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Late Corporate Credit Update: Risk Cools

US

Investment-grade corporate credit risk extends lower levels -- still generally sideways on narrow band after climbing to two-year highs just over a week ago (90.438 on May 9). Still a positive reaction as equities post decent gains (SPX emini futures currently +79.25 (1.98%) at 4084.5).

  • Investment grade risk measured by Markit's CDXIG5 index at 84.210 (-2.171) vs. 85.85.322 high; CDXHY5 high yield index at 100.627 (+0.335).
  • Outperforming credit sectors (tighter or least wide): Materials (-2.0) Consumer Discretionary (-1.3) followed by Utilities (-1.2)
  • Lagging sectors (wider or least narrow): Health Care (-0.3), followed by Industrials and Sr Financials both (-0.5).

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