Case study Whole Foods
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Case_07_Whole_Foods_Market_F1776X.xlsxTitle Page
| This spreadsheet supports STUDENT analysis of the case "Whole Foods Market: The Deutsche Bank Report," (UVA-F-1776). | |
| This spreadsheet was prepared by Michael J. Schill, Professor of Business Administration. Copyright © 2017 by the University of Virginia Darden School Foundation, Charlottesville, VA. All rights reserved. For customer service inquiries, send an e-mail [email protected]. No part of this publication may be reproduced, stored in a retrieval system, posted to the Internet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of the Darden School Foundation. | |
| Rev. Feb. 20, 2017 | |
Exh 1
| Exhibit 1 | ||||||||||
| WHOLE FOODS MARKET | ||||||||||
| Share Price Performance of Whole Foods Market indexed to S&P 500 Index (January 2005 to April 2014) | ||||||||||
| -- Adj Prices -- | ||||||||||
| WFM | S&P500 | Whole Foods Market | S&P500 Index matched to WFM | |||||||
| Jan-05 | 19.10 | 1,181.27 | $19 | $19 | ||||||
| Feb-05 | 21.99 | 1,203.60 | $22 | $19 | ||||||
| Mar-05 | 21.82 | 1,180.59 | $22 | $19 | ||||||
| Apr-05 | 21.34 | 1,156.85 | $21 | $19 | ||||||
| May-05 | 25.47 | 1,191.50 | $25 | $19 | ||||||
| Jun-05 | 25.32 | 1,191.33 | $25 | $19 | ||||||
| Jul-05 | 29.30 | 1,234.18 | $29 | $20 | ||||||
| Aug-05 | 27.74 | 1,220.33 | $28 | $20 | ||||||
| Sep-05 | 28.85 | 1,228.81 | $29 | $20 | ||||||
| Oct-05 | 30.99 | 1,207.01 | $31 | $20 | ||||||
| Nov-05 | 31.67 | 1,249.48 | $32 | $20 | ||||||
| Dec-05 | 33.28 | 1,248.29 | $33 | $20 | ||||||
| Jan-06 | 32.67 | 1,280.08 | $33 | $21 | ||||||
| Feb-06 | 28.25 | 1,280.66 | $28 | $21 | ||||||
| Mar-06 | 29.38 | 1,294.87 | $29 | $21 | ||||||
| Apr-06 | 27.21 | 1,310.61 | $27 | $21 | ||||||
| May-06 | 28.81 | 1,270.09 | $29 | $21 | ||||||
| Jun-06 | 28.65 | 1,270.20 | $29 | $21 | ||||||
| Jul-06 | 25.55 | 1,276.66 | $26 | $21 | ||||||
| Aug-06 | 23.82 | 1,303.82 | $24 | $21 | ||||||
| Sep-06 | 26.40 | 1,335.85 | $26 | $22 | ||||||
| Oct-06 | 28.43 | 1,377.94 | $28 | $22 | ||||||
| Source: Yahoo! Finance, Case writer analysis | Nov-06 | 21.73 | 1,400.63 | $22 | $23 | |||||
| Dec-06 | 20.90 | 1,418.30 | $21 | $23 | ||||||
| Jan-07 | 19.31 | 1,438.24 | $19 | $23 | ||||||
| Feb-07 | 21.36 | 1,406.82 | $21 | $23 | ||||||
| Mar-07 | 20.05 | 1,420.86 | $20 | $23 | ||||||
| Apr-07 | 21.00 | 1,482.37 | $21 | $24 | ||||||
| May-07 | 18.45 | 1,530.62 | $18 | $25 | ||||||
| Jun-07 | 17.19 | 1,503.35 | $17 | $24 | ||||||
| Jul-07 | 16.70 | 1,455.27 | $17 | $24 | ||||||
| Aug-07 | 19.96 | 1,473.99 | $20 | $24 | ||||||
| Sep-07 | 22.08 | 1,526.75 | $22 | $25 | ||||||
| Oct-07 | 22.42 | 1,549.38 | $22 | $25 | ||||||
| Nov-07 | 19.46 | 1,481.14 | $19 | $24 | ||||||
