Investment Grade Corporate Bond Market Summary – Week Ending 9/23/22
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Investment Grade Corporate Bond Market Summary: Week Ending 9/23/22
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 9/23/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
|---|---|---|---|---|---|
| WEC Energy Group Inc. (USD) 5% 9/27/2025 | Senior Notes | 500 | 99.928 | 5.03 | 90 |
| Digital Realty Trust LP (USD) 5.55% 1/15/2028 | Senior Notes | 550 | 99.918 | 5.57 | 165 |
| Toyota Motor Corp. (USD) 4.55% 9/20/2027 | Senior Notes | 1000 | 99.903 | 4.57 | 90 |
| National Grid Electricity Trans. (CAD) 5.221% 9/16/2031 | Senior Notes | 550 | 100 | 5.22 | 209 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 9/16/22 – 9/23/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | DXC 0.95 9/15/2031 REGS | 0.95% | 09/15/31 | 5.10% | 73.31 | 69.75 |
| 2 | RCICN 5.25 4/15/2052 | 5.25% | 04/15/52 | 4.27% | 94.27 | 90.41 |
| 3 | RGA 0 12/15/2065 | 5.40% | 12/15/65 | 3.20% | 88.33 | 85.59 |
| 4 | CELG 3.9 2/20/2028 | 3.90% | 02/20/28 | 3.19% | 97.58 | 94.56 |
| 5 | CHJMAO 4 6/21/2024 | 4.00% | 06/21/24 | 2.22% | 94.49 | 92.44 |
| 6 | LINKNO 3.375 12/15/2025 | 3.38% | 12/15/25 | 2.22% | 82.37 | 80.58 |
| 7 | XEC 4.375 6/1/2024 | 4.38% | 06/01/24 | 2.19% | 99.90 | 97.75 |
| 8 | GRNTVT FLT 9/23/2024 | 7.29% | 09/23/24 | 2.16% | 98.07 | 96.00 |
| 9 | JPM FLT 9/30/2034 | 3.69% | 09/30/34 | 2.12% | 85.46 | 83.68 |
| 10 | FUMVFH 2.125 2/27/2029 | 2.13% | 02/27/29 | 2.07% | 83.75 | 82.05 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 9/16/22 – 9/23/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | COGARD 8 1/27/2024 | 8.00% | 01/27/24 | -13.72% | 51.07 | 59.19 |
| 2 | ORPFP 2.625 3/10/2025 | 2.63% | 03/10/25 | -12.60% | 69.58 | 79.61 |
| 3 | HTHROW 3.334 12/9/2041 | 3.33% | 12/09/41 | -12.41% | 112.76 | 128.73 |
| 4 | W 3.25 9/15/2027 | 3.25% | 09/15/27 | -12.00% | 88.82 | 100.93 |
| 5 | OXUNIV 2.544 12/8/2017 | 2.54% | 12/08/17 | -11.69% | 52.01 | 58.89 |
| 6 | SLTFIN 1.527 11/23/2051 | 1.53% | 11/23/51 | -11.47% | 50.68 | 57.25 |
| 7 | ISLMAN 1.625 9/14/2051 | 1.63% | 09/14/51 | -10.96% | 50.44 | 56.65 |
| 8 | PEAKRN 5.35 PERP | 5.35% | 10/28/99 | -10.54% | 73.09 | 81.69 |
| 9 | CONSTE 4.875 7/15/2027 REGS | 4.88% | 07/15/27 | -7.27% | 71.69 | 77.31 |
| 10 | SVTLN 1.602 9/29/2056 | 1.60% | 09/29/56 | -6.30% | 99.93 | 106.65 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 9/16/22 – 9/23/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Automotive | -72 bps | 5.38% | 6.10% |
| 2 | Metals & Mining | -13 bps | 5.74% | 5.87% |
| 3 | Energy: Electricity | 14 bps | 4.24% | 4.10% |
| 4 | Energy: Oil & Gas | 21 bps | 5.87% | 5.66% |
| 5 | Healthcare & Pharmaceuticals | 25 bps | 4.58% | 4.33% |
