Investment Grade Corporate Bond Market Summary – Week Ending 11/22/24
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Investment Grade Corporate Bond Market Summary: Week Ending 11/22/24
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 11/22/24, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| State Street Corp. (USD) 4.782% 11/23/2029 | Senior Notes | 800 | 100 | 4.78 | 50 |
| Principal Life Global Fund II (USD) 4.95% 11/27/2029 | Senior Notes | 500 | 99.996 | 4.95 | 68 |
| Fairfax Financial Holdings LTD (CAD) 5.23% 11/23/2054 | Senior Notes | 250 | 100 | 5.23 | 185 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 11/15/24 – 11/22/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ILTYIM 4.375 10/7/2031 | 4.38% | 10/07/31 | 3.35% | 87.57 | 84.73 | 13 |
| 2 | THAMES 0.75 12/18/2034 | 0.75% | 12/18/34 | 3.18% | 72.12 | 69.90 | 7 |
| 3 | CWHARF 1.75 4/7/2026 REGS | 1.75% | 04/07/26 | 3.09% | 96.68 | 93.78 | 15 |
| 4 | ITMENT 5.75 7/22/2029 | 5.75% | 07/22/29 | 2.62% | 105.01 | 102.33 | 12 |
| 5 | STUDBO 10 11/15/2026 | 8.11% | 11/15/26 | 2.38% | 99.49 | 97.17 | 3 |
| 6 | FLEMSH 1 1/23/2051 | 1.00% | 01/23/51 | 2.33% | 56.87 | 55.58 | 3 |
| 7 | FARMER 7 10/15/2064 144A | 7.61% | 10/15/64 | 2.21% | 103.34 | 101.10 | 10 |
| 8 | ARES 6.75 10/1/2027 | 6.75% | 10/01/27 | 2.15% | 55.16 | 54.00 | 4 |
| 9 | COLOM 8.375 11/7/2054 | 8.38% | 11/07/54 | 1.97% | 99.36 | 97.44 | 22 |
| 10 | ISRAEL 5.75 3/12/2054 | 5.75% | 03/12/54 | 1.92% | 93.27 | 91.51 | 18 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 11/15/24 – 11/22/24
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ADSEZ 3.828 2/2/2032 REGS | 3.83% | 02/02/32 | -8.09% | 78.45 | 85.36 | 26 |
| 2 | ADTIN 4.25 5/21/2036 REGS | 4.25% | 05/21/36 | -7.94% | 80.53 | 87.48 | 25 |
| 3 | VNKRLE 3.5 11/12/2029 | 3.50% | 11/12/29 | -5.39% | 55.78 | 58.95 | 20 |
| 4 | LNGFOR 3.95 9/16/2029 | 3.95% | 09/16/29 | -4.19% | 73.71 | 76.93 | 19 |
| 5 | KSS 5.55 7/17/2045 | 5.55% | 07/17/45 | -3.91% | 66.06 | 68.75 | 19 |
| 6 | OPI 4.5 2/1/2025 | 4.50% | 02/01/25 | -2.94% | 87.76 | 90.42 | 23 |
| 7 | ETLFP 1.5 10/13/2028 | 1.50% | 10/13/28 | -2.88% | 77.92 | 80.23 | 18 |
| 8 | HPP 3.25 1/15/2030 | 3.25% | 01/15/30 | -2.86% | 72.13 | 74.26 | 22 |
| 9 | WBA 4.8 11/18/2044 | 4.80% | 11/18/44 | -2.85% | 71.07 | 73.15 | 17 |
| 10 | BABA 3.25 2/9/2061 | 3.25% | 02/09/61 | -2.80% | 63.64 | 65.47 | 24 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 11/15/24 – 11/22/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Consumer | -24 bps | 4.64% | 4.87% |
| 2 | Media: Diversified & Production | -23 bps | 4.18% | 4.41% |
| 3 | Consumer Goods: Durable | -17 bps | 3.98% | 4.15% |
| 4 | Chemicals, Plastics & Rubber | -13 bps | 4.89% | 5.02% |
