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Late Corporate Credit Update: Credit Risk in Retreat

US

Investment-grade corporate credit risk has retreated to session lows vs. June 2020 highs on the open as stocks surge, SPX eminis nearing round number resistance of 4300.0 vs. 4196.5 low at noon: knock-on tailwind from unanimous acceptance of Elon Musk's $44B buyout offer of Twitter.

  • Investment grade risk measured by Markit's CDXIG5 index currently -2.675 to 76.854 vs. 81.230 high after the open; CDXHY5 high yield index at 103.234 (+.503).
  • Outperforming credit sectors (tighter or least wide): Financials (Senior) (-1.8), Energy (-1.4) and Health Care (-0.9)
  • Lagging sectors (wider or least narrow): Communications gaps late (+14.0) possibly due to aberrant pricing of ATT debt. Materials (+1.1) on mining company debt underperforms largely tied to sharp drop in Gold on the day (-33.10 at 1898.50)
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