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Corporate Credit Update: Near Midday Highs, Global Bank Debt Lagging

US

Investment-grade corporate credit risk near midday highs with stocks back mildly weaker again - paring recent gains.

  • Investment grade risk measured by Markit's CDXIG5 index currently +0.816 to 73.769 vs. 72.687 midmorning when stocks bounced/extended early session highs; CDXHY5 high yield index mildly lower at 103.759 (-.176).
  • Outperforming credit sectors (tighter or least wide): Consumer Discretionary debt (2.094) weighed down by reversal for some airline debt risk that had gapped tighter late last week on improved demand guidance despite higher costs.
  • Technology sector debt next "least wide (+0.23), Western Digital and Dell debt risk at issue
  • Lagging sectors (wider or least narrow): Financials (subordinated and Senior) large global bank debt underperforming.

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