| Dec-07 | 18.46 | 1,468.36 | $18 | $24 | ||||||
| Jan-08 | 17.95 | 1,378.55 | $18 | $22 | ||||||
| Feb-08 | 16.00 | 1,330.63 | $16 | $22 | ||||||
| Mar-08 | 15.00 | 1,322.70 | $15 | $21 | ||||||
| Apr-08 | 14.94 | 1,385.59 | $15 | $22 | ||||||
| May-08 | 13.28 | 1,400.38 | $13 | $23 | ||||||
| Jun-08 | 10.84 | 1,280.00 | $11 | $21 | ||||||
| Jul-08 | 10.24 | 1,267.38 | $10 | $20 | ||||||
| Aug-08 | 8.45 | 1,282.83 | $8 | $21 | ||||||
| Sep-08 | 9.25 | 1,166.36 | $9 | $19 | ||||||
| Oct-08 | 4.95 | 968.75 | $5 | $16 | ||||||
| Nov-08 | 4.89 | 896.24 | $5 | $14 | ||||||
| Dec-08 | 4.36 | 903.25 | $4 | $15 | ||||||
| Jan-09 | 4.73 | 825.88 | $5 | $13 | ||||||
| Feb-09 | 5.61 | 735.09 | $6 | $12 | ||||||
| Mar-09 | 7.76 | 797.87 | $8 | $13 | ||||||
| Apr-09 | 9.57 | 872.81 | $10 | $14 | ||||||
| May-09 | 8.71 | 919.14 | $9 | $15 | ||||||
| Jun-09 | 8.76 | 919.32 | $9 | $15 | ||||||
| Jul-09 | 11.17 | 987.48 | $11 | $16 | ||||||
| Aug-09 | 13.43 | 1,020.62 | $13 | $17 | ||||||
| Sep-09 | 14.08 | 1,057.08 | $14 | $17 | ||||||
| Oct-09 | 14.80 | 1,036.19 | $15 | $17 | ||||||
| Nov-09 | 11.84 | 1,095.63 | $12 | $18 | ||||||
| Dec-09 | 12.68 | 1,115.10 | $13 | $18 | ||||||
| Jan-10 | 12.57 | 1,073.87 | $13 | $17 | ||||||
| Feb-10 | 16.39 | 1,104.49 | $16 | $18 | ||||||
| Mar-10 | 16.69 | 1,169.43 | $17 | $19 | ||||||
| Apr-10 | 18.02 | 1,186.69 | $18 | $19 | ||||||
| May-10 | 18.67 | 1,089.41 | $19 | $18 | ||||||
| Jun-10 | 16.63 | 1,030.71 | $17 | $17 | ||||||
| Jul-10 | 17.53 | 1,101.60 | $18 | $18 | ||||||
| Aug-10 | 16.06 | 1,049.33 | $16 | $17 | ||||||
| Sep-10 | 17.14 | 1,141.20 | $17 | $18 | ||||||
| Oct-10 | 18.35 | 1,183.26 | $18 | $19 | ||||||
| Nov-10 | 21.80 | 1,180.55 | $22 | $19 | ||||||
| Dec-10 | 23.36 | 1,257.64 | $23 | $20 | ||||||
| Jan-11 | 23.93 | 1,286.12 | $24 | $21 | ||||||
| Feb-11 | 27.10 | 1,327.22 | $27 | $21 | ||||||
| Mar-11 | 30.49 | 1,325.83 | $30 | $21 | ||||||
| Apr-11 | 29.08 | 1,363.61 | $29 | $22 | ||||||
| May-11 | 28.34 | 1,345.20 | $28 | $22 | ||||||
| Jun-11 | 29.45 | 1,320.64 | $29 | $21 | ||||||
| Jul-11 | 30.96 | 1,292.28 | $31 | $21 | ||||||
| Aug-11 | 30.65 | 1,218.89 | $31 | $20 | ||||||
| Sep-11 | 30.36 | 1,131.42 | $30 | $18 | ||||||
| Oct-11 | 33.53 | 1,253.30 | $34 | $20 | ||||||
| Nov-11 | 31.66 | 1,246.96 | $32 | $20 | ||||||
| Dec-11 | 32.35 | 1,257.60 | $32 | $20 | ||||||
| Jan-12 | 34.48 | 1,312.41 | $34 | $21 | ||||||
| Feb-12 | 37.61 | 1,365.68 | $38 | $22 | ||||||
| Mar-12 | 38.75 | 1,408.47 | $39 | $23 | ||||||
| Apr-12 | 38.76 | 1,397.91 | $39 | $23 | ||||||
| May-12 | 41.34 | 1,310.33 | $41 | $21 | ||||||
| Jun-12 | 44.54 | 1,362.16 | $45 | $22 | ||||||
| Jul-12 | 42.88 | 1,379.32 | $43 | $22 | ||||||
| Aug-12 | 45.21 | 1,406.58 | $45 | $23 | ||||||
