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Late Corporate Credit Update

US

Late move wider but surprisingly still off Monday's 18-month highs (IG5 70.109), investment grade credit spds extend session highs as stocks rout deepens, SPX off by more than 2%:

  • SPX eminis trading -94.75 points (-2.12%) at 4375.75; Dow Industrials -647.52 points (-1.85%) at 34290.15; NASDAQ -382.1 points (-2.7%) at 13742.97.
  • Investment grade credit risk bounced off early session lows, extending highs
    • IG corporate credit risk measured by Markit's CDX IG5 index currently 68.434 (+3.181), 68.442 H/ 64.861 L
    • High-yld index, CDXHY5, currently 105.425 (-.576), 106.044 H/ 105.418 L

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