| 5 | Aerospace & Defense | -11 bps | 5.00% | 5.10% |
| 6 | Consumer Goods: Non-Durable | -11 bps | 4.50% | 4.61% |
| 7 | Capital Equipment | -10 bps | 4.23% | 4.32% |
| 8 | Real Estate | -10 bps | 6.31% | 6.41% |
| 9 | Telecommunications | -8 bps | 4.48% | 4.56% |
| 10 | Media: Broadcasting & Subscription | -8 bps | 4.89% | 4.98% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 11/15/24 – 11/22/24
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Advertising, Printing & Publishing | 124 bps | 6.23% | 4.99% |
| 2 | Transportation: Cargo | 10 bps | 4.85% | 4.75% |
| 3 | Construction & Building | 10 bps | 4.49% | 4.39% |
| 4 | Healthcare & Pharmaceuticals | 7 bps | 4.51% | 4.45% |
| 5 | Services: Consumer | 6 bps | 5.00% | 4.94% |
| 6 | Finance | 3 bps | 5.44% | 5.41% |
| 7 | Metals & Mining | 2 bps | 4.81% | 4.80% |
| 8 | Beverage, Food & Tobacco | 1 bps | 4.29% | 4.28% |
| 9 | Energy: Oil & Gas | 1 bps | 5.30% | 5.29% |
| 10 | Environmental Industries | 1 bps | 4.78% | 4.77% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 11/15/24 – 11/22/24 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 11/15/24 – 11/22/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 11/15/24 vs. the week ending 11/22/24
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | AXASA FLT PERP | 0.00% | 12/29/49 | 36 | 90 | 54 | 150% |
| 2 | RENAUL 1.125 1/15/2027 | 1.13% | 01/15/27 | 169 | 218 | 49 | 29% |
| 3 | CMZB 1.125 9/19/2025 | 1.13% | 09/19/25 | 172 | 215 | 43 | 25% |
| 4 | ABNANV 0.6 1/15/2027 | 0.60% | 01/15/27 | 163 | 204 | 41 | 25% |
| 5 | BAC 6.11 1/29/2037 | 6.11% | 01/29/37 | 124 | 165 | 41 | 33% |
| 6 | MDT 1 7/2/2031 | 1.00% | 07/02/31 | 129 | 169 | 40 | 31% |
| 7 | ENAPHO 1.698 7/30/2026 | 1.70% | 07/30/26 | 148 | 185 | 37 | 25% |
| 8 | CE 6.05 3/15/2025 | 6.05% | 03/15/25 | 118 | 155 | 37 | 31% |
| 9 | CE 6.379 7/15/2032 | 6.38% | 07/15/32 | 288 | 325 | 37 | 13% |
| 10 | OC 3.5 2/15/2030 | 3.50% | 02/15/30 | 60 | 95 | 35 | 58% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 11/15/24 – 11/22/24
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | HPE 5 10/15/2034 | 5.00% | 10/15/34 | 39 |
| 2 | HSBC 8 PERP | 8.00% | 09/07/99 | 39 |
| 3 | HSBC 6.375 PERP | 6.38% | NULL | 38 |
| 4 | T 5.4 2/15/2034 | 5.40% | 02/15/34 | 37 |
| 5 | HSBC 6.5 PERP | 6.50% | NULL | 37 |
| 6 | HSBC 4.6 PERP | 4.60% | NULL | 36 |
| 7 | HSBC 6.95 PERP | 6.69% | NULL | 36 |
| 8 | HSBC 4 PERP | 4.00% | NULL | 36 |
| 9 | HSBC 4.7 PERP | 4.70% | NULL | 36 |
| 10 | NEE 5.25 3/15/2034 | 5.25% | 03/15/34 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 11/15/24 – 11/22/24 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 11/15/24 – 11/22/24
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