Investment Grade Corporate Bond Market Summary – Week Ending 5/23/25
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Investment Grade Corporate Bond Market Summary: Week Ending 5/23/25
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 5/23/25, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PRC AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Finnvera PLC (USD) 4.25% 8/29/2030 | Senior Notes | 1000 | 99.917 | 4.26 | 50 |
| Teva Pharmaceuticals Fin BV (USD) 5.75% 12/1/2030 | Senior Notes | 700 | 99.418 | 5.87 | 181 |
| Ohio Edison Co. (USD) 4.95% 12/15/2029 | Senior Notes | 300 | 99.988 | 4.95 | 80 |
Top 10 Performers
Showcases the top 10 IG Corp performers based on the largest bid price increases between 5/16/25 – 5/23/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ROMANI 6 9/24/2044 REGS | 6.00% | 09/24/44 | 4.42% | 89.39 | 85.60 | 18 |
| 2 | LASUDE 5 7/28/2026 | 5.00% | 07/28/26 | 4.07% | 64.69 | 62.16 | 13 |
| 3 | TOPTB 4.875 1/23/2043 REGS | 4.88% | 01/23/43 | 2.99% | 79.03 | 76.73 | 8 |
| 4 | AEGON 1.425 PERP | 1.43% | NULL | 2.60% | 78.86 | 76.86 | 4 |
| 5 | BNS 3.625 10/27/2081 | 6.59% | 10/27/81 | 2.06% | 91.02 | 89.19 | 21 |
| 6 | LUMN 4.125 4/15/2029 144A | 4.13% | 04/15/29 | 1.93% | 97.06 | 95.22 | 16 |
| 7 | UPLLIN 4.5 3/8/2028 | 4.50% | 03/08/28 | 1.72% | 94.53 | 92.94 | 18 |
| 8 | NWG FLT 5/17/2029 144A | 5.40% | 05/17/29 | 1.41% | 101.21 | 99.80 | 14 |
| 9 | GYCGR 6.125 PERP | 6.13% | NULL | 1.20% | 100.59 | 99.40 | 16 |
| 10 | SWSFIN 3.706 3/31/2034 | 3.71% | 03/31/34 | 1.18% | 221.55 | 218.96 | 11 |
Bottom 10 Performers
Showcases the bottom 10 IG Corp performers based on the largest bid price decreases between 5/16/25 – 5/23/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | WBD 5.2 9/20/2047 | 5.20% | 09/20/47 | -5.78% | 66.81 | 70.91 | 16 |
| 2 | ISRAEL 3.8 5/13/2060 | 3.80% | 05/13/60 | -4.00% | 60.17 | 62.68 | 17 |
| 3 | DT 3.625 1/21/2050 REGS | 3.63% | 01/21/50 | -3.98% | 67.32 | 70.12 | 13 |
| 4 | WPLAU 5.7 9/12/2054 | 5.70% | 09/12/54 | -3.73% | 84.18 | 87.44 | 14 |
| 5 | AZN 2.125 8/6/2050 | 2.13% | 08/06/50 | -3.73% | 51.11 | 53.09 | 21 |
| 6 | WHR 4.6 5/15/2050 | 4.60% | 05/15/50 | -3.63% | 69.33 | 71.94 | 24 |
| 7 | FFHCN 5/20/2055 144A | 6.50% | 05/20/55 | -3.62% | 96.07 | 99.67 | 7 |
| 8 | INTC 3.1 2/15/2060 | 3.10% | 02/15/60 | -3.61% | 51.70 | 53.64 | 19 |
| 9 | VLO 3.65 12/1/2051 | 3.65% | 12/01/51 | -3.51% | 63.43 | 65.73 | 23 |
| 10 | HIG 6.625 4/15/2042 | 6.63% | 04/15/42 | -3.46% | 101.84 | 105.49 | 10 |
Top 10 Industry Performers
Showcases the top 10 IG industry performers based on the largest yield increases between 5/16/25 – 5/23/25
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Advertising, Printing & Publishing | -83 bps | 5.34% | 6.17% |
| 2 | Wholesale | -34 bps | 5.08% | 5.42% |
| 3 | Utilities: Water | -31 bps | 4.81% | 5.12% |
