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Late Corporate Credit Roundup: Grinding Higher

US

Corporate credit risk measured by Markit's CDXIG5 index looked to finish near late session highs at 66.557 (+2.720); CDXHY5 high yield index lower at 105.312 (-.688) as stocks reversed course/trade gradually lower after hawkish Fed rhetoric weighed heavily on rates markets.

  • Outperforming credit sectors (tighter or least wide): Materials sector (-2.4) as debt issued by multiple gold and rare earth miners outperform for second day running (Rio Tinto, Barrick, Vale, BHP Billiton, AngloGold Ashanti to name a few) followed by Consumer Discretionary (-1.6) and Financials (subordinated) (-1.5) with some big name debt outperforming (AON, Fifth Thirs, AIG, Westpac, MetLife and Sumitomo).
  • Lagging sectors (wider or least narrow): Energy (+0.2) with Energy Transfer LP / Regency Energy and Conoco underperforming; Technology sector (-0.6) as weighed by semiconductor supply chain woes.
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