Investment Grade Corporate Bond Market Summary – Week Ending 4/22/22
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Investment Grade Corporate Bond Market Summary: Week Ending 4/22/22
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 4/22/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Lockheed Martin Corp. (USD) 4.3% 6/15/2062 | Senior Notes | 650 | 99.247 | 4.34 | 140 |
| Wells Fargo & Co. (CAD) 4.168% 4/28/2026 | Senior Notes | 750 | 100 | 4.17 | N/A |
| TSMC Arizona Corp. (USD) 3.875% 4/22/2027 | Senior Notes | 1000 | 99.829 | 3.91 | 100 |
| Cargill Inc. (USD) 4.375% 4/22/2052 | Senior Notes | 500 | 99.569 | 4.4 | 140 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 4/14/22 – 4/22/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CCAPGR 3.5 4/15/2023 | 3.50% | 04/15/23 | 7.13% | 61.06 | 56.99 |
| 2 | AMCEST 5.94 1/15/2053 | 5.94% | 01/15/53 | 6.41% | 120.12 | 112.88 |
| 3 | ADJGR 1.875 1/14/2026 | 1.88% | 01/14/26 | 4.85% | 80.84 | 77.10 |
| 4 | ACC 2.85 2/1/2030 | 2.85% | 02/01/30 | 3.49% | 94.41 | 91.22 |
| 5 | YTLPMK 2.186 6/1/2039 | 2.19% | 06/01/39 | 2.50% | 151.69 | 147.98 |
| 6 | ATLIM 1.875 2/12/2028 | 1.88% | 02/12/28 | 2.43% | 89.99 | 87.86 |
| 7 | DTV 4.45 4/1/2024 | 4.45% | 04/01/24 | 2.11% | 96.49 | 94.50 |
| 8 | ENELIM 5.584 11/7/2033 | 5.58% | 11/07/33 | 2.10% | 146.00 | 142.99 |
| 9 | TRAFIG 3.25 9/30/2024 | 3.25% | 09/30/24 | 2.02% | 93.44 | 91.59 |
| 10 | DBKAZ 10.95 5/6/2026 REGS | 10.95% | 05/06/26 | 1.77% | 77.99 | 76.63 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 4/14/22 – 4/22/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | COGARD 3.3 1/12/2031 | 3.30% | 01/12/31 | -11.05% | 58.11 | 65.33 |
| 2 | VNT 1.8 4/1/2026 | 1.80% | 04/01/26 | -8.54% | 88.73 | 97.01 |
| 3 | PANAMA 3.87 7/23/2060 | 3.87% | 07/23/60 | -6.69% | 75.68 | 81.10 |
| 4 | NWUNI 3.662 12/1/2057 | 3.66% | 12/01/57 | -6.57% | 94.62 | 101.27 |
| 5 | MEX 4.28 8/14/2041 | 4.28% | 08/14/41 | -6.52% | 83.98 | 89.84 |
| 6 | D 5.5 12/15/2039 | 5.50% | 12/15/39 | -6.07% | 106.74 | 113.63 |
| 7 | USCTRJ 3.226 10/1/2120 | 3.23% | 10/01/20 | -6.05% | 69.64 | 74.13 |
| 8 | BGARIA 1.375 9/23/2050 | 1.38% | 09/23/50 | -5.81% | 70.62 | 74.97 |
| 9 | NOV 3.95 12/1/2042 | 3.95% | 12/01/42 | -5.63% | 79.31 | 84.04 |
| 10 | PLD 1.5 9/10/2049 | 1.50% | 09/10/49 | -5.20% | 74.40 | 78.48 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 4/14/22 – 4/22/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | -72 bps | 3.59% | 4.30% |
| 2 | Automotive | -67 bps | 3.53% | 4.19% |
| 3 | Healthcare & Pharmaceuticals | -45 bps | 3.08% | 3.53% |
| 4 | Construction & Building | -37 bps | 2.97% | 3.34% |
| 5 | Media: Broadcasting & Subscription | -29 bps | 3.03% | 3.33% |
| 6 | Consumer Goods: Non-Durable | -25 bps | 3.21% | 3.47% |
| 7 | Utilities: Electric | -21 bps | 3.50% | 3.71% |
| 8 | Utilities: Oil & Gas | -20 bps | 4.00% | 4.20% |
| 9 | High Tech Industries | -1 bps | 3.59% | 3.60% |
| 10 | Real Estate | 5 bps | 3.93% | 3.88% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 4/14/22 – 4/22/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Insurance | 136 bps | 3.67% | 2.31% |
| 2 | Finance | 86 bps | 3.60% | 2.73% |
| 3 | Banking | 86 bps | 3.18% | 2.32% |
| 4 | Telecommunications | 78 bps | 4.21% | 3.43% |
| 5 | Transportation: Cargo | 67 bps | 3.66% | 2.99% |
| 6 | Retail | 51 bps | 3.77% | 3.25% |
| 7 | Metals & Mining | 43 bps | 4.58% | 4.14% |
| 8 | Energy: Oil & Gas | 34 bps | 4.27% | 3.93% |
| 9 | Beverage, Food & Tobacco | 18 bps | 3.24% | 3.06% |
| 10 | Real Estate | 5 bps | 3.93% | 3.88% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 4/14/22 – 4/22/22 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 4/14/22 – 4/22/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 4/14/22 vs. the week ending 4/22/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | CMPCCI 3.85 1/13/2030 144A | 3.85% | 01/13/30 | 42 | 120 | 78 | 186% |
| 2 | SOCGEN 1.792 6/9/2027 144A | 1.79% | 06/09/27 | 62 | 108 | 46 | 74% |
| 3 | CITCOR 2.3 10/1/2031 144A | 2.30% | 10/01/31 | 97 | 141 | 44 | 45% |
| 4 | NAB 1.388 1/12/2025 144A | 1.39% | 01/12/25 | 83 | 127 | 44 | 53% |
| 5 | BCRED 4.7 3/24/2025 144A | 4.70% | 03/24/25 | 87 | 129 | 42 | 48% |
| 6 | HALEON 4 3/24/2052 144A | 4.00% | 03/24/52 | 225 | 267 | 42 | 19% |
| 7 | SOCGEN 3.337 1/21/2033 144A | 3.34% | 01/21/33 | 85 | 125 | 40 | 47% |
| 8 | HALEON 3.125 3/24/2025 REGS | 3.13% | 03/24/25 | 80 | 118 | 38 | 48% |
| 9 | BNS 4.5 12/16/2025 | 4.50% | 12/16/25 | 155 | 193 | 38 | 25% |
| 10 | DFC 0 6/22/2020 | 0.00% | 06/22/20 | 33 | 70 | 37 | 112% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 4/14/22 – 4/22/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AMZN 3.3 4/13/2027 | 3.30% | 04/13/27 | 42 |
| 2 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 41 |
| 3 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 39 |
| 4 | AMZN 3.95 4/13/2052 | 3.95% | 04/13/52 | 39 |
| 5 | AMZN 3 4/13/2025 | 3.00% | 04/13/25 | 38 |
| 6 | AMZN 3.45 4/13/2029 | 3.45% | 04/13/29 | 38 |
| 7 | AMZN 4.1 4/13/2062 | 4.10% | 04/13/62 | 38 |
| 8 | HPQ 4.2 4/15/2032 | 4.20% | 04/15/32 | 37 |
| 9 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 37 |
| 10 | ORCL 2.875 3/25/2031 | 2.88% | 03/25/31 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 4/14/22 – 4/22/22 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 4/14/22 – 4/22/22
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