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Investment Grade Corporate Bond Market Summary:
Week Ending 7/1/22

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 7/1/22, issue size of $50 million and larger

ISSUE COLLATERAL TYPE AMT ISSUED (MM) PX AT ISSUANCE YIELD AT ISSUANCE (%) SPREAD AT ISSUE
Toyota Motor Credit Corp. (USD) 3.95% 6/30/2025 Medium Term Notes 1300 99.905 3.98 80
Northwestern Mutual Life Insurance Co. (USD) 4% 7/1/2025 Senior Notes 600 99.966 4.01 80
Metropolitan Life Global Funding I (USD) 4.4% 6/30/2027 Senior Notes 500 99.924 4.42 115
Berkshire Hills Bancorp Inc. (USD) 5.5% 7/1/2032 Senior Notes 100 100 5.5 N/A

Top 10 Winners

Showcases the top 10 IG Corp “winners” based on the largest bid price increases between 6/24/22 – 7/1/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 BAX 3.132 12/1/2051 144A 3.13% 12/01/51 35.77% 99.92 73.59
2 SBBBSS 0.75 12/14/2028 0.75% 12/14/28 10.19% 62.37 56.61
3 CPIPGR 4.75 3/8/2023 4.75% 03/08/23 9.24% 113.52 103.92
4 SANLTD 3.25 8/8/2031 144A 3.25% 08/08/31 8.42% 66.88 61.69
5 POLGB 1.75 4/25/2032 1.75% 04/25/32 6.41% 65.85 61.89
6 NRW 1.375 1/15/2120 1.38% 01/15/20 6.28% 53.16 50.02
7 VTRS 3.85 6/22/2040 144A 3.85% 06/22/40 5.74% 87.12 82.38
8 ERSTBK 5.25 11/29/2024 5.25% 11/29/24 5.67% 105.81 100.13
9 VALCHI 4.399 3/15/2048 4.40% 03/15/48 4.54% 93.64 89.57
10 LOW 5 9/15/2043 5.00% 09/15/43 4.26% 93.68 89.85

Top 10 Losers

Showcases the top 10 IG Corp “losers” based on the largest bid price decreases between 6/24/22 – 7/1/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 CASTSS 3.125 PERP 3.13% 03/02/99 -20.00% 52.32 65.40
2 CITCON 3.625 PERP 3.63% 09/10/99 -18.25% 57.34 70.14
3 ULFP 2.125 PERP 2.13% 04/25/99 -16.22% 73.92 88.23
4 ARNDTN 2.875 PERP 2.88% 07/11/99 -16.13% 69.14 82.43
5 ACACN 4.75 5/15/2025 144A 4.75% 05/15/25 -15.94% 75.40 89.71
6 HEIMST 6.75 PERP 6.75% 01/15/99 -13.76% 60.50 70.15
7 ATRSAV 3.625 PERP 3.63% 05/04/99 -13.34% 55.50 64.04
8 BALDER 1.293 3/3/2031 1.29% 03/03/31 -13.02% 59.37 68.25
9 VVOYHT 0.875 5/28/2029 0.88% 05/28/29 -12.22% 66.15 75.35
10 GYCGR 2.5 PERP 2.50% 04/23/99 -11.63% 79.60 90.08

Top 10 Industry Winners

Showcases the top 10 IG industry “winners” based on the largest yield increases between 6/24/22 – 7/1/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Sovereign & Public Finance 85 bps 4.85% 4.01%
2 Wholesale 56 bps 4.33% 3.77%
3 Chemicals, Plastics & Rubber 46 bps 4.96% 4.51%
4 Utilities: Oil & Gas 34 bps 5.27% 4.93%
5 Metals & Mining 31 bps 5.15% 4.83%
6 Real Estate 14 bps 5.69% 5.55%
7 Utilities: Water 14 bps 3.29% 3.15%
8 Finance 11 bps 4.59% 4.48%
9 Hotel, Gaming & Leisure 9 bps 5.80% 5.71%
10 Energy: Oil & Gas 8 bps 5.97% 5.90%

Top 10 Industry Losers

Showcases the top 10 IG industry “losers” based on the largest yield decreases between 6/24/22 – 7/1/22

RANK INDUSTRY CHANGE YLD YLD-1W
1 Media: Diversified & Production -44 bps 4.14% 4.58%
2 Healthcare & Pharmaceuticals -27 bps 3.75% 4.02%
3 Telecommunications -27 bps 3.83% 4.10%
4 Forest Products & Paper -24 bps 3.79% 4.03%
5 Transportation: Cargo -23 bps 4.04% 4.27%
6 Services: Business -21 bps 3.72% 3.93%
7 Aerospace & Defense -19 bps 4.76% 4.95%
8 Media: Advertising, Printing & Publishing -17 bps 4.62% 4.80%
9 Media: Broadcasting & Subscription -12 bps 4.04% 4.16%
10 Environmental Industries -11 bps 3.94% 4.05%

5 Year Yield By Industry

Displays the average IG Corp 5 year yield by industry between 6/24/22 – 7/1/22

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 6/24/22 – 7/1/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the IG Corps with the largest increase in quote volume for the week ending 6/24/22 vs. the week ending 7/1/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 CCC 4.5 11/1/2026 REGS 4.50% 11/01/26 54 134 80 148%
2 TMUS 3.875 4/15/2030 3.88% 04/15/30 273 317 44 16%
3 EMN 3.6 8/15/2022 3.60% 08/15/22 25 68 43 172%
4 ATVI 1.35 9/15/2030 1.35% 09/15/30 213 255 42 20%
5 AMT 3.95 3/15/2029 3.95% 03/15/29 227 268 41 18%
6 TMUS 3.75 4/15/2027 3.75% 04/15/27 270 310 40 15%
7 T 3.5 9/15/2053 3.50% 09/15/53 277 317 40 14%
8 GM 6.125 10/1/2025 6.13% 10/01/25 196 235 39 20%
9 ATOFP 1.75 5/7/2025 1.75% 05/07/25 134 172 38 28%
10 ATOFP 1.444 10/6/2023 1.44% 10/06/23 78 116 38 49%

Most Quoted IG Corps

Ranks the IG Corps that were quoted by the highest number of dealers between 6/24/22 – 7/1/22

RANK TRANCHE COUPON MATURITY DEALERS
1 ORCL 2.875 3/25/2031 2.88% 03/25/31 42
2 DIS 2.65 1/13/2031 2.65% 01/13/31 39
3 CMCSA 1.5 2/15/2031 1.50% 02/15/31 39
4 AMZN 3.6 4/13/2032 3.60% 04/13/32 39
5 DIS 3.5 5/13/2040 3.50% 05/13/40 38
6 DIS 3.6 1/13/2051 3.60% 01/13/51 38
7 AMZN 2.1 5/12/2031 2.10% 05/12/31 37
8 AMZN 3.3 4/13/2027 3.30% 04/13/27 37
9 AMZN 3.95 4/13/2052 3.95% 04/13/52 37
10 AMZN 2.875 5/12/2041 2.88% 05/12/41 37

Bid-Offer Spread by Industry

Displays the IG Corp average bid-offer spread by industry between 6/24/22 – 7/1/22

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 6/24/22 – 7/1/22

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