| Sep-12 | 45.57 | 1,440.67 | $46 | $23 | ||||||
| Oct-12 | 44.35 | 1,412.16 | $44 | $23 | ||||||
| Nov-12 | 43.68 | 1,416.18 | $44 | $23 | ||||||
| Dec-12 | 43.59 | 1,426.19 | $44 | $23 | ||||||
| Jan-13 | 46.13 | 1,498.11 | $46 | $24 | ||||||
| Feb-13 | 41.04 | 1,514.68 | $41 | $24 | ||||||
| Mar-13 | 41.58 | 1,569.19 | $42 | $25 | ||||||
| Apr-13 | 42.43 | 1,597.57 | $42 | $26 | ||||||
| May-13 | 49.83 | 1,630.74 | $50 | $26 | ||||||
| Jun-13 | 49.46 | 1,606.28 | $49 | $26 | ||||||
| Jul-13 | 53.51 | 1,685.73 | $54 | $27 | ||||||
| Aug-13 | 50.78 | 1,632.97 | $51 | $26 | ||||||
| Sep-13 | 56.41 | 1,681.55 | $56 | $27 | ||||||
| Oct-13 | 60.88 | 1,756.54 | $61 | $28 | ||||||
| Nov-13 | 54.58 | 1,805.81 | $55 | $29 | ||||||
| Dec-13 | 55.77 | 1,848.36 | $56 | $30 | ||||||
| Jan-14 | 50.51 | 1,782.59 | $51 | $29 | ||||||
| Feb-14 | 52.24 | 1,859.45 | $52 | $30 | ||||||
| Mar-14 | 49.01 | 1,872.34 | $49 | $30 | ||||||
| Apr-14 | 48.15 | 1,883.95 | $48 | $30 | ||||||
Exh 2
| Exhibit 2 | |||
| WHOLE FOODS MARKET | |||
| Select Market Share Data | |||
| Grocery Sales by Channel | |||
| Actual 2011 | Forecasted 2016 | ||
| Traditional Supermarkets | 40.1% | 37.4% | |
| Supercenters | 17.2% | 18.5% | |
| Convenience Stores | 15.1% | 15.6% | |
| Wholesale Clubs | 8.5% | 9.0% | |
| Drug Stores | 5.5% | 5.9% | |
| Mass Merchandisers | 4.4% | 2.8% | |
| Limited Assortment Grocery Stores | 2.7% | 3.7% | |
| Dollar Stores | 2.2% | 2.3% | |
| Other | 4.3% | 4.9% | |
| Top Grocery Retailers in North America | |||
| 2012 Revenue ($ billions) | |||
| Wal-Mart | 145.0 | ||
| Kroger | 96.3 | ||
| Costco | 87.3 | ||
| Target | 73.1 | ||
| Safeway | 44.5 | ||
| Loblaw Cos. | 31.8 | ||
| Publix | 27.5 | ||
| Ahold USA Retail | 27.3 | ||
| 7-Eleven | 22.0 | ||
| C&S Wholesale Grocers | 21.4 | ||
| Delhaize America | 19.5 | ||
| H-E-B Grocery Co. | 19.4 | ||
| Sobeys | 17.7 | ||
| Dollar General Corp. | 16.1 | ||
| Meijer, Inc. | 14.6 | ||
| Wakefern Food Corp. | 13.6 | ||
| Metro Inc. | 12.0 | ||
| Whole Foods Market | 11.7 | ||
| Source: Market Share Reporter, Case Writer Estimates |
Exh 3
| Exhibit 3 | |||||||
| WHOLE FOODS MARKET | |||||||
| U.S. Store Count Forecast--Natural and Organic Share vs. Total Industry | |||||||
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||
| Conventional Supermarkets | 36,092 | 36,092 | 36,092 | 36,092 | 36,092 | 36,092 | |
| Natural and Organic Subtotal | 1,367 | 1,572 | 1,808 | 2,079 | 2,391 | 2,750 | |
| Assumed Growth Rate | 15% | 15% | 15% | 15% | 15% | ||
| N&O Share of Industry | 3.6% | 4.2% | 4.8% | 5.4% | 6.2% | 7.1% | |
| Source: Deutsche Bank Research; Food Marketing Institute |
Exh 4
| Exhibit 4 | |||||||||||
| WHOLE FOODS MARKET | |||||||||||
| Selected Operating Data for Comparable Companies | |||||||||||
