Investment Grade Corporate Bond Market Summary – Week Ending 3/25/22
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Investment Grade Corporate Bond Market Summary: Week Ending 3/25/22
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 3/25/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Home Depot Inc. (USD) 3.625% 4/15/2052 | Senior Notes | 1500 | 97.863 | 3.74 | 120 |
| Targa Resources LLC (USD) 4.95% 4/15/2052 | Senior Notes | 750 | 99.333 | 4.99 | 245 |
| Timken Co. (USD) 4.125% 4/1/2032 | Senior Notes | 350 | 98.373 | 4.33 | 195 |
| Sempra Energy (USD) 3.3% 4/1/2025 | Senior Notes | 750 | 99.823 | 3.36 | 102 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 3/18/22 – 3/25/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | SHUION 6.15 8/24/2024 | 6.15% | 08/24/24 | 17.67% | 88.80 | 75.47 |
| 2 | POLGB 0 5/25/2024 | 4.65% | 05/25/24 | 11.06% | 98.47 | 88.66 |
| 3 | SINOCE 6 7/30/2024 | 6.00% | 07/30/24 | 10.71% | 82.57 | 74.58 |
| 4 | COGARD 4.75 1/17/2023 | 4.75% | 01/17/23 | 9.21% | 83.19 | 76.18 |
| 5 | ADSEZ 5 8/2/2041 144A | 5.00% | 08/02/41 | 8.28% | 92.32 | 85.26 |
| 6 | SNAP 0.125 3/1/2028 | 0.13% | 03/01/28 | 8.04% | 100.78 | 93.28 |
| 7 | CATHAY 4.875 8/17/2026 | 4.88% | 08/17/26 | 6.26% | 96.29 | 90.61 |
| 8 | SANLTD 2.85 3/8/2029 144A | 2.85% | 03/08/29 | 5.72% | 83.39 | 78.88 |
| 9 | BIIB 3.25 2/15/2051 REGS | 3.25% | 02/15/51 | 5.64% | 81.15 | 76.81 |
| 10 | TRAFIG 5.875 PERP | 5.88% | 09/16/99 | 5.63% | 85.54 | 80.98 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 3/18/22 – 3/25/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | PEP 5.5 5/15/2035 | 5.50% | 05/15/35 | -14.92% | 119.40 | 140.35 |
| 2 | LUKOIL 2.8 4/26/2027 REGS | 2.80% | 04/26/27 | -12.29% | 50.68 | 57.79 |
| 3 | NGGLN 1.823 5/26/2056 | 1.82% | 05/26/56 | -10.48% | 158.88 | 177.49 |
| 4 | GRRIVE 6.254 7/1/2038 | 6.25% | 07/01/38 | -9.23% | 112.25 | 123.66 |
| 5 | CZGB 4.85 11/26/2057 | 4.85% | 11/26/57 | -8.16% | 104.28 | 113.55 |
| 6 | UU 1.7829 12/14/2040 | 1.78% | 12/14/40 | -6.95% | 240.93 | 258.94 |
| 7 | PRXNA 4.027 8/3/2050 REGS | 4.03% | 08/03/50 | -6.63% | 73.35 | 78.56 |
| 8 | FAIRVW 3.456 11/15/2051 | 3.46% | 11/15/51 | -6.08% | 83.78 | 89.20 |
| 9 | WIALUM 3.564 10/1/2049 | 3.56% | 10/01/49 | -5.29% | 95.45 | 100.78 |
| 10 | HGB 3.25 10/22/2031 | 3.25% | 10/22/31 | -5.20% | 77.41 | 81.66 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 3/18/22 – 3/25/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Telecommunications | -42 bps | 3.38% | 3.80% |
| 2 | Capital Equipment | 3 bps | 2.35% | 2.33% |
| 3 | Services: Consumer | 3 bps | 3.93% | 3.90% |
| 4 | Containers, Packaging, & Glass | 9 bps | 2.83% | 2.74% |
