Corporates
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Investment Grade Corporate Bond Market Summary:
Week Ending 12/31/21
Our newsletter presents key trends derived from observable 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 12/23/21 – 12/31/21
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | SHIMAO 5.6 7/15/2026 | 5.60% | 07/15/26 | 9.89% | 62.54 | 56.92 |
| 2 | VZ 7.875 7/1/2032 | 7.88% | 07/01/32 | 6.50% | 146.39 | 137.45 |
| 3 | SASATI 3.25 6/30/2026 | 3.25% | 06/30/26 | 5.94% | 111.98 | 105.70 |
| 4 | CLEF 0 12/30/2050 | 0.05% | 12/30/50 | 3.93% | 85.68 | 82.44 |
| 5 | ITC 6.375 9/30/2036 | 6.38% | 09/30/36 | 3.73% | 134.73 | 129.89 |
| 6 | UPPBI 2.7291 8/31/2047 | 2.73% | 08/31/47 | 3.34% | 181.41 | 175.54 |
| 7 | USB 0 PERP | 1.36% | 12/29/49 | 3.32% | 85.93 | 83.17 |
| 8 | UNP 5.866 7/2/2030 | 5.87% | 07/02/30 | 3.17% | 116.33 | 112.75 |
| 9 | DIS 8.45 8/1/2034 | 8.45% | 08/01/34 | 2.75% | 160.88 | 156.57 |
| 10 | KMI 6.85 6/15/2037 | 6.85% | 06/15/37 | 2.57% | 131.77 | 128.46 |
Top 10 Losers
Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 12/23/21 – 12/31/21
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
| 1 | CLEF 3.377 6/30/2041 | 3.38% | 06/30/41 | -11.75% | 105.88 | 119.98 |
| 2 | BPCECB 0.43 5/7/2040 | 0.43% | 05/07/40 | -8.75% | 93.73 | 102.72 |
| 3 | CMARK 1.534 3/31/2043 | 1.53% | 03/31/43 | -8.75% | 113.58 | 124.47 |
| 4 | CAFFIL 1.64 7/10/2048 | 1.64% | 07/10/48 | -8.74% | 121.65 | 133.30 |
| 5 | NEE 0 11/3/2023 | 0.45% | 11/03/23 | -6.20% | 93.24 | 99.40 |
| 6 | DEVOBA 1.3 12/20/2035 | 1.30% | 12/20/35 | -6.05% | 107.44 | 114.36 |
| 7 | UKRAIL 0.53 9/1/2051 | 0.53% | 09/01/51 | -5.97% | 199.84 | 212.53 |
| 8 | CABKSM 5.4315 6/13/2038 | 5.43% | 06/13/38 | -5.12% | 169.16 | 178.29 |
| 9 | ANZ 1.718 1/22/2036 | 1.72% | 01/22/36 | -4.99% | 112.73 | 118.65 |
| 10 | DANBNK 1.544 5/25/2038 | 1.54% | 05/25/38 | -4.78% | 111.04 | 116.62 |
Top 10 Industry Winners
Showcases the top 10 IG industry “winners” based on the largest yield increases between 12/23/21 – 12/31/21
| RANK | NAME | CHANGE | YLD | YLD-1W |
| 1 | Services: Consumer | -950 bps | 2.75% | 12.25% |
| 2 | Media: Broadcasting & Subscription | -20 bps | 2.33% | 2.53% |
| 3 | Forest Products & Paper | -10 bps | 1.39% | 1.49% |
| 4 | Wholesale | 3 bps | 1.72% | 1.69% |
| 5 | Retail | 3 bps | 2.07% | 2.04% |
| 6 | Containers, Packaging, & Glass | 7 bps | 1.31% | 1.24% |
| 7 | Banking | 9 bps | 1.60% | 1.51% |
| 8 | Consumer Goods: Durable | 13 bps | 1.14% | 1.01% |
| 9 | Utilities: Water | 17 bps | 1.28% | 1.11% |
| 10 | Insurance | 19 bps | 1.83% | 1.64% |
Top 10 Industry Losers
