Investment Grade Corporate Bond Market Summary – Week Ending 11/6/20
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Investment Grade Corporate Bond Market Summary: Week Ending 11/6/20
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 10/30/20 – 11/6/20
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | FLR 3.5 12/15/2024 | 3.50% | 12/15/24 | 7.36% | 95.36 | 88.82 |
| 2 | WPG 5.95 8/15/2024 | 5.95% | 08/15/24 | 7.21% | 54.66 | 50.98 |
| 3 | ULFP 2.875 PERP | 2.88% | 04/25/99 | 6.80% | 89.13 | 83.46 |
| 4 | GM 5.95 4/1/2049 | 5.95% | 04/01/49 | 6.41% | 130.45 | 122.59 |
| 5 | UKRAIN 7.304 3/15/2033 REGS | 7.30% | 03/15/33 | 6.36% | 99.25 | 93.32 |
| 6 | LYB 3.625 4/1/2051 | 3.63% | 04/01/51 | 6.10% | 105.75 | 99.67 |
| 7 | PERTIJ 4.15 2/25/2060 REGS | 4.15% | 02/25/60 | 6.05% | 103.47 | 97.57 |
| 8 | COFP 3.58 2/7/2025 | 3.58% | 02/07/25 | 5.96% | 81.25 | 76.67 |
| 9 | DOW 3.6 11/15/2050 | 3.60% | 11/15/50 | 5.88% | 108.33 | 102.31 |
| 10 | T 3.65 9/15/2059 144A | 3.65% | 09/15/59 | 5.86% | 100.09 | 94.55 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 10/30/20 – 11/6/20
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | TSINGH 6 12/10/2020 | 6.00% | 12/10/20 | -10.71% | 69.72 | 78.08 |
| 2 | EUTOSO 4 9/21/2021 | 4.00% | 09/21/21 | -6.58% | 43.36 | 46.42 |
| 3 | KURY 0 10/7/2022 | 0.00% | 10/07/22 | -4.07% | 102.40 | 106.75 |
| 4 | SO 5 10/1/2077 | 5.00% | 10/01/77 | -3.71% | 26.31 | 27.32 |
| 5 | CCAPGR 1.375 11/28/2022 | 1.38% | 11/28/22 | -3.50% | 74.84 | 77.55 |
| 6 | TSINGH 6.5 1/31/2028 | 6.50% | 01/31/28 | -3.47% | 33.30 | 34.50 |
| 7 | WTRG 6 4/30/2022 | 6.00% | 04/30/22 | -3.21% | 54.43 | 56.23 |
| 8 | AESGEN 4.56 4/30/2025 | 4.56% | 04/30/25 | -2.64% | 78.45 | 80.58 |
| 9 | NYPRES 3.563 8/1/2036 | 3.56% | 08/01/36 | -2.44% | 108.82 | 111.54 |
| 10 | INTULN 4.625 3/17/2028 | 4.63% | 03/17/28 | -1.51% | 57.44 | 58.33 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 10/30/20 – 11/6/20
| RANK | NAME | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Capital Equipment | -107 bps | 1.05% | 2.12% |
| 2 | Consumer Goods: Durable | -55 bps | 1.33% | 1.88% |
| 3 | Construction & Building | -38 bps | 0.96% | 1.35% |
| 4 | Telecommunications | -38 bps | 1.00% | 1.38% |
| 5 | Media: Diversified & Production | -37 bps | 1.08% | 1.45% |
| 6 | Transportation: Consumer | -27 bps | 3.46% | 3.73% |
| 7 | Utilities: Water | -21 bps | 0.87% | 1.08% |
| 8 | Automotive | -17 bps | 1.34% | 1.51% |
| 9 | Chemicals, Plastics & Rubber | -14 bps | 1.57% | 1.71% |
| 10 | Healthcare & Pharmaceuticals | -14 bps | 0.72% | 0.86% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 10/30/20 – 11/6/20
| RANK | NAME | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Metals & Mining | 135 bps | 4.84% | 3.49% |
| 2 | Services: Consumer | 103 bps | 11.04% | 10.00% |
| 3 | Sovereign & Public Finance | 60 bps | 1.26% | 0.66% |
| 4 | Environmental Industries | 53 bps | 1.20% | 0.68% |
| 5 | Hotel, Gaming & Leisure | 22 bps | 3.65% | 3.43% |
| 6 | Services: Business | 19 bps | 0.97% | 0.78% |
| 7 | Aerospace & Defense | 19 bps | 2.72% | 2.53% |
| 8 | Containers, Packaging, & Glass | 15 bps | 1.26% | 1.11% |
| 9 | Real Estate | 15 bps | 2.07% | 1.92% |
| 10 | Beverage, Food & Tobacco | 14 bps | 1.01% | 0.87% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 10/30/20 – 11/6/20 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 10/30/20 – 11/6/20
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 10/30/20 vs. the week ending 11/6/20
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ACAFP 4 PERP | 4.00% | 10/14/99 | 99 | 172 | 73 | 74% |
| 2 | EQT 7.875 2/1/2025 | 7.88% | 02/01/25 | 46 | 119 | 73 | 159% |
| 3 | FE 4.85 7/15/2047 | 4.85% | 07/15/47 | 109 | 164 | 55 | 50% |
| 4 | ASABRE 0.155 10/23/2024 | 0.16% | 10/23/24 | 75 | 129 | 54 | 72% |
| 5 | ASABRE 0.541 10/23/2028 | 0.54% | 10/23/28 | 85 | 139 | 54 | 64% |
| 6 | FE 3.9 7/15/2027 | 3.90% | 07/15/27 | 124 | 175 | 51 | 41% |
| 7 | FE 2.65 3/1/2030 | 2.65% | 03/01/30 | 136 | 183 | 47 | 35% |
| 8 | EPR 5.25 7/15/2023 | 5.25% | 07/15/23 | 128 | 171 | 43 | 34% |
| 9 | AYI 2.15 12/15/2030 | 2.15% | 12/15/30 | 9 | 52 | 43 | 478% |
| 10 | KO 0.8 3/15/2040 | 0.80% | 03/15/40 | 85 | 125 | 40 | 47% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 10/30/20 – 11/6/20
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | PETBRA 6.75 6/3/2050 | 6.75% | 06/03/50 | 34 |
| 2 | PETBRA 5.6 1/3/2031 | 5.60% | 01/03/31 | 34 |
| 3 | PETBRA 6.75 1/27/2041 | 6.75% | 01/27/41 | 33 |
| 4 | PETBRA 6.9 3/19/2049 | 6.90% | 03/19/49 | 33 |
| 5 | PETBRA 7.25 3/17/2044 | 7.25% | 03/17/44 | 33 |
| 6 | PETBRA 5.093 1/15/2030 REGS | 5.09% | 01/15/30 | 31 |
| 7 | PETBRA 5.299 1/27/2025 | 5.30% | 01/27/25 | 31 |
| 8 | F 9 4/22/2025 | 9.00% | 04/22/25 | 30 |
| 9 | F 8.5 4/21/2023 | 8.50% | 04/21/23 | 29 |
| 10 | CCL 11.5 4/1/2023 144A | 11.50% | 04/01/23 | 29 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 10/30/20 – 11/6/20 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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