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Late Corporate Credit Update: Risk Metrics Near 4 Month Lows

US

Investment-grade corporate credit risk continued to ease late Friday, closing in on Thursday's low as stocks continued to post new session high: SPX eminis trade SPX eminis trade +58.5 (1.39%) at 4268; DJIA +346.91 (1.04%) at 33682.35; Nasdaq +221.9 (1.7%) at 13001.62.

  • Investment grade risk measured by Markit's CDXIG5 index -3.110 to 74.374 vs. Thursday's 73.492 low; CDXHY5 high yield index at 103.121 (+0.802).
  • Outperforming credit sectors (tighter or least wide): Senior Financials (-8.7), Energy (-3.7) and Technology (-3.2).
  • Lagging sectors (wider or least narrow): Subordinated Financials (-1.5), Health Care (-1.8) and Utilities (-2.0).

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