Investment Grade Corporate Bond Market Summary – Week Ending 10/7/22
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Investment Grade Corporate Bond Market Summary: Week Ending 10/7/22
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 10/7/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| John Deere Capital Corp. (USD) 4.85% 10/11/2029 | Senior Notes | 400 | 99.912 | 4.86 | 100 |
| John Deere Capital Corp. (USD) 4.55% 10/11/2024 | Senior Notes | 600 | 99.336 | 4.9 | 43 |
| Dollarama Inc. (CAD) 5.165% 4/26/2030 | Senior Notes | 450 | 100 | 5.17 | 203 |
| Dollarama Inc. (CAD) 5.084% 10/27/2025 | Senior Notes | 250 | 100 | 5.08 | 150 |
| Cargill Inc. (USD) 5.125% 10/11/2032 Reg S | Senior Notes | 500 | 99.876 | 5.14 | 140 |
| Cargill Inc. (USD) 5.125% 10/11/2032 144A | Senior Notes | 500 | 99.876 | 5.14 | 140 |
| Cargill Inc. (USD) 4.875% 10/10/2025 Reg S | Senior Notes | 750 | 99.912 | 4.91 | 75 |
| Cargill Inc. (USD) 4.875% 10/10/2025 144A | Senior Notes | 750 | 99.912 | 4.91 | 75 |
| Southern Co. (USD) 5.7% 10/15/2032 | Senior Notes | 500 | 99.892 | 5.71 | 205 |
| Southern Co. (USD) 5.15% 10/6/2025 | Senior Notes | 1000 | 99.786 | 5.23 | 110 |
| Southern Co. (USD) 5.7% 10/15/2032 | N/A | 500 | 99.892 | 5.71 | 205 |
| Realty Income Corp. (USD) 5.625% 10/13/2032 | Senior Notes | 750 | 99.879 | 5.64 | 200 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 9/30/22 – 10/7/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | ROMANI 4 2/14/2051 144A | 4.00% | 02/14/51 | 7.81% | 58.52 | 54.28 |
| 2 | CMMCCN 8 4/9/2026 | 8.00% | 04/09/26 | 6.79% | 92.56 | 86.68 |
| 3 | BMY 6.875 8/1/2097 | 6.88% | 08/01/97 | 6.41% | 119.17 | 111.99 |
| 4 | IAGLN 1.5 7/4/2027 | 1.50% | 07/04/27 | 5.40% | 70.03 | 66.44 |
| 5 | ISRELE 8.1 12/15/2096 | 8.10% | 12/15/96 | 5.27% | 126.53 | 120.20 |
| 6 | ATOFP 1 11/12/2029 | 1.00% | 11/12/29 | 5.25% | 59.36 | 56.40 |
| 7 | MEXCAT 5.5 10/31/2046 | 5.50% | 10/31/46 | 4.93% | 65.15 | 62.08 |
| 8 | VGASDE 0.5 9/10/2034 | 0.50% | 09/10/34 | 4.88% | 62.58 | 59.67 |
| 9 | JPM 4 4/30/2025 | 4.00% | 04/30/25 | 4.65% | 85.29 | 81.50 |
| 10 | CIMAU 1.5 5/28/2029 | 1.50% | 05/28/29 | 4.52% | 68.73 | 65.76 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 9/30/22 – 10/7/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CAMBRG 2.35 6/27/2078 | 2.35% | 06/27/78 | -14.53% | 50.85 | 59.50 |
| 2 | THAMES 1.76 8/28/2062 | 1.76% | 08/28/62 | -13.03% | 76.53 | 87.99 |
| 3 | SVTLN 1.56625 2/1/2058 | 1.57% | 02/01/58 | -12.88% | 81.38 | 93.41 |
| 4 | RESFER 4.83 3/25/2060 | 4.83% | 03/25/60 | -11.86% | 90.69 | 102.89 |
| 5 | LONQUA 2.75 7/20/2057 | 2.75% | 07/20/57 | -11.51% | 51.96 | 58.72 |
| 6 | WELLTR 4 5/9/2059 | 4.00% | 05/09/59 | -11.25% | 81.13 | 91.42 |
| 7 | BRITEL 1.739 6/25/2039 | 1.74% | 06/25/39 | -10.90% | 75.39 | 84.62 |
| 8 | HTHROW 1.238 3/22/2040 | 1.24% | 03/22/40 | -10.81% | 72.44 | 81.22 |
| 9 | NGGLN 1.823 5/26/2056 | 1.82% | 05/26/56 | -10.62% | 80.77 | 90.37 |
