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Late Corporate Credit Update: Off Midday Highs

US

Investment-grade corporate credit risk cooled slightly in late trade as stocks pared deeper losses following higher than estimated May CPI of 1.0% vs. 0.07%, compared to 0.3% in April.

  • Investment grade risk measured by Markit's CDXIG5 index at 90.986 (+3.597) after the FI close vs. 93.391 high; CDXHY5 high yield index at 98.715 (-1.278).
  • Outperforming credit sectors (tighter or least wide): Consumer Discretionary and Sr Financials both (+1.2) followed by Materials and subordinated Financials both (+1.5).
  • Lagging sectors (wider or least narrow): Communications (+4.7), followed by Energy (+3.3) and Technology (+3.7).
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Investment-grade corporate credit risk cooled slightly in late trade as stocks pared deeper losses following higher than estimated May CPI of 1.0% vs. 0.07%, compared to 0.3% in April.

  • Investment grade risk measured by Markit's CDXIG5 index at 90.986 (+3.597) after the FI close vs. 93.391 high; CDXHY5 high yield index at 98.715 (-1.278).
  • Outperforming credit sectors (tighter or least wide): Consumer Discretionary and Sr Financials both (+1.2) followed by Materials and subordinated Financials both (+1.5).
  • Lagging sectors (wider or least narrow): Communications (+4.7), followed by Energy (+3.3) and Technology (+3.7).