| 4 | Sovereign & Public Finance | -24 bps | 3.92% | 4.16% |
| 5 | High Tech Industries | -14 bps | 4.59% | 4.73% |
| 6 | Telecommunications | -9 bps | 4.38% | 4.47% |
| 7 | Consumer Goods: Durable | -8 bps | 4.18% | 4.26% |
| 8 | Utilities: Electric | -8 bps | 4.48% | 4.56% |
| 9 | Banking | -7 bps | 4.57% | 4.64% |
| 10 | Aerospace & Defense | -6 bps | 5.23% | 5.29% |
Bottom 10 Industry Performers
Showcases the bottom 10 IG industry performers based on the largest yield decreases between 5/16/25 – 5/23/25
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Finance | 25 bps | 6.30% | 6.05% |
| 2 | Real Estate | 17 bps | 6.44% | 6.27% |
| 3 | Energy: Electricity | 10 bps | 4.08% | 3.98% |
| 4 | Construction & Building | 8 bps | 4.46% | 4.39% |
| 5 | Environmental Industries | 8 bps | 4.64% | 4.56% |
| 6 | Media: Diversified & Production | 3 bps | 4.40% | 4.37% |
| 7 | Services: Consumer | 2 bps | 5.07% | 5.04% |
| 8 | Forest Products & Paper | 2 bps | 4.44% | 4.42% |
| 9 | Consumer Goods: Non-Durable | 2 bps | 4.29% | 4.28% |
| 10 | Insurance | 1 bps | 4.71% | 4.69% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 5/16/25 – 5/23/25 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 5/16/25 – 5/23/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/16/25 vs. the week ending 5/23/25
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ISPIM 8.248 11/21/2033 REGS | 8.44% | 11/21/33 | 111 | 210 | 99 | 89% |
| 2 | SOCGEN 4.25 4/24/2026 | 4.25% | 04/24/26 | 48 | 100 | 52 | 108% |
| 3 | MS 3.5 5/10/2027 REGS | 3.50% | 05/10/27 | 2 | 48 | 46 | 2300% |
| 4 | COXENT 5.45 9/1/2034 144A | 5.45% | 09/01/34 | 219 | 263 | 44 | 20% |
| 5 | UOBSP 1.25 4/27/2026 | 1.25% | 04/27/26 | 26 | 70 | 44 | 169% |
| 6 | NWG FLT 5/17/2029 144A | 5.40% | 05/17/29 | 54 | 96 | 42 | 78% |
| 7 | USB 5.424 2/12/2036 | 5.67% | 02/12/36 | 231 | 273 | 42 | 18% |
| 8 | QCOM 4.5 5/20/2052 | 4.50% | 05/20/52 | 221 | 263 | 42 | 19% |
| 9 | HSBC 5.13 3/3/2031 | 5.55% | 03/03/31 | 258 | 296 | 38 | 15% |
| 10 | BACR 3 4/8/2026 | 3.00% | 04/08/26 | 2 | 39 | 37 | 1850% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 5/16/25 – 5/23/25
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | GOOGL 4.5 5/15/2035 | 4.50% | 05/15/35 | 37 |
| 2 | AAPL 4.2 5/12/2030 | 4.20% | 05/12/30 | 37 |
| 3 | STANLN 5.244 5/13/2031 144A | 5.39% | 05/13/31 | 36 |
| 4 | DTE 5.85 5/15/2055 | 5.85% | 05/15/55 | 36 |
| 5 | MARS 5.2 3/1/2035 144A | 5.20% | 03/01/35 | 35 |
| 6 | GOOGL 4 5/15/2030 | 4.00% | 05/15/30 | 35 |
| 7 | MARS 5.7 5/1/2055 144A | 5.70% | 05/01/55 | 35 |
| 8 | NEE 5.45 3/15/2035 | 5.45% | 03/15/35 | 34 |
| 9 | TOYOTA 5.35 1/9/2035 | 5.35% | 01/09/35 | 34 |
| 10 | NSC 5.1 5/1/2035 | 5.10% | 05/01/35 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 5/16/25 – 5/23/25 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 5/16/25 – 5/23/25
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