Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 1/8/21
Our newsletter presents key trends derived from observable Investment Grade Corporate Bond pricing data over a weekly period.
Top 10 Winners
Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 12/31/20 – 1/8/21
RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
1 | VZ 7.875 7/1/2032 | 7.88% | 07/01/32 | 7.04% | 152.14 | 142.14 |
2 | WEC 5.848 1/19/2041 | 5.85% | 01/19/41 | 6.39% | 131.76 | 123.84 |
3 | MTB 0 7/26/2023 | 0.92% | 07/26/23 | 5.58% | 100.59 | 95.28 |
4 | BAMNB 3.5 6/13/2021 | 3.50% | 06/13/21 | 4.84% | 100.13 | 95.51 |
5 | GLJGR 1.041 3/3/2022 | 1.04% | 03/03/22 | 4.69% | 90.39 | 86.34 |
6 | GARUDA 5.95 6/3/2020 | 5.95% | 06/03/23 | 4.64% | 79.91 | 76.36 |
7 | ARMYHW 5.524 6/15/2050 | 5.52% | 06/15/50 | 4.09% | 130.44 | 125.31 |
8 | GE 2.125 5/17/2037 | 2.13% | 05/17/37 | 3.33% | 110.18 | 106.64 |
9 | AGN 2.125 6/1/2029 | 2.13% | 06/01/29 | 3.31% | 104.62 | 101.27 |
10 | BKDBOM 5.519 PERP | 5.52% | 12/29/49 | 3.31% | 84.33 | 81.63 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 12/31/20 – 1/8/21
RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
1 | BX 1.5 4/10/2029 144A | 1.50% | 04/10/29 | -11.78% | 109.99 | 124.68 |
2 | KKR 1.625 5/22/2029 144A | 1.63% | 05/22/29 | -11.59% | 109.11 | 123.41 |
3 | BABA 4.4 12/6/2057 | 4.40% | 12/06/57 | -11.13% | 117.20 | 131.87 |
4 | HAOHUA 3.7 9/22/2050 | 3.70% | 09/22/50 | -10.85% | 80.00 | 89.74 |
5 | TENCNT 3.29 6/3/2060 REGS | 3.29% | 06/03/60 | -10.77% | 91.70 | 102.76 |
6 | CKPH 3.5 PERP | 3.50% | 12/31/99 | -8.27% | 91.70 | 99.97 |
7 | PETMK 4.8 4/21/2060 144A | 4.80% | 04/21/60 | -7.05% | 134.38 | 144.57 |
8 | CNOOC 4.2 5/5/2045 | 4.20% | 05/05/45 | -6.67% | 106.13 | 113.72 |
9 | UNH 3.125 5/15/2060 | 3.13% | 05/15/60 | -6.63% | 107.11 | 114.72 |
10 | TEMASE 2.5 10/6/2070 144A | 2.50% | 10/06/70 | -6.48% | 93.67 | 100.16 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 12/31/20 – 1/8/21
RANK | NAME | CHANGE | YLD | YLD-1W |
1 | Energy: Electricity | -60 bps | -1.53% | -0.93% |
2 | Wholesale | -52 bps | 1.87% | 2.39% |
3 | Utilities: Electric | -44 bps | 1.08% | 1.52% |
4 | Capital Equipment | -34 bps | 0.35% | 0.69% |
5 | Media: Diversified & Production | -30 bps | 0.83% | 1.13% |
6 | Sovereign & Public Finance | -25 bps | 0.81% | 1.06% |
7 | Consumer Goods: Durable | -21 bps | 1.10% | 1.31% |
8 | Telecommunications | -21 bps | 0.87% | 1.08% |
9 | Utilities: Oil & Gas | -16 bps | 1.19% | 1.35% |
10 | Aerospace & Defense | -15 bps | 1.48% | 1.63% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 12/31/20 – 1/8/21
RANK | NAME | CHANGE | YLD | YLD-1W |
1 | Construction & Building | 83 bps | 0.80% | -0.03% |
2 | Environmental Industries | 70 bps | 0.88% | 0.18% |
3 | Containers, Packaging, & Glass | 62 bps | 0.78% | 0.16% |
4 | Metals & Mining | 53 bps | 7.62% | 7.09% |
5 | Transportation: Cargo | 49 bps | 1.04% | 0.55% |
6 | Real Estate | 47 bps | 1.61% | 1.14% |
7 | Services: Consumer | 46 bps | 11.69% | 11.23% |
8 | Forest Products & Paper | 43 bps | 0.81% | 0.38% |
9 | Services: Business | 42 bps | 0.95% | 0.53% |
10 | Hotel, Gaming & Leisure | 31 bps | 2.75% | 2.44% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 12/31/20 – 1/8/21
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 12/31/20 – 1/8/21
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 12/31/20 vs. the week ending 1/8/21
RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
1 | CARR 2.722 2/15/2030 | 2.72% | 02/15/30 | 79 | 158 | 79 | 100% |
2 | CARR 3.577 4/5/2050 | 3.58% | 04/05/50 | 80 | 156 | 76 | 95% |
3 | PRU 4.6 10/15/2044 | 4.60% | 10/15/44 | 30 | 101 | 71 | 237% |
4 | RTX 3.5 3/15/2027 | 3.50% | 03/15/27 | 62 | 117 | 55 | 89% |
5 | CARR 2.7 2/15/2031 | 2.70% | 02/15/31 | 125 | 177 | 52 | 42% |
6 | CARR 2.493 2/15/2027 REGS | 2.49% | 02/15/27 | 122 | 173 | 51 | 42% |
7 | CDBALF 3 4/24/2023 | 3.00% | 04/24/23 | 104 | 148 | 44 | 42% |
8 | TD 0.25 1/12/2023 | 0.25% | 01/12/23 | 20 | 64 | 44 | 220% |
9 | AVGO 4.3 11/15/2032 | 4.30% | 11/15/32 | 212 | 255 | 43 | 20% |
10 | NDAQ 1.65 1/15/2031 | 1.65% | 01/15/31 | 191 | 234 | 43 | 23% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 12/31/20 – 1/8/21
RANK | TRANCHE | COUPON | MATURITY | DEALERS |
1 | CVS 5.05 3/25/2048 | 5.05% | 03/25/48 | 31 |
2 | BA 5.04 5/1/2027 | 5.04% | 05/01/27 | 30 |
3 | T 2.25 2/1/2032 | 2.25% | 02/01/32 | 30 |
4 | BMO 1.85 5/1/2025 | 1.85% | 05/01/25 | 29 |
5 | PETBRA 5.299 1/27/2025 | 5.30% | 01/27/25 | 29 |
6 | CVS 3.25 8/15/2029 | 3.25% | 08/15/29 | 29 |
7 | AVGO 4.15 11/15/2030 | 4.15% | 11/15/30 | 29 |
8 | GM 2.9 2/26/2025 | 2.90% | 02/26/25 | 29 |
9 | PETBRA 5.6 1/3/2031 | 5.60% | 01/03/31 | 29 |
10 | CVS 4.78 3/25/2038 | 4.78% | 03/25/38 | 28 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 12/31/20 – 1/8/21
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 12/31/20 – 1/8/21
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