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Corporate Credit, Wider, But Off Last Wk's Highs

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Relatively well behaved given risk-off tone from overnight. Investment grade credit spds running wider -- but off early highs after stocks climbed off lows with SPX and NASDAQ higher briefly. Credit spds gaining again w/stocks off midday highs -- trading desks reported at least two sell-programs around time headlines that Bulgaria refused transit of military supply to Ukraine.
Recent DJ headline may also be weighing: NYSE And Nasdaq Temporary Halts Of Russia-based Companies Listed On Their Exchanges Due To Regulatory Concerns Following Sanctions On Russia - Sources.

  • SPX eminis trading -41.75 points (-0.95%) at 4337.25; Dow Industrials -382.54 points (-1.12%) at 33667.7; NASDAQ -56 points (-0.4%) at 13635.17.
  • Investment grade credit risk well off off last Thu's 18M highs (IG5 74.960)
    • IG corporate credit risk measured by Markit's CDX IG5 index currently 67.165 (+0.718), 69.318 H / 66.405 L
    • High-yld index, CDXHY5, currently 105.793 (-.036), 105.994 H/ 105.436 L

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