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Corporate Credit Update: Well Off Early Highs

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BulletMarketsFixed IncomeForeign Exchange

Investment-grade corporate credit risk running mildly higher -- but near session lows with stocks trading stronger into midday..

  • Investment grade risk measured by Markit's CDXIG5 index currently +0.419 to 73.873 vs. 75.270 high before stocks bounced/extended early session highs to just around 50-day EMA key resistance; CDXHY5 high yield index mildly higher at 103.921 (+.043).
  • Outperforming credit sectors (tighter or least wide): Financials (subordinated) +0.06, banks, insurers mixed with Mizuho, Westpac, AIG and AON tempering wider debt risk for AXA, GS, Wintrust and Wells Fargo.
  • Materials, Technology and Consumer Staples next up -- the trio appr +0.08
  • Lagging sectors (wider or least narrow): Utilities (+1.4) with broad swath of oil and gas provider debt lagging. Communications (+1.3) with Telefonica Europe and Koninklije KPN leading bond avg widening.
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Investment-grade corporate credit risk running mildly higher -- but near session lows with stocks trading stronger into midday..

  • Investment grade risk measured by Markit's CDXIG5 index currently +0.419 to 73.873 vs. 75.270 high before stocks bounced/extended early session highs to just around 50-day EMA key resistance; CDXHY5 high yield index mildly higher at 103.921 (+.043).
  • Outperforming credit sectors (tighter or least wide): Financials (subordinated) +0.06, banks, insurers mixed with Mizuho, Westpac, AIG and AON tempering wider debt risk for AXA, GS, Wintrust and Wells Fargo.
  • Materials, Technology and Consumer Staples next up -- the trio appr +0.08
  • Lagging sectors (wider or least narrow): Utilities (+1.4) with broad swath of oil and gas provider debt lagging. Communications (+1.3) with Telefonica Europe and Koninklije KPN leading bond avg widening.