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Corporate Credit Risk: Improved as Stocks Power Higher

US

Corporate credit risk fell back to mid-March levels as equity indexes powered higher into midday.

  • Stocks extending session highs after a mildly weaker open Monday, focus on tech shares and micro bloggers. S&P eminis trading +25.5 (0.47%) at 4564.75, lead by Communication Services as Twitter (TWT) +9.95 (25.4%) at 49.25 following reports Elon Musk bought 9.2% outstanding shares.
  • Investment grade risk measured by Markit's CDXIG5 index currently -1.973 to 64.529 (mid-March lows); CDXHY5 high yield index mildly higher at 105.836 (+.390).
  • Outperforming credit sectors (tighter or least wide): Materials sector (-.39) with debt issued by multiple gold and rare earth miners outperforming. Communications tied with Health Care and consumer discretionary (-0.3).
  • Lagging sectors (wider or least narrow): Utilities (+0.6) lead by multiple East coast and southern state gas and electric utility providers in energy inflation remains high.
  • Financials, Sr (+0.4) w/Main St Capital Corp underperforming.
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