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Corporate Credit Update: Investment Grade Cools Late

US

Investment-grade corporate credit risk drifted near the lower half of the session range as stocks clung to modest late session gains: SPX eminis trade +25.75 (0.62%) at 4168.25; DJIA +90.39 (0.27%) at 33058.85; Nasdaq +109.9 (0.9%) at 12541.08.

  • Investment grade risk measured by Markit's CDXIG5 index -1.107 to 81.588; CDXHY5 high yield index at 101.016 (+0.313).
  • Outperforming credit sectors (tighter or least wide): Technology (-3.2), Industrials and Consumer Staples both (-2.5) followed by Consumer Discretionary (-2.4).
  • Lagging sectors (wider or least narrow): Financials (subordinated) (-1.5), followed by Materials and Utilities, both (-1.9).

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