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Late Corporate Credit Risk Roundup

US

Corporate credit risk climbed steadily Friday, Markit's CDXIG5 investment grade index near late session highs at 74.97 (+1.61) supported after stocks reversed early risk-on support -- extend lows after the FI close: SPX eminins -0.8% to 4218.75, -34.25.

  • Lagging sectors (most wide):
  • Consumer Discretionary (+1.7), while Financials Sr (+1.0) and subordinated (+0.8), leading move: Credit Suisse (+17) and HSBC (+15) amid apparent uneven reaction in large global banks to further sanctions, pullback of investments in Russia.
  • Outperforming sectors included: Utilities (-0.5%), Energy (-0.4) and Materials (-0.2)
  • Conversely, Markit's CDXHY5 high yield index, drifted near late morning lows, currently 104.02 (-.43).
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