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Late Corporate Credit Risk Update

US
Investment grade corporate credit risk held lower levels in late trade, receding from second half highs after unconfirmed reports of "stray" missile strike in Poland near Ukraine border (Russia had launched dozens of missiles at Ukraine earlier in the day).
  • Risk had cooled to mid-Sep levels after lower than PPI this morning spurred strong risk-on rally in stocks and Tsys (policy pivot gained traction).
  • Investment grade risk measured Markit's CDXIG5 index is currently -0.882 at 82.500 (79.952 low/ 85.295 high); CDXHY5 high yield index 100.519 (+0.182).
  • Outperforming credit sectors (tighter or least wide): Communications (-4.2), Consumer Staples (-3.8), Sr Financials (-3.1)
  • Lagging sectors (wider or least narrow): Utilities and Industrials (-2.1), Consumer Discretionary (-2.4) and Health Care (-2.5).
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Investment grade corporate credit risk held lower levels in late trade, receding from second half highs after unconfirmed reports of "stray" missile strike in Poland near Ukraine border (Russia had launched dozens of missiles at Ukraine earlier in the day).
  • Risk had cooled to mid-Sep levels after lower than PPI this morning spurred strong risk-on rally in stocks and Tsys (policy pivot gained traction).
  • Investment grade risk measured Markit's CDXIG5 index is currently -0.882 at 82.500 (79.952 low/ 85.295 high); CDXHY5 high yield index 100.519 (+0.182).
  • Outperforming credit sectors (tighter or least wide): Communications (-4.2), Consumer Staples (-3.8), Sr Financials (-3.1)
  • Lagging sectors (wider or least narrow): Utilities and Industrials (-2.1), Consumer Discretionary (-2.4) and Health Care (-2.5).