Investment Grade Corporate Bond Market Summary – Week Ending 5/6/22
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Investment Grade Corporate Bond Market Summary: Week Ending 5/6/22
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 5/6/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Northern Trust Corp. (USD) 4% 5/10/2027 | Senior Notes | 1000 | 99.838 | 4.04 | 100 |
| Xcel Energy Inc. (USD) 4.6% 6/1/2032 | N/A | 700 | 99.964 | 4.6 | 167 |
| American Water Capital Corp. (USD) 4.45% 6/1/2032 | Senior Notes | 800 | 99.683 | 4.49 | 150 |
| UBS Group AG (USD) 4.488% 5/12/2026 | N/A | 1200 | 100 | 4.49 | 155 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 4/29/22 – 5/6/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | ENELIM 5.584 11/7/2033 | 5.58% | 11/07/33 | 5.32% | 159.96 | 151.87 |
| 2 | PINIFL 2.5 8/27/2024 | 2.50% | 08/27/24 | 3.58% | 99.95 | 96.50 |
| 3 | HNCDHG 2.8 9/2/2024 | 2.80% | 09/02/24 | 3.08% | 99.71 | 96.73 |
| 4 | TZXITA 6.9 6/28/2022 | 6.90% | 06/28/22 | 3.07% | 103.07 | 100.00 |
| 5 | DBKAZ 8.95 5/4/2023 REGS | 8.95% | 05/04/23 | 3.01% | 83.44 | 81.00 |
| 6 | KSS 6 1/15/2033 | 6.00% | 01/15/33 | 2.89% | 93.47 | 90.84 |
| 7 | ENBCN 6.625 4/12/2078 | 6.63% | 04/12/78 | 2.10% | 103.56 | 101.44 |
| 8 | WILTON 5.875 3/30/2033 | 5.88% | 03/30/33 | 1.89% | 98.72 | 96.89 |
| 9 | SMCGL 5.45 PERP | 5.45% | 12/09/99 | 1.73% | 90.94 | 89.39 |
| 10 | AFG 3.5 8/15/2026 | 3.50% | 08/15/26 | 1.72% | 100.65 | 98.94 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between4/29/22 – 5/6/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | ADJGR 2.25 1/14/2029 | 2.25% | 01/14/29 | -15.24% | 55.01 | 64.91 |
| 2 | PCG 2.28 1/15/2036 | 2.28% | 01/15/36 | -11.95% | 82.75 | 93.98 |
| 3 | CIXCN 4.1 6/15/2051 | 4.10% | 06/15/51 | -8.29% | 72.23 | 78.76 |
| 4 | EDF 5.25 10/13/2055 | 5.25% | 10/13/55 | -7.53% | 89.63 | 96.93 |
| 5 | ULFP 1.75 7/1/2049 | 1.75% | 07/01/49 | -7.37% | 63.31 | 68.34 |
| 6 | TENN 1.125 6/9/2041 | 1.13% | 06/09/41 | -7.33% | 72.85 | 78.61 |
| 7 | CALTEC 4.283 9/1/2016 | 4.28% | 09/01/16 | -7.32% | 85.15 | 91.87 |
| 8 | SLOREP 1.175 2/13/2062 | 1.18% | 02/13/62 | -6.96% | 69.19 | 74.37 |
| 9 | BAC 0 PERP | 3.92% | 12/29/49 | -6.96% | 76.44 | 82.15 |
| 10 | ICE 3 9/15/2060 | 3.00% | 09/15/60 | -6.94% | 67.60 | 72.64 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 4/29/22 – 5/6/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Broadcasting & Subscription | -9 bps | 3.66% | 3.74% |
| 2 | Consumer Goods: Durable | -4 bps | 2.73% | 2.77% |
| 3 | Transportation: Cargo | -1 bps | 4.66% | 4.67% |
| 4 | Wholesale | 7 bps | 3.64% | 3.57% |
| 5 | Telecommunications | 8 bps | 4.63% | 4.55% |
| 6 | Healthcare & Pharmaceuticals | 8 bps | 3.30% | 3.22% |
| 7 | Beverage, Food & Tobacco | 10 bps | 3.41% | 3.32% |
| 8 | Construction & Building | 12 bps | 3.26% | 3.14% |
| 9 | Forest Products & Paper | 16 bps | 3.21% | 3.06% |
| 10 | Energy: Oil & Gas | 16 bps | 4.36% | 4.20% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 4/29/22 – 5/6/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Advertising, Printing & Publishing | 97 bps | 3.20% | 2.23% |
| 2 | Media: Diversified & Production | 92 bps | 3.76% | 2.84% |
| 3 | Sovereign & Public Finance | 72 bps | 3.79% | 3.07% |
| 4 | Energy: Electricity | 39 bps | 3.29% | 2.89% |
| 5 | Finance | 33 bps | 3.80% | 3.46% |
| 6 | Containers, Packaging, & Glass | 33 bps | 3.72% | 3.39% |
| 7 | Transportation: Consumer | 33 bps | 4.23% | 3.90% |
| 8 | Utilities: Electric | 30 bps | 3.85% | 3.55% |
| 9 | Chemicals, Plastics & Rubber | 29 bps | 4.03% | 3.74% |
| 10 | Banking | 29 bps | 3.34% | 3.05% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 4/29/22 – 5/6/22 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 4/29/22 – 5/6/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 4/29/22 vs. the week ending 5/6/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | AVGO 4.926 5/15/2037 144A | 4.93% | 05/15/37 | 148 | 205 | 57 | 39% |
| 2 | GARUDA 5.95 6/3/2023 | 5.95% | 06/03/23 | 25 | 79 | 54 | 216% |
| 3 | EBAY 3.6 6/5/2027 | 3.60% | 06/05/27 | 199 | 240 | 41 | 21% |
| 4 | IVZ 5.375 11/30/2043 | 5.38% | 11/30/43 | 114 | 150 | 36 | 32% |
| 5 | PNC 6 10/16/2023 | 6.00% | 10/16/23 | 97 | 131 | 34 | 35% |
| 6 | WFC 5.85 2/1/2037 | 5.85% | 02/01/37 | 80 | 114 | 34 | 43% |
| 7 | KPERM 3.002 6/1/2051 | 3.00% | 06/01/51 | 126 | 159 | 33 | 26% |
| 8 | BX 5 6/15/2044 | 5.00% | 06/15/44 | 144 | 176 | 32 | 22% |
| 9 | STT 1.746 2/6/2026 | 1.75% | 02/06/26 | 135 | 167 | 32 | 24% |
| 10 | MO 3.7 2/4/2051 | 3.70% | 02/04/51 | 226 | 258 | 32 | 14% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 4/29/22 – 5/6/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AMZN 3.3 4/13/2027 | 3.30% | 04/13/27 | 45 |
| 2 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 44 |
| 3 | AMZN 3.95 4/13/2052 | 3.95% | 04/13/52 | 42 |
| 4 | AMZN 4.1 4/13/2062 | 4.10% | 04/13/62 | 39 |
| 5 | AMZN 3 4/13/2025 | 3.00% | 04/13/25 | 38 |
| 6 | AMZN 2.875 5/12/2041 | 2.88% | 05/12/41 | 37 |
| 7 | AMZN 3.45 4/13/2029 | 3.45% | 04/13/29 | 37 |
| 8 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 36 |
| 9 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 36 |
| 10 | AMZN 3.1 5/12/2051 | 3.10% | 05/12/51 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 4/29/22 – 5/6/22 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 4/29/22 – 5/6/22
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