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Corporate Credit Risk Update: Making New Highs as Stocks Tumble

US

Not a big surprise, investment-grade corporate credit risk has climbed to new 2Y highs in the last few minutes as equity indexes sell-off. Back to March 2021 levels SPX eminis now appr 20% off early Jan high (4778.0) at 3829.00 (-68.75) after breaching key support / bear trigger levels of 3855.00, May 12 low AND 3843.25, the Mar 25 2021 low (cont).

  • Investment grade risk measured by Markit's CDXIG5 index climbed to 93.181 high (+3.375) vs. early session low of 88.363; CDXHY5 high yield index at 98.687 (-0.658).
  • Outperforming credit sectors (tighter or least wide): Health Care (+1.2), Communications and Technology both (+1.6) followed by Consumer Staples (+1.7).
  • Lagging sectors (wider or least narrow): Energy (+2.7), Materials (+2.4) and Consumer Discretionary (+2.2).
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