Investment Grade Corporate Bond Market Summary – Week Ending 2/25/22
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Investment Grade Corporate Bond Market Summary: Week Ending 2/25/22
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 2/25/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Aon Corp. (USD) 3.9% 2/28/2052 | Senior Notes | 900 | 98.49 | 3.99 | 170 |
| Stanley Black & Decker Inc. (USD) 2.3% 2/24/2025 | Senior Notes | 500 | 99.87 | 2.35 | 63 |
| Bio-Rad Laboratories Inc. (USD) 3.7% 3/15/2032 | Senior Notes | 800 | 99.73 | 3.73 | 175 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 2/18/22 – 2/25/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | C 0 7/30/2024 | 0.59% | 07/30/24 | 10.47% | 111.84 | 101.24 |
| 2 | ADJGR 2.25 4/27/2027 | 2.25% | 04/27/27 | 5.55% | 82.71 | 78.37 |
| 3 | LLOYDS 2 7/21/2028 | 2.00% | 07/21/28 | 4.71% | 100.83 | 96.30 |
| 4 | SLOREP 0.6875 3/3/2081 | 0.69% | 03/03/81 | 4.58% | 67.35 | 64.40 |
| 5 | YUNMET 5.5 4/8/2022 | 5.50% | 04/08/22 | 4.43% | 87.02 | 83.33 |
| 6 | WSTP 5 3/2/2048 | 5.00% | 03/02/48 | 4.18% | 105.32 | 101.10 |
| 7 | ABNANV 0 3/30/2024 | 0.27% | 03/30/24 | 3.74% | 105.78 | 101.96 |
| 8 | GS 1 12/21/2025 | 1.00% | 12/21/25 | 3.71% | 98.65 | 95.12 |
| 9 | CDTFIN 2.1798 8/10/2048 | 2.18% | 08/10/48 | 3.21% | 265.39 | 257.14 |
| 10 | PPL 2.671 6/1/2043 | 2.67% | 06/01/43 | 3.13% | 180.90 | 175.42 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 2/18/22 – 2/25/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | RUSSIA 5.875 9/16/2043 | 5.88% | 09/16/43 | -35.47% | 72.36 | 112.14 |
| 2 | GAZPRU 8.625 4/28/2034 | 8.63% | 04/28/34 | -28.84% | 90.20 | 126.76 |
| 3 | PHORRU 2.6 9/16/2028 REGS | 2.60% | 09/16/28 | -28.37% | 64.47 | 90.00 |
| 4 | NLMKRU 1.45 6/2/2026 REGS | 1.45% | 06/02/26 | -27.85% | 66.50 | 92.17 |
| 5 | ALRSRU 3.1 6/25/2027 REGS | 3.10% | 06/25/27 | -27.65% | 67.38 | 93.14 |
| 6 | LUKOIL 3.875 5/6/2030 REGS | 3.88% | 05/06/30 | -24.24% | 69.32 | 91.51 |
| 7 | SIBUR 3.45 9/23/2024 REGS | 3.45% | 09/23/24 | -12.89% | 86.05 | 98.79 |
| 8 | ULFP 2 12/5/2033 | 2.00% | 12/05/33 | -11.56% | 90.12 | 101.89 |
| 9 | VEBBNK 6.8 11/22/2025 | 6.80% | 11/22/25 | -11.13% | 93.87 | 105.63 |
| 10 | RURAIL 5.7 4/5/2022 | 5.70% | 04/05/22 | -9.47% | 90.65 | 100.13 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 2/18/22 – 2/25/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Beverage, Food & Tobacco | -9 bps | 2.09% | 2.18% |
| 2 | Containers, Packaging, & Glass | -8 bps | 2.31% | 2.40% |
| 3 | Transportation: Cargo | -8 bps | 2.48% | 2.56% |
| 4 | Construction & Building | -7 bps | 1.96% | 2.03% |
| 5 | Services: Business | -1 bps | 2.07% | 2.08% |
| 6 | Wholesale | 0 bps | 2.39% | 2.39% |
| 7 | Transportation: Consumer | 4 bps | 2.95% | 2.91% |
| 8 | Media: Diversified & Production | 5 bps | 2.49% | 2.44% |
| 9 | High Tech Industries | 6 bps | 2.42% | 2.36% |
| 10 | Real Estate | 8 bps | 2.83% | 2.76% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 2/18/22 – 2/25/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | 55 bps | 2.36% | 1.81% |
| 2 | Environmental Industries | 32 bps | 2.61% | 2.29% |
| 3 | Metals & Mining | 30 bps | 2.96% | 2.66% |
| 4 | Capital Equipment | 26 bps | 2.12% | 1.86% |
| 5 | Telecommunications | 26 bps | 2.48% | 2.23% |
| 6 | Energy: Oil & Gas | 24 bps | 3.02% | 2.78% |
| 7 | Energy: Electricity | 22 bps | 2.14% | 1.92% |
| 8 | Chemicals, Plastics & Rubber | 20 bps | 2.39% | 2.19% |
| 9 | Media: Advertising, Printing & Publishing | 18 bps | 1.64% | 1.47% |
| 10 | Aerospace & Defense | 17 bps | 2.80% | 2.63% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 2/18/22 – 2/25/22 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 2/18/22 – 2/25/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 2/18/22 vs. the week ending 2/25/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ACFP 2.5 1/25/2024 | 2.50% | 01/25/24 | 83 | 124 | 41 | 49% |
| 2 | CNBG 3.875 PERP | 3.88% | 06/24/99 | 56 | 95 | 39 | 70% |
| 3 | GM 1 5/20/2025 | 1.00% | 05/20/25 | 6 | 41 | 35 | 583% |
| 4 | BPCEGP 0 1/14/2025 REGS | 0.00% | 01/14/25 | 59 | 91 | 32 | 54% |
| 5 | MS 1.102 4/29/2033 | 1.10% | 04/29/33 | 165 | 197 | 32 | 19% |
| 6 | CXO 3.75 10/1/2027 | 3.75% | 10/01/27 | 30 | 62 | 32 | 107% |
| 7 | CXO 4.3 8/15/2028 | 4.30% | 08/15/28 | 30 | 62 | 32 | 107% |
| 8 | ASIA 0 8/27/2026 | 1.05% | 08/27/26 | 20 | 50 | 30 | 150% |
| 9 | EXC 4.25 6/15/2022 | 4.25% | 06/15/22 | 38 | 68 | 30 | 79% |
| 10 | CBAAU 0 1/14/2027 | 0.00% | 01/14/27 | 55 | 84 | 29 | 53% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 2/18/22 – 2/25/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 41 |
| 2 | ORCL 2.875 3/25/2031 | 2.88% | 03/25/31 | 38 |
| 3 | AAPL 1.65 2/8/2031 | 1.65% | 02/08/31 | 38 |
| 4 | VZ 3.55 3/22/2051 | 3.55% | 03/22/51 | 37 |
| 5 | VZ 2.55 3/21/2031 | 2.55% | 03/21/31 | 37 |
| 6 | CMCSA 1.5 2/15/2031 | 1.50% | 02/15/31 | 36 |
| 7 | ORCL 3.95 3/25/2051 | 3.95% | 03/25/51 | 36 |
| 8 | ORCL 2.95 4/1/2030 | 2.95% | 04/01/30 | 36 |
| 9 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 36 |
| 10 | AAPL 2.65 2/8/2051 | 2.65% | 02/08/51 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 2/18/22 – 2/25/22 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 2/18/22 – 2/25/22
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