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Corporate Credit Risk: Improved as Stocks Hold Gains, Gold/Crude Weaker

US

Corporate credit risk showing broadly improved levels with equities climbing to session highs in late trade (SPX eminins +106.0 around 4275.0).

  • Markit's CDXIG5 high yield index holding near session low of 71.62 currently at 71.68 (-4.65).
    • Top outperforming sectors
    • Materials and Utilities tied at -6.0
    • Communications and Energy tied at -5.8
    • Health Care, -5.5
    • Financials (subordinated), -4.9 while Senior credit risk lags at -3.7
  • Risk-on (risk-off unwind) tone has gained momentum through the session -- received initial impetus in early London trade on hopes over de-escalation In Russia war in Ukraine, underscored by further comments re: Ukraine Pres Zelensky prepared for certain compromises.
  • Note, Gold off sharply (-69.00 around 1981.5), Crude as well (WTI -14.60 around 109.10, while Tsy futures continue to trade near recent session lows, 30YY taps 2.2956% in late trade. CBOE vol index lower (VIX -2.84 at 32.29).
  • Markit's CDXHY5 high yield index, climbed to session high of 104.915, currently 104.815 (+.937).
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