Investment Grade Corporate Bond Market Summary – Week Ending 3/4/22
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Investment Grade Corporate Bond Market Summary: Week Ending 3/4/22
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 3/4/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Waste Connections Inc. (USD) 3.2% 6/1/2032 | Senior Notes | 500 | 99.925 | 3.21 | 135 |
| Progressive Corp. (USD) 3.7% 3/15/2052 | Senior Notes | 500 | 99.747 | 3.71 | 145 |
| Nucor Corp. (USD) 3.85% 4/1/2052 | Senior Notes | 550 | 99.065 | 3.9 | 165 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 2/25/22 – 3/4/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | NRW 1.95 9/26/2078 | 1.95% | 09/26/78 | 8.78% | 128.96 | 118.55 |
| 2 | LLY 1.375 9/14/2061 | 1.38% | 09/14/61 | 8.35% | 81.81 | 75.51 |
| 3 | EDF 2 12/9/2049 | 2.00% | 12/09/49 | 7.55% | 94.28 | 87.66 |
| 4 | MDT 1.625 10/15/2050 | 1.63% | 10/15/50 | 7.48% | 92.36 | 85.93 |
| 5 | ORAFP 1.375 9/4/2049 | 1.38% | 09/04/49 | 7.15% | 95.96 | 89.55 |
| 6 | ANNGR 1.625 9/1/2051 | 1.63% | 09/01/51 | 6.95% | 80.13 | 74.92 |
| 7 | TMO 2 10/18/2051 | 2.00% | 10/18/51 | 6.92% | 95.76 | 89.56 |
| 8 | DT 1.75 12/9/2049 | 1.75% | 12/09/49 | 6.68% | 96.31 | 90.28 |
| 9 | PLD 1.5 9/10/2049 | 1.50% | 09/10/49 | 6.66% | 86.12 | 80.74 |
| 10 | DHR 1.8 9/18/2049 | 1.80% | 09/18/49 | 6.63% | 96.41 | 90.41 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 2/25/22 – 3/4/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | COGARD 6.15 9/17/2025 | 6.15% | 09/17/25 | -15.62% | 70.23 | 83.23 |
| 2 | SPPEUS 1.625 6/25/2027 | 1.63% | 06/25/27 | -14.27% | 84.47 | 98.52 |
| 3 | KAZAKS 4.875 10/14/2044 144A | 4.88% | 10/14/44 | -13.59% | 89.84 | 103.97 |
| 4 | SINOCE 4.75 8/5/2029 | 4.75% | 08/05/29 | -13.10% | 69.12 | 79.54 |
| 5 | TRAFIG 7.5 PERP | 7.50% | 07/31/99 | -11.97% | 92.69 | 105.29 |
| 6 | KCN 6.875 9/1/2041 | 6.88% | 09/01/41 | -11.61% | 105.34 | 119.18 |
| 7 | PETRPE 5.625 6/19/2047 | 5.63% | 06/19/47 | -9.59% | 79.47 | 87.90 |
| 8 | SPPDIS 1 6/9/2031 | 1.00% | 06/09/31 | -9.59% | 81.95 | 90.64 |
| 9 | ROTH 0 8/29/2049 | 0.63% | 08/29/49 | -9.36% | 76.06 | 83.91 |
| 10 | CZGRID 0.875 3/31/2031 | 0.88% | 03/31/31 | -8.40% | 80.78 | 88.19 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 2/25/22 – 3/4/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Services: Consumer | -34 bps | 3.09% | 3.43% |
| 2 | Metals & Mining | -33 bps | 2.57% | 2.90% |
| 3 | Hotel, Gaming & Leisure | -33 bps | 3.05% | 3.37% |
| 4 | Telecommunications | -32 bps | 2.11% | 2.43% |
| 5 | Construction & Building | -27 bps | 1.88% | 2.15% |
| 6 | Energy: Electricity | -26 bps | 1.93% | 2.18% |
| 7 | High Tech Industries | -25 bps | 2.27% | 2.52% |
| 8 | Transportation: Cargo | -22 bps | 2.34% | 2.56% |
| 9 | Services: Business | -20 bps | 1.86% | 2.05% |
| 10 | Containers, Packaging, & Glass | -19 bps | 2.14% | 2.33% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 2/25/22 – 3/4/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Consumer Goods: Durable | 11 bps | 1.71% | 1.60% |
| 2 | Utilities: Water | 7 bps | 1.84% | 1.77% |
| 3 | Media: Diversified & Production | 6 bps | 2.58% | 2.52% |
| 4 | Forest Products & Paper | 5 bps | 1.91% | 1.86% |
| 5 | Consumer Goods: Non-Durable | 1 bps | 2.00% | 2.00% |
| 6 | Automotive | 0 bps | 2.33% | 2.33% |
| 7 | Sovereign & Public Finance | 0 bps | 1.99% | 1.99% |
| 8 | Wholesale | 0 bps | 2.48% | 2.49% |
| 9 | Real Estate | -3 bps | 2.85% | 2.88% |
| 10 | Beverage, Food & Tobacco | -5 bps | 2.17% | 2.22% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 2/25/22 – 3/4/22 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 2/25/22 – 3/4/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 2/25/22 vs. the week ending 3/4/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | KMI 3.5 2/15/2032 | 3.50% | 02/15/32 | 120 | 180 | 60 | 50% |
| 2 | PCG 4.2 3/1/2029 | 4.20% | 03/01/29 | 153 | 201 | 48 | 31% |
| 3 | PCG 4.4 3/1/2032 | 4.40% | 03/01/32 | 155 | 197 | 42 | 27% |
| 4 | MS 2.63 2/18/2026 | 2.63% | 02/18/26 | 149 | 188 | 39 | 26% |
| 5 | PCG 5.25 3/1/2052 | 5.25% | 03/01/52 | 158 | 196 | 38 | 24% |
| 6 | HOUASS 8.25 6/7/2027 | 8.25% | 06/07/27 | 24 | 60 | 36 | 150% |
| 7 | C 3.07 2/24/2028 | 3.07% | 02/24/28 | 227 | 262 | 35 | 15% |
| 8 | BA 2.7 2/1/2027 | 2.70% | 02/01/27 | 185 | 215 | 30 | 16% |
| 9 | SBBBSS 0.75 12/14/2028 | 0.75% | 12/14/28 | 144 | 173 | 29 | 20% |
| 10 | ECL 2.75 8/18/2055 | 2.75% | 08/18/55 | 188 | 215 | 27 | 14% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 2/25/22 – 3/4/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 40 |
| 2 | ORCL 2.875 3/25/2031 | 2.88% | 03/25/31 | 37 |
| 3 | AAPL 1.65 2/8/2031 | 1.65% | 02/08/31 | 37 |
| 4 | ORCL 3.95 3/25/2051 | 3.95% | 03/25/51 | 36 |
| 5 | VZ 3.55 3/22/2051 | 3.55% | 03/22/51 | 36 |
| 6 | CMCSA 1.5 2/15/2031 | 1.50% | 02/15/31 | 36 |
| 7 | AAPL 2.65 2/8/2051 | 2.65% | 02/08/51 | 35 |
| 8 | KMI 2 2/15/2031 | 2.00% | 02/15/31 | 35 |
| 9 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 35 |
| 10 | VZ 2.55 3/21/2031 | 2.55% | 03/21/31 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 2/25/22 – 3/4/22 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 2/25/22 – 3/4/22
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