Investment Grade Corporate Bond Market Summary – Week Ending 3/18/22
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Investment Grade Corporate Bond Market Summary: Week Ending 3/18/22
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 3/18/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Southwest Gas Corp. (USD) 4.05% 3/15/2032 | Senior Notes | 600 | 99.627 | 4.1 | 190 |
| NextEra Energy Capital Holding Inc. (USD) 2.94% 3/21/2024 | Debentures | 1100 | 99.994 | 2.94 | – |
| Anglo American Capital PLC (USD) 3.875% 3/16/2029 | Senior Notes | 500 | 99.352 | 3.98 | 183 |
| Puget Sound Energy (USD) 4.224% 3/15/2032 | Senior Secured Notes | 450 | 100 | 4.22 | 230 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 3/11/22 – 3/18/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | COGARD 4.2 2/6/2026 | 4.20% | 02/06/26 | 22.52% | 61.58 | 50.27 |
| 2 | PEP 5.5 5/15/2035 | 5.50% | 05/15/35 | 13.87% | 140.35 | 123.25 |
| 3 | SINOCE 4.75 1/14/2030 | 4.75% | 01/14/30 | 12.03% | 64.42 | 57.50 |
| 4 | FARMER 7.2 7/15/2048 | 7.20% | 07/15/48 | 10.19% | 145.21 | 131.78 |
| 5 | BABA 3.25 2/9/2061 | 3.25% | 02/09/61 | 9.74% | 76.72 | 69.91 |
| 6 | LNGFOR 3.375 4/13/2027 | 3.38% | 04/13/27 | 9.69% | 85.92 | 78.33 |
| 7 | LOW 7.2 9/1/2027 | 7.20% | 09/01/27 | 7.49% | 128.60 | 119.64 |
| 8 | ROMANI 3.375 1/28/2050 REGS | 3.38% | 01/28/50 | 7.33% | 79.51 | 74.08 |
| 9 | KAZAKS 4.875 10/14/2044 REGS | 4.88% | 10/14/44 | 7.24% | 94.02 | 87.67 |
| 10 | TENCNT 3.29 6/3/2060 REGS | 3.29% | 06/03/60 | 6.93% | 76.62 | 71.66 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 3/11/22 – 3/18/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | BATSLN 4.75 11/1/2042 | 4.75% | 11/01/42 | -11.99% | 85.71 | 97.39 |
| 2 | WY 7.7 2/15/2026 | 7.70% | 02/15/26 | -10.85% | 104.01 | 116.67 |
| 3 | BREMEN 0.45 2/24/2051 | 0.45% | 02/24/51 | -9.66% | 82.40 | 91.21 |
| 4 | VALSPC 3.95 1/15/2026 | 3.95% | 01/15/26 | -9.63% | 93.62 | 103.59 |
| 5 | XIAOMI 4.1 7/14/2051 144A | 4.10% | 07/14/51 | -8.77% | 78.23 | 85.75 |
| 6 | EIB 0.875 9/13/2047 | 0.88% | 09/13/47 | -8.22% | 94.26 | 102.70 |
| 7 | ESM 1.8 11/2/2046 | 1.80% | 11/02/46 | -7.92% | 113.14 | 122.87 |
| 8 | WALLOO 0.65 1/16/2051 | 0.65% | 01/16/51 | -7.82% | 75.39 | 81.79 |
| 9 | FLEMSH 1 1/23/2051 | 1.00% | 01/23/51 | -7.67% | 86.82 | 94.02 |
| 10 | HAIDIL 2.15 1/14/2026 | 2.15% | 01/14/26 | -7.15% | 77.99 | 83.99 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 3/11/22 – 3/18/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Telecommunications | -58 bps | 3.73% | 4.31% |
| 2 | Metals & Mining | -19 bps | 4.05% | 4.25% |
| 3 | Chemicals, Plastics & Rubber | -18 bps | 2.61% | 2.79% |
| 4 | Services: Business | -14 bps | 2.23% | 2.37% |