| 10 | CTRL 2.334 11/2/2051 | 2.33% | 11/02/51 | -10.58% | 212.19 | 237.30 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 9/30/22 – 10/7/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | -32 bps | 5.28% | 5.60% |
| 2 | Consumer Goods: Non-Durable | -25 bps | 4.54% | 4.80% |
| 3 | Services: Consumer | -23 bps | 6.71% | 6.94% |
| 4 | Healthcare & Pharmaceuticals | -13 bps | 4.87% | 5.00% |
| 5 | Telecommunications | -6 bps | 4.99% | 5.05% |
| 6 | Energy: Oil & Gas | -6 bps | 6.18% | 6.24% |
| 7 | Beverage, Food & Tobacco | -6 bps | 4.92% | 4.97% |
| 8 | Energy: Electricity | -3 bps | 4.56% | 4.58% |
| 9 | Real Estate | 0 bps | 7.13% | 7.13% |
| 10 | High Tech Industries | 3 bps | 5.46% | 5.43% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 9/30/22 – 10/7/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Cargo | 107 bps | 8.87% | 7.80% |
| 2 | Capital Equipment | 81 bps | 5.46% | 4.66% |
| 3 | Transportation: Consumer | 77 bps | 7.04% | 6.27% |
| 4 | Sovereign & Public Finance | 66 bps | 5.16% | 4.50% |
| 5 | Metals & Mining | 42 bps | 6.13% | 5.71% |
| 6 | Construction & Building | 38 bps | 5.52% | 5.15% |
| 7 | Forest Products & Paper | 33 bps | 5.11% | 4.78% |
| 8 | Consumer Goods: Durable | 27 bps | 5.08% | 4.81% |
| 9 | Aerospace & Defense | 27 bps | 6.29% | 6.02% |
| 10 | Utilities: Oil & Gas | 27 bps | 5.98% | 5.72% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 9/30/22 – 10/7/22 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 9/30/22 – 10/7/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 9/30/22 vs. the week ending 10/7/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | CMCSA 2.887 11/1/2051 | 2.89% | 11/01/51 | 198 | 274 | 76 | 38% |
| 2 | KD 2.7 10/15/2028 | 2.70% | 10/15/28 | 11 | 87 | 76 | 691% |
| 3 | CS 3.8 6/9/2023 | 3.80% | 06/09/23 | 75 | 145 | 70 | 93% |
| 4 | CMCSA 2.987 11/1/2063 | 2.99% | 11/01/63 | 206 | 269 | 63 | 31% |
| 5 | CS 1 5/5/2023 | 1.00% | 05/05/23 | 107 | 162 | 55 | 51% |
| 6 | UNANA 1.125 2/12/2027 | 1.13% | 02/12/27 | 130 | 180 | 50 | 38% |
| 7 | CS 0.52 8/9/2023 | 0.52% | 08/09/23 | 96 | 144 | 48 | 50% |
| 8 | IBM 2.875 11/9/2022 | 2.88% | 11/09/22 | 85 | 132 | 47 | 55% |
| 9 | CS 3.75 3/26/2025 | 3.75% | 03/26/25 | 175 | 221 | 46 | 26% |
| 10 | PLD 4.625 1/15/2033 | 4.63% | 01/15/33 | 170 | 216 | 46 | 27% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 9/30/22 – 10/7/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | XOM 3.452 4/15/2051 | 3.45% | 04/15/51 | 38 |
| 2 | AAPL 3.95 8/8/2052 | 3.95% | 08/08/52 | 38 |
| 3 | HD 4.5 9/15/2032 | 4.50% | 09/15/32 | 37 |
| 4 | ORCL 3.95 3/25/2051 | 3.95% | 03/25/51 | 37 |
| 5 | TGT 4.5 9/15/2032 | 4.50% | 09/15/32 | 36 |
| 6 | ORCL 3.65 3/25/2041 | 3.65% | 03/25/41 | 36 |
| 7 | AAPL 3.35 8/8/2032 | 3.35% | 08/08/32 | 36 |
| 8 | INTC 3.05 8/12/2051 | 3.05% | 08/12/51 | 36 |
| 9 | DIS 3.6 1/13/2051 | 3.60% | 01/13/51 | 36 |
| 10 | VZ 3.55 3/22/2051 | 3.55% | 03/22/51 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 9/30/22 – 10/7/22 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 9/30/22 – 10/7/22
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