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Late Corporate Credit Update: Health Care Sector Debt Improves Late

US

Investment-grade corporate credit risk holding near early May lows as stocks look to finish out strong, SPX nearly gaining 5% for the week. SPX emini futures currently +73.5 (+1.81%) at 4129.25, Dow Industrials +358.55 (1.1%) at 32995.78, Nasdaq +309.4 (+2.6%) at 12050.12.

  • Investment grade risk measured by Markit's CDXIG5 index at 78.89 (-2.44); CDXHY5 high yield index at 101.77 (+0.34).
  • Outperforming credit sectors (tighter or least wide): Health Care bond risk improves (note UNH shares rallied some $12.0 off early lows on the day). Technology (-2.8), followed by Communications (-2.2) and Financials: subordinated both -2.7.
  • Lagging sectors (wider or least narrow): Industrials (-1.8), Consumer Discretionary (-2.2) and Energy (-2.3)
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