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Late Corporate Credit Risk: IG5 Inches Higher Late

US

Corporate credit risk extends late session highs as equity indexes make new (albeit moderate) session lows -- SPX eminis still up for the week around 4590.0 (-35.5).

  • Investment grade risk measured by Markit's CDXIG5 index currently +0.990 to 67.03; CDXHY5 high yield index mildly lower at 105.456 (-.321).
  • Outperforming credit sectors (tighter or least wide): Financials (Sr) net +0.2 -- as broad swath of large banks/financial inst debt underperofming (GS, Blackstone, BGC< Prudential) balanced by improved risk for Nomura, Westpac, Mizuho, ING. Subordinated Financials tied w/ Technology and Communications sector +0.5-0.7.
  • Lagging sectors (wider or least narrow): Health Care (+7.2) largely due to anomaly Boston Scientific (BSX) 5Y debt surging wider. Energy and Utilities a distant second (+1.2), Entergy Gulf States Louisiana debt underperforming.
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