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Corporate Credit Update

US

Credit spds still tighter but off early early second half lows even as stocks look to extend session highs, SPX eminis currently trading +21.25 at 4497.0, no obvious driver at the time but equities appeared to rally on the back of Sen Chuck Schumer headlines expressing confidence a long-term spending solution can be found.

Leading sectors: Financials (+1.4%, Materials (+1.34%), Consumer Discretionary (+1.32T and IT (+1.06%).

Off midday lows, investment grade credit risk back to early Feb levels:

  • IG corporate credit risk measured by Markit's CDX IG5 index currently at 62.344 (-1.226) vs. last Fri's 67.096 early high.
  • High-yield index, CDXHY5, currently at 106.379 (+.200) vs. 106.142 early session low

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