Investment Grade Corporate Bond Market Summary – Week Ending 3/11/22
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Investment Grade Corporate Bond Market Summary: Week Ending 3/11/22
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 3/11/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Public Service Electric & Gas Co. (USD) 3.1% 3/15/2032 | Medium Term Notes | 500 | 99.812 | – | 20 |
| Southern California Gas (USD) 2.95% 4/15/2027 | Senior Notes | 700 | 99.525 | 3.05 | 125 |
| Toronto-Dominion Bank (USD) 2.8% 3/10/2027 | Senior Notes | 1100 | 99.801 | 2.84 | 115 |
| HCA Inc. (USD) 3.625% 03/15/2032 | Senior Secured Notes | 2000 | 99.103 | 3.74 | 185 |
| Magallanes (USD) 5.141% 03/15/2052 | Senior Notes | 7000 | 100 | 5.14 | 300 |
| Magallanes (USD) 4.279% 03/15/2032 | Senior Notes | 5000 | 100 | 4.28 | 235 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 3/4/22 – 3/11/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | GS 0 8/11/2028 | 0.78% | 08/11/28 | 8.31% | 99.70 | 92.06 |
| 2 | WNTRDE 3 PERP | 3.00% | 01/20/99 | 7.77% | 82.11 | 76.19 |
| 3 | FULT 3.25 3/15/2030 | 3.25% | 03/15/30 | 4.77% | 101.31 | 96.70 |
| 4 | EDF 2.625 PERP | 2.63% | 06/01/99 | 4.71% | 87.84 | 83.89 |
| 5 | DIANCH 6.6 6/26/2022 | 6.60% | 06/26/22 | 4.25% | 98.28 | 94.27 |
| 6 | MQGAU 1.75 2/19/2030 | 1.75% | 02/19/30 | 3.39% | 99.21 | 95.96 |
| 7 | ADJGR 1.5 7/26/2024 | 1.50% | 07/26/24 | 3.05% | 89.20 | 86.56 |
| 8 | EUROGR 0.875 11/20/2040 | 0.88% | 11/20/40 | 2.93% | 88.87 | 86.34 |
| 9 | GEZHOU 4.15 PERP | 4.15% | 11/25/99 | 2.58% | 104.49 | 101.86 |
| 10 | RABOBK 3.25 PERP | 3.25% | 09/04/99 | 2.15% | 93.03 | 91.07 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 3/4/22 – 3/11/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | COGARD 7.25 4/8/2026 | 7.25% | 04/08/26 | -27.44% | 53.25 | 73.39 |
| 2 | SINOCE 6 7/30/2024 | 6.00% | 07/30/24 | -15.49% | 75.16 | 88.94 |
| 3 | LNGFOR 3.375 4/13/2027 | 3.38% | 04/13/27 | -13.51% | 78.33 | 90.57 |
| 4 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | -13.30% | 72.45 | 83.57 |
| 5 | SLOREP 0.6875 3/3/2081 | 0.69% | 03/03/81 | -13.17% | 62.08 | 71.49 |
| 6 | OXUNIV 2.544 12/8/2117 | 2.54% | 12/08/17 | -10.18% | 91.82 | 102.23 |
| 7 | SINOPE 3.35 5/13/2050 144A | 3.35% | 05/13/50 | -9.76% | 81.20 | 89.98 |
| 8 | BABA 3.25 2/9/2061 | 3.25% | 02/09/61 | -9.52% | 69.91 | 77.26 |
| 9 | CZGB 4.85 11/26/2057 | 4.85% | 11/26/57 | -9.14% | 110.74 | 121.88 |
| 10 | WELLTR 1.5 7/14/2071 | 1.50% | 07/14/71 | -9.01% | 72.24 | 79.39 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 3/4/22 – 3/11/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Broadcasting & Subscription | -26 bps | 2.26% | 2.52% |
| 2 | Energy: Electricity | 10 bps | 1.97% | 1.87% |
