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Corporate Credit Update: Steady Near Lows Despite Risk-Off Tone

US

Despite the risk-off tone following weak US services sector PMI data (47.0 vs. 52.7 est) investment-grade corporate credit risk held near six week lows as stocks consolidated: SPX eminis -33.25 (-0.83%) at 3968; DJIA -98.13 (-0.31%) at 31938.3; Nasdaq -207.7 (-1.7%) at 11852.1.

  • Investment grade risk measured by Markit's CDXIG5 index +0.085 to 83.868; CDXHY5 high yield index at 100.486 (-0.145).
  • Outperforming credit sectors (tighter or least wide): Senior and subordinated Financials at -0.9 and -0.7 respectively while Healthcare risk receded -0.6.
  • Lagging sectors (wider or least narrow): TTechnology (+1.1), Communications (+0.8), Utilities +0.7.
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Despite the risk-off tone following weak US services sector PMI data (47.0 vs. 52.7 est) investment-grade corporate credit risk held near six week lows as stocks consolidated: SPX eminis -33.25 (-0.83%) at 3968; DJIA -98.13 (-0.31%) at 31938.3; Nasdaq -207.7 (-1.7%) at 11852.1.

  • Investment grade risk measured by Markit's CDXIG5 index +0.085 to 83.868; CDXHY5 high yield index at 100.486 (-0.145).
  • Outperforming credit sectors (tighter or least wide): Senior and subordinated Financials at -0.9 and -0.7 respectively while Healthcare risk receded -0.6.
  • Lagging sectors (wider or least narrow): TTechnology (+1.1), Communications (+0.8), Utilities +0.7.