Investment Grade Corporate Bond Market Summary – Week Ending 7/1/22
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Investment Grade Corporate Bond Market Summary: Week Ending 7/1/22
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 7/1/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Toyota Motor Credit Corp. (USD) 3.95% 6/30/2025 | Medium Term Notes | 1300 | 99.905 | 3.98 | 80 |
| Northwestern Mutual Life Insurance Co. (USD) 4% 7/1/2025 | Senior Notes | 600 | 99.966 | 4.01 | 80 |
| Metropolitan Life Global Funding I (USD) 4.4% 6/30/2027 | Senior Notes | 500 | 99.924 | 4.42 | 115 |
| Berkshire Hills Bancorp Inc. (USD) 5.5% 7/1/2032 | Senior Notes | 100 | 100 | 5.5 | N/A |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 6/24/22 – 7/1/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | BAX 3.132 12/1/2051 144A | 3.13% | 12/01/51 | 35.77% | 99.92 | 73.59 |
| 2 | SBBBSS 0.75 12/14/2028 | 0.75% | 12/14/28 | 10.19% | 62.37 | 56.61 |
| 3 | CPIPGR 4.75 3/8/2023 | 4.75% | 03/08/23 | 9.24% | 113.52 | 103.92 |
| 4 | SANLTD 3.25 8/8/2031 144A | 3.25% | 08/08/31 | 8.42% | 66.88 | 61.69 |
| 5 | POLGB 1.75 4/25/2032 | 1.75% | 04/25/32 | 6.41% | 65.85 | 61.89 |
| 6 | NRW 1.375 1/15/2120 | 1.38% | 01/15/20 | 6.28% | 53.16 | 50.02 |
| 7 | VTRS 3.85 6/22/2040 144A | 3.85% | 06/22/40 | 5.74% | 87.12 | 82.38 |
| 8 | ERSTBK 5.25 11/29/2024 | 5.25% | 11/29/24 | 5.67% | 105.81 | 100.13 |
| 9 | VALCHI 4.399 3/15/2048 | 4.40% | 03/15/48 | 4.54% | 93.64 | 89.57 |
| 10 | LOW 5 9/15/2043 | 5.00% | 09/15/43 | 4.26% | 93.68 | 89.85 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 6/24/22 – 7/1/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CASTSS 3.125 PERP | 3.13% | 03/02/99 | -20.00% | 52.32 | 65.40 |
| 2 | CITCON 3.625 PERP | 3.63% | 09/10/99 | -18.25% | 57.34 | 70.14 |
| 3 | ULFP 2.125 PERP | 2.13% | 04/25/99 | -16.22% | 73.92 | 88.23 |
| 4 | ARNDTN 2.875 PERP | 2.88% | 07/11/99 | -16.13% | 69.14 | 82.43 |
| 5 | ACACN 4.75 5/15/2025 144A | 4.75% | 05/15/25 | -15.94% | 75.40 | 89.71 |
| 6 | HEIMST 6.75 PERP | 6.75% | 01/15/99 | -13.76% | 60.50 | 70.15 |
| 7 | ATRSAV 3.625 PERP | 3.63% | 05/04/99 | -13.34% | 55.50 | 64.04 |
| 8 | BALDER 1.293 3/3/2031 | 1.29% | 03/03/31 | -13.02% | 59.37 | 68.25 |
| 9 | VVOYHT 0.875 5/28/2029 | 0.88% | 05/28/29 | -12.22% | 66.15 | 75.35 |
| 10 | GYCGR 2.5 PERP | 2.50% | 04/23/99 | -11.63% | 79.60 | 90.08 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 6/24/22 – 7/1/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Sovereign & Public Finance | 85 bps | 4.85% | 4.01% |
| 2 | Wholesale | 56 bps | 4.33% | 3.77% |
| 3 | Chemicals, Plastics & Rubber | 46 bps | 4.96% | 4.51% |
| 4 | Utilities: Oil & Gas | 34 bps | 5.27% | 4.93% |
| 5 | Metals & Mining | 31 bps | 5.15% | 4.83% |
| 6 | Real Estate | 14 bps | 5.69% | 5.55% |
| 7 | Utilities: Water | 14 bps | 3.29% | 3.15% |
| 8 | Finance | 11 bps | 4.59% | 4.48% |
| 9 | Hotel, Gaming & Leisure | 9 bps | 5.80% | 5.71% |
| 10 | Energy: Oil & Gas | 8 bps | 5.97% | 5.90% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 6/24/22 – 7/1/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | -44 bps | 4.14% | 4.58% |
| 2 | Healthcare & Pharmaceuticals | -27 bps | 3.75% | 4.02% |
| 3 | Telecommunications | -27 bps | 3.83% | 4.10% |
| 4 | Forest Products & Paper | -24 bps | 3.79% | 4.03% |
| 5 | Transportation: Cargo | -23 bps | 4.04% | 4.27% |
| 6 | Services: Business | -21 bps | 3.72% | 3.93% |
| 7 | Aerospace & Defense | -19 bps | 4.76% | 4.95% |
| 8 | Media: Advertising, Printing & Publishing | -17 bps | 4.62% | 4.80% |
| 9 | Media: Broadcasting & Subscription | -12 bps | 4.04% | 4.16% |
| 10 | Environmental Industries | -11 bps | 3.94% | 4.05% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 6/24/22 – 7/1/22 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 6/24/22 – 7/1/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 6/24/22 vs. the week ending 7/1/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | CCC 4.5 11/1/2026 REGS | 4.50% | 11/01/26 | 54 | 134 | 80 | 148% |
| 2 | TMUS 3.875 4/15/2030 | 3.88% | 04/15/30 | 273 | 317 | 44 | 16% |
| 3 | EMN 3.6 8/15/2022 | 3.60% | 08/15/22 | 25 | 68 | 43 | 172% |
| 4 | ATVI 1.35 9/15/2030 | 1.35% | 09/15/30 | 213 | 255 | 42 | 20% |
| 5 | AMT 3.95 3/15/2029 | 3.95% | 03/15/29 | 227 | 268 | 41 | 18% |
| 6 | TMUS 3.75 4/15/2027 | 3.75% | 04/15/27 | 270 | 310 | 40 | 15% |
| 7 | T 3.5 9/15/2053 | 3.50% | 09/15/53 | 277 | 317 | 40 | 14% |
| 8 | GM 6.125 10/1/2025 | 6.13% | 10/01/25 | 196 | 235 | 39 | 20% |
| 9 | ATOFP 1.75 5/7/2025 | 1.75% | 05/07/25 | 134 | 172 | 38 | 28% |
| 10 | ATOFP 1.444 10/6/2023 | 1.44% | 10/06/23 | 78 | 116 | 38 | 49% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 6/24/22 – 7/1/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | ORCL 2.875 3/25/2031 | 2.88% | 03/25/31 | 42 |
| 2 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 39 |
| 3 | CMCSA 1.5 2/15/2031 | 1.50% | 02/15/31 | 39 |
| 4 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 39 |
| 5 | DIS 3.5 5/13/2040 | 3.50% | 05/13/40 | 38 |
| 6 | DIS 3.6 1/13/2051 | 3.60% | 01/13/51 | 38 |
| 7 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 37 |
| 8 | AMZN 3.3 4/13/2027 | 3.30% | 04/13/27 | 37 |
| 9 | AMZN 3.95 4/13/2052 | 3.95% | 04/13/52 | 37 |
| 10 | AMZN 2.875 5/12/2041 | 2.88% | 05/12/41 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 6/24/22 – 7/1/22 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 6/24/22 – 7/1/22
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