Investment Grade CDS Market Summary – April 2025
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Investment Grade CDS Market April 2025
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 4/1/25 – 4/30/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | COFB 5Y | CAPITAL ONE FINL CORP | -24.3% | -14 | 44 | 58 | 3 |
| 2 | HONDA 5Y | AMERICAN HONDA FIN CORP MEDIUM | -15.8% | -11 | 56 | 67 | 4 |
| 3 | KPN 5Y | ROYAL KPN NV | -12.4% | -6 | 44 | 50 | 5 |
| 4 | SWFP 5Y | SODEXO SA | -10.8% | -7 | 55 | 61 | 5 |
| 5 | KHC 5Y | KRAFT HEINZ FOODS CO | -10.8% | -6 | 50 | 55 | 4 |
| 6 | DDS 5Y | DILLARD DEPT STORES INC | -10.5% | -10 | 90 | 100 | 2 |
| 7 | TJX 5Y | TJX COS INC NEW | -9.2% | -5 | 49 | 54 | 2 |
| 8 | ALTRIA 5Y | ALTRIA GROUP INC | -9.0% | -5 | 47 | 51 | 3 |
| 9 | CPB 5Y | CAMPBELL SOUP CO | -8.0% | -4 | 48 | 53 | 4 |
| 10 | AVT 5Y | AVNET INC | -6.1% | -6 | 90 | 96 | 3 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 4/1/25 – 4/30/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CKHH 5Y | CK HUTCHISON INTL 16 LTD | 44.8% | 28 | 90 | 62 | 4 |
| 2 | FREGR 5Y | FRESENIUS SE & CO KGAA | 39.6% | 25 | 89 | 64 | 3 |
| 3 | HAL 5Y | DRESSER INDS INC | 35.8% | 26 | 99 | 73 | 4 |
| 4 | PPR 5Y | KERING SA | 34.5% | 21 | 80 | 60 | 5 |
| 5 | DBSSP 5Y | DBS BK LTD GLOBAL MEDIUM TERM | 34.2% | 12 | 49 | 37 | 2 |
| 6 | HYUELE 5Y | HYNIX SEMICONDUCTOR INC | 34.2% | 22 | 88 | 65 | 3 |
| 7 | HESS 5Y | AMERADA HESS CORP | 33.0% | 13 | 53 | 40 | 4 |
| 8 | NOMURA 5Y | NOMURA HLDGS INC | 32.7% | 23 | 93 | 70 | 2 |
| 9 | DOW 5Y | DOW CAP B V | 31.7% | 24 | 99 | 75 | 3 |
| 10 | GALPPL 5Y | GALP ENERGIA SGPS SA | 30.3% | 22.4 | 96 | 74 | 5 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 4/1/25 – 4/30/25 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 3/31/24 vs. the month ending 4/30/25
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 54 | 57 | 3 | Wider | 580 |
| U.S. | 53 | 54 | 2 | Wider | 239 |
| U.K. | 63 | 64 | 1 | Wider | 41 |
| Canada | 56 | 67 | 11 | Wider | 16 |
| China | 54 | 64 | 10 | Wider | 9 |
| APAC | 56 | 68 | 12 | Wider | 43 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 4/1/25 – 4/30/25 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 3/31/24 vs. the month ending 4/30/25
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 54 | 57 | 3 | Wider | 582.00 |
| Banking | 52 | 58 | 6 | Wider | 46.00 |
| Beverage, Food & Tobacco | 50 | 47 | -3 | Tighter | 33.00 |
| Healthcare & Pharmaceuticals | 43 | 45 | 2 | Wider | 31.00 |
| Services: Business | 94 | 95 | 0 | Wider | 3.00 |
| Containers, Packaging, & Glass | 31 | 30 | 0 | Tighter | 2.00 |
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