Investment Grade Corporate Bond Market Summary – Week Ending 10/2/20
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Investment Grade Corporate Bond Market Summary: Week Ending 10/2/20
Our newsletter presents key trends derived from observable Investment Grade Corporate Bond pricing data over a weekly period.
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 9/25/20 – 10/2/20
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | OII 6 2/1/2028 | 6.00% | 02/01/28 | 12.18% | 66.78 | 59.53 |
| 2 | AAL 4.95 1/15/2023 | 4.95% | 01/15/23 | 6.29% | 84.97 | 79.95 |
| 3 | SPR 4.6 6/15/2028 | 4.60% | 06/15/28 | 5.23% | 82.07 | 77.99 |
| 4 | CADE 4.75 6/30/2029 | 4.75% | 06/30/29 | 5.05% | 86.67 | 82.50 |
| 5 | MDT 1.75 7/2/2049 | 1.75% | 07/02/49 | 4.44% | 106.29 | 101.77 |
| 6 | STM 0 8/4/2027 | 0.00% | 08/04/27 | 4.23% | 111.89 | 107.35 |
| 7 | PRUFIN 6.25 10/20/2068 | 6.25% | 10/20/68 | 3.95% | 120.66 | 116.07 |
| 8 | DAL 3.875 7/30/2027 | 3.88% | 07/30/27 | 3.90% | 92.67 | 89.20 |
| 9 | CCL 1 10/28/2029 | 1.00% | 10/28/29 | 3.84% | 62.81 | 60.49 |
| 10 | LGEN 5.5 6/27/2064 | 5.50% | 06/27/64 | 3.62% | 117.61 | 113.50 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 9/25/20 – 10/2/20
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | GLJGR 0.875 10/7/2022 | 0.88% | 10/07/22 | -10.19% | 72.94 | 81.21 |
| 2 | SCYRSM 3.75 4/25/2024 | 3.75% | 04/25/24 | -8.26% | 90.34 | 98.48 |
| 3 | CRESAR 6.5 2/16/2023 | 6.50% | 02/16/23 | -6.53% | 67.62 | 72.35 |
| 4 | HST 3.375 12/15/2029 | 3.38% | 12/15/29 | -3.66% | 92.56 | 96.08 |
| 5 | VLO 4.9 3/15/2045 | 4.90% | 03/15/45 | -3.43% | 107.94 | 111.77 |
| 6 | HTHROW 2.75 8/9/2049 | 2.75% | 08/09/49 | -3.38% | 90.53 | 93.69 |
| 7 | MAGAIR 2.875 9/30/2044 | 2.88% | 09/30/44 | -3.23% | 88.39 | 91.35 |
| 8 | MDLZ 2.625 9/4/2050 | 2.63% | 09/04/50 | -3.16% | 96.21 | 99.36 |
| 9 | IAGLN 1.5 7/4/2027 | 1.50% | 07/04/27 | -3.10% | 69.43 | 71.65 |
| 10 | GRNLGR 5.875 7/3/2024 | 5.88% | 07/03/24 | -2.86% | 92.58 | 95.31 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 9/25/20 – 10/2/20
| RANK | NAME | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Construction & Building | -28 bps | 1.05% | 1.34% |
| 2 | Retail | -23 bps | 1.60% | 1.82% |
| 3 | Media: Advertising, Printing & Publishing | -19 bps | 0.43% | 0.62% |
| 4 | Healthcare & Pharmaceuticals | -11 bps | 0.92% | 1.04% |
| 5 | Insurance | -10 bps | 1.61% | 1.71% |
| 6 | High Tech Industries | -8 bps | 0.98% | 1.06% |
| 7 | Media: Broadcasting & Subscription | -7 bps | 1.16% | 1.22% |
| 8 | Forest Products & Paper | -6 bps | 0.88% | 0.94% |
| 9 | Environmental Industries | -5 bps | 0.93% | 0.98% |
| 10 | Transportation: Cargo | -3 bps | 1.07% | 1.10% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 9/25/20 – 10/2/20
| RANK | NAME | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | 69 bps | 1.20% | 0.51% |
| 2 | Transportation: Consumer | 54 bps | 4.84% | 4.31% |
| 3 | Energy: Electricity | 44 bps | 1.26% | 0.82% |
| 4 | Chemicals, Plastics & Rubber | 36 bps | 2.07% | 1.71% |
| 5 | Hotel, Gaming & Leisure | 19 bps | 3.54% | 3.35% |
| 6 | Media: Diversified & Production | 18 bps | 1.13% | 0.96% |
| 7 | Energy: Oil & Gas | 17 bps | 3.01% | 2.84% |
| 8 | Utilities: Oil & Gas | 17 bps | 1.69% | 1.53% |
| 9 | Services: Business | 15 bps | 1.51% | 1.36% |
| 10 | Capital Equipment | 14 bps | 1.32% | 1.18% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 9/25/20 – 10/2/20 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 9/25/20 – 10/2/20
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 9/25/20 vs. the week ending 10/2/20
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | BATSLN 2.259 3/25/2028 | 2.26% | 03/25/28 | 19 | 126 | 107 | 563% |
| 2 | BNP 1.904 9/30/2028 REGS | 1.90% | 09/30/28 | 15 | 118 | 103 | 687% |
| 3 | SRE 1.7 10/1/2030 | 1.70% | 10/01/30 | 42 | 126 | 84 | 200% |
| 4 | BX 2.8 9/30/2050 144A | 2.80% | 09/30/50 | 38 | 118 | 80 | 211% |
| 5 | NSC 3.155 5/15/2055 | 3.16% | 05/15/55 | 33 | 100 | 67 | 203% |
| 6 | RABOBK 1.004 9/24/2026 REGS | 1.00% | 09/24/26 | 28 | 81 | 53 | 189% |
| 7 | CHINAM 0.95 9/25/2023 | 0.95% | 09/25/23 | 22 | 75 | 53 | 241% |
| 8 | MPC 3.4 12/15/2020 | 3.40% | 12/15/20 | 35 | 85 | 50 | 143% |
| 9 | DISCA 4 9/15/2055 144A | 4.00% | 09/15/55 | 37 | 85 | 48 | 130% |
| 10 | KOROIL 0.875 4/21/2025 | 0.88% | 04/21/25 | 8 | 52 | 44 | 550% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 9/25/20 – 10/2/20
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | CCL 11.5 4/1/2023 144A | 11.50% | 04/01/23 | 32 |
| 2 | F 8.5 4/21/2023 | 8.50% | 04/21/23 | 32 |
| 3 | F 9 4/22/2025 | 9.00% | 04/22/25 | 31 |
| 4 | PETBRA 5.093 1/15/2030 REGS | 5.09% | 01/15/30 | 30 |
| 5 | PETBRA 6.9 3/19/2049 | 6.90% | 03/19/49 | 30 |
| 6 | BACR 8 PERP | 8.00% | 03/27/99 | 30 |
| 7 | PETBRA 7.25 3/17/2044 | 7.25% | 03/17/44 | 29 |
| 8 | PETBRA 5.6 1/3/2031 | 5.60% | 01/03/31 | 29 |
| 9 | ACAFP 6.875 PERP REGS | 6.88% | 02/27/99 | 29 |
| 10 | BNP 6.625 PERP REGS | 6.63% | 05/24/99 | 29 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 9/25/20 – 10/2/20 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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