| 3 | Consumer Goods: Durable | 15 bps | 1.86% | 1.71% |
| 4 | Media: Diversified & Production | 23 bps | 2.82% | 2.60% |
| 5 | Retail | 28 bps | 2.96% | 2.68% |
| 6 | Wholesale | 30 bps | 2.75% | 2.45% |
| 7 | Construction & Building | 30 bps | 2.28% | 1.98% |
| 8 | Metals & Mining | 31 bps | 3.01% | 2.70% |
| 9 | Services: Consumer | 32 bps | 3.61% | 3.29% |
| 10 | Beverage, Food & Tobacco | 33 bps | 2.54% | 2.21% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 3/4/22 – 3/11/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | 94 bps | 2.85% | 1.91% |
| 2 | Aerospace & Defense | 65 bps | 3.14% | 2.50% |
| 3 | Forest Products & Paper | 62 bps | 2.35% | 1.73% |
| 4 | Utilities: Water | 58 bps | 2.16% | 1.58% |
| 5 | Finance | 55 bps | 2.88% | 2.33% |
| 6 | Services: Business | 54 bps | 2.37% | 1.84% |
| 7 | Transportation: Consumer | 53 bps | 3.45% | 2.92% |
| 8 | Chemicals, Plastics & Rubber | 51 bps | 2.79% | 2.28% |
| 9 | Real Estate | 51 bps | 3.36% | 2.85% |
| 10 | Consumer Goods: Non-Durable | 49 bps | 2.51% | 2.03% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/4/22 – 3/11/22 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 3/4/22 – 3/11/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/4/22 vs. the week ending 3/11/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ETR 4.2 4/1/2049 | 4.20% | 04/01/49 | 144 | 186 | 42 | 29% |
| 2 | BMO 2.15 12/8/2024 | 2.15% | 12/08/24 | 10 | 50 | 40 | 400% |
| 3 | PRU 5.125 3/1/2052 | 5.13% | 03/01/52 | 227 | 260 | 33 | 15% |
| 4 | SCHW 5 PERP | 5.00% | 10/31/99 | 198 | 230 | 32 | 16% |
| 5 | VLVY 0 2/22/2024 | 0.00% | 02/22/24 | 15 | 46 | 31 | 207% |
| 6 | INTC 3.9 3/25/2030 | 3.90% | 03/25/30 | 286 | 317 | 31 | 11% |
| 7 | PETRPE 4.75 6/19/2032 | 4.75% | 06/19/32 | 197 | 227 | 30 | 15% |
| 8 | AAPL 2.4 5/3/2023 | 2.40% | 05/03/23 | 122 | 152 | 30 | 25% |
| 9 | ANZ NATL INTL LTD MEDIUM TERM | 0.00% | 02/18/25 | 20 | 50 | 30 | 150% |
| 10 | COST 1.6 4/20/2030 | 1.60% | 04/20/30 | 220 | 249 | 29 | 13% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 3/4/22 – 3/11/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 42 |
| 2 | KMI 2 2/15/2031 | 2.00% | 02/15/31 | 37 |
| 3 | ORCL 2.875 3/25/2031 | 2.88% | 03/25/31 | 37 |
| 4 | AAPL 1.65 2/8/2031 | 1.65% | 02/08/31 | 36 |
| 5 | ORCL 3.95 3/25/2051 | 3.95% | 03/25/51 | 36 |
| 6 | VZ 3.55 3/22/2051 | 3.55% | 03/22/51 | 36 |
| 7 | CMCSA 1.5 2/15/2031 | 1.50% | 02/15/31 | 36 |
| 8 | VZ 2.55 3/21/2031 | 2.55% | 03/21/31 | 35 |
| 9 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 35 |
| 10 | AAPL 1.7 8/5/2031 | 1.70% | 08/05/31 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 3/4/22 – 3/11/22 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 3/4/22 – 3/11/22
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