 2.46% | 97.78 | 95.43 | 13 |
| 10 | SWSFIN 6.64 3/31/2026 | 6.64% | 03/31/26 | 2.39% | 90.97 | 88.85 | 14 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 9/27/24 – 10/4/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SAVE 8 9/20/2025 144A | 8.00% | 09/20/25 | -9.77% | 50.30 | 55.75 | 21 |
| 2 | BAYNGR 4.65 11/15/2043 144A | 4.65% | 11/15/43 | -4.84% | 80.71 | 84.81 | 8 |
| 3 | NOTHLL 4.375 2/20/2054 | 4.38% | 02/20/54 | -4.56% | 79.88 | 83.70 | 16 |
| 4 | ISRAEL 3.875 7/3/2050 | 3.88% | 07/03/50 | -4.46% | 69.74 | 73.00 | 19 |
| 5 | NOTHLL 3.25 10/12/2048 | 3.25% | 10/12/48 | -4.23% | 67.29 | 70.26 | 15 |
| 6 | ADGB 2.7 9/2/2070 REGS | 2.70% | 09/02/70 | -3.53% | 59.74 | 61.93 | 23 |
| 7 | HUM 5.75 4/15/2054 | 5.75% | 04/15/54 | -3.28% | 99.01 | 102.37 | 22 |
| 8 | KSA 3.45 2/2/2061 REGS | 3.45% | 02/02/61 | -3.18% | 66.02 | 68.19 | 26 |
| 9 | ARAMCO 3.5 11/24/2070 REGS | 3.50% | 11/24/70 | -3.14% | 65.22 | 67.33 | 26 |
| 10 | PMUL 3.8 4/29/2061 144A | 3.80% | 04/29/61 | -3.10% | 67.32 | 69.47 | 13 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 9/27/24 – 10/4/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Real Estate | -42 bps | 5.74% | 6.16% |
| 2 | Transportation: Consumer | -15 bps | 4.55% | 4.70% |
| 3 | Utilities: Water | -8 bps | 4.86% | 4.94% |
| 4 | Media: Diversified & Production | -7 bps | 4.14% | 4.21% |
| 5 | Metals & Mining | -6 bps | 4.63% | 4.69% |
| 6 | Telecommunications | -1 bps | 4.30% | 4.31% |
| 7 | Chemicals, Plastics & Rubber | -1 bps | 4.64% | 4.65% |
| 8 | Services: Business | 0 bps | 3.62% | 3.62% |
| 9 | Construction & Building | 0 bps | 4.27% | 4.26% |
| 10 | Media: Broadcasting & Subscription | 1 bps | 4.64% | 4.64% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 9/27/24 – 10/4/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Finance | 27 bps | 5.08% | 4.81% |
| 2 | Wholesale | 22 bps | 5.26% | 5.05% |
| 3 | Energy: Electricity | 18 bps | 12.38% | 12.20% |
| 4 | Aerospace & Defense | 17 bps | 4.82% | 4.65% |
| 5 | Consumer Goods: Non-Durable | 17 bps | 4.37% | 4.20% |
| 6 | Sovereign & Public Finance | 15 bps | 4.24% | 4.09% |
| 7 | Retail | 14 bps | 4.82% | 4.68% |
| 8 | Transportation: Cargo | 10 bps | 4.36% | 4.25% |
| 9 | Banking | 10 bps | 4.37% | 4.27% |
| 10 | Beverage, Food & Tobacco | 8 bps | 3.98% | 3.90% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 9/27/24 – 10/4/24 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 9/27/24 – 10/4/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 9/27/24 vs. the week ending 10/4/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | TURKWF 8.25 2/14/2029 | 8.25% | 02/14/29 | 118 | 199 | 81 | 69% |
| 2 | T 3.65 6/1/2051 | 3.65% | 06/01/51 | 226 | 300 | 74 | 33% |
| 3 | XOM 4.327 3/19/2050 | 4.33% | 03/19/50 | 240 | 300 | 60 | 25% |
| 4 | TAP 5 5/1/2042 | 5.00% | 05/01/42 | 216 | 270 | 54 | 25% |
| 5 | GLCCUK 3.512 3/31/2031 | 3.51% | 03/31/31 | 11 | 65 | 54 | 491% |
| 6 | KOREAT 4.221 7/12/2028 | 4.22% | 07/12/28 | 8 | 60 | 52 | 650% |
| 7 | MCD 1.6 3/15/2031 | 1.60% | 03/15/31 | 122 | 167 | 45 | 37% |
| 8 | DRI 3.85 5/1/2027 | 3.85% | 05/01/27 | 104 | 147 | 43 | 41% |
| 9 | RCICN 4.5 3/15/2043 | 4.50% | 03/15/43 | 160 | 200 | 40 | 25% |
| 10 | BAWAG 3.125 1/12/2029 | 3.13% | 01/12/29 | 39 | 79 | 40 | 103% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 9/27/24 – 10/4/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MUFG 8.2 PERP | 8.20% | 07/15/99 | 40 |
| 2 | TOYOTA 4.8 1/5/2034 | 4.80% | 01/05/34 | 38 |
| 3 | ENBCN 5.625 4/5/2034 | 5.63% | 04/05/34 | 38 |
| 4 | HSBC 8 PERP | 8.00% | 09/07/99 | 38 |
| 5 | ORCL 4.7 9/27/2034 | 4.70% | 09/27/34 | 38 |
| 6 | KMI 5.95 8/1/2054 | 5.95% | 08/01/54 | 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 | ET 5.6 9/1/2034 | 5.60% | 09/01/34 | 37 |
| 10 | OKE 5.05 11/1/2034 | 5.05% | 11/01/34 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 9/27/24 – 10/4/24 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 9/27/24 – 10/4/24
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