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Corporate Credit Update, Materials Leading, Banks Improved


Investment grade credit spds narrowing on the back of strong stock performance Wednesday, relief rally partially based on Fed keeping cool, getting heads back into more prosaic risk metrics like monetary policy and away from geopolitical headlines on Russia/Ukraine.

  • IG corporate credit risk measured by Markit's CDX IG5 index near recent session lows at 68.71.
  • Materials leading (-3.26) with Energy, Utilities and Financials close behind.
  • Bank shares doing better after punishing price action last couple day, credit spd for Nomura leading sector at 66.0 (-24).
  • Markit's CDXHY5 high yield index, usually rises as credit risk improves is currently at 105.46 (+.577)

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