Investment Grade Corporate Bond Market Summary – Week Ending 6/10/22
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Investment Grade Corporate Bond Market Summary: Week Ending 6/10/22
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 6/10/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| JPMorgan Chase & Co. (USD) 3.845% 6/14/2025 | Floating Rate Notes | 2000 | 100 | 3.85 | 110 |
| CenterPoint Energy Resources Corp. (USD) 4.4% 6/1/2032 | Senior Notes | 500 | 99.908 | 4.41 | 145 |
| Cabot Corp. (USD) 5% 6/30/2032 | Senior Notes | 400 | 99.33 | 5.09 | 212.5 |
| Allegion US Holding Co. (USD) 5.411% 6/1/2032 | Senior Notes | 600 | 99.998 | 5.41 | 245 |
| Advanced Micro Devices (AMD) Inc. (USD) 4.393% 6/1/2052 | Senior Notes | 500 | 100 | 4.39 | 125 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 6/3/22 – 6/10/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | ADJGR 2.75 11/13/2026 | 2.75% | 11/13/26 | 6.95% | 58.76 | 54.94 |
| 2 | LNC 0 5/17/2066 | 3.72% | 05/17/66 | 5.70% | 72.09 | 68.20 |
| 3 | AIG 7.57 12/1/2045 | 7.57% | 12/01/45 | 4.73% | 142.65 | 136.20 |
| 4 | D 5.5 12/15/2039 | 5.50% | 12/15/39 | 4.59% | 104.74 | 100.14 |
| 5 | BABA 3.25 2/9/2061 | 3.25% | 02/09/61 | 3.74% | 69.54 | 67.03 |
| 6 | TENCNT 3.29 6/3/2060 REGS | 3.29% | 06/03/60 | 3.10% | 69.68 | 67.58 |
| 7 | PRXNA 3.68 1/21/2030 REGS | 3.68% | 01/21/30 | 2.75% | 85.89 | 83.59 |
| 8 | TRAFIG 3.875 2/2/2026 | 3.88% | 02/02/26 | 2.61% | 88.57 | 86.32 |
| 9 | TSINGH 5.375 1/31/2023 | 5.38% | 01/31/23 | 2.56% | 60.66 | 59.15 |
| 10 | EURDEV 4.767 9/20/2022 | 4.77% | 09/20/22 | 2.39% | 84.09 | 82.12 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 6/3/22 – 6/10/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | BALDER 2 1/18/2031 | 2.00% | 01/18/31 | -11.96% | 71.90 | 81.67 |
| 2 | SINOCE 6 7/30/2024 | 6.00% | 07/30/24 | -9.64% | 76.96 | 85.17 |
| 3 | ORPFP 5.25 12/4/2026 | 5.25% | 12/04/26 | -9.62% | 61.72 | 68.28 |
| 4 | TRISTA 6 6/15/2040 | 6.00% | 06/15/40 | -9.31% | 98.65 | 108.78 |
| 5 | BNP 4.8 8/25/2031 | 4.80% | 08/25/31 | -9.08% | 83.90 | 92.29 |
| 6 | XEL 6.375 9/1/2038 | 6.38% | 09/01/38 | -8.93% | 118.36 | 129.97 |
| 7 | COGARD 2.7 7/12/2026 | 2.70% | 07/12/26 | -8.44% | 52.12 | 56.93 |
| 8 | ENELIM 4.75 5/25/2047 | 4.75% | 05/25/47 | -7.56% | 88.29 | 95.51 |
| 9 | AEGON 0.496 PERP | 0.50% | 03/04/68 | -7.48% | 78.88 | 85.26 |
| 10 | TURKEY 8.6 9/24/2027 | 8.60% | 09/24/27 | -7.38% | 91.79 | 99.11 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 6/3/22 – 6/10/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Forest Products & Paper | -21 bps | 3.70% | 3.91% |
| 2 | Wholesale | -9 bps | 3.86% | 3.95% |
| 3 | Media: Diversified & Production | -8 bps | 4.08% | 4.16% |
