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Corporate Credit Update: Near Midday Highs, Silver Lining For Airline Debt

US

Investment-grade corporate credit risk near midday highs with stocks mixed, Dow components outpacing weaker SPX and NDX indexes ahead the early session close.

  • Investment grade risk measured by Markit's CDXIG5 index currently +1.063 to 72.582 vs. 71.176 low around midmorning; CDXHY5 high yield index mildly lower at 104.003 (-.152).
  • Outperforming credit sectors (tighter or least wide): Materials sector (-2.0) as debt on mining mining names outperform (Barrick, BHP Billiton and Rio Tinto) followed by Consumer Discretionary debt (-1.4) -- widely lead by improved risk for airline debt.
  • Lagging sectors (wider or least narrow): Industrials (-0.2), Energy (-0.3) and Utilities (-0.3), Energy Transfer LP and Columbia Pipeline Group underperforms.

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