Investment Grade CDS Market Summary – April 2024
GET OUR CDS MARKET SUMMARIES STRAIGHT TO YOUR INBOX. LEARN MORE
Investment Grade CDS Market april 2024
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 4/1/24 – 4/30/24
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TCKCN 5Y | TECK RESOURCES LIMITED | -19.3% | -20 | 84 | 104 | 5 |
| 2 | AALLN 5Y | ANGLO AMERN CAP PLC | -19.1% | -22 | 95 | 117 | 5 |
| 3 | FCX 5Y | FREEPORT-MCMORAN COPPER & GOLD | -13.3% | -14 | 90 | 104 | 5 |
| 4 | TSN 5Y | HOLLY FARMS CORP | -11.5% | -7 | 53 | 60 | 4 |
| 5 | DVN 5Y | DEVON ENERGY CORP | -11.1% | -9 | 73 | 82 | 4 |
| 6 | HAOHUA 5Y | CNAC CENTURY HK CO LTD | -11.0% | -12 | 98 | 110 | 3 |
| 7 | SOLBBB 5Y | SOLVAY | -10.6% | -10 | 82 | 92 | 5 |
| 8 | CCBC 5Y | CHINA CONSTR BK CORP INSTL CTF | -9.7% | -8 | 74 | 82 | 3 |
| 9 | POSCO 5Y | POSCO | -9.3% | -6 | 56 | 62 | 3 |
| 10 | WPPLN 5Y | GREY GLOBAL GROUP INC | -9.2% | -7 | 64 | 71 | 6 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 4/1/24 – 4/30/24
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | FSA_AA 5Y | ASSURED GUARANTY MUNICIPAL CORP. | 44.0% | 21 | 70 | 48 | 5 |
| 2 | AVGO 5Y | AVAGO TECHNOLOGIES FINANCE PTE LTD | 42.5% | 16 | 55 | 38 | 3 |
| 3 | NFLX 5Y | NETFLIX INC | 34.5% | 11 | 44 | 33 | 5 |
| 4 | KOBSTL 5Y | KOBE STEEL LTD | 30.1% | 14 | 62 | 48 | 3 |
| 5 | PPR 5Y | KERING SA | 29.8% | 10 | 42 | 32 | 6 |
| 6 | AIRFP 5Y | AIRBUS SE | 29.5% | 10 | 44 | 34 | 6 |
| 7 | COFF 5Y | CAPITAL ONE FINL CORP | 26.2% | 18 | 85 | 68 | 5 |
| 8 | KAWHI 5Y | KAWASAKI HEAVY INDUSTRIES LTD | 25.3% | 9 | 45 | 36 | 3 |
| 9 | PERU 5Y | PERU REP | 23.3% | 15 | 82 | 66 | 4 |
| 10 | NIPYU 5Y | NIPPON YUSEN KK | 22.8% | 10.2 | 55 | 44 | 3 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 4/1/24 – 4/30/24 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 4/30/24
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 48 | 49 | 0 | Wider | 584 |
| U.S. | 48 | 50 | 1 | Wider | 243 |
| Europe | 46 | 47 | 1 | Wider | 154 |
| Canada | 67 | 69 | 2 | Wider | 15 |
| China | 79 | 74 | -5 | Tighter | 9 |
| APAC | 48 | 47 | -1 | Tighter | 43 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 4/1/24 – 4/30/24 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 4/30/24
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 48 | 49 | 0 | Wider | 585.00 |
| Beverage, Food & Tobacco | 40 | 40 | 0 | Tighter | 33.00 |
| Utilities: Electric | 46 | 46 | 0 | Wider | 24.00 |
| Containers, Packaging, & Glass | 28 | 29 | 1 | Wider | 2.00 |
| Transportation: Cargo | 22 | 23 | 1 | Wider | 12.00 |
| Construction & Building | 53 | 51 | -2 | Tighter | 14.00 |
Stay up-to-date with monthly summaries.
Related Resources
About SOLVE
SOLVE is the leading market data platform provider for fixed-income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in Connecticut, with offices across the globe, SOLVE is the definitive source for market pricing in fixed-income markets.
