Investment Grade Corporate Bond Market Summary – Week Ending 4/1/22
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Investment Grade Corporate Bond Market Summary: Week Ending 4/1/22
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 4/1/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| PACCAR Financial Corp. (USD) 2.85% 4/7/2025 | Senior Notes | 400 | 99.974 | 2.86 | 40 |
| American Homes 4 Rent (USD) 4.3% 4/15/2052 | Senior Notes | 300 | 97.237 | 4.47 | 200 |
| DT Midstream Inc. (USD) 4.3% 3/30/2032 | Senior Secured Notes | 600 | 99.862 | 4.32 | 195 |
| Welltower Inc. (USD) 3.85% 6/15/2032 | Senior Notes | 550 | 99.948 | 3.86 | 147 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 3/25/22 – 4/1/22
| RANK | BON8D NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | COGARD 4.8 8/6/2030 | 4.80% | 08/06/30 | 25.09% | 69.07 | 55.22 |
| 2 | TRAFIG 7.5 PERP | 7.50% | 07/31/99 | 10.58% | 98.73 | 89.29 |
| 3 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | 9.59% | 90.58 | 82.65 |
| 4 | TELSEC 1.3657 12/10/2031 | 1.37% | 12/10/31 | 9.09% | 94.91 | 87.00 |
| 5 | PETRPE 5.625 6/19/2047 | 5.63% | 06/19/47 | 6.49% | 83.86 | 78.75 |
| 6 | WELLTR 1.5 7/14/2071 | 1.50% | 07/14/71 | 6.02% | 76.32 | 71.98 |
| 7 | OXUNIV 2.544 12/8/2117 | 2.54% | 12/08/17 | 6.02% | 96.74 | 91.25 |
| 8 | LLOYDS 0 8/20/2035 | 1.28% | 08/20/35 | 5.82% | 113.49 | 107.25 |
| 9 | KAZAKS 4.875 10/14/2044 REGS | 4.88% | 10/14/44 | 5.69% | 98.94 | 93.61 |
| 10 | HAIDIL 2.15 1/14/2026 | 2.15% | 01/14/26 | 5.64% | 84.11 | 79.62 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 3/25/22 – 4/1/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CCAPGR 3.5 4/15/2023 | 3.50% | 04/15/23 | -9.37% | 69.50 | 76.68 |
| 2 | CZGB 3.5 5/30/2035 | 3.50% | 05/30/35 | -7.81% | 87.79 | 95.22 |
| 3 | NETGAS 3.5 7/28/2026 | 3.50% | 07/28/26 | -6.81% | 103.07 | 110.61 |
| 4 | LGCHM 3.25 10/15/2024 144A | 3.25% | 10/15/24 | -5.94% | 94.43 | 100.40 |
| 5 | CFG 4.3 2/11/2031 | 4.30% | 02/11/31 | -4.46% | 94.94 | 99.38 |
| 6 | NAB 3.4 6/30/2040 | 3.40% | 06/30/40 | -4.15% | 77.54 | 80.90 |
| 7 | HKINTL 1 11/24/2041 | 1.00% | 11/24/41 | -3.92% | 84.99 | 88.46 |
| 8 | ADJGR 2.25 4/27/2027 | 2.25% | 04/27/27 | -3.74% | 81.22 | 84.37 |
| 9 | IBRD 0.2 1/21/2061 | 0.20% | 01/21/61 | -3.70% | 66.50 | 69.06 |
| 10 | AREIT 2.65 8/26/2030 | 2.65% | 08/26/30 | -3.56% | 94.85 | 98.36 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 3/25/22 – 4/1/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Cargo | -62 bps | 3.14% | 3.76% |
| 2 | Metals & Mining | -28 bps | 3.94% | 4.22% |
| 3 | Media: Broadcasting & Subscription | -22 bps | 3.12% | 3.33% |
| 4 | Banking | -13 bps | 2.83% | 2.97% |
| 5 | High Tech Industries | -12 bps | 3.01% | 3.13% |
| 6 | Transportation: Consumer | -7 bps | 3.45% | 3.53% |
| 7 | Construction & Building | -6 bps | 2.59% | 2.65% |
| 8 | Services: Business | -5 bps | 2.68% | 2.73% |
| 9 | Real Estate | -5 bps | 3.55% | 3.60% |
| 10 | Forest Products & Paper | -1 bps | 2.56% | 2.57% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between3/25/22 – 4/1/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | 32 bps | 3.12% | 2.80% |
| 2 | Wholesale | 28 bps | 3.16% | 2.88% |
| 3 | Media: Diversified & Production | 16 bps | 3.30% | 3.14% |
| 4 | Utilities: Water | 13 bps | 2.30% | 2.17% |
| 5 | Containers, Packaging, & Glass | 11 bps | 3.04% | 2.93% |
| 6 | Chemicals, Plastics & Rubber | 9 bps | 3.24% | 3.15% |
| 7 | Capital Equipment | 9 bps | 2.55% | 2.47% |
| 8 | Utilities: Oil & Gas | 9 bps | 3.50% | 3.42% |
| 9 | Energy: Electricity | 7 bps | 2.55% | 2.48% |
| 10 | Utilities: Electric | 7 bps | 3.05% | 2.97% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/25/22 – 4/1/22 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 3/25/22 – 4/1/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/25/22 vs. the week ending 4/1/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | BMW 0 8/12/2024 REGS | 0.65% | 08/12/24 | 46 | 102 | 56 | 122% |
| 2 | CFG 2.65 5/26/2022 | 2.65% | 05/26/22 | 48 | 94 | 46 | 96% |
| 3 | PHORRU 3.949 4/24/2023 REGS | 3.95% | 04/24/23 | 90 | 136 | 46 | 51% |
| 4 | DGELN 3.875 5/18/2028 | 3.88% | 05/18/28 | 111 | 153 | 42 | 38% |
| 5 | GZRFPR 12.375 11/18/2022 | 12.38% | 11/18/22 | 198 | 238 | 40 | 20% |
| 6 | TELEFO 1.528 1/17/2025 | 1.53% | 01/17/25 | 183 | 216 | 33 | 18% |
| 7 | GIS 2.875 4/15/2030 | 2.88% | 04/15/30 | 218 | 251 | 33 | 15% |
| 8 | ENBCN 4.5 6/10/2044 | 4.50% | 06/10/44 | 174 | 206 | 32 | 18% |
| 9 | GAZPRU 2.25 7/19/2022 | 2.25% | 07/19/22 | 16 | 48 | 32 | 200% |
| 10 | GM 3.6 6/21/2030 | 3.60% | 06/21/30 | 232 | 264 | 32 | 14% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 3/25/22 – 4/1/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 39 |
| 2 | AAPL 1.7 8/5/2031 | 1.70% | 08/05/31 | 36 |
| 3 | VZ 3.55 3/22/2051 | 3.55% | 03/22/51 | 36 |
| 4 | ORCL 3.95 3/25/2051 | 3.95% | 03/25/51 | 36 |
| 5 | VZ 2.55 3/21/2031 | 2.55% | 03/21/31 | 35 |
| 6 | ORCL 2.875 3/25/2031 | 2.88% | 03/25/31 | 35 |
| 7 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 35 |
| 8 | CMCSA 1.5 2/15/2031 | 1.50% | 02/15/31 | 34 |
| 9 | AAPL 1.65 2/8/2031 | 1.65% | 02/08/31 | 34 |
| 10 | AMZN 1.5 6/3/2030 | 1.50% | 06/03/30 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 3/25/22 – 4/1/22 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 3/25/22 – 4/1/22
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