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Corporate Credit Update: Near Late June Highs

US

Investment-grade corporate credit risk climbed higher Thursday - nearing late June levels as Tsys yields surged to new 15Y highs in the aftermath of Wed's 75bp hike from the FOMC and 50bp hike from the BoE Thu.

  • Investment grade risk measured by Markit's CDXIG5 index is currently +1.556 at 102.140 vs. 103.798 high on June 30; CDXHY5 high yield index at 98.080 (-0.383).
  • Outperforming credit sectors (tighter or least wide): Materials +1.4, subordinated Financials +1.6 and Utilities +1.7.
  • Lagging sectors (wider or least narrow): Communications +3.0, followed by Consumer Discretionary, Sr Financials and Technology all clustered around +2.8.
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Investment-grade corporate credit risk climbed higher Thursday - nearing late June levels as Tsys yields surged to new 15Y highs in the aftermath of Wed's 75bp hike from the FOMC and 50bp hike from the BoE Thu.

  • Investment grade risk measured by Markit's CDXIG5 index is currently +1.556 at 102.140 vs. 103.798 high on June 30; CDXHY5 high yield index at 98.080 (-0.383).
  • Outperforming credit sectors (tighter or least wide): Materials +1.4, subordinated Financials +1.6 and Utilities +1.7.
  • Lagging sectors (wider or least narrow): Communications +3.0, followed by Consumer Discretionary, Sr Financials and Technology all clustered around +2.8.