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Corporate Credit Update: Heating Up As Stocks Falter

US

Investment-grade corporate credit risk make concerted move higher Tuesday, investment grade back to mid-July levels as stocks reverse course, trade weaker on combination of hawkish policy speak (Fed and ECB) and gepol risk as Asia/Taiwan tensions increase. Currently SPX eminis trade -37.25 (-0.92%) at 3994.5; DJIA -244.47 (-0.76%) at 31855.22; Nasdaq -123.9 (-1%) at 11893.38.

  • Investment grade risk measured by Markit's CDXIG5 index +2.281 to 90.536 (91.725 session high last seen July 15); CDXHY5 high yield index at 99.005 (-0.475).
  • Outperforming credit sectors (tighter or least wide): Utilities (+0.1), Health Care (+0.2) and Senior Financials (+0.3).
  • Lagging sectors (wider or least narrow): Energy (+0.8), Materials and Industrials (+0.6).
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Investment-grade corporate credit risk make concerted move higher Tuesday, investment grade back to mid-July levels as stocks reverse course, trade weaker on combination of hawkish policy speak (Fed and ECB) and gepol risk as Asia/Taiwan tensions increase. Currently SPX eminis trade -37.25 (-0.92%) at 3994.5; DJIA -244.47 (-0.76%) at 31855.22; Nasdaq -123.9 (-1%) at 11893.38.

  • Investment grade risk measured by Markit's CDXIG5 index +2.281 to 90.536 (91.725 session high last seen July 15); CDXHY5 high yield index at 99.005 (-0.475).
  • Outperforming credit sectors (tighter or least wide): Utilities (+0.1), Health Care (+0.2) and Senior Financials (+0.3).
  • Lagging sectors (wider or least narrow): Energy (+0.8), Materials and Industrials (+0.6).