Investment Grade Corporate Bond Market Summary – Week Ending 10/11/24
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Investment Grade Corporate Bond Market Summary: Week Ending 10/11/24
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 10/11/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Toyota Motor Credit Corp. (USD) 4.6% 10/10/2031 | Senior Notes | 750 | 99.799 | 4.63 | 72 |
| CNH Industrial Capital LLC (USD) 4.5% 10/8/2027 | Senior Notes | 500 | 99.809 | 4.57 | 68 |
| BMW Canada Inc. (CAD) 3.99% 10/10/2028 | Senior Notes | 200 | 99.993 | 3.99 | 93 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 10/4/24 – 10/11/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LRESM 1.843 11/3/2028 | 1.84% | 11/03/28 | 2.75% | 99.04 | 96.39 | 10 |
| 2 | GLPCHI 2.95 3/29/2026 | 2.95% | 03/29/26 | 2.14% | 89.48 | 87.60 | 18 |
| 3 | CPIPGR 1.75 1/14/2030 | 1.75% | 01/14/30 | 1.68% | 82.02 | 80.67 | 22 |
| 4 | TOYOTA 4.65 9/17/2029 | 4.65% | 09/17/29 | 1.60% | 100.85 | 99.26 | 14 |
| 5 | BATSLN 2 3/13/2045 | 2.00% | 03/13/45 | 1.22% | 69.89 | 69.05 | 14 |
| 6 | VOEAV 3.75 10/3/2029 | 3.75% | 10/03/29 | 1.17% | 101.48 | 100.31 | 12 |
| 7 | TSINGH 6.5 1/31/2028 | 6.50% | 01/31/28 | 1.08% | 63.61 | 62.93 | 11 |
| 8 | CERVIM 6 2/15/2029 REGS | 6.00% | 02/15/29 | 0.96% | 95.12 | 94.21 | 14 |
| 9 | FCDF 2.85 PERP | 2.85% | NULL | 0.95% | 98.47 | 97.55 | 16 |
| 10 | ESTONE 7.875 PERP | 7.41% | NULL | 0.89% | 105.97 | 105.03 | 14 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 10/4/24 – 10/11/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ELOFR 5.875 4/17/2028 | 5.88% | 04/17/28 | -5.40% | 86.29 | 91.22 | 15 |
| 2 | PERU 2.78 12/1/2060 | 2.78% | 12/01/60 | -4.75% | 56.48 | 59.30 | 19 |
| 3 | PRNCTN 2.516 7/1/2050 | 2.52% | 07/01/50 | -4.13% | 67.38 | 70.29 | 6 |
| 4 | TEMASE 2.5 10/6/2070 REGS | 2.50% | 10/06/70 | -4.03% | 62.32 | 64.94 | 18 |
| 5 | PANAMA 4.5 4/1/2056 | 4.50% | 04/01/56 | -3.75% | 68.55 | 71.22 | 20 |
| 6 | MEX 3.75 4/19/2071 | 3.75% | 04/19/71 | -3.73% | 60.59 | 62.94 | 21 |
| 7 | BOWDOI 4.693 7/1/2112 | 4.69% | 07/01/12 | -3.68% | 83.70 | 86.90 | 4 |
| 8 | MASSMU 3.2 12/1/2061 144A | 3.20% | 12/01/61 | -3.61% | 63.28 | 65.65 | 14 |
| 9 | CHILE 3.25 9/21/2071 | 3.25% | 09/21/71 | -3.58% | 63.49 | 65.85 | 19 |
| 10 | LRCX 3.125 6/15/2060 | 3.13% | 06/15/60 | -3.56% | 66.53 | 68.99 | 26 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 10/4/24 – 10/11/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Finance | -46 bps | 4.90% | 5.36% |
| 2 | Services: Consumer | -25 bps | 4.81% | 5.06% |
| 3 | Forest Products & Paper | -21 bps | 3.94% | 4.14% |
| 4 | Sovereign & Public Finance | 0 bps | 4.22% | 4.21% |
| 5 | Services: Business | 6 bps | 3.68% | 3.63% |
| 6 | Utilities: Water | 8 bps | 4.97% | 4.89% |
| 7 | Wholesale | 9 bps | 5.36% | 5.27% |
| 8 | Chemicals, Plastics & Rubber | 9 bps | 4.76% | 4.67% |
| 9 | Media: Advertising, Printing & Publishing | 9 bps | 4.91% | 4.81% |
| 10 | Banking | 9 bps | 4.44% | 4.34% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 10/4/24 – 10/11/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Energy: Electricity | 35 bps | 12.63% | 12.27% |
| 2 | Real Estate | 32 bps | 6.27% | 5.95% |
| 3 | Retail | 28 bps | 5.08% | 4.80% |
| 4 | Hotel, Gaming & Leisure | 25 bps | 4.88% | 4.63% |
| 5 | Media: Diversified & Production | 22 bps | 4.32% | 4.10% |
| 6 | Beverage, Food & Tobacco | 21 bps | 4.18% | 3.97% |
| 7 | Containers, Packaging, & Glass | 19 bps | 4.80% | 4.61% |
| 8 | Consumer Goods: Non-Durable | 19 bps | 4.56% | 4.37% |
| 9 | Transportation: Consumer | 18 bps | 4.90% | 4.73% |
| 10 | Healthcare & Pharmaceuticals | 17 bps | 4.26% | 4.09% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 10/4/24 – 10/11/24 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 10/4/24 – 10/11/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 10/4/24 vs. the week ending 10/11/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | KOROIL FLT 9/30/2027 REGS | #VALUE! | 09/30/27 | 48 | 144 | 96 | 200% |
| 2 | DSVDC 0.875 9/17/2036 | 0.88% | 09/17/36 | 54 | 130 | 76 | 141% |
| 3 | CMCSA 5.35 5/15/2053 | 5.35% | 05/15/53 | 230 | 305 | 75 | 33% |
| 4 | CMCSA 5.5 5/15/2064 | 5.50% | 05/15/64 | 224 | 293 | 69 | 31% |
| 5 | TOYOTA 4.625 3/29/2028 | 4.63% | 03/29/28 | 92 | 159 | 67 | 73% |
| 6 | GSK 6.375 5/15/2038 | 6.38% | 05/15/38 | 182 | 249 | 67 | 37% |
| 7 | URBREN 3.35 8/27/2027 | 3.35% | 08/27/27 | 12 | 78 | 66 | 550% |
| 8 | VFC 6 10/15/2033 144A | 6.00% | 10/15/33 | 19 | 80 | 61 | 321% |
| 9 | URBREN 3.45 8/27/2029 | 3.45% | 08/27/29 | 25 | 83 | 58 | 232% |
| 10 | BGARIA 4.25 9/5/2044 | 4.25% | 09/05/44 | 149 | 202 | 53 | 36% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 10/4/24 – 10/11/24
| 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 | OKE 5.05 11/1/2034 | 5.05% | 11/01/34 | 38 |
| 5 | T 5.4 2/15/2034 | 5.40% | 02/15/34 | 38 |
| 6 | ORCL 4.7 9/27/2034 | 4.70% | 09/27/34 | 38 |
| 7 | ET 5.6 9/1/2034 | 5.60% | 09/01/34 | 38 |
| 8 | HSBC 8 PERP | 8.00% | 09/07/99 | 38 |
| 9 | HPE 5 10/15/2034 | 5.00% | 10/15/34 | 37 |
| 10 | ET 6.05 9/1/2054 | 6.05% | 09/01/54 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 10/4/24 – 10/11/24 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 10/4/24 – 10/11/24
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