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Corporate Credit Risk Update: Softer

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BulletMarketsFixed IncomeForeign Exchange

Investment-grade corporate credit risk holding mildly lower levels -- generally moving sideways on narrow band after climbing to two-year highs just over a week ago (90.438 on May 9). Still a positive reaction as equities post decent gains (SPX emini futures currently +53.75 (1.34%) at 4058.5).

  • Investment grade risk measured by Markit's CDXIG5 index at 84.649 (-1.733) vs. 85.85.322 high; CDXHY5 high yield index at 100.505 (+0.212).
  • Outperforming credit sectors (tighter or least wide): Materials (-1.0) Consumer Discretionary (-0.4) followed by Communications (-0.3)
  • Lagging sectors (wider or least narrow): Health Care (+0.4), followed by Industrials and Sr Financials both (+0.3).
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Investment-grade corporate credit risk holding mildly lower levels -- generally moving sideways on narrow band after climbing to two-year highs just over a week ago (90.438 on May 9). Still a positive reaction as equities post decent gains (SPX emini futures currently +53.75 (1.34%) at 4058.5).

  • Investment grade risk measured by Markit's CDXIG5 index at 84.649 (-1.733) vs. 85.85.322 high; CDXHY5 high yield index at 100.505 (+0.212).
  • Outperforming credit sectors (tighter or least wide): Materials (-1.0) Consumer Discretionary (-0.4) followed by Communications (-0.3)
  • Lagging sectors (wider or least narrow): Health Care (+0.4), followed by Industrials and Sr Financials both (+0.3).