| 5 | Beverage, Food & Tobacco | 12 bps | 2.72% | 2.60% |
| 6 | Transportation: Cargo | 14 bps | 3.73% | 3.59% |
| 7 | Hotel, Gaming & Leisure | 15 bps | 3.67% | 3.52% |
| 8 | Media: Advertising, Printing & Publishing | 15 bps | 2.24% | 2.09% |
| 9 | Aerospace & Defense | 16 bps | 3.33% | 3.18% |
| 10 | Construction & Building | 18 bps | 2.62% | 2.44% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 3/18/22 – 3/25/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | 115 bps | 3.71% | 2.56% |
| 2 | Chemicals, Plastics & Rubber | 49 bps | 3.14% | 2.65% |
| 3 | Environmental Industries | 44 bps | 3.25% | 2.80% |
| 4 | Utilities: Oil & Gas | 36 bps | 3.49% | 3.13% |
| 5 | Banking | 32 bps | 2.80% | 2.47% |
| 6 | Automotive | 31 bps | 3.04% | 2.73% |
| 7 | Media: Diversified & Production | 31 bps | 3.14% | 2.83% |
| 8 | Consumer Goods: Non-Durable | 30 bps | 2.77% | 2.47% |
| 9 | Transportation: Consumer | 29 bps | 3.57% | 3.28% |
| 10 | Retail | 28 bps | 3.30% | 3.02% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/18/22 – 3/25/22 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 3/18/22 – 3/25/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/18/22 vs. the week ending 3/25/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SCHW 5 PERP | 5.00% | 12/01/99 | 25 | 135 | 110 | 440% |
| 2 | CM 2.25 1/31/2025 | 2.25% | 01/31/25 | 6 | 74 | 68 | 1133% |
| 3 | PEG 3.1 3/15/2032 | 3.10% | 03/15/32 | 194 | 239 | 45 | 23% |
| 4 | R 2.85 3/1/2027 | 2.85% | 03/01/27 | 175 | 217 | 42 | 24% |
| 5 | INTC 3.4 3/25/2025 | 3.40% | 03/25/25 | 226 | 267 | 41 | 18% |
| 6 | FSK 4.75 5/15/2022 | 4.75% | 05/15/22 | 21 | 60 | 39 | 186% |
| 7 | AEE 2.5 9/15/2024 | 2.50% | 09/15/24 | 10 | 46 | 36 | 360% |
| 8 | INTNED 4.1 10/2/2023 | 4.10% | 10/02/23 | 124 | 160 | 36 | 29% |
| 9 | CBAAU 2.552 3/14/2027 REGS | 2.55% | 03/14/27 | 169 | 204 | 35 | 21% |
| 10 | T 3.5 9/15/2053 | 3.50% | 09/15/53 | 139 | 173 | 34 | 24% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 3/18/22 – 3/25/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 41 |
| 2 | VZ 2.55 3/21/2031 | 2.55% | 03/21/31 | 37 |
| 3 | ORCL 3.95 3/25/2051 | 3.95% | 03/25/51 | 37 |
| 4 | T 2.25 2/1/2032 | 2.25% | 02/01/32 | 36 |
| 5 | AAPL 1.65 2/8/2031 | 1.65% | 02/08/31 | 36 |
| 6 | AMZN 2.5 6/3/2050 | 2.50% | 06/03/50 | 36 |
| 7 | VZ 3.55 3/22/2051 | 3.55% | 03/22/51 | 36 |
| 8 | AAPL 2.375 2/8/2041 | 2.38% | 02/08/41 | 36 |
| 9 | AAPL 1.7 8/5/2031 | 1.70% | 08/05/31 | 36 |
| 10 | CMCSA 2.8 1/15/2051 | 2.80% | 01/15/51 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 3/18/22 – 3/25/22 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 3/18/22 – 3/25/22
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