Credit Default Swaps
GET OUR CDS MARKET SUMMARIES STRAIGHT TO YOUR INBOX. LEARN MORE
Investment Grade CDS Market Summary:
April 2023
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 4/1/23 – 4/30/23
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
| 1 | NUNPC 5Y | NIPPON PAPER INDUSTRIES CO LTD | -37.1% | -127 | 216 | 343 | 4 |
| 2 | ORIX 5Y | ORIX CORP | -27.6% | -23 | 60 | 82 | 3 |
| 3 | UHS 5Y | UNIVERSAL HEALTH SERVICES INC | -22.6% | -32 | 111 | 143 | 3 |
| 4 | PXD 5Y | EVERGREEN RES INC | -21.3% | -16 | 60 | 77 | 3 |
| 5 | UBS 5Y | UBS AG LONDON BRH | -21.3% | -26 | 95 | 120 | 3 |
| 6 | RAKUTN 5Y | RAKUTEN INC | -21.3% | -154 | 571 | 725 | 4 |
| 7 | FSA_AA 5Y | ASSURED GUARANTY MUNICIPAL CORP. | -14.3% | -12 | 74 | 87 | 4 |
| 8 | DBSSP 5Y | DBS BK LTD GLOBAL MEDIUM TERM | -14.2% | -6 | 34 | 40 | 2 |
| 9 | HITACH 5Y | HITACHI SOFTWARE ENGINEERING CO LTD | -13.9% | -3 | 18 | 21 | 2 |
| 10 | EXIMBK 5Y | EXIMBANK INDIA | -13.8% | -12 | 77 | 90 | 3 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 4/1/23 – 4/30/23
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
| 1 | ARW 5Y | ARROW ELECTRONICS INC | 30.2% | 30 | 129 | 99 | 4 |
| 2 | ALOFP 5Y | ALSTOM SA | 28.4% | 41 | 186 | 145 | 5 |
| 3 | LNC 5Y | JEFFERSON-PILOT CAP TR B | 18.3% | 51 | 331 | 280 | 3 |
| 4 | STERV 5Y | STORA ENSO CORP | 17.8% | 18 | 118 | 100 | 5 |
| 5 | RENAULT 5Y | RCI BANQUE S A | 17.0% | 48 | 331 | 283 | 6 |
| 6 | DHR 5Y | BECKMAN COULTER INC | 16.8% | 7 | 51 | 44 | 3 |
| 7 | DE 5Y | DEERE & CO | 16.7% | 7 | 52 | 45 | 4 |
| 8 | VIVFP 5Y | SEAGRAM CO LTD | 16.2% | 19 | 134 | 116 | 5 |
| 9 | SHBASS 5Y | STADSHYPOTEK AB PUBL MEDIUM | 15.4% | 11 | 80 | 69 | 3 |
| 10 | SYNNVX 5Y | SYNGENTA AG | 15.3% | 15.0 | 113 | 98 | 6 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 4/1/23 – 4/30/23
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 3/31/23 vs. the month ending 4/30/23
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| Global | 75 | 73 | -3 | Tighter | 509 |
| U.S. | 73 | 70 | -2 | Tighter | 176 |
| U.K. | 86 | 87 | 1 | Wider | 38 |
| Canada | 70 | 77 | 6 | Wider | 5 |
| China | 85 | 90 | 5 | Wider | 7 |
| APAC | 75 | 71 | -4 | Tighter | 37 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 4/1/23 – 4/30/23
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 3/31/23 vs. the month ending 4/30/23
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| All Industries | 75 | 73 | -3 | Tighter | 511.00 |
| Capital Equipment | 75 | 71 | -4 | Tighter | 11.00 |
| Energy: Oil & Gas | 85 | 88 | 2 | Wider | 27.00 |
| Insurance | 70 | 68 | -2 | Tighter | 25.00 |
| Real Estate | 109 | 110 | 1 | Wider | 24.00 |
| Media: Advertising, Printing & Publishing | 80 | 75 | -5 | Tighter | 3.00 |
Stay up-to-date with monthly summaries.
