Investment Grade Corporate Bond Market Summary – Week Ending 11/15/24
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Investment Grade Corporate Bond Market Summary: Week Ending 11/15/24
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 11/15/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| VW Credit Inc. (CAD) 4.25% 2/18/2028 | Senior Notes | 250 | 99.973 | 4.26 | 113 |
| Gilead Sciences Inc. (USD) 5.6% 11/15/2064 | Senior Notes | 750 | 99.29 | 5.65 | 100 |
| Cardinal Health Inc. (USD) 5.35% 11/15/2034 | Senior Notes | 1000 | 99.719 | 5.39 | 93 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 11/8/24 – 11/15/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TSINGH 5.375 1/31/2023 | 5.38% | 01/31/23 | 6.68% | 69.44 | 65.10 | 11 |
| 2 | PARA 4.6 1/15/2045 | 4.60% | 01/15/45 | 4.75% | 76.50 | 73.03 | 21 |
| 3 | SLOREP 1.175 2/13/2062 | 1.18% | 02/13/62 | 4.60% | 56.42 | 53.94 | 3 |
| 4 | EU 0.7 7/6/2051 | 0.70% | 07/06/51 | 2.63% | 55.83 | 54.40 | 9 |
| 5 | LBOLD 6 PERP | 6.00% | NULL | 2.46% | 94.23 | 91.97 | 8 |
| 6 | EFSF 0.7 1/17/2053 | 0.70% | 01/17/53 | 2.22% | 56.12 | 54.90 | 5 |
| 7 | ESM 1.85 12/1/2055 | 1.85% | 12/01/55 | 2.17% | 76.52 | 74.89 | 6 |
| 8 | TIEMOD 5.75 12/1/2040 REGS | 5.75% | 12/01/40 | 2.11% | 91.94 | 90.04 | 15 |
| 9 | WLNFP 4.125 9/12/2028 | 4.13% | 09/12/28 | 1.90% | 97.33 | 95.52 | 15 |
| 10 | SOGRPR 3.5 6/25/2049 | 3.50% | 06/25/49 | 1.80% | 97.37 | 95.64 | 3 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 11/8/24 – 11/15/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ILTYIM 4.375 10/7/2031 | 4.38% | 10/07/31 | -9.10% | 84.73 | 93.21 | 13 |
| 2 | VNKRLE 3.5 11/12/2029 | 3.50% | 11/12/29 | -4.39% | 58.95 | 61.66 | 19 |
| 3 | PANAMA 3.87 7/23/2060 | 3.87% | 07/23/60 | -4.26% | 55.56 | 58.04 | 18 |
| 4 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | -4.08% | 82.92 | 86.45 | 17 |
| 5 | HUM 5.75 4/15/2054 | 5.75% | 04/15/54 | -3.62% | 95.04 | 98.61 | 22 |
| 6 | BALN 3 9/15/2050 REGS | 3.00% | 09/15/50 | -3.00% | 65.17 | 67.19 | 16 |
| 7 | PERU 2.78 12/1/2060 | 2.78% | 12/01/60 | -2.95% | 54.37 | 56.03 | 21 |
| 8 | HON 5.35 3/1/2064 | 5.35% | 03/01/64 | -2.87% | 97.36 | 100.23 | 24 |
| 9 | WM 5.35 10/15/2054 | 5.35% | 10/15/54 | -2.85% | 97.97 | 100.84 | 3 |
| 10 | ROMANI 5.125 6/15/2048 REGS | 5.13% | 06/15/48 | -2.77% | 80.31 | 82.60 | 19 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 11/8/24 – 11/15/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Banking | -14 bps | 4.43% | 4.57% |
| 2 | Construction & Building | -4 bps | 4.37% | 4.41% |
| 3 | Services: Business | -4 bps | 3.84% | 3.88% |
| 4 | Media: Advertising, Printing & Publishing | -3 bps | 4.99% | 5.02% |
| 5 | Finance | -1 bps | 5.41% | 5.42% |
| 6 | Transportation: Consumer | 0 bps | 4.84% | 4.84% |
| 7 | Sovereign & Public Finance | 0 bps | 4.28% | 4.28% |
| 8 | Energy: Oil & Gas | 1 bps | 5.30% | 5.29% |
| 9 | Consumer Goods: Non-Durable | 2 bps | 4.61% | 4.60% |
| 10 | Utilities: Oil & Gas | 3 bps | 4.66% | 4.63% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 11/8/24 – 11/15/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Utilities: Water | 32 bps | 5.13% | 4.80% |
| 2 | Environmental Industries | 14 bps | 4.78% | 4.64% |
| 3 | Retail | 14 bps | 5.04% | 4.90% |
| 4 | Telecommunications | 12 bps | 4.56% | 4.43% |
| 5 | Aerospace & Defense | 11 bps | 5.11% | 5.00% |
| 6 | Automotive | 11 bps | 4.84% | 4.73% |
| 7 | Chemicals, Plastics & Rubber | 11 bps | 5.03% | 4.92% |
| 8 | High Tech Industries | 11 bps | 4.75% | 4.64% |
| 9 | Insurance | 10 bps | 4.77% | 4.67% |
| 10 | Containers, Packaging, & Glass | 10 bps | 5.05% | 4.96% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 11/8/24 – 11/15/24 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 11/8/24 – 11/15/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 11/8/24 vs. the week ending 11/15/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SOCGEN 3 12/14/2027 | 3.00% | 12/14/27 | 20 | 90 | 70 | 350% |
| 2 | CHINA 1.25 10/26/2026 REGS | 1.25% | 10/26/26 | 145 | 208 | 63 | 43% |
| 3 | CHINA 1.75 10/26/2031 REGS | 1.75% | 10/26/31 | 149 | 208 | 59 | 40% |
| 4 | SBBBSS 2.25 8/12/2027 | 2.25% | 08/12/27 | 105 | 163 | 58 | 55% |
| 5 | NWG 5 9/23/2029 | 5.00% | 09/23/29 | 3 | 54 | 51 | 1700% |
| 6 | SPGI 3.7 3/1/2052 | 3.70% | 03/01/52 | 156 | 205 | 49 | 31% |
| 7 | ROIC 4 12/15/2024 | 4.00% | 12/15/24 | 41 | 84 | 43 | 105% |
| 8 | PARA 5.85 9/1/2043 | 5.85% | 09/01/43 | 209 | 249 | 40 | 19% |
| 9 | PCIM 4.25 1/18/2028 | 4.25% | 01/18/28 | 128 | 168 | 40 | 31% |
| 10 | SAFE 2.8 6/15/2031 | 2.80% | 06/15/31 | 100 | 136 | 36 | 36% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 11/8/24 – 11/15/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | HSBC 8 PERP | 8.00% | 09/07/99 | 39 |
| 2 | HPE 5 10/15/2034 | 5.00% | 10/15/34 | 38 |
| 3 | T 5.4 2/15/2034 | 5.40% | 02/15/34 | 37 |
| 4 | HSBC 6.95 PERP | 6.69% | NULL | 37 |
| 5 | HSBC 6.375 PERP | 6.38% | NULL | 37 |
| 6 | HSBC 5.719 3/4/2035 | 5.72% | 03/04/35 | 36 |
| 7 | JPM 4.946 10/22/2035 | 4.95% | 10/22/35 | 36 |
| 8 | HSBC 6.5 PERP | 6.50% | NULL | 36 |
| 9 | HSBC 4.6 PERP | 4.60% | NULL | 36 |
| 10 | BHP 5.25 9/8/2033 | 5.25% | 09/08/33 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 11/8/24 – 11/15/24 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 11/8/24 – 11/15/24
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