Credit Default Swaps
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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 |
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