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Late Corporate Credit Update: Risk Cools Late

US

Investment-grade corporate credit risk recedes back near late morning lows after the close as SPX emini futures, ESM2 rebound/extend highs: 4140.5 (+29.0).

  • Investment grade risk measured by Markit's CDXIG5 index stands at 81.701 (-0.071) vs. 83.521H; CDXHY5 high yield index at 100.954 (+0.016).
  • Outperforming credit sectors (tighter or least wide): Utilities and Energy both +0.03, followed by Industrials and Technology +0.5.
  • Lagging sectors (wider or least narrow): Materials (+1.6), followed by Financials (subordinated) (+1.4) and communications, both +1.2.

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