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Late Corporate Credit Update: Stable Near Early May Lows

US

Investment-grade corporate credit remains negatively correlated to equities, risk measures continue to ease as stocks extend highs in late trade, SPX Jun futures currently +58.25 (1.42%) at 4156.25.

  • Investment grade risk measured by Markit's CDXIG5 index steady near early May lows at 79.99 (-.805) vs. 82.372 high ; CDXHY5 high yield index at 101.550 (+0.162).
  • Outperforming credit sectors (tighter or least wide): Energy (-1.8), followed by Utilities (-1.1) and Financials (subordinated) (-0.9)
  • Lagging sectors (wider or least narrow): Health Care (-0.4), Communications (-0.5) while Industrials, Tech and Materials all -0.6.

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