Credit Default Swaps
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Investment Grade CDS Market Summary:
April 2022
Our newsletter presents key trends derived from observable Credit Default Swaps pricing data over a monthly period.
Top 10 Outperformers
Showcases the top 10 IG CDS “outperformers” based on the largest mid spread decreases between 4/1/22 -4/30/22
| RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
| 1 | SNE 5Y | SONY CORP | -8.2% | -2 | 25 | 27 |
| 2 | NTT 5Y | NIPPON TELEG & TEL CORP | -8.0% | -2 | 23 | 25 |
| 3 | IBERD 5Y | IBERDROLA FIN IRELAND LTD GTD | -6.6% | -4 | 62 | 66 |
| 4 | AQUASM 5Y | FCC AQUALIA SA | -6.2% | -6 | 93 | 99 |
| 5 | ENEL 5Y | ENEL SPA | -6.0% | -6 | 94 | 100 |
| 6 | MITSCO 5Y | MITSUI & CO LTD | -5.4% | -2 | 34 | 36 |
| 7 | SZUGR 5Y | SUEDZUCKER AG | -5.2% | -6 | 114 | 120 |
| 8 | TAKEDA 5Y | TAKEDA PHARMACEUTICAL CO LTD | -3.3% | -1 | 33 | 34 |
| 9 | HITACH 5Y | HITACHI SOFTWARE ENGINEERING CO LTD | -2.7% | -1 | 24 | 25 |
| 10 | KAWHI 5Y | KAWASAKI HEAVY INDUSTRIES LTD | -2.0% | -1 | 33 | 34 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 4/1/22 -4/30/22
| RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
| 1 | RYD 5Y | RYDER SYS INC | 55.1% | 49 | 139 | 89 |
| 2 | BASGR 5Y | ENGELHARD CORP | 55.0% | 28 | 78 | 51 |
| 3 | DHI 5Y | D R HORTON INC | 54.3% | 44 | 125 | 81 |
| 4 | COFB 5Y | CAPITAL ONE FINL CORP | 48.1% | 14 | 44 | 30 |
| 5 | HD 5Y | HOME DEPOT INC | 44.7% | 13 | 41 | 29 |
| 6 | NUNPC 5Y | NIPPON PAPER INDUSTRIES CO LTD | 42.6% | 24 | 80 | 56 |
| 7 | GE 5Y | GENERAL ELEC CAP CORP MEDIUM | 42.5% | 37 | 123 | 86 |
| 8 | AVT 5Y | AVNET INC | 41.5% | 36 | 122 | 86 |
| 9 | ALLY 5Y | ALLY FINL INC | 39.6% | 51 | 182 | 130 |
| 10 | BAX 5Y | BAXTER INTL INC | 39.4% | 16.4 | 58 | 41 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 4/1/22 -4/30/22
Results are based on 5 select regions, however, we offer data across 12 regions
IG Spread by Region – Monthly Comparison
Exhibits the IG mid spread by region for the month ending 3/31/22 vs. the month ending 4/30/22
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| Global | 65 | 75 | 10 | Wider | 541 |
| U.S. | 56 | 72 | 16 | Wider | 189 |
| Europe | 67 | 76 | 9 | Wider | 169 |
| U.K. | 76 | 89 | 13 | Wider | 41 |
| China | 70 | 88 | 18 | Wider | 7 |
| Latin America | 79 | 105 | 26 | Wider | 11 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 4/1/22 -4/30/22
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
IG Spread by Industries – Monthly Comparison
Exhibits the IG spread by industry for the month ending 3/31/22 vs. the month ending 4/30/22
| INDUSTRY | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| All Industries | 65 | 75 | 10 | Wider | 541 |
| Beverage, Food & Tobacco | 50 | 56 | 6 | Wider | 30 |
| Chemicals, Plastics & Rubber | 86 | 99 | 13 | Wider | 16 |
| Media: Advertising, Printing & Publishing | 76 | 86 | 10 | Wider | 3 |
| Real Estate | 81 | 94 | 13 | Wider | 21 |
| Transportation: Consumer | 122 | 136 | 14 | Wider | 11 |
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