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Corporate Credit Update: 1W Lows

US

Investment-grade corporate credit risk continues to recede, holding session lows at the moment around last week's lows as stocks hold modest gains. SPX emini futures currently +12 (0.3%) at 3952.75, Dow Industrials +10.65 (0.03%) at 31943.54, Nasdaq +88.6 (0.8%) at 11353.2.

  • Investment grade risk measured by Markit's CDXIG5 index at 84.662 (-2.348) vs. early session high of 88.432; CDXHY5 high yield index at 100.378 (+0.450).
  • Outperforming credit sectors (tighter or least wide): Materials (-6.5) followed by Communications (-6.4) and Consumer Staples (-6.2)
  • Lagging sectors (wider or least narrow): Technology (-5.0) and Consumer Discretionary (+5.3) while Industrials and Energy evenly paired at (-5.4).

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