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Late Corporate Credit Update: Late Narrowing Risk Metrics

US

Investment-grade corporate credit risk off midday highs as stocks extended session highs in late trade. Overall volumes remain very light in post-holiday trade.

  • Investment grade risk measured by Markit's CDXIG5 index slipped to 73.536 vs. 74.463 midday high; CDXHY5 high yield index near steady at 103.854 (-.082).
  • Little change in overall metrics from earlier: Outperforming credit sectors (tighter or least wide): Consumer Discretionary debt (+2.7) weighed down by reversal for some airline debt risk that had gapped tighter late last week on improved demand guidance despite higher costs.
  • Technology sector debt next "least wide" (+2.9), Western Digital and Dell debt risk at issue
  • Lagging sectors (wider or least narrow): Financials (subordinated and Senior, +4.0-4.2) as large global bank debt underperforming despite stock shares doing well in late trade.
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