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Corporate Credit Update

US

Investment grade credit spds surged higher in-line with second-half risk-off move in rates/equities on Russia/Ukraine headlines US fears Russia invasion of Ukraine can start as early as next week -- no response from Russia.
SPX eminis back to lows -95.75 at 4401.5 vs. 4518.75 high after the opening bell.

  • Investment grade credit risk making new highs for the year -- levels last seen in late September 2020.
    • IG corporate credit risk measured by Markit's CDX IG5 index currently 69.381 (+3.802), 69.383 H/ 64.479 L
    • High-yield index, CDXHY5, currently 105.104 (-.734), 106.06 H/ 105.09 L

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