| 5 | Transportation: Cargo | -3 bps | 2.87% | 2.90% |
| 6 | Forest Products & Paper | -2 bps | 2.35% | 2.36% |
| 7 | Construction & Building | -1 bps | 2.35% | 2.36% |
| 8 | Retail | 2 bps | 3.00% | 2.98% |
| 9 | Energy: Oil & Gas | 2 bps | 3.51% | 3.48% |
| 10 | Transportation: Consumer | 3 bps | 3.39% | 3.36% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 3/11/22 – 3/18/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Broadcasting & Subscription | 83 bps | 3.15% | 2.32% |
| 2 | Sovereign & Public Finance | 57 bps | 3.13% | 2.56% |
| 3 | Energy: Electricity | 34 bps | 2.30% | 1.96% |
| 4 | Media: Advertising, Printing & Publishing | 29 bps | 2.20% | 1.91% |
| 5 | Hotel, Gaming & Leisure | 29 bps | 3.62% | 3.33% |
| 6 | Services: Consumer | 23 bps | 3.87% | 3.65% |
| 7 | Environmental Industries | 21 bps | 2.93% | 2.71% |
| 8 | High Tech Industries | 17 bps | 2.91% | 2.75% |
| 9 | Utilities: Electric | 15 bps | 2.82% | 2.66% |
| 10 | Utilities: Oil & Gas | 14 bps | 3.24% | 3.10% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/11/22 – 3/18/22 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 3/11/22 – 3/18/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/11/22 vs. the week ending 3/18/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | HCA 4.75 5/1/2023 | 4.75% | 05/01/23 | 72 | 191 | 119 | 165% |
| 2 | HRINTH 0 11/7/2022 | 2.08% | 11/07/22 | 3 | 76 | 73 | 2433% |
| 3 | BAERVX 4.875 PERP | 4.88% | 10/08/99 | 100 | 164 | 64 | 64% |
| 4 | HOUSFN 5.125 12/21/1937 | 5.13% | 12/21/35 | 30 | 89 | 59 | 197% |
| 5 | GS 3 5/31/2024 | 3.00% | 05/31/24 | 8 | 63 | 55 | 688% |
| 6 | ACAFP 1 1/27/2025 | 1.00% | 01/27/25 | 10 | 64 | 54 | 540% |
| 7 | LUKOIL 4.75 11/2/2026 | 4.75% | 11/02/26 | 170 | 220 | 50 | 29% |
| 8 | NOTHIH 5.25 7/7/1942 | 5.25% | 07/07/42 | 40 | 90 | 50 | 125% |
| 9 | GS 3 3/31/2024 | 3.00% | 03/31/24 | 2 | 51 | 49 | 2450% |
| 10 | LUKOIL 2.8 4/26/2027 REGS | 2.80% | 04/26/27 | 140 | 185 | 45 | 32% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 3/11/22 – 3/18/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 41 |
| 2 | AAPL 1.65 2/8/2031 | 1.65% | 02/08/31 | 37 |
| 3 | ORCL 3.95 3/25/2051 | 3.95% | 03/25/51 | 36 |
| 4 | AAPL 2.7 8/5/2051 | 2.70% | 08/05/51 | 35 |
| 5 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 35 |
| 6 | KMI 2 2/15/2031 | 2.00% | 02/15/31 | 35 |
| 7 | CMCSA 1.5 2/15/2031 | 1.50% | 02/15/31 | 35 |
| 8 | GOOGL 2.05 8/15/2050 | 2.05% | 08/15/50 | 35 |
| 9 | AMZN 1.65 5/12/2028 | 1.65% | 05/12/28 | 34 |
| 10 | AMZN 3.1 5/12/2051 | 3.10% | 05/12/51 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 3/11/22 – 3/18/22 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 3/11/22 – 3/18/22
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