Investment Grade Corporate Bond Market Summary – Week Ending 10/30/20
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Investment Grade Corporate Bond Market Summary: Week Ending 10/30/20
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 10/23/20 – 10/30/20
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | GATESW 3 2/28/2022 | 3.00% | 02/28/22 | 6.92% | 71.48 | 66.86 |
| 2 | GRRIVE 7.233 7/1/2038 | 7.23% | 07/01/38 | 6.67% | 136.39 | 127.86 |
| 3 | VMC 7.15 11/30/2037 | 7.15% | 11/30/37 | 4.55% | 139.73 | 133.65 |
| 4 | GE 4 PERP | 4.00% | 12/29/49 | 4.00% | 69.53 | 66.86 |
| 5 | OXUNIV 2.544 12/8/2017 | 2.54% | 12/08/17 | 3.90% | 144.32 | 138.90 |
| 6 | NRW 1.375 1/15/2120 | 1.38% | 01/15/20 | 3.67% | 134.88 | 130.10 |
| 7 | SAVE 3.65 2/15/2030 | 3.65% | 02/15/30 | 3.66% | 81.39 | 78.52 |
| 8 | IPSFP 2.875 9/21/2025 | 2.88% | 09/21/25 | 3.56% | 97.73 | 94.37 |
| 9 | TRIHEA 3.434 12/1/2048 | 3.43% | 12/01/48 | 3.43% | 105.35 | 101.85 |
| 10 | CTRL 5.234 5/2/2035 | 5.23% | 05/02/35 | 3.15% | 141.66 | 137.33 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 10/23/20 – 10/30/20
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | FE 4.85 7/15/2047 | 4.85% | 07/15/47 | -6.16% | 108.94 | 116.09 |
| 2 | PBFENE 9.25 5/15/2025 144A | 9.25% | 05/15/25 | -5.10% | 88.54 | 93.30 |
| 3 | OXY 7.95 4/15/2029 | 7.95% | 04/15/29 | -4.94% | 90.03 | 94.71 |
| 4 | ULFP 2.875 PERP | 2.88% | 04/25/99 | -4.35% | 83.46 | 87.26 |
| 5 | WES 3.95 6/1/2025 | 3.95% | 06/01/25 | -4.14% | 92.98 | 97.00 |
| 6 | TRPCN 0 5/15/2067 | 2.43% | 05/15/67 | -3.96% | 68.13 | 70.94 |
| 7 | BRASKM 5.875 1/31/2050 REGS | 5.88% | 01/31/50 | -3.47% | 92.94 | 96.28 |
| 8 | BA 3.85 11/1/2048 | 3.85% | 11/01/48 | -3.44% | 89.45 | 92.64 |
| 9 | SECBEN 7 PERP 144A | 7.00% | 02/07/99 | -3.35% | 83.94 | 86.85 |
| 10 | UAL 4.875 1/15/2025 | 4.88% | 01/15/25 | -3.34% | 83.92 | 86.82 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 10/23/20 – 10/30/20
| RANK | NAME | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Construction & Building | -34 bps | 0.97% | 1.31% |
| 2 | Energy: Electricity | -13 bps | -0.29% | -0.15% |
| 3 | Media: Diversified & Production | -9 bps | 1.34% | 1.44% |
| 4 | Healthcare & Pharmaceuticals | -8 bps | 0.82% | 0.90% |
| 5 | Consumer Goods: Durable | -7 bps | 1.49% | 1.56% |
| 6 | Environmental Industries | -5 bps | 0.87% | 0.92% |
| 7 | Automotive | -2 bps | 1.42% | 1.44% |
| 8 | High Tech Industries | -1 bps | 1.00% | 1.02% |
| 9 | Forest Products & Paper | -1 bps | 0.89% | 0.90% |
| 10 | Retail | 2 bps | 1.60% | 1.58% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 10/23/20 – 10/30/20
| RANK | NAME | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Capital Equipment | 209 bps | 3.01% | 0.92% |
| 2 | Sovereign & Public Finance | 101 bps | 1.56% | 0.55% |
| 3 | Aerospace & Defense | 49 bps | 2.97% | 2.48% |
| 4 | Transportation: Consumer | 48 bps | 4.44% | 3.96% |
| 5 | Chemicals, Plastics & Rubber | 32 bps | 1.98% | 1.66% |
| 6 | Real Estate | 29 bps | 2.27% | 1.98% |
| 7 | Banking | 28 bps | 1.66% | 1.38% |
| 8 | Media: Broadcasting & Subscription | 23 bps | 1.35% | 1.12% |
| 9 | Containers, Packaging, & Glass | 22 bps | 1.33% | 1.11% |
| 10 | Services: Business | 21 bps | 1.01% | 0.80% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 10/23/20 – 10/30/20 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 10/23/20 – 10/30/20
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 10/23/20 vs. the week ending 10/30/20
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | CHGG 0 9/1/2026 | 0.00% | 09/01/26 | 12 | 78 | 66 | 550% |
| 2 | W 0.625 10/1/2025 | 0.63% | 10/01/25 | 8 | 70 | 62 | 775% |
| 3 | MDT 3.625 3/15/2024 | 3.63% | 03/15/24 | 15 | 74 | 59 | 393% |
| 4 | KBANK 5.275 PERP | 5.28% | 10/14/99 | 73 | 130 | 57 | 78% |
| 5 | UNIIM 3.25 9/23/2030 | 3.25% | 09/23/30 | 65 | 116 | 51 | 78% |
| 6 | OMCL 0.25 9/15/2025 | 0.25% | 09/15/25 | 8 | 52 | 44 | 550% |
| 7 | EVH 3.5 12/1/2024 | 3.50% | 12/01/24 | 8 | 50 | 42 | 525% |
| 8 | CARR 2.7 2/15/2031 144A | 2.70% | 02/15/31 | 44 | 85 | 41 | 93% |
| 9 | CDLX 1 9/15/2025 | 1.00% | 09/15/25 | 1 | 41 | 40 | 4000% |
| 10 | TAISEM 1.375 9/28/2030 REGS | 1.38% | 09/28/30 | 135 | 172 | 37 | 27% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 10/23/20 – 10/30/20
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | PETBRA 5.6 1/3/2031 | 5.60% | 01/03/31 | 34 |
| 2 | PETBRA 5.093 1/15/2030 REGS | 5.09% | 01/15/30 | 34 |
| 3 | PETBRA 6.75 6/3/2050 | 6.75% | 06/03/50 | 33 |
| 4 | PETBRA 6.75 1/27/2041 | 6.75% | 01/27/41 | 33 |
| 5 | PETBRA 6.9 3/19/2049 | 6.90% | 03/19/49 | 33 |
| 6 | PETBRA 7.25 3/17/2044 | 7.25% | 03/17/44 | 32 |
| 7 | CCL 11.5 4/1/2023 144A | 11.50% | 04/01/23 | 32 |
| 8 | PETBRA 5.299 1/27/2025 | 5.30% | 01/27/25 | 31 |
| 9 | CS 6.25 PERP | 6.25% | 12/29/49 | 29 |
| 10 | BACR 8 PERP | 8.00% | 03/27/99 | 29 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 10/23/20 – 10/30/20 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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