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Corporate Credit Update: Unsettled

US

Investment-grade corporate credit risk inched higher Wednesday -- unsettled despite bounce in equities at midday as sharp drop in oil overnight recovered some lost ground. SPX emini futures ESU2 currently +9.25 at 3777.0 vs. 3693.50low; WTI crude -3.43 at 106.05 vs. 101.67 low.

  • Investment grade risk measured by Markit's CDXIG5 index at 99.786 (+1.866); CDXHY5 high yield index at 97.365 (-0.180).
  • Outperforming credit sectors (tighter or least wide): Industrials (+3.0), followed by Consumer Staples and Utilities both +3.2.
  • Lagging sectors (wider or least narrow): Consumer Discretionary (+4.9), followed by Materials (+4.7), while Financials, Senior and subordinated boy around +4.3.
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