| 4 | Metals & Mining | -6 bps | 4.34% | 4.39% |
| 5 | Media: Advertising, Printing & Publishing | 3 bps | 3.29% | 3.26% |
| 6 | Aerospace & Defense | 3 bps | 4.29% | 4.26% |
| 7 | Insurance | 10 bps | 4.11% | 4.01% |
| 8 | Automotive | 12 bps | 3.92% | 3.81% |
| 9 | Beverage, Food & Tobacco | 14 bps | 3.73% | 3.60% |
| 10 | Real Estate | 14 bps | 4.98% | 4.84% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 6/3/22 – 6/10/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | 127 bps | 4.38% | 3.11% |
| 2 | Transportation: Cargo | 74 bps | 5.72% | 4.97% |
| 3 | Retail | 49 bps | 4.32% | 3.83% |
| 4 | Services: Business | 42 bps | 3.81% | 3.39% |
| 5 | Energy: Electricity | 37 bps | 3.41% | 3.04% |
| 6 | Containers, Packaging, & Glass | 36 bps | 4.08% | 3.71% |
| 7 | Transportation: Consumer | 36 bps | 4.75% | 4.39% |
| 8 | Chemicals, Plastics & Rubber | 35 bps | 4.38% | 4.02% |
| 9 | Healthcare & Pharmaceuticals | 33 bps | 3.79% | 3.47% |
| 10 | Finance | 32 bps | 4.22% | 3.91% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 6/3/22 – 6/10/22 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 6/3/22 – 6/10/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 6/3/22 vs. the week ending 6/10/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | TTEFP 2 PERP | 2.00% | 09/04/99 | 14 | 160 | 146 | 1043% |
| 2 | TTEFP 3.386 6/29/2060 | 3.39% | 06/29/60 | 130 | 235 | 105 | 81% |
| 3 | DOW 2.1 9/15/2030 | 2.10% | 09/15/30 | 10 | 111 | 101 | 1010% |
| 4 | SUZANO 5.5 1/17/2027 | 5.50% | 01/17/27 | 61 | 161 | 100 | 164% |
| 5 | VIEFP 2.5 PERP | 2.50% | 04/20/99 | 20 | 119 | 99 | 495% |
| 6 | TTEFP 2.986 6/29/2041 | 2.99% | 06/29/41 | 114 | 210 | 96 | 84% |
| 7 | TTEFP 3.455 2/19/2029 | 3.46% | 02/19/29 | 123 | 218 | 95 | 77% |
| 8 | TTEFP 2.829 1/10/2030 | 2.83% | 01/10/30 | 166 | 260 | 94 | 57% |
| 9 | TTEFP 3.461 7/12/2049 | 3.46% | 07/12/49 | 120 | 213 | 93 | 78% |
| 10 | ATRSAV 3.625 PERP | 3.63% | 05/04/99 | 24 | 114 | 90 | 375% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 6/3/22 – 6/10/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 42 |
| 2 | AMZN 3.3 4/13/2027 | 3.30% | 04/13/27 | 38 |
| 3 | DIS 3.6 1/13/2051 | 3.60% | 01/13/51 | 37 |
| 4 | AMZN 3.95 4/13/2052 | 3.95% | 04/13/52 | 37 |
| 5 | AMZN 1.65 5/12/2028 | 1.65% | 05/12/28 | 37 |
| 6 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 37 |
| 7 | AAPL 1.7 8/5/2031 | 1.70% | 08/05/31 | 36 |
| 8 | ORCL 2.875 3/25/2031 | 2.88% | 03/25/31 | 36 |
| 9 | AMZN 2.875 5/12/2041 | 2.88% | 05/12/41 | 36 |
| 10 | DIS 3.5 5/13/2040 | 3.50% | 05/13/40 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 6/3/22 – 6/10/22 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 6/3/22 – 6/10/22
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