Showcases the top 10 IG industry “losers” based on the largest yield decreases between 12/23/21 – 12/31/21
| RANK | NAME | CHANGE | YLD | YLD-1W |
| 1 | Media: Diversified & Production | 118 bps | 1.93% | 0.76% |
| 2 | Energy: Electricity | 86 bps | 1.34% | 0.48% |
| 3 | Aerospace & Defense | 79 bps | 2.00% | 1.21% |
| 4 | Utilities: Oil & Gas | 77 bps | 1.87% | 1.10% |
| 5 | Healthcare & Pharmaceuticals | 77 bps | 1.35% | 0.58% |
| 6 | Capital Equipment | 68 bps | 1.14% | 0.46% |
| 7 | Utilities: Electric | 65 bps | 1.83% | 1.18% |
| 8 | Metals & Mining | 51 bps | 1.99% | 1.48% |
| 9 | Chemicals, Plastics & Rubber | 51 bps | 1.49% | 0.98% |
| 10 | Hotel, Gaming & Leisure | 48 bps | 2.85% | 2.38% |
5 Year Yield By Industry
Displays the average IG Corp 5 year yield by industry between 12/23/21 – 12/31/21
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 12/23/21 – 12/31/21
Top Quote Volume Movers: This Week vs Last Week
Exhibits the IG Corps with the largest increase in quote volume for the week ending 12/23/21 vs. the week ending 12/31/21
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | HOUASS 8.25 6/7/2027 | 8.25% | 06/07/27 | 10 | 56 | 46 | 460% |
| 2 | PG 0.9 11/4/2041 | 0.90% | 11/04/41 | 55 | 92 | 37 | 67% |
| 3 | MASSIN 4.678 7/1/2114 | 4.68% | 07/01/14 | 26 | 60 | 34 | 131% |
| 4 | BPPEHX 1.625 4/20/2030 | 1.63% | 04/20/30 | 37 | 71 | 34 | 92% |
| 5 | EDF 6 1/22/2114 | 6.00% | 01/22/14 | 38 | 71 | 33 | 87% |
| 6 | LUKOIL 2.8 4/26/2027 144A | 2.80% | 04/26/27 | 10 | 42 | 32 | 320% |
| 7 | KR 3.4 4/15/2022 | 3.40% | 04/15/22 | 70 | 102 | 32 | 46% |
| 8 | TMO 1.125 10/18/2033 | 1.13% | 10/18/33 | 47 | 77 | 30 | 64% |
| 9 | TMO 1.625 10/18/2041 | 1.63% | 10/18/41 | 47 | 77 | 30 | 64% |
| 10 | KD 2.7 10/15/2028 144A | 2.70% | 10/15/28 | 41 | 70 | 29 | 71% |
Most Quoted IG Corps
Ranks the IG Corps that were quoted by the highest number of dealers between 12/23/21 – 12/31/21
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | ORCL 2.875 3/25/2031 | 2.88% | 03/25/31 | 39 |
| 2 | VZ 3.55 3/22/2051 | 3.55% | 03/22/51 | 38 |
| 3 | T 2.25 2/1/2032 | 2.25% | 02/01/32 | 37 |
| 4 | MRK 2.15 12/10/2031 | 2.15% | 12/10/31 | 37 |
| 5 | VZ 2.55 3/21/2031 | 2.55% | 03/21/31 | 37 |
| 6 | AMZN 2.1 5/12/2031 | 2.10% | 05/12/31 | 37 |
| 7 | ORCL 3.95 3/25/2051 | 3.95% | 03/25/51 | 37 |
| 8 | ORCL 3.65 3/25/2041 | 3.65% | 03/25/41 | 37 |
| 9 | DIS 2.65 1/13/2031 | 2.65% | 01/13/31 | 37 |
| 10 | T 2.75 6/1/2031 | 2.75% | 06/01/31 | 37 |
Bid-Offer Spread by Industry
Displays the IG Corp average bid-offer spread by industry between 12/23/21 – 12/31/21
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 12/23/21 – 12/31/21
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