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Late Corporate Credit Update

US

Investment-grade corporate credit risk continued to forge higher late Friday as equities looked to finish near lows (but still well off Thu's post-CPI lows), not reacting positively to jump in 1Y inflation expectations (via U-Mich sentiment data) and more rate hikes from the Fed.

  • Investment grade risk measured by Markit's CDXIG5 index is currently +2.910 at 104.069 vs Thu's 109.171 session high; CDXHY5 high yield index at 96.344 (-.478).
  • Outperforming credit sectors (tighter or least wide): Materials (+0.5), Health Care +0.9) and Technology (+1.1)
  • Lagging sectors (wider or least narrow): Sr Financials (+3.0), Subordinated Financials (+2.3) and Utilities (+1.9).

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