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Corporate Credit Risk: Improved But Off Early Lows

US

Corporate credit risk was mildly lower at midday, angling off lows as equity indexes gave up early gains.

  • Investment grade risk measured by Markit's CDXIG5 index currently -0.383 to 66.855; CDXHY5 high yield index mildly lower as well at 105.304 (-.071).
  • Outperforming credit sectors (tighter or least wide): Energy sector (-1.5) lead by broad risk metric improvement for Schlumberger Finance Canada and Targa Resources Partners. Consumer Discretionary ties with Utilities (-1.0), credit risk for domestic airlines showing broad improvement (United, Delta and American lead narrowing); Sierra Pacific Power leads narrowing under Utilities.
  • Lagging sectors (wider or least narrow): Financials, both Sr and Sub (-0.1-0.2) followed by Health Care (-0.5) w/Mercy Health and Sanofi debt underperforming.
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