Investment Grade Corporate Bond Market Summary – Week Ending 8/19/22
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Investment Grade Corporate Bond Market Summary: Week Ending 8/19/22
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 8/19/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Export Development Canada (USD) 3.375% 8/26/2025 | N/A | 3250 | 99.703 | 3.48 | N/A |
| Sunnova Energy Intl. Inc (USD) 2.625% 2/15/2028 | N/A | 500 | 100 | N/A | N/A |
| PECO Energy Co. (USD) 4.375% 8/15/2052 | N/A | 425 | 99.587 | 4.4 | 127 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 8/12/22 – 8/19/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | GMKNRM 2.8 10/27/2026 REGS | 2.80% | 10/27/26 | 32.35% | 56.65 | 42.80 |
| 2 | COGARD 4.75 1/17/2023 | 4.75% | 01/17/23 | 24.58% | 82.58 | 66.29 |
| 3 | LNGFOR 3.85 1/13/2032 | 3.85% | 01/13/32 | 19.40% | 65.48 | 54.84 |
| 4 | SHUION 5.5 6/29/2026 | 5.50% | 06/29/26 | 14.16% | 59.34 | 51.98 |
| 5 | NLMKRU 4.7 5/30/2026 REGS | 4.70% | 05/30/26 | 10.52% | 54.49 | 49.30 |
| 6 | DUK 2.799 7/1/2041 | 2.80% | 07/01/41 | 9.58% | 84.31 | 76.94 |
| 7 | VNKRLE 3.975 11/9/2027 | 3.98% | 11/09/27 | 8.02% | 80.39 | 74.42 |
| 8 | GAZPRU 3.125 11/17/2023 | 3.13% | 11/17/23 | 7.42% | 54.44 | 50.68 |
| 9 | GE 6.025 3/1/2038 | 6.03% | 03/01/38 | 6.73% | 129.84 | 121.66 |
| 10 | KEDRIM 3.375 5/15/2026 REGS | 3.38% | 05/15/26 | 6.02% | 99.34 | 93.70 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 8/12/22 – 8/19/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | TOLHOS 5.325 11/15/2028 | 5.33% | 11/15/28 | -15.68% | 78.46 | 93.04 |
| 2 | LLY 1.375 9/14/2061 | 1.38% | 09/14/61 | -8.22% | 59.84 | 65.20 |
| 3 | DT 1.75 12/9/2049 | 1.75% | 12/09/49 | -7.59% | 74.14 | 80.23 |
| 4 | ICBPIJ 4.745 6/9/2051 | 4.75% | 06/09/51 | -7.30% | 74.43 | 80.29 |
| 5 | TMO 1.875 10/1/2049 | 1.88% | 10/01/49 | -7.07% | 72.05 | 77.53 |
| 6 | HSBC 4.75 3/24/2046 | 4.75% | 03/24/46 | -7.06% | 94.37 | 101.53 |
| 7 | TACHEM 2 7/9/2040 | 2.00% | 07/09/40 | -6.27% | 79.78 | 85.11 |
| 8 | BDX 1.213 2/12/2036 | 1.21% | 02/12/36 | -6.03% | 74.75 | 79.54 |
| 9 | KO 1 3/9/2041 | 1.00% | 03/09/41 | -5.97% | 73.07 | 77.71 |
| 10 | IBM 1.2 2/11/2040 | 1.20% | 02/11/40 | -5.92% | 75.55 | 80.31 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 8/12/22 – 8/19/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Media: Diversified & Production | -60 bps | 3.78% | 4.38% |
| 2 | Telecommunications | -6 bps | 3.48% | 3.54% |
| 3 | Real Estate | -4 bps | 5.19% | 5.24% |
| 4 | Insurance | 3 bps | 4.27% | 4.24% |
| 5 | Consumer Goods: Non-Durable | 3 bps | 3.48% | 3.45% |
| 6 | Energy: Oil & Gas | 4 bps | 4.95% | 4.91% |
| 7 | Retail | 4 bps | 4.39% | 4.35% |
| 8 | High Tech Industries | 5 bps | 3.86% | 3.81% |
| 9 | Finance | 7 bps | 4.14% | 4.06% |
| 10 | Media: Advertising, Printing & Publishing | 12 bps | 4.52% | 4.40% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 8/12/22 – 8/19/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Cargo | 153 bps | 5.61% | 4.08% |
| 2 | Capital Equipment | 91 bps | 4.09% | 3.19% |
| 3 | Chemicals, Plastics & Rubber | 76 bps | 4.86% | 4.09% |
| 4 | Consumer Goods: Durable | 62 bps | 3.64% | 3.02% |
| 5 | Aerospace & Defense | 59 bps | 5.32% | 4.74% |
| 6 | Services: Business | 49 bps | 3.92% | 3.42% |
| 7 | Wholesale | 49 bps | 4.15% | 3.66% |
| 8 | Services: Consumer | 45 bps | 5.51% | 5.06% |
| 9 | Automotive | 43 bps | 4.43% | 4.00% |
| 10 | Construction & Building | 41 bps | 4.23% | 3.82% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 8/12/22 – 8/19/22 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 8/12/22 – 8/19/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 8/12/22 vs. the week ending 8/19/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | CNP 0 3/2/2023 | 1.70% | 02/02/31 | 20 | 167 | 147 | 735% |
| 2 | SANLTD 2.85 3/8/2029 | 2.85% | 03/08/29 | 62 | 175 | 113 | 182% |
| 3 | BNP 7.75 PERP | 7.75% | 11/12/99 | 185 | 260 | 75 | 41% |
| 4 | BCRED 4 1/15/2029 | 4.00% | 01/15/29 | 4 | 72 | 68 | 1700% |
| 5 | BCRED 4 1/15/2029 REGS | 4.00% | 01/15/29 | 14 | 78 | 64 | 457% |
| 6 | AAPL 3.95 8/8/2052 | 3.95% | 08/08/52 | 336 | 399 | 63 | 19% |
| 7 | AAPL 3.35 8/8/2032 | 3.35% | 08/08/32 | 337 | 399 | 62 | 18% |
| 8 | INTC 4 8/5/2029 | 4.00% | 08/05/29 | 247 | 304 | 57 | 23% |
| 9 | INTC 3.75 8/5/2027 | 3.75% | 08/05/27 | 257 | 312 | 55 | 21% |
| 10 | BCRED 2.35 11/22/2024 REGS | 2.35% | 11/22/24 | 19 | 73 | 54 | 284% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 8/12/22 – 8/19/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | IBM 4.9 7/27/2052 | 4.90% | 07/27/52 | 41 |
| 2 | AAPL 3.35 8/8/2032 | 3.35% | 08/08/32 | 40 |
| 3 | IBM 4.4 7/27/2032 | 4.40% | 07/27/32 | 40 |
| 4 | AAPL 3.95 8/8/2052 | 3.95% | 08/08/52 | 40 |
| 5 | JPM 4.912 7/25/2033 | 4.91% | 07/25/33 | 39 |
| 6 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 39 |
| 7 | BAC 5.015 7/22/2033 | 5.02% | 07/22/33 | 39 |
| 8 | IBM 4.15 7/27/2027 | 4.15% | 07/27/27 | 38 |
| 9 | WFC 4.897 7/25/2033 | 4.90% | 07/25/33 | 38 |
| 10 | MS 4.889 7/20/2033 | 4.89% | 07/20/33 | 38 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 8/12/22 – 8/19/22 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 8/12/22 – 8/19/22
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