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Corporate Credit Update: Off Early Highs

US

Investment-grade corporate credit risk currently running mildly higher, well off early highs as stocks have recovered from the post-CPI sell-off: SPX eminis currently trading -5.75 (-0.15%) at 3818.25; DJIA -117.72 (-0.38%) at 30868.7; Nasdaq +22.6 (0.2%) at 11288.96.

  • Investment grade risk measured by Markit's CDXIG5 index +0.632 to 93.122; CDXHY5 high yield index at 98.341 (-0.258).
  • Outperforming credit sectors (tighter or least wide): Technology (-0.2) followed by Utilities and Consumer Discretionary -- both holding steady
  • Lagging sectors (wider or least narrow): Financials subordinated (+2.3), Materials (+1.6) and Sr Financials (+1.3).

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