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Corporate Credit Update: Off Post-Data Highs, Eying Stocks

US

Investment-grade corporate credit risk back near early session lows as stocks and longer rates discounted the higher April CPI data.

  • Investment grade risk measured by Markit's CDXIG5 index currently -1.795 at 85.413 vs. 89.263 post-data high (near Mon's 2Y high of 90.438); CDXHY5 high yield index at 100.865 (+0.329).
  • Outperforming credit sectors (tighter or least wide): Financials, Sr (-1.0) followed by Utilities (-0.7) and subordinated Financials (-0.5).
  • Lagging sectors (wider or least narrow): Industrials (+0.32), Consumer Staples (-0.1).

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