Investment Grade Corporate Bond Market Summary – Week Ending 9/9/22
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Investment Grade Corporate Bond Market Summary: Week Ending 9/9/22
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 9/9/22, issue size of $50 million and larger
| ISSUE | COLLATERAL TYPE | AMT ISSUED (MM) | PX AT ISSUANCE | YIELD AT ISSUANCE (%) | SPREAD AT ISSUE |
| Equifax Inc. (USD) 5.1% 10/15/2027 | Senior Notes | 750 | 99.907 | 5.12 | 175 |
| Analog Devices Inc. (USD) 4.25% 10/1/2032 | Senior Notes | 300 | 99.36 | 4.33 | 106 |
| Toronto-Dominion Bank (CAD) 7.283% 10/31/2082 | Senior Notes | 1500 | 100 | 7.28 | N/A |
| Lowe’s Companies Inc. (USD) 5% 4/15/2033 | Senior Notes | 1250 | 99.748 | 5.03 | 170 |
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 9/2/22 – 9/9/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | RUSSIA 4.25 6/23/2027 REGS | 4.25% | 06/23/27 | 23.54% | 50.23 | 40.66 |
| 2 | COGARD 6.5 4/8/2024 | 6.50% | 04/08/24 | 8.87% | 54.88 | 50.41 |
| 3 | TOLHOS 6.015 11/15/2048 | 6.02% | 11/15/48 | 6.77% | 69.78 | 65.35 |
| 4 | ADJGR 2.75 11/13/2026 | 2.75% | 11/13/26 | 5.51% | 56.61 | 53.66 |
| 5 | INDON 1.45 6/9/2032 | 1.45% | 06/09/32 | 4.77% | 97.34 | 92.91 |
| 6 | FLUXBB 3.25 11/27/2034 | 3.25% | 11/27/34 | 4.32% | 100.46 | 96.30 |
| 7 | MDT 1.75 7/2/2049 | 1.75% | 07/02/49 | 4.31% | 71.50 | 68.55 |
| 8 | NRW 1.75 7/11/2068 | 1.75% | 07/11/68 | 4.24% | 82.88 | 79.51 |
| 9 | TMO 1.875 10/1/2049 | 1.88% | 10/01/49 | 4.07% | 71.16 | 68.38 |
| 10 | REPHUN 3.125 9/21/2051 REGS | 3.13% | 09/21/51 | 4.00% | 63.53 | 61.08 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 9/2/22 – 9/9/22
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | AGPLN 3.237 3/31/2030 | 3.24% | 03/31/30 | -8.65% | 209.83 | 229.71 |
| 2 | UKRAIL 1.9618 12/1/2025 | 1.96% | 12/01/25 | -6.85% | 195.32 | 209.68 |
| 3 | BAGLAN 3.92 4/30/2029 | 3.92% | 04/30/29 | -6.74% | 223.74 | 239.91 |
| 4 | VER 2.85 12/15/2032 | 2.85% | 12/15/32 | -6.37% | 81.47 | 87.01 |
| 5 | SGN 2.066 10/21/2025 | 2.07% | 10/21/25 | -6.04% | 184.73 | 196.61 |
| 6 | MERIHO 4.1875 6/30/2028 | 4.19% | 06/30/28 | -5.83% | 230.88 | 245.16 |
| 7 | RESFER 4.83 3/25/2060 | 4.83% | 03/25/60 | -5.77% | 107.48 | 114.07 |
| 8 | BEYOND 2.125 5/17/2051 | 2.13% | 05/17/51 | -5.73% | 57.97 | 61.49 |
| 9 | TSCOLN 3.322 11/5/2025 | 3.32% | 11/05/25 | -5.72% | 209.00 | 221.69 |
| 10 | BLNFND 2.467 6/16/2061 | 2.47% | 06/16/61 | -5.21% | 58.50 | 61.72 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 9/2/22 – 9/9/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Metals & Mining | -78 bps | 4.60% | 5.38% |
| 1 | Metals & Mining | -11 bps | 5.30% | 5.41% |
| 2 | Services: Consumer | -9 bps | 5.58% | 5.67% |
| 3 | Environmental Industries | 3 bps | 4.28% | 4.25% |
