Investment Grade Corporate Bond Market Summary – Week Ending 1/31/25
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Investment Grade Corporate Bond Market Summary: Week Ending 1/31/25
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 1/31/25, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| NextEra Energy Capital Holding Inc. (USD) 5.9% 3/15/2055 | Senior Debenture | 750 | 99.723 | 5.92 | 113 |
| NextEra Energy Capital Holding Inc. (USD) 5.45% 3/15/2035 | Senior Debenture | 1000 | 99.621 | 5.5 | 98 |
| NextEra Energy Capital Holding Inc. (USD) 5.3% 3/15/2032 | Senior Debenture | 750 | 99.985 | 5.3 | 88 |
| NextEra Energy Capital Holding Inc. (USD) 5.05% 3/15/2030 | Senior Debenture | 1000 | 99.974 | 5.05 | 73 |
| NextEra Energy Capital Holding Inc. (USD) 4.85% 2/4/2028 | Senior Debenture | 1000 | 99.997 | 4.85 | 60 |
| Nevada Power Co. (USD) 6.25% 5/15/2055 | Junior Subordinated Note | 300 | 100 | ||
| Bank of Nova Scotia (USD) 5.13% 2/14/2031 | Senior Note | 1000 | 100 | ||
| Bank of Nova Scotia (USD) 4.932% 2/14/2029 | Senior Note | 1250 | 99.998 | ||
| Prologis LP (CAD) 4.2% 2/15/2033 | Senior Unsecured Notes | 750 | 99.702 | 4.24 | 111 |
| Turkiye Cumhuriyeti Ziraat Bankasi AS (USD) 7.25% 2/4/2030 144A | Senior Unsecured MTN | 750 | 99.485 | 7.38 | 301 |
| Toronto-Dominion Bank (USD) 5.298% 1/30/2032 | Senior Note | 750 | 100 | 5.3 | 87 |
| Toronto-Dominion Bank (USD) 5.17526% 1/31/2028 | Senior Note | 500 | 100 | ||
| Toronto-Dominion Bank (USD) 4.861% 1/31/2028 | Senior Note | 1250 | 100 | 4.86 | 62 |
| Noverco Inc. (CAD) 4.568% 1/28/2035 | Unsecured Notes | 500 | 100 | ||
| Carnival Corp. (USD) 6.125% 2/15/2033 REG S | Senior Unsecured Notes | 2000 | 100 | 6.13 | 167 |
| Carnival Corp. (USD) 6.125% 2/15/2033 144A | Senior Unsecured Notes | 2000 | 100 | 6.13 | 167 |
| Capital One Financial Corp. (USD) 6.183% 1/30/2036 | Subordinated Note | 1750 | 100 | ||
| American Express Co. (USD) 5.442% 1/30/2036 | Senior Note | 1250 | 100 | ||
| American Express Co. (USD) 5.3702% 1/30/2031 | Senior Note | 300 | 100 | ||
| American Express Co. (USD) 5.085% 1/30/2031 | Senior Note | 1450 | 100 | ||
| ATP Tower Hldg LLC (USD) 7.875% 2/3/2030 144A | Senior Secured – First Lien Note | 500 | 100 | 7.88 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 1/24/25 – 1/31/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | SAVE 8 9/20/2025 144A | 8.00% | 09/20/25 | 7.94% | 82.62 | 76.55 | 17 |
| 2 | LNGFOR 4.5 1/16/2028 | 4.50% | 01/16/28 | 5.04% | 79.86 | 76.02 | 18 |
| 3 | VLY 5.25 6/15/2030 | 5.25% | 06/15/30 | 3.98% | 99.09 | 95.29 | 4 |
| 4 | HPE 5.6 10/15/2054 | 5.60% | 10/15/54 | 3.90% | 97.35 | 93.69 | 23 |
| 5 | ATSAV 5 PERP | 5.00% | NULL | 3.70% | 81.49 | 78.59 | 13 |
| 6 | HEIMST 6.75 PERP | 6.75% | NULL | 3.68% | 75.50 | 72.82 | 17 |
| 7 | UNP 4.821 2/1/2044 | 4.82% | 02/01/44 | 3.27% | 89.30 | 86.47 | 7 |
| 8 | FBC 4.125 11/1/2030 | 4.13% | 11/01/30 | 3.19% | 91.84 | 89.00 | 6 |
| 9 | VW 1.5 1/21/2041 | 1.50% | 01/21/41 | 3.13% | 68.25 | 66.17 | 11 |
| 10 | ROMANI 5.125 6/15/2048 REGS | 5.13% | 06/15/48 | 3.13% | 75.03 | 72.76 | 23 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 1/24/25 – 1/31/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ANNFND 2.924 10/6/2051 | 2.92% | 10/06/51 | -4.15% | 76.42 | 79.73 | 19 |
| 2 | THAMES 7.738 4/9/2058 | 7.74% | 04/09/58 | -3.99% | 79.03 | 82.31 | 16 |
| 3 | EIX 4.875 3/1/2049 | 4.88% | 03/01/49 | -1.99% | 82.66 | 84.34 | 22 |
| 4 | ADENVX 1 3/21/2082 | 1.00% | 03/21/82 | -1.84% | 90.73 | 92.43 | 18 |
