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Corporate Credit Update: Bond Risk Off Early Highs

US

Early reversal for investment-grade corporate credit risk, levels receded off early morning high not seen since April 2020 this morning after the BoE anncd a surprise bond buying commitment ahead the NY open. Bonds and risk assets alike bounced/held gains through midday: SPX +51.0 at 3712.0, Crude +3.20 at 81.70, Gold +31.95 at 1660.84 - and of course GBP bounced to 1.0911 while US$ declined.

  • Investment grade risk measured by Markit's CDXIG5 index is currently -3.360 at 107.792 vs. 113.718 early session high; CDXHY5 high yield index at 95.995 (+.842).
  • Outperforming credit sectors (tighter or least wide): Technology -3.6, Industrials -2.9 and Utilities -2.6.
  • Lagging sectors (wider or least narrow): subordinated Financials +2.9, Materials +1.4 and Sr Financials +0.4.
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Early reversal for investment-grade corporate credit risk, levels receded off early morning high not seen since April 2020 this morning after the BoE anncd a surprise bond buying commitment ahead the NY open. Bonds and risk assets alike bounced/held gains through midday: SPX +51.0 at 3712.0, Crude +3.20 at 81.70, Gold +31.95 at 1660.84 - and of course GBP bounced to 1.0911 while US$ declined.

  • Investment grade risk measured by Markit's CDXIG5 index is currently -3.360 at 107.792 vs. 113.718 early session high; CDXHY5 high yield index at 95.995 (+.842).
  • Outperforming credit sectors (tighter or least wide): Technology -3.6, Industrials -2.9 and Utilities -2.6.
  • Lagging sectors (wider or least narrow): subordinated Financials +2.9, Materials +1.4 and Sr Financials +0.4.