Free Trial

Late Corporate Credit Update: Risk Continues to Cool

US

Investment-grade corporate credit risk continues to extend session lows as stocks look to test midmorning highs in aftermath of May FOMC minutes release. SPX emini futures currently +30 25 (+0.77%) at 3970.25, Dow Industrials +126.78 (0.4%) at 32055.87, Nasdaq +155.9 (+1.4%) at 11420.37

  • Investment grade risk measured by Markit's CDXIG5 index at 83.004 (-4.006) vs. early session high of 88.432; CDXHY5 high yield index at 100.686 (+0.758).
  • Outperforming credit sectors (tighter or least wide): Communications (-7.3), Materials (-7.1) and Consumer Staples (-6.9)
  • Lagging sectors (wider or least narrow): Industrials (-5.8) followed by Consumer Discretionary (-5.9) followed by Energy and Technology, both running -6.1-6.2.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.