Investment Grade Corporate Bond Market Summary – Week Ending 7/15/22
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Investment Grade Corporate Bond Market Summary: Week Ending 7/15/22
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 7/15/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| PG&E Corp. (USD) 4.02% 6/1/2033 | Senior Notes | 613 | 99.99 | 4.02 | N/A |
| Mitsubishi UFJ Financial Group Inc. (USD) FLT% 7/18/2025 | 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 7/8/22 – 7/15/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | SBBBSS 2.624 PERP | 2.62% | 01/30/99 | 19.25% | 52.77 | 44.25 |
| 2 | RAGB 0.85 6/30/2120 | 0.85% | 06/30/20 | 12.27% | 51.20 | 45.61 |
| 3 | ARNDTN 2.875 PERP | 2.88% | 07/11/99 | 11.72% | 81.68 | 73.11 |
| 4 | ULFP 2.875 PERP | 2.88% | 04/25/99 | 11.05% | 82.13 | 73.96 |
| 5 | NRW 2.15 3/21/2019 | 2.15% | 03/21/19 | 10.83% | 90.74 | 81.87 |
| 6 | ANNGR 1.625 9/1/2051 | 1.63% | 09/01/51 | 9.77% | 58.88 | 53.64 |
| 7 | WALLOO 1.25 6/22/2071 | 1.25% | 06/22/71 | 9.49% | 62.28 | 56.88 |
| 8 | FULT 3.25 3/15/2030 | 3.25% | 03/15/30 | 8.34% | 101.03 | 93.25 |
| 9 | LLY 1.375 9/14/2061 | 1.38% | 09/14/61 | 8.19% | 63.34 | 58.55 |
| 10 | BNP 3.34 1/28/2039 | 3.00% | 01/28/39 | 8.04% | 85.85 | 79.47 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 7/8/22 – 7/15/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | COGARD 8 1/27/2024 | 8.00% | 01/27/24 | -18.04% | 50.41 | 61.50 |
| 2 | ATOFP 1.75 5/7/2025 | 1.75% | 05/07/25 | -13.77% | 64.74 | 75.08 |
| 3 | AIIB 1.9 1/18/2027 | 1.90% | 01/18/27 | -13.71% | 90.95 | 105.40 |
| 4 | EROCN 6.5 2/15/2030 144A | 6.50% | 02/15/30 | -12.78% | 69.01 | 79.12 |
| 5 | LNGFOR 3.95 9/16/2029 | 3.95% | 09/16/29 | -11.75% | 63.65 | 72.13 |
| 6 | CPDEV 3.85 7/14/2025 | 3.85% | 07/14/25 | -11.10% | 74.78 | 84.12 |
| 7 | D 5.25 3/1/2035 | 5.25% | 03/01/35 | -9.77% | 97.88 | 108.47 |
| 8 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | -8.98% | 60.07 | 66.00 |
| 9 | CHJMAO 4.25 7/23/2029 | 4.25% | 07/23/29 | -8.60% | 64.63 | 70.71 |
| 10 | VNKRLE 3.5 11/12/2029 | 3.50% | 11/12/29 | -8.34% | 73.43 | 80.11 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 7/8/22 – 7/15/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Cargo | -130 bps | 4.48% | 5.79% |
| 2 | Media: Diversified & Production | -35 bps | 4.17% | 4.52% |
| 3 | Energy: Oil & Gas | -14 bps | 5.95% | 6.10% |
| 4 | Media: Advertising, Printing & Publishing | -14 bps | 4.44% | 4.58% |
| 5 | High Tech Industries | -12 bps | 4.10% | 4.22% |
| 6 | Utilities: Water | -11 bps | 3.08% | 3.19% |
| 7 | Healthcare & Pharmaceuticals | -9 bps | 3.66% | 3.75% |
| 8 | Media: Broadcasting & Subscription | -7 bps | 3.92% | 3.98% |
| 9 | Beverage, Food & Tobacco | -5 bps | 3.93% | 3.98% |
| 10 | Retail | -5 bps | 4.60% | 4.65% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 7/8/22 – 7/15/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Chemicals, Plastics & Rubber | 71 bps | 5.38% | 4.66% |
| 2 | Sovereign & Public Finance | 67 bps | 4.51% | 3.84% |
| 3 | Transportation: Consumer | 65 bps | 5.67% | 5.02% |
| 4 | Capital Equipment | 62 bps | 4.39% | 3.77% |
| 5 | Containers, Packaging, & Glass | 34 bps | 4.92% | 4.58% |
| 6 | Real Estate | 32 bps | 5.88% | 5.55% |
| 7 | Energy: Electricity | 29 bps | 3.69% | 3.39% |
| 8 | Wholesale | 24 bps | 4.15% | 3.91% |
| 9 | Finance | 22 bps | 4.74% | 4.52% |
| 10 | Construction & Building | 22 bps | 4.36% | 4.15% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 7/8/22 – 7/15/22 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 7/8/22 – 7/15/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending7/8/22 vs. the week ending 7/15/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | EXC 4.1 3/15/2052 144A | 4.10% | 03/15/52 | 100 | 256 | 156 | 156% |
| 2 | SOCGEN 4.677 6/15/2027 REGS | 4.68% | 06/15/27 | 44 | 156 | 112 | 255% |
| 3 | HSBC 4.7 PERP | 4.70% | 06/08/99 | 16 | 120 | 104 | 650% |
| 4 | AVGO 4.926 5/15/2037 REGS | 4.93% | 05/15/37 | 9 | 107 | 98 | 1089% |
| 5 | RABOBK 3.649 4/6/2028 144A | 3.65% | 04/06/28 | 90 | 173 | 83 | 92% |
| 6 | NAB 3.5 6/9/2025 | 3.50% | 06/09/25 | 83 | 160 | 77 | 93% |
| 7 | COP 3.758 3/15/2042 REGS | 3.76% | 03/15/42 | 79 | 145 | 66 | 84% |
| 8 | SAZGR 5 9/30/2025 REGS | 5.00% | 09/30/25 | 106 | 168 | 62 | 58% |
| 9 | UNANA 1.125 2/12/2027 | 1.13% | 02/12/27 | 48 | 101 | 53 | 110% |
| 10 | ACAFP 7.5 PERP | 7.50% | 04/29/49 | 118 | 170 | 52 | 44% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 7/8/22 – 7/15/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | CMCSA 1.5 2/15/2031 | 1.50% | 02/15/31 | 40 |
| 2 | ORCL 2.875 3/25/2031 | 2.88% | 03/25/31 | 40 |
| 3 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 39 |
| 4 | AMZN 2.875 5/12/2041 | 2.88% | 05/12/41 | 38 |
| 5 | AMZN 1.5 6/3/2030 | 1.50% | 06/03/30 | 38 |
| 6 | DIS 3.6 1/13/2051 | 3.60% | 01/13/51 | 38 |
| 7 | AMZN 3.1 5/12/2051 | 3.10% | 05/12/51 | 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 1.65 5/12/2028 | 1.65% | 05/12/28 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 7/8/22 – 7/15/22 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 7/8/22 – 7/15/22
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