GET OUR CDS MARKET SUMMARIES STRAIGHT TO YOUR INBOX.  LEARN MORE

Investment Grade CDS Market April 2026

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 4/1/26 – 4/30/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	BASGR 5Y	ENGELHARD CORP	-32.2%	-21	44	65	4
2	INTC 5Y	INTEL	-24.9%	-20	62	82	5
3	STANLNBK HOLDCO 5Y	STANDARD CHARTERED BK	-24.7%	-18	55	73	3
4	HSBC HOLDCO 5Y	HSBC BK USA N A MC LEAN VA	-24.4%	-15	47	63	3
5	CM 5Y	CANADIAN IMPERIAL BK COMM N Y	-24.4%	-19	60	79	4
6	TOL 5Y	TOLL BROS INC	-23.6%	-25	80	105	7
7	CI 5Y	CIGNA CORP	-23.2%	-14	45	59	5
8	CAFP 5Y	CARREFOUR SA	-23.2%	-19	64	83	3
9	LLOYDS HOLDCO 5Y	BANK OF SCOTLAND PLC	-23.1%	-19	64	84	3
10	COFF 5Y	CAPITAL ONE FINL CORP	-23.1%	-23	78	101	6

Top 10 Underperformers

Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 4/1/26 – 4/30/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	AMT 5Y	AMERICAN TOWER CORP	57.8%	34	92	58	2
2	ALSTOM 5Y	ALSTOM	19.4%	15	92	77	3
3	APA 5Y	APACHE CORP	18.5%	12	80	67	4
4	META 5Y	META PLATFORMS INC	11.3%	8	75	68	6
5	RY 5Y	ROYAL BK CDA MONTREAL QUE	10.9%	6	61	55	2
6	XOM 5Y	EXXON SHIPPING CO	10.4%	4	40	37	2
7	MDC 5Y	M.D.C. HOLDINGS, INC	10.1%	8	93	84	6
8	EXXON 5Y	EXXON CORP	9.5%	4	41	37	2
9	TATELN 5Y	STALEY CONTL INC	7.3%	6	87	81	3
10	TSLA 5Y	TESLA INC	6.3%	5.5	93	88	5

Normalized IG Spread by Region

Displays the IG CDS spread by region between 4/1/26 – 4/30/26 Results are based on 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 3/31/26 vs. the month ending 4/30/26

INDUSTRIES	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
Global	56	52	-4	Tighter	683
U.S.	55	52	-2	Tighter	289
U.K.	64	55	-9	Tighter	45
Canada	60	56	-4	Tighter	18
China	53	45	-8	Tighter	14
APAC	60	64	4	Wider	48

Normalized IG Spread by Industry

Displays the IG CDS spread by industry between 4/1/26 – 4/30/26 Results are based on 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 3/31/26 vs. the month ending 4/30/26

INDUSTRIES	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
All Industries	56	52	-4	Tighter	697.00
Construction & Building	60	53	-7	Tighter	15.00
Chemicals, Plastics & Rubber	91	74	-17	Tighter	17.00
Real Estate	82	78	-4	Tighter	30.00
Insurance	66	54	-12	Tighter	32.00
Services: Business	65	60	-5	Tighter	3.00

---

---