| 6 | Services: Consumer | 26 bps | 6.21% | 5.95% |
| 7 | Consumer Goods: Non-Durable | 28 bps | 4.44% | 4.16% |
| 8 | Environmental Industries | 31 bps | 4.83% | 4.52% |
| 9 | Media: Diversified & Production | 31 bps | 4.95% | 4.64% |
| 10 | Telecommunications | 32 bps | 4.73% | 4.41% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 9/16/22 – 9/23/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Capital Equipment | 131 bps | 5.11% | 3.80% |
| 2 | Transportation: Cargo | 125 bps | 8.61% | 7.36% |
| 3 | Media: Broadcasting & Subscription | 105 bps | 5.39% | 4.34% |
| 4 | Utilities: Water | 87 bps | 5.01% | 4.14% |
| 5 | Construction & Building | 67 bps | 5.13% | 4.46% |
| 6 | Finance | 66 bps | 5.60% | 4.94% |
| 7 | Forest Products & Paper | 65 bps | 4.90% | 4.25% |
| 8 | Hotel, Gaming & Leisure | 64 bps | 5.89% | 5.25% |
| 9 | Wholesale | 59 bps | 5.06% | 4.47% |
| 10 | Transportation: Consumer | 59 bps | 6.17% | 5.58% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 9/16/22 – 9/23/22 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 9/16/22 – 9/23/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 9/16/22 vs. the week ending 9/23/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | GS 4 5/30/2029 | 4.00% | 05/30/29 | 10 | 90 | 80 | 800% |
| 2 | FDX 3.25 4/1/2026 | 3.25% | 04/01/26 | 135 | 209 | 74 | 55% |
| 3 | FDX 2.4 5/15/2031 | 2.40% | 05/15/31 | 261 | 321 | 60 | 23% |
| 4 | SANLTD 2.85 3/8/2029 REGS | 2.85% | 03/08/29 | 79 | 134 | 55 | 70% |
| 5 | UNP 4.5 1/20/2033 | 4.50% | 01/20/33 | 277 | 330 | 53 | 19% |
| 6 | PKG 3.05 10/1/2051 | 3.05% | 10/01/51 | 154 | 203 | 49 | 32% |
| 7 | FDX 3.4 2/15/2028 | 3.40% | 02/15/28 | 180 | 229 | 49 | 27% |
| 8 | PARSLY 5.625 10/15/2027 144A | 5.63% | 10/15/27 | 24 | 72 | 48 | 200% |
| 9 | LITHUN 0.75 5/6/2030 | 0.75% | 05/06/30 | 10 | 57 | 47 | 470% |
| 10 | UNP 4.95 9/9/2052 | 4.95% | 09/09/52 | 305 | 352 | 47 | 15% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 9/16/22 – 9/23/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | LOW 3.75 4/1/2032 | 3.75% | 04/01/32 | 40 |
| 2 | INTC 4.15 8/5/2032 | 4.15% | 08/05/32 | 39 |
| 3 | AAPL 3.35 8/8/2032 | 3.35% | 08/08/32 | 39 |
| 4 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 38 |
| 5 | AAPL 3.95 8/8/2052 | 3.95% | 08/08/52 | 38 |
| 6 | VZ 3.55 3/22/2051 | 3.55% | 03/22/51 | 37 |
| 7 | LOW 5.625 4/15/2053 | 5.63% | 04/15/53 | 36 |
| 8 | FDX 5.25 5/15/2050 | 5.25% | 05/15/50 | 36 |
| 9 | LOW 4.25 4/1/2052 | 4.25% | 04/01/52 | 36 |
| 10 | WMT 1.8 9/22/2031 | 1.80% | 09/22/31 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 9/16/22 – 9/23/22 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 9/16/22 – 9/23/22
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