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Late Corporate Credit Risk

US

Corporate credit risk climbed higher in late trade Friday as nascent support in equity indexes evaporated in late trade.

  • SPX pared gains back near steady while Dow components continued to outperform Friday. Focus on latest earnings cycle that kicks off next week with financials make up the bulk of releases. JP Morgan and BlackRock are due to set the tone on Wednesday, before Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo follow.
  • Investment grade risk measured by Markit's CDXIG5 index currently +2.139 to 70.138; CDXHY5 high yield index mildly lower at 104.327 (-.487).
  • Outperforming credit sectors (tighter or least wide): Utilities sector (-0.4) with gas and electric service provider debt narrowing.
  • Lagging sectors (wider or least narrow): Communications sector (+1.3) underperforming for second day running followed by Technology and Sr Financials sectors (+0.9).
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