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Corporate Credit Update, IG5 Moving Wider

US

Investment-grade corporate credit risk inched higher early Monday, near highs into midday as equity markets drifted lower: SPX eminis trade -23.25 (-0.64%) at 3629.75; DJIA -58.62 (-0.2%) at 29237.5; Nasdaq -100.4 (-0.9%) at 10552.15.

  • Investment grade risk measured by Markit's CDXIG5 index is currently +2.708 at 101.445 vs 97.259 early session low; CDXHY5 high yield index at 96.816 (-.623).
  • Outperforming credit sectors (tighter or least wide): Materials (+2.0), Consumer Staples (+2.4) and Consumer Discretionary (+2.6).
  • Lagging sectors (wider or least narrow): Subordinated Financials (+5.1), Health Care (+4.8) and Utilities (+4.4).

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