Investment Grade Corporate Bond Market Summary – Week Ending 6/3/22
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Investment Grade Corporate Bond Market Summary: Week Ending 6/3/22
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 6/3/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Norfolk Southern Corp. (USD) 4.55% 6/1/2053 | Senior Notes | 750 | 99.985 | 4.55 | 145 |
| Jackson Financial Inc. (USD) 5.67% 6/2/2032 | Senior Notes | 750 | N/A | N/A | N/A |
| Florida Power & Light (USD) FLT% 6/15/2072 | Floating Rate Notes | 444 | 100 | N/A | N/A |
| Truist Financial Corp. (USD) 4.123% 6/6/2028 | Senior Notes | 850 | 100 | 4.12 | 118 |
| Toronto-Dominion Bank (USD) FLT% 6/6/2025 | Senior Notes | 350 | 100 | N/A | N/A |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 5/27/22 – 6/3/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | EURDEV 4.767 9/20/2022 | 4.77% | 09/20/22 | 8.21% | 82.12 | 75.90 |
| 2 | TFC FLT PERP | 1.52% | 12/31/99 | 6.37% | 76.79 | 72.19 |
| 3 | BNS 3.625 10/27/2081 | 3.63% | 10/27/81 | 6.08% | 79.54 | 74.98 |
| 4 | BNP 4.8 8/25/2031 | 4.80% | 08/25/31 | 5.88% | 92.29 | 87.16 |
| 5 | VW 3.875 PERP | 3.88% | 06/17/99 | 4.56% | 94.34 | 90.23 |
| 6 | JPM 3.65 4/29/2027 | 3.65% | 04/29/27 | 3.55% | 87.77 | 84.76 |
| 7 | LUKOIL 2.8 4/26/2027 REGS | 2.80% | 04/26/27 | 3.54% | 55.81 | 53.90 |
| 8 | FIRMEN 1.75 4/30/2030 | 1.75% | 04/30/30 | 3.54% | 95.18 | 91.93 |
| 9 | IBRD 0 5/31/2026 | 0.00% | 05/31/26 | 3.51% | 94.50 | 91.30 |
| 10 | EDINLN 7.75 9/30/2022 | 7.75% | 09/30/22 | 3.21% | 107.94 | 104.59 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 5/27/22 – 6/3/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | ORPFP 2.625 3/10/2025 | 2.63% | 03/10/25 | -15.55% | 65.08 | 77.07 |
| 2 | WILTON 6 PERP 144A | 6.00% | 04/22/99 | -11.07% | 89.82 | 101.00 |
| 3 | BBVASM 1.875 9/18/2025 REGS | 1.88% | 09/18/25 | -8.77% | 92.11 | 100.97 |
| 4 | RAGB 0.7 4/20/2071 | 0.70% | 04/20/71 | -7.15% | 55.69 | 59.98 |
| 5 | CPPIBC 1.625 10/22/2071 | 1.63% | 10/22/71 | -6.65% | 64.25 | 68.83 |
| 6 | CAMBRG 2.35 6/27/2078 | 2.35% | 06/27/78 | -6.30% | 84.50 | 90.18 |
| 7 | BRMFRD 2.554 3/17/2054 | 2.55% | 03/17/54 | -5.94% | 79.26 | 84.27 |
| 8 | RENTEN 0.01 11/26/2040 | 0.01% | 11/26/40 | -5.82% | 67.96 | 72.15 |
| 9 | SLOREP 1.175 2/13/2062 | 1.18% | 02/13/62 | -5.79% | 63.29 | 67.18 |
| 10 | UU 1.815 7/28/2056 | 1.82% | 07/28/56 | -5.74% | 147.27 | 156.23 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 5/27/22 – 6/3/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Insurance | -115 bps | 4.06% | 5.21% |
| 2 | Retail | -10 bps | 3.83% | 3.93% |
| 3 | Media: Broadcasting & Subscription | 4 bps | 3.57% | 3.53% |
| 4 | Media: Diversified & Production | 5 bps | 3.89% | 3.84% |
| 5 | Metals & Mining | 10 bps | 4.91% | 4.80% |
| 6 | Sovereign & Public Finance | 13 bps | 3.79% | 3.66% |
| 7 | Services: Consumer | 16 bps | 4.70% | 4.53% |
| 8 | High Tech Industries | 21 bps | 3.87% | 3.66% |
| 9 | Energy: Oil & Gas | 22 bps | 4.34% | 4.13% |
| 10 | Banking | 24 bps | 3.53% | 3.29% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 5/27/22 – 6/3/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Cargo | 124 bps | 5.65% | 4.41% |
| 2 | Capital Equipment | 112 bps | 4.07% | 2.95% |
| 3 | Consumer Goods: Durable | 106 bps | 3.40% | 2.33% |
| 4 | Chemicals, Plastics & Rubber | 77 bps | 4.52% | 3.75% |
| 5 | Construction & Building | 75 bps | 3.97% | 3.22% |
| 6 | Media: Advertising, Printing & Publishing | 66 bps | 3.48% | 2.83% |
| 7 | Forest Products & Paper | 64 bps | 3.91% | 3.27% |
| 8 | Hotel, Gaming & Leisure | 64 bps | 4.86% | 4.23% |
| 9 | Real Estate | 63 bps | 5.01% | 4.38% |
| 10 | Containers, Packaging, & Glass | 59 bps | 4.01% | 3.42% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 5/27/22 – 6/3/22 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 5/27/22 – 6/3/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 5/27/22 vs. the week ending 6/3/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | NSC 4.1 5/15/2021 | 4.10% | 05/15/21 | 44 | 133 | 89 | 202% |
| 2 | TTEFP 2.986 6/29/2041 | 2.99% | 06/29/41 | 71 | 114 | 43 | 61% |
| 3 | UNANA 1.75 8/12/2031 | 1.75% | 08/12/31 | 178 | 220 | 42 | 24% |
| 4 | RURAIL 2.2 5/23/2027 | 2.20% | 05/23/27 | 7 | 49 | 42 | 600% |
| 5 | TTEFP 3.386 6/29/2060 | 3.39% | 06/29/60 | 90 | 130 | 40 | 44% |
| 6 | WSTP 3.735 8/26/2025 | 3.74% | 08/26/25 | 192 | 232 | 40 | 21% |
| 7 | TTEFP 2.829 1/10/2030 | 2.83% | 01/10/30 | 129 | 166 | 37 | 29% |
| 8 | GE 4.55 5/15/2032 | 4.55% | 05/15/32 | 63 | 99 | 36 | 57% |
| 9 | INTNED 2.125 5/23/2026 | 2.13% | 05/23/26 | 139 | 175 | 36 | 26% |
| 10 | RPRX 3.55 9/2/2050 | 3.55% | 09/02/50 | 108 | 144 | 36 | 33% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 5/27/22 – 6/3/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 42 |
| 2 | DIS 3.6 1/13/2051 | 3.60% | 01/13/51 | 38 |
| 3 | AMZN 3.3 4/13/2027 | 3.30% | 04/13/27 | 38 |
| 4 | AMZN 3.95 4/13/2052 | 3.95% | 04/13/52 | 38 |
| 5 | AAPL 1.65 2/8/2031 | 1.65% | 02/08/31 | 37 |
| 6 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 36 |
| 7 | IBM 3.3 5/15/2026 | 3.30% | 05/15/26 | 36 |
| 8 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 36 |
| 9 | AMZN 2.875 5/12/2041 | 2.88% | 05/12/41 | 36 |
| 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 5/27/22 – 6/3/22 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 5/27/22 – 6/3/22
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