| Other Natural & Organic is composed of Sprouts and Fresh Market. | |||||||||||
| Conventional grocer is composed of Kroger, Safeway, and SuperValu. | |||||||||||
| Supercenters and wholesalers is composed of WalMart and Costco. | |||||||||||
| Sales Growth | |||||||||||
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | |
| Whole Foods Market | 17% | 23% | 22% | 19% | 18% | 21% | 1% | 12% | 12% | 16% | 10% |
| Other natural & organic | 8% | 13% | 14% | 41% | 25% | ||||||
| Conventional grocer | 6% | 1% | 5% | 34% | 10% | 5% | -5% | 0% | 4% | -15% | -5% |
| Supercenters and wholesalers | 8% | 7% | 11% | 12% | 7% | 7% | 0% | 5% | 8% | 7% | 3% |
| EBITDA Margins | |||||||||||
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | |
| Whole Foods Market | 9% | 9% | 8% | 8% | 7% | 6% | 7% | 8% | 8% | 9% | 9% |
| Other natural & organic | 8% | 9% | 8% | 7% | 9% | 8% | |||||
| Conventional grocer | 4% | 5% | 5% | 6% | 6% | 3% | 3% | 3% | 3% | 4% | 4% |
| Supercenters and wholesalers | 7% | 7% | 7% | 7% | 7% | 7% | 7% | 8% | 7% | 7% | 7% |
| Source: Company SEC Filings. |
Average Sales Growth
Whole Foods Market 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.17027402224514265 0.22751654469154947 0.21639063894746369 0.19273161041578191 0.17555394894153697 0.20664227970228954 9.7697837240340313E-3 0.12129234201817307 0.12236489086914504 0.15740745229395903 0.10412769552642365 Other natural & organic 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 8.0378037239676514E-2 0.13026796808561225 0.13736421090664996 0.41126099432990038 0.24781447389255229 Conventional grocer 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 6.3778700863189E-2 7.9194567018363218E-3 5.3922296845367347E-2 0.34032633719625771 9.740940784223362E-2 4.5596343095529589E-2 -5.1045863014997139E-2 1.7783793547598847E-4 4.1412410127668088E-2 -0.14754260711949799 -5.41052534864657E-2 Supercenters and wholesalers 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 8.0638230609474462E-2 7.3507569837481371E-2 0.10625767199782661 0.12323798928588532 7.3063274961256752E-2 7.3089171687393303E-2 1.8379404597749596E-4 5.3935853647568255E-2 8.0322038437526874E-2 7.1897730945509705E-2 2.8251259040356896E-2
Average
EBITDA Margins
Whole Foods Market 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 8.6807027773993017E-2 8.8282125253884278E-2 7.7317518663498452E-2 8.4751227668699233E-2 7.3400737555738033E-2 6.1032986032533425E-2 6.8609321656154049E-2 7.923387987777647E-2 8.2582765149285406E-2 9.018476038796365E-2 9.4604010219091123E-2 Other natural & organic 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 7.7162965887654256E-2 9.3985481436449081E-2 7.6067554015394986E-2 6.7035061917215408E-2 8.5124784092493938E-2 8.40262293474556E-2 Conventional grocer 