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Corporate Credit Update, Risk Pares Rise

US

Investment-grade corporate credit risk held higher levels after midday, low end of the session range as stocks make attempt to bounce off session lows. Currently SPX eminis trade -52.25 (-1.33%) at 3868; DJIA -52.25 (-1.33%) at 3868; Nasdaq -182.3 points (-1.6%) at 11372.16.

  • Investment grade risk measured by Markit's CDXIG5 index is currently +1.088 at 90.327 (early session high 92.732 - still off Sep 1 highs of 94.649); CDXHY5 high yield index at 89.644 (-0.433).
  • Outperforming credit sectors (tighter or least wide): Technology, Utilities, Consumer Discretionary and Consumer Staples all clustered around +2.9, followed by Health Care +3.0 and Sr Financials +3.2.
  • Lagging sectors (wider or least narrow): subordinated Financials -+3.9, Energy +3.8 and Communications ++3.6
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