Investment Grade Corporate Bond Market Summary – Week Ending 4/2/21
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Investment Grade Corporate Bond Market Summary: Week Ending 4/1/21
Our newsletter presents key trends derived from observable Investment Grade Corporate Bond pricing data over a weekly period.
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 3/26/21 – 4/1/21
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | DRI 6.8 10/15/2037 | 6.80% | 10/15/37 | 9.26% | 119.68 | 109.54 |
| 2 | WCNCN 3.05 4/1/2050 | 3.05% | 04/01/50 | 5.19% | 98.54 | 93.68 |
| 3 | EPD 3.95 1/31/2060 | 3.95% | 01/31/60 | 4.67% | 102.01 | 97.46 |
| 4 | SPG 3.25 9/13/2049 | 3.25% | 09/13/49 | 4.33% | 95.29 | 91.33 |
| 5 | WBA 4.1 4/15/2050 | 4.10% | 04/15/50 | 4.14% | 103.66 | 99.53 |
| 6 | T 5.15 3/15/2042 | 5.15% | 03/15/42 | 4.08% | 122.20 | 117.42 |
| 7 | WINGTA 3.68 1/16/2030 | 3.68% | 01/16/30 | 3.89% | 101.03 | 97.25 |
| 8 | SO 3.45 10/1/2049 | 3.45% | 10/01/49 | 3.84% | 104.49 | 100.63 |
| 9 | DUK 3.25 10/1/2049 | 3.25% | 10/01/49 | 3.68% | 100.35 | 96.78 |
| 10 | BPLN 3.379 2/8/2061 | 3.38% | 02/08/61 | 3.67% | 94.29 | 90.95 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 3/26/21 – 4/1/21
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | HRINTH 4.25 PERP | 4.25% | 09/30/99 | -6.72% | 96.74 | 103.71 |
| 2 | CAMBRG 2.35 6/27/2078 | 2.35% | 06/27/78 | -4.25% | 129.79 | 135.56 |
| 3 | PPL 1.541 12/1/2056 | 1.54% | 12/01/56 | -3.84% | 179.89 | 187.06 |
| 4 | UKMBAS 1.625 8/26/2060 | 1.63% | 08/26/60 | -3.63% | 88.86 | 92.20 |
| 5 | KEL 1.7085 2/1/2058 | 1.71% | 02/01/58 | -3.32% | 193.04 | 199.67 |
| 6 | EKT 4.875 1/15/2028 REGS | 4.88% | 01/15/28 | -3.18% | 97.47 | 100.68 |
| 7 | GWOCN 1.357 9/17/2027 144A | 1.36% | 09/17/27 | -2.94% | 94.18 | 97.03 |
| 8 | ENGIFP 5 10/1/2060 | 5.00% | 10/01/60 | -2.93% | 166.03 | 171.04 |
| 9 | RABOBK 5.375 8/3/2060 | 5.38% | 08/03/60 | -2.84% | 186.52 | 191.97 |
| 10 | BRK 2.625 6/19/2059 | 2.63% | 06/19/59 | -2.77% | 112.35 | 115.55 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 3/26/21 – 4/1/21
| RANK | NAME | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Metals & Mining | -255 bps | 1.68% | 4.23% |
| 2 | Beverage, Food & Tobacco | -94 bps | 1.35% | 2.29% |
| 3 | Containers, Packaging, & Glass | -53 bps | 0.90% | 1.43% |
| 4 | Media: Broadcasting & Subscription | -26 bps | 1.27% | 1.53% |
| 5 | Consumer Goods: Durable | -11 bps | 1.57% | 1.68% |
| 6 | Healthcare & Pharmaceuticals | -2 bps | 1.19% | 1.22% |
| 7 | High Tech Industries | 3 bps | 1.41% | 1.38% |
| 8 | Media: Diversified & Production | 10 bps | 1.17% | 1.07% |
| 9 | Retail | 18 bps | 1.58% | 1.40% |
| 10 | Forest Products & Paper | 21 bps | 1.37% | 1.16% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 3/26/21 – 4/1/21
| RANK | NAME | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Capital Equipment | 136 bps | 1.64% | 0.28% |
| 2 | Transportation: Consumer | 130 bps | 3.11% | 1.82% |
| 3 | Energy: Electricity | 119 bps | 1.57% | 0.38% |
| 4 | Services: Consumer | 111 bps | 1.88% | 0.78% |
| 5 | Utilities: Oil & Gas | 78 bps | 2.14% | 1.36% |
| 6 | Sovereign & Public Finance | 69 bps | 1.36% | 0.67% |
| 7 | Transportation: Cargo | 63 bps | 1.66% | 1.03% |
| 8 | Banking | 52 bps | 1.74% | 1.22% |
| 9 | Utilities: Water | 51 bps | 1.45% | 0.94% |
| 10 | Services: Business | 51 bps | 1.44% | 0.93% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 3/26/21 – 4/1/21 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 3/26/21 – 4/1/21
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/26/21 vs. the week ending 4/1/21
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | ULFP 2.5 2/26/2024 | 2.50% | 02/26/24 | 24 | 137 | 113 | 471% |
| 2 | ULFP 1.375 10/17/2022 | 1.38% | 10/17/22 | 42 | 103 | 61 | 145% |
| 3 | BPCEGP 1 12/22/2025 | 1.00% | 12/22/25 | 70 | 123 | 53 | 76% |
| 4 | BRKHEC 2.85 5/15/2051 | 2.85% | 05/15/51 | 83 | 135 | 52 | 63% |
| 5 | IMBLN 1.75 3/18/2033 | 1.75% | 03/18/33 | 103 | 150 | 47 | 46% |
| 6 | IFC 2.625 9/7/2023 | 2.63% | 09/07/23 | 10 | 50 | 40 | 400% |
| 7 | UNP 3.75 7/15/2025 | 3.75% | 07/15/25 | 173 | 213 | 40 | 23% |
| 8 | NI 5.65 2/1/2045 | 5.65% | 02/01/45 | 71 | 109 | 38 | 54% |
| 9 | JEF 4.15 1/23/2030 | 4.15% | 01/23/30 | 116 | 153 | 37 | 32% |
| 10 | UNP 3.25 8/15/2025 | 3.25% | 08/15/25 | 166 | 203 | 37 | 22% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 3/26/21 – 4/1/21
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | VZ 3.55 3/22/2051 | 3.55% | 03/22/51 | 41 |
| 2 | VZ 0 3/20/2026 | 1.45% | 03/20/26 | 41 |
| 3 | VZ 2.55 3/21/2031 | 2.55% | 03/21/31 | 40 |
| 4 | ORCL 2.95 4/1/2030 | 2.95% | 04/01/30 | 39 |
| 5 | ORCL 1.65 3/25/2026 | 1.65% | 03/25/26 | 37 |
| 6 | VZ 2.1 3/22/2028 | 2.10% | 03/22/28 | 36 |
| 7 | INTC 3.9 3/25/2030 | 3.90% | 03/25/30 | 36 |
| 8 | VZ 1.75 1/20/2031 | 1.75% | 01/20/31 | 35 |
| 9 | ETP 5 5/15/2050 | 5.00% | 05/15/50 | 35 |
| 10 | VZ 3.7 3/22/2061 | 3.70% | 03/22/61 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 3/26/21 – 4/1/21 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 3/26/21 – 4/1/21
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