Corporates

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Investment Grade Corporate Bond Market Summary:
Week Ending 4/1/21

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 3/26/21 – 4/1/21

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 DRI 6.8 10/15/2037 6.80% 10/15/37 9.26% 119.68 109.54
2 WCNCN 3.05 4/1/2050 3.05% 04/01/50 5.19% 98.54 93.68
3 EPD 3.95 1/31/2060 3.95% 01/31/60 4.67% 102.01 97.46
4 SPG 3.25 9/13/2049 3.25% 09/13/49 4.33% 95.29 91.33
5 WBA 4.1 4/15/2050 4.10% 04/15/50 4.14% 103.66 99.53
6 T 5.15 3/15/2042 5.15% 03/15/42 4.08% 122.20 117.42
7 WINGTA 3.68 1/16/2030 3.68% 01/16/30 3.89% 101.03 97.25
8 SO 3.45 10/1/2049 3.45% 10/01/49 3.84% 104.49 100.63
9 DUK 3.25 10/1/2049 3.25% 10/01/49 3.68% 100.35 96.78
10 BPLN 3.379 2/8/2061 3.38% 02/08/61 3.67% 94.29 90.95

Top 10 Losers

Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 3/26/21 – 4/1/21

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 HRINTH 4.25 PERP 4.25% 09/30/99 -6.72% 96.74 103.71
2 CAMBRG 2.35 6/27/2078 2.35% 06/27/78 -4.25% 129.79 135.56
3 PPL 1.541 12/1/2056 1.54% 12/01/56 -3.84% 179.89 187.06
4 UKMBAS 1.625 8/26/2060 1.63% 08/26/60 -3.63% 88.86 92.20
5 KEL 1.7085 2/1/2058 1.71% 02/01/58 -3.32% 193.04 199.67
6 EKT 4.875 1/15/2028 REGS 4.88% 01/15/28 -3.18% 97.47 100.68
7 GWOCN 1.357 9/17/2027 144A 1.36% 09/17/27 -2.94% 94.18 97.03
8 ENGIFP 5 10/1/2060 5.00% 10/01/60 -2.93% 166.03 171.04
9 RABOBK 5.375 8/3/2060 5.38% 08/03/60 -2.84% 186.52 191.97
10 BRK 2.625 6/19/2059 2.63% 06/19/59 -2.77% 112.35 115.55

Top 10 Industry Winners

Showcases the top 10 IG industry “winners” based on the largest yield increases between 3/26/21 – 4/1/21

RANK NAME CHANGE YLD YLD-1W
1 Metals & Mining -255 bps 1.68% 4.23%
2 Beverage, Food & Tobacco -94 bps 1.35% 2.29%
3 Containers, Packaging, & Glass -53 bps 0.90% 1.43%
4 Media: Broadcasting & Subscription -26 bps 1.27% 1.53%
5 Consumer Goods: Durable -11 bps 1.57% 1.68%
6 Healthcare & Pharmaceuticals -2 bps 1.19% 1.22%
7 High Tech Industries 3 bps 1.41% 1.38%
8 Media: Diversified & Production 10 bps 1.17% 1.07%
9 Retail 18 bps 1.58% 1.40%
10 Forest Products & Paper 21 bps 1.37% 1.16%

Top 10 Industry Losers

Showcases the top 10 IG industry “losers” based on the largest yield decreases between 3/26/21 – 4/1/21

RANK NAME CHANGE YLD YLD-1W
1 Capital Equipment 136 bps 1.64% 0.28%
2 Transportation: Consumer 130 bps 3.11% 1.82%
3 Energy: Electricity 119 bps 1.57% 0.38%
4 Services: Consumer 111 bps 1.88% 0.78%
5 Utilities: Oil & Gas 78 bps 2.14% 1.36%
6 Sovereign & Public Finance 69 bps 1.36% 0.67%
7 Transportation: Cargo 63 bps 1.66% 1.03%
8 Banking 52 bps 1.74% 1.22%
9 Utilities: Water 51 bps 1.45% 0.94%
10 Services: Business 51 bps 1.44% 0.93%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 3/26/21 – 4/1/21

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 3/26/21 – 4/1/21

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 3/26/21 vs. the week ending 4/1/21

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 ULFP 2.5 2/26/2024 2.50% 02/26/24 24 137 113 471%
2 ULFP 1.375 10/17/2022 1.38% 10/17/22 42 103 61 145%
3 BPCEGP 1 12/22/2025 1.00% 12/22/25 70 123 53 76%
4 BRKHEC 2.85 5/15/2051 2.85% 05/15/51 83 135 52 63%
5 IMBLN 1.75 3/18/2033 1.75% 03/18/33 103 150 47 46%
6 IFC 2.625 9/7/2023 2.63% 09/07/23 10 50 40 400%
7 UNP 3.75 7/15/2025 3.75% 07/15/25 173 213 40 23%
8 NI 5.65 2/1/2045 5.65% 02/01/45 71 109 38 54%
9 JEF 4.15 1/23/2030 4.15% 01/23/30 116 153 37 32%
10 UNP 3.25 8/15/2025 3.25% 08/15/25 166 203 37 22%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 3/26/21 – 4/1/21

RANK TRANCHE COUPON MATURITY DEALERS
1 VZ 3.55 3/22/2051 3.55% 03/22/51 41
2 VZ 0 3/20/2026 1.45% 03/20/26 41
3 VZ 2.55 3/21/2031 2.55% 03/21/31 40
4 ORCL 2.95 4/1/2030 2.95% 04/01/30 39
5 ORCL 1.65 3/25/2026 1.65% 03/25/26 37
6 VZ 2.1 3/22/2028 2.10% 03/22/28 36
7 INTC 3.9 3/25/2030 3.90% 03/25/30 36
8 VZ 1.75 1/20/2031 1.75% 01/20/31 35
9 ETP 5 5/15/2050 5.00% 05/15/50 35
10 VZ 3.7 3/22/2061 3.70% 03/22/61 35

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 3/26/21 – 4/1/21

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 3/26/21 – 4/1/21

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