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Late Corporate Credit Update

US

Investment-grade corporate credit risk bounced higher Monday - back to April 2020 levels in late trade after Tsys yields surged to new 15Y highs (2YY 4.3450%, 10YY 3.9880%) amid early session chatter over potential BOE emergency rate action before the next policy meeting in November.

  • Investment grade risk measured by Markit's CDXIG5 index is currently +3.561 at 109.476; CDXHY5 high yield index at 96.969 (-0.548).
  • Outperforming credit sectors (tighter or least wide): Consumer Staples +4.63, Materials +4.7 and Industrials +4.8.
  • Lagging sectors (wider or least narrow): Sr Financials +6.5 followed by Energy and Technology and both +6.3
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Investment-grade corporate credit risk bounced higher Monday - back to April 2020 levels in late trade after Tsys yields surged to new 15Y highs (2YY 4.3450%, 10YY 3.9880%) amid early session chatter over potential BOE emergency rate action before the next policy meeting in November.

  • Investment grade risk measured by Markit's CDXIG5 index is currently +3.561 at 109.476; CDXHY5 high yield index at 96.969 (-0.548).
  • Outperforming credit sectors (tighter or least wide): Consumer Staples +4.63, Materials +4.7 and Industrials +4.8.
  • Lagging sectors (wider or least narrow): Sr Financials +6.5 followed by Energy and Technology and both +6.3