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W/C Sept 19, 2022

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Late Corporate Credit Update: Holding Near Six Week Lows

US TSYS

Investment-grade corporate credit risk held near midrange for the session after cooling to new six week lows on the open as stocks held gains: SPX eminis currently trading +24.75 (0.62%) at 3987.25; DJIA +31.01 (0.1%) at 31901.29; Nasdaq +122.0 (1%) at 12017.52.

  • Investment grade risk measured by Markit's CDXIG5 index -0.621 at 84.070 vs. 82.989 low; CDXHY5 high yield index at 100.474 (+0.189).
  • Outperforming credit sectors (tighter or least wide): Industrials (-1.4), Consumer Staples (-0.6) followed by Utilities and Energy both -0.5.
  • Lagging sectors (wider or least narrow): Communications (+1.6), Senior and subordinated Financials at +1.1 followed by Materials (+0.9)
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Investment-grade corporate credit risk held near midrange for the session after cooling to new six week lows on the open as stocks held gains: SPX eminis currently trading +24.75 (0.62%) at 3987.25; DJIA +31.01 (0.1%) at 31901.29; Nasdaq +122.0 (1%) at 12017.52.

  • Investment grade risk measured by Markit's CDXIG5 index -0.621 at 84.070 vs. 82.989 low; CDXHY5 high yield index at 100.474 (+0.189).
  • Outperforming credit sectors (tighter or least wide): Industrials (-1.4), Consumer Staples (-0.6) followed by Utilities and Energy both -0.5.
  • Lagging sectors (wider or least narrow): Communications (+1.6), Senior and subordinated Financials at +1.1 followed by Materials (+0.9)