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Late Corporate Credit Update

US

Investment-grade corporate credit risk levels fell back to mid-September levels Friday - apparently taking cues from a strong bounce in equities back to mid-Sep levels as well, while Tsy yields climb ahead next week's Nov 2 FOMC annc.

  • Investment grade risk measured by Markit's CDXIG5 index is currently -5.662 at 87.534 session lows; CDXHY5 high yield index at 99.908 (+1.185).
  • Outperforming credit sectors (tighter or least wide): Sr Financials (-7.0), Communications (-6.3) followed by Subordinated Financials (-6.2)
  • Lagging sectors (wider or least narrow): Industrials (-4.7), Consumer Discretionary (-4.9), Health Care (-5.3)

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