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Late Corporate Credit Update: Banks and Insurers Extend Narrowing

US

Investment-grade corporate credit risk running marginally higher -- near morning lows with stocks extending highs (SPX eminis through 50-day EMA) in late trade.

  • Investment grade risk measured by Markit's CDXIG5 index currently +0.114 to 73.568 vs. 75.270; CDXHY5 high yield index mildly higher at 103.934 (+.057).
  • Outperforming credit sectors (tighter or least wide): Financials (subordinated) -1.7, banks, insurers mixed with Mizuho, Westpac, AIG and AON tempering wider debt risk for AXA, GS, Wintrust and Wells Fargo.
  • Materials (-0.8) outpace Financials (SR) and Communications, pair both -0.5.
  • Lagging sectors (wider or least narrow): Utilities (+0.2) with debt issued by oil and gas providers lagging.
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