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Late Corporate Credit Update: Near Lows For Week

US

Corporate credit risk holding mildly lower after the FI close, off early lows as equity indexes struggle to hold gains.

  • Investment grade risk measured by Markit's CDXIG5 index currently -0.402 to 66.835; CDXHY5 high yield index mildly higher at 105.389 (+.015).
  • Outperforming credit sectors (tighter or least wide): Energy sector (-3.0) lead by broad risk metric improvement for Schlumberger Finance Canada and Targa Resources Partners. Consumer Discretionary ties with Technology and Utilities (-2.3), credit risk for domestic airlines showing broad improvement (United, Delta and American lead narrowing); Dell leads narrowing under Tech, Sierra Pacific Power leads under Utilities.
  • Lagging sectors (wider or least narrow): Financials, both Sr and Sub (-1.5-1.8) followed by Consumer Staples (-1.9).
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