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Corporate Credit Update

US

Investment grade credit spds tighter now after making new 18-month highs this morning (IG5 75.271). Stocks bounce as risk appetite gains after Pres Biden expressed support for NATO states (no troops on Ukraine soil), targeted sanctions on Russia having little knock-on drag on US.

  • SPX eminis trading +14 points (0.33%) at 4233; Dow Industrials - 231.9 points (-0.7%) at 32894.38; NASDAQ +245.5 points (1.9%) at 13281.94.
  • Investment grade credit risk off early session highs, near middle of range
    • IG corporate credit risk measured by Markit's CDX IG5 index currently 69.781 (-0.863), 75.271 H/ 69.999 L
    • High-yld index, CDXHY5, currently 105.186 (+.262), 105.276 H/ 104.122 L

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