| 4 | Media: Broadcasting & Subscription | 3 bps | 4.48% | 4.44% |
| 5 | Healthcare & Pharmaceuticals | 3 bps | 4.04% | 4.00% |
| 6 | Media: Diversified & Production | 5 bps | 4.50% | 4.45% |
| 7 | Consumer Goods: Non-Durable | 5 bps | 3.97% | 3.92% |
| 8 | High Tech Industries | 6 bps | 4.68% | 4.62% |
| 9 | Consumer Goods: Durable | 6 bps | 3.96% | 3.90% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 9/2/22 – 9/9/22
| RANK | INDUSTRY | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | Transportation: Cargo | 242 bps | 7.86% | 5.44% |
| 2 | Sovereign & Public Finance | 82 bps | 4.64% | 3.82% |
| 3 | Real Estate | 37 bps | 5.86% | 5.49% |
| 4 | Transportation: Consumer | 37 bps | 5.69% | 5.31% |
| 5 | Construction & Building | 34 bps | 4.61% | 4.27% |
| 6 | Media: Advertising, Printing & Publishing | 29 bps | 4.96% | 4.67% |
| 7 | Finance | 26 bps | 4.78% | 4.52% |
| 8 | Services: Business | 26 bps | 4.41% | 4.15% |
| 9 | Containers, Packaging, & Glass | 24 bps | 4.99% | 4.75% |
| 10 | Utilities: Water | 23 bps | 4.21% | 3.98% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 9/2/22 – 9/9/22 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 9/2/22 – 9/9/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 9/2/22 vs. the week ending 9/9/22
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | CS 7 5/28/2027 | 7.00% | 05/28/27 | 33 | 109 | 76 | 230% |
| 2 | SOCGEN 5.25 7/15/2032 | 5.25% | 07/15/32 | 34 | 100 | 66 | 194% |
| 3 | SOCGEN 4.25 2/28/2026 | 4.25% | 02/28/26 | 14 | 78 | 64 | 457% |
| 4 | GZRFPR 7.5 7/11/2027 | 7.50% | 07/11/27 | 52 | 107 | 55 | 106% |
| 5 | CBAAU 3.305 3/11/2041 REGS | 3.31% | 03/11/41 | 160 | 214 | 54 | 34% |
| 6 | UNP 3.25 8/15/2025 | 3.25% | 08/15/25 | 102 | 147 | 45 | 44% |
| 7 | CHAUNI 2.647 4/1/2036 | 2.65% | 04/01/36 | 46 | 85 | 39 | 85% |
| 8 | TFC 1.267 3/2/2027 | 1.27% | 03/02/27 | 170 | 207 | 37 | 22% |
| 9 | WM 2.4 5/15/2023 | 2.40% | 05/15/23 | 28 | 63 | 35 | 125% |
| 10 | ATVI 1.35 9/15/2030 | 1.35% | 09/15/30 | 190 | 223 | 33 | 17% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 9/2/22 – 9/9/22
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | AAPL 3.35 8/8/2032 | 3.35% | 08/08/32 | 40 |
| 2 | AAPL 3.95 8/8/2052 | 3.95% | 08/08/52 | 39 |
| 3 | LOW 3.75 4/1/2032 | 3.75% | 04/01/32 | 38 |
| 4 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 38 |
| 5 | INTC 4.15 8/5/2032 | 4.15% | 08/05/32 | 38 |
| 6 | BACR 8 PERP | 8.00% | 12/15/99 | 37 |
| 7 | LOW 4.25 4/1/2052 | 4.25% | 04/01/52 | 36 |
| 8 | AMZN 3.6 4/13/2032 | 3.60% | 04/13/32 | 36 |
| 9 | INTC 4 8/5/2029 | 4.00% | 08/05/29 | 36 |
| 10 | BAC 5.015 7/22/2033 | 5.02% | 07/22/33 | 36 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 9/2/22 – 9/9/22 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 9/2/22 – 9/9/22
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