Investment Grade Corporate Bond Market Summary – Week Ending 4/8/22
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Investment Grade Corporate Bond Market Summary: Week Ending 4/8/22
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 4/8/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Take-Two Interactive Software Inc. (USD) 3.3% 3/28/2024 | Senior Notes | 1000 | 99.956 | 3.32 | 85 |
| Royal Bank of Canada (USD) FLT% 4/14/2025 | Senior Notes | 400 | 100 | N/A | N/A |
| Keurig Dr Pepper Inc. (USD) 4.5% 4/15/2052 | Senior Notes | 1150 | 99.106 | 4.55 | 185 |
| Sammons Financial Group (USD) 4.75% 4/8/2032 | Senior Notes | 500 | 99.905 | 4.76 | 220 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 4/1/22 – 4/8/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | SINOCE 4.75 8/5/2029 | 4.75% | 08/05/29 | 14.04% | 75.32 | 66.05 |
| 2 | CNTRLH 4.7 1/1/2048 | 4.70% | 01/01/48 | 9.13% | 117.38 | 107.56 |
| 3 | ENFRAG 5.375 12/30/2030 REGS | 5.38% | 12/30/30 | 6.53% | 76.47 | 71.78 |
| 4 | BNP 4.8 8/25/2031 | 4.80% | 08/25/31 | 6.11% | 96.17 | 90.63 |
| 5 | COGARD 6.5 4/8/2024 | 6.50% | 04/08/24 | 5.23% | 84.43 | 80.23 |
| 6 | YUNAEN 4.5 PERP | 4.50% | 08/20/99 | 5.08% | 93.26 | 88.76 |
| 7 | XEL 6.375 9/1/2038 | 6.38% | 09/01/38 | 4.71% | 132.73 | 126.75 |
| 8 | URUGUA 4 7/10/2030 | 4.00% | 07/10/30 | 4.53% | 119.00 | 113.84 |
| 9 | COLLIN 0 10/2/2024 | 4.08% | 10/02/24 | 4.41% | 88.00 | 84.28 |
| 10 | CHUBUT 7.75 7/26/2026 | 7.75% | 07/26/30 | 3.40% | 80.29 | 77.64 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 4/1/22 – 4/8/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | LLY 1.375 9/14/2061 | 1.38% | 09/14/61 | -9.78% | 69.28 | 76.79 |
| 2 | CS 0 4/8/2034 | 1.30% | 04/08/34 | -8.92% | 87.88 | 96.49 |
| 3 | SLOREP 0.6875 3/3/2081 | 0.69% | 03/03/81 | -8.89% | 55.46 | 60.87 |
| 4 | ORPFP 2 8/9/2029 | 2.00% | 08/09/29 | -8.18% | 75.41 | 82.13 |
| 5 | NRW 0.95 1/10/2121 | 0.95% | 01/10/21 | -8.02% | 56.38 | 61.30 |
| 6 | EIX 2.51 11/15/2043 | 2.51% | 11/15/43 | -7.94% | 80.05 | 86.95 |
| 7 | JABHOL 3.75 5/28/2051 144A | 3.75% | 05/28/51 | -7.50% | 84.93 | 91.81 |
| 8 | PERU 3.23 7/28/2121 | 3.23% | 07/28/21 | -7.28% | 70.07 | 75.58 |
| 9 | REPHUN 3.125 9/21/2051 REGS | 3.13% | 09/21/51 | -7.15% | 78.04 | 84.05 |
| 10 | KO 2.75 6/1/2060 | 2.75% | 06/01/60 | -6.93% | 78.93 | 84.81 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 4/1/22 – 4/8/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Cargo | -111 bps | 4.19% | 5.31% |
| 2 | Forest Products & Paper | -4 bps | 2.51% | 2.56% |
| 3 | Construction & Building | -4 bps | 2.69% | 2.73% |
| 4 | Consumer Goods: Durable | -4 bps | 2.33% | 2.37% |
| 5 | Services: Business | -4 bps | 2.65% | 2.69% |
