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Corporate Credit Update: IG Risk Early Month Highs

US

Investment-grade corporate credit risk heating up as stocks trade near lows early in second half: SPX emini futures, ESM2 currently trading 4100.0 (-16.0).

  • Investment grade risk measured by Markit's CDXIG5 index back to late May levels at 85.805 (+2.276); CDXHY5 high yield index at 100.276 (-0.454).
  • Outperforming credit sectors (tighter or least wide): Consumer Discretionary (+0.8) followed by Financials (subordinated) (+0.9) and Sr Financials (+1.1).
  • Lagging sectors (wider or least narrow): Communications (+2.2), followed by Health Care and Consumer Staples, both +1.7.

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