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Corporate Credit Update: Moving Higher as Stocks Extend Lows


Inside range for investment-grade corporate credit risk Thursday, mildly higher as equities extended session lows in the second half.

  • Investment grade risk measured by Markit's CDXIG5 index inched +0.346 higher at 88.135 vs. 85.723 low (near Mon's 2Y high of 90.438); CDXHY5 high yield index at 100.143 (-0.279).
  • Outperforming credit sectors (tighter or least wide): Energy (+1.0), Communications (+1.4), while debt holdings for Utilities, Industrials and Technology held (1.5)
  • Lagging sectors (wider or least narrow): Financials subordinated (+3.4), Consumer discretionary (+2.9).

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