| 6 | Media: Diversified & Production | -3 bps | 3.29% | 3.32% |
| 7 | Consumer Goods: Non-Durable | -2 bps | 2.72% | 2.75% |
| 8 | Wholesale | 4 bps | 3.21% | 3.17% |
| 9 | Healthcare & Pharmaceuticals | 6 bps | 2.86% | 2.80% |
| 10 | Beverage, Food & Tobacco | 8 bps | 2.93% | 2.85% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 4/1/22 – 4/8/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Metals & Mining | 81 bps | 4.65% | 3.84% |
| 2 | Aerospace & Defense | 58 bps | 3.91% | 3.33% |
| 3 | Sovereign & Public Finance | 55 bps | 3.26% | 2.71% |
| 4 | Services: Consumer | 44 bps | 4.47% | 4.02% |
| 5 | Transportation: Consumer | 39 bps | 3.83% | 3.44% |
| 6 | Hotel, Gaming & Leisure | 32 bps | 3.84% | 3.52% |
| 7 | Media: Broadcasting & Subscription | 32 bps | 3.43% | 3.11% |
| 8 | Utilities: Water | 30 bps | 2.46% | 2.16% |
| 9 | Real Estate | 29 bps | 3.78% | 3.49% |
| 10 | Energy: Oil & Gas | 27 bps | 3.97% | 3.70% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 4/1/22 – 4/8/22 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 4/1/22 – 4/8/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 4/1/22 vs. the week ending 4/8/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | WDAY 3.7 4/1/2029 | 3.70% | 04/01/29 | 24 | 202 | 178 | 742% |
| 2 | HD 2.7 4/15/2025 | 2.70% | 04/15/25 | 136 | 192 | 56 | 41% |
| 3 | RURAIL 7.487 3/25/2031 | 7.49% | 03/25/31 | 45 | 95 | 50 | 111% |
| 4 | VIAC 3.5 1/15/2025 | 3.50% | 01/15/25 | 15 | 64 | 49 | 327% |
| 5 | HD 3.25 4/15/2032 | 3.25% | 04/15/32 | 203 | 252 | 49 | 24% |
| 6 | SAZGR 5 9/30/2025 REGS | 5.00% | 09/30/25 | 87 | 132 | 45 | 52% |
| 7 | TURKEY 8.6 9/24/2027 | 8.60% | 09/24/27 | 161 | 205 | 44 | 27% |
| 8 | C 3.4 5/1/2026 | 3.40% | 05/01/26 | 155 | 196 | 41 | 26% |
| 9 | INTNED 4.017 3/28/2028 | 4.02% | 03/28/28 | 240 | 280 | 40 | 17% |
| 10 | TFC 2.8 5/17/2022 | 2.80% | 05/17/22 | 61 | 101 | 40 | 66% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 4/1/22 – 4/8/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | HPQ 4.2 4/15/2032 | 4.20% | 04/15/32 | 37 |
| 2 | AAPL 1.7 8/5/2031 | 1.70% | 08/05/31 | 36 |
| 3 | ORCL 3.95 3/25/2051 | 3.95% | 03/25/51 | 36 |
| 4 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 36 |
| 5 | AAPL 2.375 2/8/2041 | 2.38% | 02/08/41 | 35 |
| 6 | VZ 3.55 3/22/2051 | 3.55% | 03/22/51 | 35 |
| 7 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 35 |
| 8 | VZ 2.55 3/21/2031 | 2.55% | 03/21/31 | 35 |
| 9 | CMCSA 1.5 2/15/2031 | 1.50% | 02/15/31 | 34 |
| 10 | AAPL 1.65 2/8/2031 | 1.65% | 02/08/31 | 34 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 4/1/22 – 4/8/22 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 4/1/22 – 4/8/22
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