Investment Grade CDS Market Summary – August 2026
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Investment Grade CDS Market August 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 8/1/26 – 8/31/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | WPPLN 5Y | GREY GLOBAL GROUP INC | -27.8% | -35 | 90 | 125 | 7 |
| 2 | BOCAVI 5Y CDS | BOC AVIATION LTD | -26.0% | -19 | 54 | 74 | 3 |
| 3 | BRCORO 5Y | BRISA CONCESSAO RODOVIARIA SA | -24.2% | -21 | 65 | 86 | 2 |
| 4 | HYUELE 5Y | HYNIX SEMICONDUCTOR INC | -21.0% | -16 | 58 | 74 | 3 |
| 5 | HRB 5Y | BLOCK FINL LLC | -19.7% | -18 | 75 | 94 | 5 |
| 6 | OVV 5Y | OVINTIV | -17.5% | -12 | 58 | 70 | 4 |
| 7 | EXPE 5Y | EXPEDIA INC | -16.4% | -13 | 67 | 81 | 6 |
| 8 | BAX 5Y | BAXTER INTL INC | -16.0% | -12 | 65 | 77 | 4 |
| 9 | CFAMCI 5Y | HUARONG FINANCE II | -15.4% | -16 | 87 | 103 | 3 |
| 10 | ERICB 5Y | TELEFONAKTIEBOLAGET LM ERICSSON | -15.3% | -10 | 54 | 64 | 8 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 8/1/26 – 8/31/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | GNR 5Y | GLOBAL NATURAL RESOURCES | 26.7% | 15 | 74 | 58 | 2 |
| 2 | KMB 5Y | KIMBERLY CLARK CORP | 15.9% | 6 | 46 | 40 | 2 |
| 3 | XOM 5Y | EXXON SHIPPING CO | 15.5% | 5 | 38 | 33 | 2 |
| 4 | CATF 5Y | CATERPILLAR FINANCIAL SERVICES CORP | 13.2% | 4 | 37 | 33 | 2 |
| 5 | AMZN 5Y | AMAZON.COM INC | 11.3% | 7 | 65 | 59 | 7 |
| 6 | SYY 5Y | SYSCO CORP | 10.4% | 5 | 49 | 44 | 2 |
| 7 | AMD 5Y | ADVANCED MICRO DEVICES INC | 10.3% | 9 | 94 | 85 | 7 |
| 8 | NVDA 5Y | NVIDIA CORP | 10.3% | 8 | 82 | 75 | 6 |
| 9 | GLW 5Y | CORNING GLASS WKS | 9.3% | 7 | 88 | 80 | 2 |
| 10 | DANGAS 5Y | ORSTED A/S | 9.1% | 7.4 | 88 | 80 | 2 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 8/1/26 – 8/31/26 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 7/31/26 vs. the month ending 8/31/26
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 50 | 49 | -1 | Tighter | 695.00 |
| U.S. | 51 | 49 | -2 | Tighter | 286.00 |
| Japan | 38 | 36 | -2 | Tighter | 39.00 |
| Europe | 47 | 44 | -3 | Tighter | 182.00 |
| U.K. | 50 | 49 | -1 | Tighter | 43.00 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 8/1/26 – 8/31/26 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 7/31/26 vs. the month ending 8/31/26
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 50 | 49 | -1 | Tighter | 714.00 |
| Beverage, Food & Tobacco | 42 | 38 | -4 | Tighter | 35.00 |
| Capital Equipment | 72 | 67 | -5 | Tighter | 14.00 |
| Energy: Electricity | 80 | 74 | -6 | Tighter | 3.00 |
| Services: Business | 59 | 57 | -1 | Tighter | 5.00 |
| Real Estate | 74 | 74 | 0 | Tighter | 29.00 |
Stay up-to-date with monthly summaries.
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