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Corporate Credit Update: Back Near 2Y Highs

US

Investment-grade corporate credit risk has surged back near highest levels since June 2020 tapped early Monday

  • Tailwind for IG credit risk as SPX eminis continue to sell off, nearing Mon's low.
  • Investment grade risk measured by Markit's CDXIG5 index currently +3.729 to 80.591 vs. Mon's 81.230 high; CDXHY5 high yield index at 102.494 (-.721).
  • Outperforming credit sectors (tighter or least wide): Consumer Staples (+0.9) and Health Care (+1.1)
  • Lagging sectors (wider or least narrow): Materials and subordinated Financials both +2.1, Consumer Discretionary +1.9.

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