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Late Corporate Credit Risk Roundup

US

Investment grade risk measured by Markit's CDXIG5 index near late session lows: -2.35 to 69.73; CDXHY5 high yield index mildly higher at 105.844 (+.445).

  • Outperforming credit sectors (tighter or least wide) ironically includes Energy sector (-2.9) with gas and pipeline services debt risk narrowing. Possibly tied to item reported by Reuters that the "European Commission will propose legislation on Wednesday requiring EU countries to fill their gas storage to at least 90% of capacity ahead of each winter, according to a draft document."
  • Consumer Staples (-2.5) and Consumer Discretionary (-2.3) continued to narrow.
  • Lagging sectors (wider or least narrow): Financials (Sr: -1.2; Sub: -1.8) and Materials (-1.4), BHP Billiton, Rio Tinto and Barrick debt underperorming.

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