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Corporate Credit Update, debt Risk Climbing

US

Investment-grade corporate credit risk bounced higher Monday - back to April 2020 levels as Tsys yields surged to new 15Y highs (2YY 4.3450%, 10YY 3.9880%) amid chatter over potential BOE emergency rate action before the next policy meeting in November.

  • Investment grade risk measured by Markit's CDXIG5 index is currently +3.260 at 109.169; CDXHY5 high yield index at 96.985 (-0.534).
  • Outperforming credit sectors (tighter or least wide): Consumer Staples +3.3, Materials +3.5 and Industrials +3.6.
  • Lagging sectors (wider or least narrow): Technology and Sr Financials both +5.1, Energy +5.0 and Communications +4.3.
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Investment-grade corporate credit risk bounced higher Monday - back to April 2020 levels as Tsys yields surged to new 15Y highs (2YY 4.3450%, 10YY 3.9880%) amid chatter over potential BOE emergency rate action before the next policy meeting in November.

  • Investment grade risk measured by Markit's CDXIG5 index is currently +3.260 at 109.169; CDXHY5 high yield index at 96.985 (-0.534).
  • Outperforming credit sectors (tighter or least wide): Consumer Staples +3.3, Materials +3.5 and Industrials +3.6.
  • Lagging sectors (wider or least narrow): Technology and Sr Financials both +5.1, Energy +5.0 and Communications +4.3.