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Late Corporate Credit Risk Update: Heats Up Slightly Late

US
BulletMarketsFixed IncomeForeign Exchange

Investment-grade corporate credit risk is cooler late Friday, but off morning lows, heating up in the second half as stocks pared gains on a bout of position squaring ahead the weekend. Risk measures angled lower near the FI close as stocks rebounded (SPX emini futures still lower for the week at 4008.5 +81.25).

  • Investment grade risk measured by Markit's CDXIG5 index holding inside session range at 85.713 (-1.587) after climbing to 86.936 high in second half; CDXHY5 high yield index at 100.635 (+0.373).
  • Outperforming credit sectors (tighter or least wide): Financials subordinated (+0.7), Materials (+0.7), Technology and Consumer discretionary (+0.8-0.9).
  • Lagging sectors (wider or least narrow): Communications (+1.5), followed by Health Care and Industrials both (+1.4).
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Investment-grade corporate credit risk is cooler late Friday, but off morning lows, heating up in the second half as stocks pared gains on a bout of position squaring ahead the weekend. Risk measures angled lower near the FI close as stocks rebounded (SPX emini futures still lower for the week at 4008.5 +81.25).

  • Investment grade risk measured by Markit's CDXIG5 index holding inside session range at 85.713 (-1.587) after climbing to 86.936 high in second half; CDXHY5 high yield index at 100.635 (+0.373).
  • Outperforming credit sectors (tighter or least wide): Financials subordinated (+0.7), Materials (+0.7), Technology and Consumer discretionary (+0.8-0.9).
  • Lagging sectors (wider or least narrow): Communications (+1.5), followed by Health Care and Industrials both (+1.4).