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Late Corporate Credit Update: Off Midday High Post-Minutes

US

Investment-grade corporate credit risk scaled off midday highs after the July FOMC minutes release tempered more hawkish expectations for the Sep 21 FOMC, short end rates gapped off lows and equities climbed off lows: SPX eminis trade -16.75 (-0.39%) at 4290.5; DJIA -85.01 (-0.25%) at 34064.52; Nasdaq -99.5 (-0.8%) at 13002.3.

  • Investment grade risk measured by Markit's CDXIG5 index held +1.581 at 77.410 vs. 79.2886 high; CDXHY5 high yield index at 102.109 (-0.458).
  • Outperforming credit sectors (tighter or least wide): Utilities (-0.6), Energy (-0.3) and Materials (-0.1) receded late.
  • Lagging sectors (wider or least narrow): Communications (+0.8), Senior Financials (+0.4), and Consumer Staples (+0.3) pared earlier moves but still lead laggers.
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