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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