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Late Corporate Credit Risk Update: New 2Y Highs

US

Investment-grade corporate credit risk made new 2Y highs on the back of sharply lower equities Wednesday: SPX emini futures currently -159.75 (-3.91%) at 3926, Dow Industrials -1142.04 (-3.5%) at 31513.59, Nasdaq -552.9 (-4.6%) at 11434.

  • Investment grade risk measured by Markit's CDXIG5 index at 90.840 (+6.996) vs. vs. May 9 2Y high of 90.183; CDXHY5 high yield index at 99.320 (-1.350).
  • Outperforming credit sectors (tighter or least wide): Utilities (+3.9), Technology (+3.3) followed by Technology (+4.0), Industrials and Health Care both (+4.5)
  • Lagging sectors (wider or least narrow): Materials (+6.1), followed by Consumer Discretionary and subordinated Financials both (+5.0).

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