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 4.4377679210227783E-2 4.9033709990205461E-2 4.9314725026337713E-2 5.8643466996611715E-2 6.0209091761983531E-2 3.1473515818164904E-2 3.350964843733497E-2 3.3739138160138453E-2 3.157067651391289E-2 3.6147967915254202E-2 4.3560765703244214E-2 Supercenters and wholesalers 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 7.0932122134447703E-2 7.2998035612846998E-2 7.4107890623392347E-2 7.4489213486842773E-2 7.375641353697561E-2 6.9344689055335793E-2 7.2277591326736515E-2 7.5673319111553325E-2 7.4504679807111659E-2 7.2923566720499947E-2 6.7315506588978072E-2
Exh 5
| Exhibit 5 | |||||||
| WHOLE FOODS MARKET | |||||||
| Selected Financial Data for Comparable Companies | |||||||
| (in millions of USD, except beta; financial statement data as of fiscal year 2013) | |||||||
| Company | Sales | EBITDA | Market Cap of Equity | Total Debt | Beta | Bond Credit Rating | |
| Natural & Organic | |||||||
| Whole Foods Market | 12,917 | 1,222 | 14,481 | 0 | 0.70 | N.A. | |
| Sprouts Farmers Market | 2,438 | 187 | 4,102 | 304 | 0.75 | BB- | |
| The Fresh Market | 1,512 | 138 | 1,554 | 25 | 0.80 | N.A. | |
| Conventional Grocers | |||||||
| Kroger | 98,375 | 4,428 | 23,679 | 11,311 | 0.70 | BBB | |
| Safeway | 36,139 | 1,579 | 7,899 | 4,451 | 0.75 | BBB | |
| Supervalu | 17,155 | 720 | 1,876 | 2,531 | 1.00 | B- | |
| Supercenters and Wholesalers | |||||||
| Wal-Mart | 476,294 | 35,742 | 251,747 | 55,245 | 0.60 | AA | |
| Target | 72,596 | 6,452 | 36,806 | 14,089 | 0.75 | A | |
| Costco | 105,156 | 3,999 | 49,257 | 4,985 | 0.75 | A+ | |
| Sources: Value Line, Mergent Online, YCharts, Yahoo! Finance, Standard and Poor's, SEC company filings, and casewriter estimates. | |||||||
Exh 6
| Exhibit 6 | |||||||
| WHOLE FOODS MARKET | |||||||
| Store Growth Statistics for Whole Foods and Other Industry Comparables | |||||||
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | ||
| Total Stores | |||||||
| Trader Joe's | 400 | ||||||
| Whole Foods Market | 275 | 284 | 299 | 311 | 335 | 362 | |
| Sprouts | 36 | 40 | 43 | 103 | 148 | 167 | |
| Fresh Market | 86 | 92 | 100 | 113 | 129 | 151 | |
| Natural Grocers | 72 | ||||||
| Fairway | 14 | ||||||
| Other Natural and Organic Retailers | 200 | ||||||
| Kroger | 2,481 | 2,469 | 2,460 | 2,435 | 2,424 | 2,640 | |
| Safeway | 1,739 | 1,725 | 1,694 | 1,678 | 1,641 | 1,335 | |
| SuperValu | 2,474 | 2,421 | 2,349 | 2,394 | 2,434 | 2,396 | |
| Wal-Mart (including Sam's Club, U.S. only) | 4,258 | 4,360 | 4,413 | 4,479 | 4,625 | 4,835 | |
| Costco (U.S., Canada, & Mexico) | 512 | 527 | 540 | 592 | 606 | 634 | |
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | ||
| Same-Store Sales Growth | |||||||
| Whole Foods Market | 4.0% | -4.0% | 7.0% | 8.0% | 8.0% | 7.0% | |
