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Corporate Credit Update: Off New 2Y Highs

US

Strong rebound in stocks to new session highs in the second half (ESM2 +97.25 at 4277.5) helping investment-grade corporate credit risk recede from the highest levels since June 2020 tapped in the first half

  • Investment grade risk measured by Markit's CDXIG5 index currently -1.078 to 80.992 vs. 83.718 high; CDXHY5 high yield index at 102.306 (+.240).
  • Outperforming credit sectors (tighter or least wide): Energy (-1.4) and Utilities (-1.3) outperforming Materials (-1.0).
  • Lagging sectors (wider or least narrow): Financials/subordinated (+0.2) followed by Communications (+0.1).

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