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Late Corporate Credit Update: Pre-FOMC Levels

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Investment-grade corporate credit risk slipped to late session lows Friday, back to mid-June levels as stock climbed to two-week highs, SPX eminis back to June 13 levels, ESU2 currently at 3899.0 (+99.25) vs. post FOMC low of 3649.00. DJIA +718 (2.34%) at 31397.09; Nasdaq +303 (2.7%) at 11536.68.

  • Investment grade risk measured by Markit's CDXIG5 index at 93.967 (-4.825); CDXHY5 high yield index at 98.914 (+1.089).
  • Outperforming credit sectors (tighter or least wide): Communications (-3.4) followed by Tech (-3.3) and Health Care (-2.8).
  • Lagging sectors (wider or least narrow): Energy (-1.1) followed by Financials , Sr and subordinated -1.9 and -2.2 respectively.
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Investment-grade corporate credit risk slipped to late session lows Friday, back to mid-June levels as stock climbed to two-week highs, SPX eminis back to June 13 levels, ESU2 currently at 3899.0 (+99.25) vs. post FOMC low of 3649.00. DJIA +718 (2.34%) at 31397.09; Nasdaq +303 (2.7%) at 11536.68.

  • Investment grade risk measured by Markit's CDXIG5 index at 93.967 (-4.825); CDXHY5 high yield index at 98.914 (+1.089).
  • Outperforming credit sectors (tighter or least wide): Communications (-3.4) followed by Tech (-3.3) and Health Care (-2.8).
  • Lagging sectors (wider or least narrow): Energy (-1.1) followed by Financials , Sr and subordinated -1.9 and -2.2 respectively.