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Corporate Bond Pricing Recap for July 2019

15 August 2019

US Treasury Movement

Over the month of July, the US Treasury curve has flattened with the short end widening and long end tightening. The table below summarizes weekly and monthly performance across the curve, followed by a snap of the 30 year's performance in more detail, sourced from our Price Viewer portal.

U.S. Treasury Yield Curve

In July, the 30 year finished mostly unchanged at 2.53%, 2 bps tighter than 2.55% where it started the month. At its highest, the 30 year yield touched 2.65% and dropped to 2.47% at its lowest.

Investment Grade Market Review

The table below summarizes weekly and monthly sector performance across the iShares iBoxx $ Investment Grade Corporate Bond ETF.

Top Movers (up/down) within the Investment Grade Market

July's best performing iShares iBoxx $ Investment Grade Corporate Bond:

Mylan 5.2% 04/15/48 (US628530BJ54)

  • This bond increased in price value by $10.01, from $92.57 to $102.58 (the bond continues to move upward in the month of August)
  • This bond's credit spread tightened by 68 basis points, from +317 to +249
  • In late July, Pfizer announced an agreement to combine Mylan and Upjohn (a division of Pfizer) causing tightening across all Mylan bonds

July's worst performing iShares iBoxx $ Investment Grade Corporate Bond:

EQT Corporation 3.9% 10/01/27 (US26884LAF67)

  • This bond decreased in price value by $5.08, from $94.35 to $89.27 (the bond continues to move downward in the month of August)
  • This bond's credit spread widened by 82 basis points, from +270 to +352
  • Other energy companies including EQM Midstream Partners, Apache, and Hess also saw their bonds decline in value over the month of July

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