Investment Grade Corporate Bond Market Summary – Week Ending 6/24/22
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Investment Grade Corporate Bond Market Summary: Week Ending 6/24/22
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 6/24/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Targa Resources LLC (USD) 5.2% 7/1/2027 | Guaranteed Senior Notes | 750 | 99.849 | 5.23 | 200 |
| PSP Capital Inc. (USD) 3.5% 6/29/2027 | Senior Notes | 1000 | 99.614 | 3.59 | 36 |
| NextEra Energy Capital Holding Inc. (USD) 4.45% 6/20/2025 | Senior Notes | 1000 | 99.975 | 4.46 | 110 |
| KLA Corp. (USD) 5.25% 6/15/2062 | Senior Notes | 800 | 99.846 | 5.26 | 185 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 6/17/22 – 6/24/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | ATOFP 1 11/12/2029 | 1.00% | 11/12/29 | 15.86% | 59.70 | 51.53 |
| 2 | CZGB 1.5 4/24/2040 | 1.50% | 04/24/40 | 12.45% | 59.56 | 52.97 |
| 3 | ORPFP 2.3 3/6/2025 | 2.30% | 03/06/25 | 12.40% | 71.99 | 64.05 |
| 4 | AIA 4.47 5/23/2047 | 4.47% | 05/23/47 | 11.46% | 90.23 | 80.96 |
| 5 | ZURNVX 4.5 7/26/2038 | 4.50% | 07/26/38 | 9.74% | 84.73 | 77.21 |
| 6 | DGX 5.75 1/30/2040 | 5.75% | 01/30/40 | 9.49% | 111.65 | 101.98 |
| 7 | BMY 5.875 11/15/2036 | 5.88% | 11/15/36 | 8.71% | 115.08 | 105.86 |
| 8 | MDT 4.625 3/15/2044 | 4.63% | 03/15/44 | 8.51% | 101.37 | 93.42 |
| 9 | VTRS 2.3 6/22/2027 144A | 2.30% | 06/22/27 | 7.81% | 93.90 | 87.10 |
| 10 | HGB 4 4/28/2051 | 4.00% | 04/28/51 | 6.20% | 55.98 | 52.71 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 6/17/22 – 6/24/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | SBBBSS 0.75 12/14/2028 | 0.75% | 12/14/28 | -14.21% | 56.61 | 65.98 |
| 2 | ADJGR 3.25 8/5/2025 | 3.25% | 08/05/25 | -10.89% | 56.48 | 63.38 |
| 3 | INTERF 0 11/30/2025 | 0.00% | 11/30/25 | -10.47% | 78.03 | 87.16 |
| 4 | SANLTD 3.25 8/8/2031 144A | 3.25% | 08/08/31 | -10.28% | 61.69 | 68.76 |
| 5 | PEAKRN 5.35 PERP | 5.35% | 10/28/99 | -8.95% | 87.74 | 96.37 |
| 6 | LLY 6.77 1/1/2036 | 6.77% | 01/01/36 | -8.69% | 106.98 | 117.16 |
| 7 | CASTSS 3.125 PERP | 3.13% | 03/02/99 | -8.04% | 65.40 | 71.12 |
| 8 | HYSAN 4.85 PERP | 4.85% | 08/25/99 | -7.68% | 81.95 | 88.76 |
| 9 | CHINA 1 11/12/2039 | 1.00% | 11/12/39 | -7.60% | 71.33 | 77.20 |
| 10 | DBR 0 8/15/2031 | 0.00% | 08/15/31 | -7.58% | 78.66 | 85.11 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 6/17/22 – 6/24/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Consumer Goods: Durable | -25 bps | 3.50% | 3.75% |
| 2 | High Tech Industries | -20 bps | 4.13% | 4.33% |
| 3 | Retail | -20 bps | 4.58% | 4.78% |
| 4 | Telecommunications | -18 bps | 3.86% | 4.05% |
| 5 | Media: Advertising, Printing & Publishing | -18 bps | 3.52% | 3.70% |
| 6 | Healthcare & Pharmaceuticals | -17 bps | 3.99% | 4.16% |
| 7 | Media: Broadcasting & Subscription | -17 bps | 4.18% | 4.35% |
| 8 | Services: Business | -17 bps | 3.96% | 4.13% |
| 9 | Transportation: Consumer | -17 bps | 4.97% | 5.14% |
| 10 | Beverage, Food & Tobacco | -17 bps | 3.98% | 4.15% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 6/17/22 – 6/24/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | 102 bps | 4.98% | 3.96% |
| 2 | Hotel, Gaming & Leisure | 38 bps | 5.32% | 4.94% |
| 3 | Chemicals, Plastics & Rubber | 35 bps | 4.99% | 4.64% |
| 4 | Metals & Mining | 21 bps | 5.21% | 4.99% |
| 5 | Real Estate | 18 bps | 5.65% | 5.47% |
| 6 | Finance | 16 bps | 4.64% | 4.48% |
| 7 | Utilities: Oil & Gas | 6 bps | 5.07% | 5.01% |
| 8 | Banking | 5 bps | 4.15% | 4.10% |
| 9 | Energy: Oil & Gas | 3 bps | 6.02% | 5.99% |
| 10 | Environmental Industries | -1 bps | 4.16% | 4.17% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 6/17/22 – 6/24/22 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 6/17/22 – 6/24/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 6/17/22 vs. the week ending 6/24/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | BAX 2.272 12/1/2028 | 2.27% | 12/01/28 | 37 | 136 | 99 | 268% |
| 2 | CS 9.75 7/31/2025 | 9.75% | 07/31/25 | 22 | 120 | 98 | 445% |
| 3 | CCC 4.5 11/1/2026 REGS | 4.50% | 11/01/26 | 3 | 54 | 51 | 1700% |
| 4 | SYF 4.875 6/13/2025 | 4.88% | 06/13/25 | 153 | 188 | 35 | 23% |
| 5 | CMCSA 2.887 11/1/2051 | 2.89% | 11/01/51 | 57 | 92 | 35 | 61% |
| 6 | OKE 3.375 10/1/2022 | 3.38% | 10/01/22 | 41 | 75 | 34 | 83% |
| 7 | NWUNI 3.662 12/1/2057 | 3.66% | 12/01/57 | 72 | 106 | 34 | 47% |
| 8 | AIG 4.375 6/30/2050 | 4.38% | 06/30/50 | 171 | 203 | 32 | 19% |
| 9 | ABBV 3.25 10/1/2022 | 3.25% | 10/01/22 | 73 | 104 | 31 | 42% |
| 10 | TD 4.456 6/8/2032 | 4.46% | 06/08/32 | 296 | 327 | 31 | 10% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 6/10/22 – 6/17/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 41 |
| 2 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 39 |
| 3 | DIS 3.6 1/13/2051 | 3.60% | 01/13/51 | 37 |
| 4 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 37 |
| 5 | ORCL 2.875 3/25/2031 | 2.88% | 03/25/31 | 37 |
| 6 | AMZN 3.3 4/13/2027 | 3.30% | 04/13/27 | 37 |
| 7 | AMZN 3.95 4/13/2052 | 3.95% | 04/13/52 | 37 |
| 8 | AMZN 2.875 5/12/2041 | 2.88% | 05/12/41 | 37 |
| 9 | ORCL 4.1 3/25/2061 | 4.10% | 03/25/61 | 36 |
| 10 | IBM 1.95 5/15/2030 | 1.95% | 05/15/30 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 6/17/22 – 6/24/22 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 6/17/22 – 6/24/22
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