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Late Corporate Credit Update, Risk Metric Extend Lows

US

Investment-grade corporate credit risk posted extended session lows late Monday even as stocks traded mixed on narrow range. Currently SPX eminis trade -2.5 (-0.06%) at 3887.25; DJIA -31.32 (-0.1%) at 30790.74; Nasdaq +5.3 (0%) at 11453.38.

  • After surging higher late last week, investment grade risk measured by Markit's CDXIG5 index is currently -1.444 at 87.721 vs. 91.088 early session high; CDXHY5 high yield index at 99.261 (+0.287).
  • Outperforming credit sectors (tighter or least wide): Health Care -1.6, Utilities -1.3, Consumer Staples and Sr Financials both -1.2.
  • Lagging sectors (wider or least narrow): Materials -0.1, Industrials -0.8 and Energy -0.9.

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