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Corporate Credit Update: Midrange

US

Investment-grade corporate credit risk drifted back near middle of the session lows as stocks pared gains: SPX eminis trade +8.25 (0.2%) at 4138.5; DJIA +28.37 (0.09%) at 32937.4; Nasdaq +53.3 (0.4%) at 12434.07.

  • Investment grade risk measured by Markit's CDXIG5 index -0.827 to 83.864; CDXHY5 high yield index at 100.459 (+0.112).
  • Outperforming credit sectors (tighter or least wide): Materials (-2.0) followed by Consumer discretionary (-1.3) and Consumer Staples (1.1).
  • Lagging sectors (wider or least narrow): Financials (subordinated -0.2 and Senior -0.7), followed by Utilities, Health Care and Industrials (-0.8).

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