Investment Grade Corporate Bond Market Summary – Week Ending 4/14/22
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Investment Grade Corporate Bond Market Summary: Week Ending 4/14/22
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 4/14/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Mitsubishi UFJ Financial Group Inc. (USD) 4.08% 4/19/2028 | Senior Notes | 800 | 100 | 4.08 | 130 |
| John Deere Capital Corp. (USD) 3.35% 4/18/2029 | Senior Notes | 600 | 99.864 | 3.37 | 65 |
| Ferguson Finance PLC (USD) 4.65% 4/20/2032 | Senior Notes | 700 | 99.479 | 4.72 | 200 |
| Toyota Motor Corp. (USD) 3.05% 4/14/2025 | Senior Notes | 250 | 99.869 | 3.1 | 37 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 4/8/22 – 4/14/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | PRE 0 12/1/2066 | 3.31% | 12/01/66 | 8.72% | 92.41 | 85.00 |
| 2 | SUTCAP 0 12/31/2049 | 0.00% | 12/31/49 | 5.63% | 81.66 | 77.31 |
| 3 | EKT 4.875 1/15/2028 REGS | 4.88% | 01/15/28 | 4.75% | 84.27 | 80.44 |
| 4 | HGB 4 4/28/2051 | 4.00% | 04/28/51 | 2.92% | 67.22 | 65.31 |
| 5 | UMBF 3.7 9/17/2030 | 3.70% | 09/17/30 | 2.84% | 100.09 | 97.32 |
| 6 | PONEIV 5.9 11/24/2031 REGS | 5.90% | 11/24/31 | 2.33% | 96.23 | 94.04 |
| 7 | ATO 6.75 7/15/2028 | 6.75% | 07/15/28 | 2.23% | 114.41 | 111.91 |
| 8 | CZGB 4.85 11/26/2057 | 4.85% | 11/26/57 | 2.21% | 110.70 | 108.30 |
| 9 | ALB 3.45 11/15/2029 | 3.45% | 11/15/29 | 2.13% | 95.42 | 93.43 |
| 10 | LNC 0 5/17/2066 | 3.35% | 05/17/66 | 2.10% | 85.00 | 83.25 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 4/8/22 – 4/14/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | LUKOIL 4.563 4/24/2023 | 4.56% | 04/24/23 | -8.71% | 51.55 | 56.47 |
| 2 | NRW 1.95 9/26/2078 | 1.95% | 09/26/78 | -7.05% | 101.46 | 109.16 |
| 3 | NTUSP 2.185 10/20/2036 | 2.19% | 10/20/36 | -6.91% | 88.14 | 94.69 |
| 4 | LNT 3.65 4/1/2050 | 3.65% | 04/01/50 | -6.63% | 89.82 | 96.21 |
| 5 | REPHUN 1.5 11/17/2050 | 1.50% | 11/17/50 | -6.55% | 66.01 | 70.64 |
| 6 | ADJGR 2.25 1/14/2029 | 2.25% | 01/14/29 | -6.44% | 73.15 | 78.19 |
| 7 | XEL 6.375 9/1/2038 | 6.38% | 09/01/38 | -6.37% | 124.27 | 132.73 |
| 8 | BREMEN 0.45 2/24/2051 | 0.45% | 02/24/51 | -6.30% | 73.83 | 78.79 |
| 9 | IBRD 0.2 1/21/2061 | 0.20% | 01/21/61 | -6.03% | 60.31 | 64.18 |
| 10 | SACHAN 0.5 3/24/2051 | 0.50% | 03/24/51 | -6.02% | 75.38 | 80.21 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 4/8/22 – 4/14/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Cargo | -118 bps | 2.99% | 4.17% |
| 2 | Insurance | -108 bps | 2.31% | 3.39% |
| 3 | Banking | -51 bps | 2.32% | 2.82% |
| 4 | Finance | -50 bps | 2.74% | 3.24% |
| 5 | Telecommunications | -45 bps | 3.43% | 3.87% |
| 6 | Metals & Mining | -29 bps | 4.14% | 4.43% |
| 7 | Retail | -25 bps | 3.25% | 3.50% |
| 8 | Media: Broadcasting & Subscription | -13 bps | 3.33% | 3.46% |
| 9 | Energy: Oil & Gas | 1 bps | 3.93% | 3.92% |
| 10 | Beverage, Food & Tobacco | 4 bps | 3.06% | 3.02% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 4/8/22 – 4/14/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | 142 bps | 4.30% | 2.88% |
| 2 | Automotive | 101 bps | 4.19% | 3.18% |
| 3 | Consumer Goods: Non-Durable | 82 bps | 3.47% | 2.65% |
| 4 | Healthcare & Pharmaceuticals | 62 bps | 3.52% | 2.90% |
| 5 | Construction & Building | 61 bps | 3.35% | 2.74% |
| 6 | Utilities: Oil & Gas | 52 bps | 4.20% | 3.68% |
| 7 | Utilities: Electric | 52 bps | 3.71% | 3.19% |
| 8 | High Tech Industries | 34 bps | 3.60% | 3.26% |
| 9 | Real Estate | 20 bps | 3.88% | 3.68% |
| 10 | Beverage, Food & Tobacco | 4 bps | 3.06% | 3.02% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 4/8/22 – 4/14/22 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 4/8/22 – 4/14/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 4/8/22 vs. the week ending 4/14/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | CHPWCN 4.25 PERP | 4.25% | 01/22/99 | 136 | 190 | 54 | 40% |
| 2 | SEP 2.8 10/15/2022 | 2.80% | 10/15/22 | 39 | 86 | 47 | 121% |
| 3 | BAC 4 1/22/2025 | 4.00% | 01/22/25 | 143 | 190 | 47 | 33% |
| 4 | C 0.981 5/1/2025 | 0.98% | 05/01/25 | 111 | 155 | 44 | 40% |
| 5 | LMT 3.55 1/15/2026 | 3.55% | 01/15/26 | 200 | 244 | 44 | 22% |
| 6 | RY 2.55 7/16/2024 | 2.55% | 07/16/24 | 224 | 267 | 43 | 19% |
| 7 | HRB 5.5 11/1/2022 | 5.50% | 11/01/22 | 88 | 130 | 42 | 48% |
| 8 | C 3.352 4/24/2025 | 3.35% | 04/24/25 | 149 | 189 | 40 | 27% |
| 9 | AIRFP 2.125 10/29/2029 | 2.13% | 10/29/29 | 160 | 200 | 40 | 25% |
| 10 | HPQ 4.2 4/15/2032 | 4.20% | 04/15/32 | 331 | 370 | 39 | 12% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 4/8/22 – 4/14/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | HPQ 4.2 4/15/2032 | 4.20% | 04/15/32 | 38 |
| 2 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 38 |
| 3 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 37 |
| 4 | ORCL 3.95 3/25/2051 | 3.95% | 03/25/51 | 36 |
| 5 | HPQ 4 4/15/2029 | 4.00% | 04/15/29 | 36 |
| 6 | AAPL 1.7 8/5/2031 | 1.70% | 08/05/31 | 36 |
| 7 | ORCL 2.875 3/25/2031 | 2.88% | 03/25/31 | 35 |
| 8 | AAPL 2.375 2/8/2041 | 2.38% | 02/08/41 | 35 |
| 9 | VZ 3.55 3/22/2051 | 3.55% | 03/22/51 | 35 |
| 10 | ORCL 3.65 3/25/2041 | 3.65% | 03/25/41 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 4/8/22 – 4/14/22 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 4/8/22 – 4/14/22
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