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Corporate Credit Update: Off Early Highs

US

Investment-grade corporate credit risk running higher at the moment, well off early highs as stocks rebound off midmorning lows heading into month/half-yr end: SPX eminis trading -21.75 (-0.57%) at 3799.25; DJIA -216.04 (-0.7%) at 30812.4; Nasdaq -102.8 (-0.9%) at 11074.95.

  • Investment grade risk measured by Markit's CDXIG5 index at 101.350 (+1.210); CDXHY5 high yield index at 96.994 (-0.261).
  • Outperforming credit sectors (tighter or least wide): Technology, Utilities and Industrials sectors all (+2.8) followed by Health Care (+3.0) and Communications (+3.4).
  • Lagging sectors (wider or least narrow): Materials (+5.3), Financials (subordinated (+4.3), Consumer Discretionary (+3.9) followed by Sr Financials (+3.4).
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Investment-grade corporate credit risk running higher at the moment, well off early highs as stocks rebound off midmorning lows heading into month/half-yr end: SPX eminis trading -21.75 (-0.57%) at 3799.25; DJIA -216.04 (-0.7%) at 30812.4; Nasdaq -102.8 (-0.9%) at 11074.95.

  • Investment grade risk measured by Markit's CDXIG5 index at 101.350 (+1.210); CDXHY5 high yield index at 96.994 (-0.261).
  • Outperforming credit sectors (tighter or least wide): Technology, Utilities and Industrials sectors all (+2.8) followed by Health Care (+3.0) and Communications (+3.4).
  • Lagging sectors (wider or least narrow): Materials (+5.3), Financials (subordinated (+4.3), Consumer Discretionary (+3.9) followed by Sr Financials (+3.4).