| 5 | PCG 7.375 3/15/2055 | 8.25% | 03/15/55 | -1.73% | 97.76 | 99.48 | 30 |
| 6 | STNG 7.5 1/30/2030 | 7.50% | 01/30/30 | -1.51% | 98.24 | 99.74 | 7 |
| 7 | NAB FLT 10/18/2027 | #VALUE! | 10/18/27 | -0.96% | 100.10 | 101.07 | 10 |
| 8 | SWSFIN 6.64 3/31/2026 | 6.64% | 03/31/26 | -0.89% | 95.60 | 96.46 | 17 |
| 9 | WBA 4.8 11/18/2044 | 4.80% | 11/18/44 | -0.71% | 74.92 | 75.46 | 26 |
| 10 | PCPDC 5.125 6/18/2026 | 5.13% | 06/18/26 | -0.59% | 86.86 | 87.37 | 13 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 1/24/25 – 1/31/25
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Finance | -38 bps | 4.93% | 5.32% |
| 2 | Containers, Packaging, & Glass | -25 bps | 4.83% | 5.08% |
| 3 | Banking | -24 bps | 4.43% | 4.66% |
| 4 | Construction & Building | -22 bps | 4.46% | 4.68% |
| 5 | Sovereign & Public Finance | -22 bps | 4.02% | 4.23% |
| 6 | Hotel, Gaming & Leisure | -20 bps | 4.83% | 5.03% |
| 7 | Aerospace & Defense | -19 bps | 5.07% | 5.26% |
| 8 | Energy: Oil & Gas | -19 bps | 5.22% | 5.41% |
| 9 | Media: Broadcasting & Subscription | -19 bps | 4.64% | 4.83% |
| 10 | Automotive | -17 bps | 4.76% | 4.93% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 1/24/25 – 1/31/25
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Services: Consumer | 21 bps | 5.05% | 4.84% |
| 2 | Wholesale | 1 bps | 5.80% | 5.78% |
| 3 | Utilities: Water | 1 bps | 4.89% | 4.88% |
| 4 | Media: Advertising, Printing & Publishing | -6 bps | 5.70% | 5.76% |
| 5 | Consumer Goods: Non-Durable | -9 bps | 4.64% | 4.73% |
| 6 | Chemicals, Plastics & Rubber | -10 bps | 4.80% | 4.89% |
| 7 | Utilities: Oil & Gas | -10 bps | 4.70% | 4.80% |
| 8 | Insurance | -12 bps | 4.80% | 4.91% |
| 9 | High Tech Industries | -12 bps | 4.80% | 4.92% |
| 10 | Transportation: Consumer | -12 bps | 4.81% | 4.93% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 1/24/25 – 1/31/25 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 1/24/25 – 1/31/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 1/24/25 vs. the week ending 1/31/25
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | NACN 4.95 4/27/2028 | 4.95% | 04/27/28 | 10 | 74 | 64 | 640% |
| 2 | MARS 3.95 4/1/2049 144A | 3.95% | 04/01/49 | 168 | 226 | 58 | 35% |
| 3 | DNBNO 3 1/15/2031 | 3.29% | 01/15/31 | 197 | 254 | 57 | 29% |
| 4 | BK 6.474 10/25/2034 | 6.21% | 10/25/34 | 203 | 259 | 56 | 28% |
| 5 | VMUKLN 11 PERP | 11.00% | 12/08/99 | 142 | 195 | 53 | 37% |
| 6 | INDKOR 4 9/30/2029 REGS | 4.00% | 09/30/29 | 121 | 173 | 52 | 43% |
| 7 | UCGIM 1.625 1/18/2032 | 1.63% | 01/18/32 | 194 | 245 | 51 | 26% |
| 8 | MRK 3.9 3/7/2039 | 3.90% | 03/07/39 | 184 | 232 | 48 | 26% |
| 9 | PAA 5.95 6/15/2035 | 5.95% | 06/15/35 | 265 | 312 | 47 | 18% |
| 10 | CABKSM 1.375 6/19/2026 | 1.38% | 06/19/26 | 184 | 230 | 46 | 25% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 1/24/25 – 1/31/25
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | GM 5.9 1/7/2035 | 5.90% | 01/07/35 | 42 |
| 2 | GM 5.35 1/7/2030 | 5.35% | 01/07/30 | 42 |
| 3 | TOYOTA 5.35 1/9/2035 | 5.35% | 01/09/35 | 39 |
| 4 | TOYOTA 4.95 1/9/2030 | 4.95% | 01/09/30 | 39 |
| 5 | EIX 5.45 3/1/2035 | 5.45% | 03/01/35 | 38 |
| 6 | EIX 5.9 3/1/2055 | 5.90% | 03/01/55 | 38 |
| 7 | HYNMTR FLT 11/1/2027 144A | 5.00% | 01/07/28 | 38 |
| 8 | OKE 5.05 11/1/2034 | 5.05% | 11/01/34 | 37 |
| 9 | DE 5.45 1/16/2035 | 5.45% | 01/16/35 | 37 |
| 10 | HYNMTR 5.3 1/8/2030 144A | 5.30% | 01/08/30 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 1/24/25 – 1/31/25 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 1/24/25 – 1/31/25
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