Investment Grade Corporate Bond Market Summary – Week Ending 9/2/22
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Investment Grade Corporate Bond Market Summary: Week Ending 9/2/22
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 9/2/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| Nordic Investment Bank (USD) 3.375% 9/8/2027 | N/A | 1250 | N/A | N/A | N/A |
| Citigroup Inc. (USD) 4% 8/30/2024 | N/A | 86 | 100 | 4 | N/A |
| Royal Bank of Canada (USD) 4.1% 8/29/2024 | N/A | 114 | 100 | N/A | N/A |
| EPCOR Utilities Inc. (CAD) 4.725% 9/2/2052 | N/A | 450 | 100 | 4.73 | 165 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 8/26/22 – 9/2/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | TOLHOS 6.015 11/15/2048 | 6.02% | 11/15/48 | 8.09% | 65.35 | 60.46 |
| 2 | CHJMAO 3.2 4/9/2026 | 3.20% | 04/09/26 | 7.20% | 80.48 | 75.07 |
| 3 | NLMKRU 1.45 6/2/2026 REGS | 1.45% | 06/02/26 | 4.35% | 51.29 | 49.15 |
| 4 | NCIAU 4.7 5/12/2031 144A | 4.70% | 05/12/31 | 3.90% | 78.94 | 75.98 |
| 5 | MRWLN 3.5 7/27/2026 | 3.50% | 07/27/26 | 3.43% | 98.63 | 95.36 |
| 6 | GRWALL 2.375 8/18/2030 | 2.38% | 08/18/30 | 3.03% | 71.52 | 69.42 |
| 7 | HAIDIL 2.15 1/14/2026 | 2.15% | 01/14/26 | 3.02% | 80.29 | 77.94 |
| 8 | IFC 6.5 3/27/2026 | 6.50% | 03/27/26 | 1.75% | 88.68 | 87.15 |
| 9 | ROMGB 3.65 9/24/2031 | 3.65% | 09/24/31 | 1.29% | 73.16 | 72.23 |
| 10 | LNGFOR 3.9 4/16/2023 | 3.90% | 04/16/23 | 0.83% | 97.96 | 97.15 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 8/26/22 – 9/2/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | CAMBRG 2.35 6/27/2078 | 2.35% | 06/27/78 | -11.03% | 64.40 | 72.38 |
| 2 | OXUNIV 2.544 12/8/2017 | 2.54% | 12/08/17 | -10.68% | 60.31 | 67.52 |
| 3 | UNCOLO 1.625 6/4/2061 | 1.63% | 06/04/61 | -10.51% | 54.71 | 61.13 |
| 4 | BRKHEC 1.875 6/16/2062 | 1.88% | 06/16/62 | -10.42% | 52.20 | 58.27 |
| 5 | UKMBAS 1.625 8/26/2060 | 1.63% | 08/26/60 | -10.01% | 53.15 | 59.07 |
| 6 | PLATHG 1.625 8/10/2055 | 1.63% | 08/10/55 | -9.79% | 50.30 | 55.77 |
| 7 | FSHPHO 1.875 7/14/2061 | 1.88% | 07/14/61 | -9.73% | 51.69 | 57.26 |
| 8 | BRK 2.625 6/19/2059 | 2.63% | 06/19/59 | -9.56% | 64.87 | 71.73 |
| 9 | HYDEH 1.75 8/18/2055 | 1.75% | 08/18/55 | -9.03% | 51.62 | 56.75 |
| 10 | LONQUA 2.75 7/20/2057 | 2.75% | 07/20/57 | -8.81% | 65.60 | 71.94 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 8/26/22 – 9/2/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Metals & Mining | -78 bps | 4.60% | 5.38% |
| 2 | Media: Diversified & Production | -31 bps | 4.32% | 4.64% |
| 3 | Media: Advertising, Printing & Publishing | 3 bps | 4.69% | 4.66% |
| 4 | Finance | 14 bps | 4.59% | 4.45% |
| 5 | Energy: Oil & Gas | 16 bps | 5.38% | 5.22% |
| 6 | Aerospace & Defense | 16 bps | 5.38% | 5.22% |
| 7 | Retail | 21 bps | 4.81% | 4.60% |
| 8 | Insurance | 21 bps | 4.72% | 4.51% |
| 9 | Real Estate | 22 bps | 5.49% | 5.26% |
| 10 | Telecommunications | 23 bps | 4.10% | 3.87% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 8/26/22 – 9/2/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Capital Equipment | 109 bps | 4.56% | 3.47% |
| 2 | Transportation: Cargo | 74 bps | 6.21% | 5.47% |
| 3 | Sovereign & Public Finance | 73 bps | 4.42% | 3.68% |
| 4 | Chemicals, Plastics & Rubber | 73 bps | 5.28% | 4.56% |
| 5 | Energy: Electricity | 72 bps | 4.46% | 3.75% |
| 6 | Utilities: Water | 71 bps | 4.39% | 3.68% |
| 7 | Services: Consumer | 69 bps | 5.96% | 5.26% |
| 8 | Containers, Packaging, & Glass | 60 bps | 5.04% | 4.43% |
| 9 | Consumer Goods: Durable | 55 bps | 4.05% | 3.50% |
| 10 | Transportation: Consumer | 55 bps | 5.67% | 5.13% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 8/26/22 – 9/2/22 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 8/26/22 – 9/2/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 8/26/22 vs. the week ending 9/2/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | TSINGH 4.75 1/31/2021 | 4.75% | 01/31/21 | 41 | 109 | 68 | 166% |
| 2 | PEPPER 3.301 12/1/2059 | 3.30% | 12/01/59 | 40 | 89 | 49 | 123% |
| 3 | HAL 3.5 8/1/2023 | 3.50% | 08/01/23 | 89 | 128 | 39 | 44% |
| 4 | PM 3.125 8/17/2027 | 3.13% | 08/17/27 | 132 | 168 | 36 | 27% |
| 5 | SJM 2.125 3/15/2032 | 2.13% | 03/15/32 | 154 | 189 | 35 | 23% |
| 6 | RICEUN 4.626 5/15/2063 | 4.63% | 05/15/63 | 38 | 70 | 32 | 84% |
| 7 | CAT 6.05 8/15/2036 | 6.05% | 08/15/36 | 119 | 151 | 32 | 27% |
| 8 | HSBC 5.21 8/11/2028 | 5.21% | 08/11/28 | 296 | 327 | 31 | 10% |
| 9 | MAA 1.7 2/15/2031 | 1.70% | 02/15/31 | 175 | 206 | 31 | 18% |
| 10 | UNP 3.5 6/8/2023 | 3.50% | 06/08/23 | 37 | 68 | 31 | 84% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 8/26/22 – 9/2/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AAPL 3.35 8/8/2032 | 3.35% | 08/08/32 | 42 |
| 2 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 41 |
| 3 | AAPL 3.95 8/8/2052 | 3.95% | 08/08/52 | 39 |
| 4 | BACR 8 PERP | 8.00% | 12/15/99 | 38 |
| 5 | CVS 5.05 3/25/2048 | 5.05% | 03/25/48 | 37 |
| 6 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 37 |
| 7 | DIS 3.6 1/13/2051 | 3.60% | 01/13/51 | 36 |
| 8 | INTC 4.15 8/5/2032 | 4.15% | 08/05/32 | 36 |
| 9 | DIS 3.5 5/13/2040 | 3.50% | 05/13/40 | 35 |
| 10 | LOW 4.25 4/1/2052 | 4.25% | 04/01/52 | 35 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 8/26/22 – 9/2/22 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 8/26/22 – 9/2/22
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