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Late Corporate Credit Update: Testing 2Y Highs

US

Investment-grade corporate credit risk quietly looking to breach highest levels since June 2020 tapped early Tuesday as stocks scale back support (ESM2 +15.0 at 4185.5) ahead heavy slate of earnings after the bell.

  • Investment grade risk measured by Markit's CDXIG5 index currently +0.053 to 82.24 vs. Tue's 82.246 high; CDXHY5 high yield index at 102.110 (-.099).
  • Outperforming credit sectors (tighter or least wide): Financials (sub and Sr) -2.7-2.2, followed by Materials (2.0) and Consumer Discretionary (-1.8)
  • Lagging sectors (wider or least narrow): Utilities (-0.3) and Industrials (-0.6).
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