| Sprouts | 9.0% | 2.6% | 2.3% | 5.1% | 9.7% | 10.7% | |
| Fresh Market | -1.5% | -1.1% | 5.0% | 5.4% | 5.7% | 3.2% | |
| Kroger (excluding fuel) | 5.3% | 3.1% | 2.5% | 4.9% | 3.5% | 3.6% | |
| Safeway (excluding fuel) | 1.5% | -4.9% | -0.5% | 4.9% | 1.6% | 0.2% | |
| SuperValu (including fuel) | 0.5% | -1.2% | -5.1% | -6.0% | -2.8% | -2.4% | |
| Wal-Mart (U.S. only) | 3.5% | -0.8% | -0.6% | 1.6% | 2.4% | -0.5% | |
| Costco (including fuel) | 8.0% | -4.0% | 7.0% | 10.0% | 7.0% | 6.0% | |
| Source: Company SEC filings; Deutsche Bank Research; Food Marketing Institute |
Exh 7
| Exhibit 7 | |||||||
| WHOLE FOODS MARKET | |||||||
| Deutsche Bank Model (millions of USD, except per share figures) | |||||||
| Actual | Actual | Actual | Forecast | Forecast | |||
| At Fiscal Year End | 2011 | 2012 | 2013 | 2014 | 2015 | ||
| Store Growth | 4.0% | 7.7% | 8.1% | 10.5% | 12.6% | ||
| Sales Growth | 12.2% | 15.7% | 10.4% | 11.1% | 14.0% | ||
| EBITDA Margin | 8.5% | 9.0% | 9.5% | 9.4% | 9.8% | ||
| Tax Rate | 38.1% | 38.4% | 38.8% | 39.0% | 39.0% | ||
| Current Asset Turnover | 7.0 | 5.6 | 6.5 | 7.0 | 7.1 | ||
| Current Liabilities Turnover | 10.5 | 10.9 | 10.7 | 10.5 | 10.5 | ||
| Net PP&E / Store | 6.4 | 6.5 | 6.7 | 6.7 | 6.7 | ||
| Annual Dep. & Amort. / Store | 1.00 | 0.93 | 0.94 | 0.94 | 0.94 | ||
| Stores | 311 | 335 | 362 | 400 | 450 | ||
| Sales | 10,108 | 11,699 | 12,917 | 14,351 | 16,360 | ||
| EBITDA | 859 | 1,055 | 1,222 | 1,352 | 1,600 | ||
| Dep. & Amort. | 311 | 311 | 339 | 376 | 423 | ||
| EBIT | 548 | 744 | 883 | 976 | 1,176 | ||
| Taxes | 209 | 286 | 343 | 381 | 459 | ||
| Net Income | 339 | 458 | 540 | 596 | 717 | ||
| Shares Outstanding | 350 | 364 | 372 | 372 | 372 | ||
| Earnings per Share | 0.97 | 1.26 | 1.45 | 1.60 | 1.93 | ||
| Current Assets | 1,453 | 2,103 | 1,980 | 2,050 | 2,304 | ||
| Current Liabilities | 880 | 977 | 1,088 | 1,238 | 1,406 | ||
| Net Working Capital | 573 | 1,126 | 892 | 812 | 898 | ||
| Net PP&E | 1,997 | 2,193 | 2,428 | 2,680 | 3,018 | ||
| Return on Capital | 13.2% | 13.8% | 16.3% | 17.1% | 18.3% | ||
| Source: Company Financial Reports, Deutsche Bank Analyst report and casewriter estimates |
Exh 8
| Exhibit 8 | |||
| WHOLE FOODS MARKET | |||
| Demographic and Capital Markets Data | |||
| U.S. Population Growth Rates | |||
| 2014-2015 | 0.82% | ||
| 2015-2060 (Compound Annual Growth Rate) | 0.70% | ||
| Yield on U.S. Treasuries | |||
| 6 Months | 0.05% | ||
| 1 Year | 0.10% | ||
| 3 Years | 0.90% | ||
| 5 Years | 1.65% | ||
| 30 Years | 3.40% | ||
| Average Yields on U.S. Corporate Bonds | |||
| 5-Year Maturity | 30-Year Maturity | ||
| AA | 1.90% | 4.29% | |
| A | 2.09% | 4.39% | |
| BBB | 2.49% | 4.80% | |
| BB | 4.00% | 6.83% | |
| B | 4.90% | n/a | |
| Source: Bloomberg and US Census Bureau |
