Investment Grade CDS Market Summary – December 2024
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Investment Grade CDS Market december 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 12/1/24 – 12/31/24
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | APA 5Y | APACHE CORP | -23.4% | -26 | 87 | 113 | 3 |
| 2 | RCICN 5Y | ROGERS CABLE INC | -20.9% | -22 | 85 | 108 | 2 |
| 3 | ITVLN 5Y | ITV PLC | -13.2% | -14 | 94 | 108 | 3 |
| 4 | VIVFP 5Y | SEAGRAM CO LTD | -9.1% | -9 | 86 | 94 | 3 |
| 5 | CNHIIM 5Y | FIAT INDUSTRIAL SPA | -6.8% | -7 | 90 | 96 | 3 |
| 6 | TCKCN 5Y | TECK RESOURCES LIMITED | -6.4% | -5 | 73 | 78 | 3 |
| 7 | CONTI 5Y | CONTI-GUMMI FIN B V | -5.9% | -5 | 85 | 91 | 4 |
| 8 | HOTGR 5Y | HOCHTIEF AG | -5.5% | -4 | 70 | 74 | 4 |
| 9 | LLOYDS HOLDCO 5Y | BANK OF SCOTLAND PLC | -5.1% | -3 | 60 | 63 | 4 |
| 10 | RIOLN 5Y | ALCAN INC | -5.1% | -3 | 58 | 61 | 3 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 12/1/24 – 12/31/24
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CVS 5Y | CVS CAREMARK CORP | 35.8% | 23 | 88 | 65 | 3 |
| 2 | TOL 5Y | TOLL BROS INC | 25.4% | 16 | 80 | 63 | 3 |
| 3 | FREGR 5Y | FRESENIUS SE & CO KGAA | 24.7% | 11 | 57 | 45 | 3 |
| 4 | PHM 5Y | CENTEX CORP | 23.8% | 15 | 79 | 63 | 3 |
| 5 | LEN 5Y | LENNAR CORP | 23.5% | 15 | 79 | 64 | 3 |
| 6 | ACOMCO 5Y | ACOM CO LTD | 20.1% | 9 | 52 | 43 | 3 |
| 7 | KFT 5Y | CADBURY SCHWEPPES US FINANCE | 19.1% | 6 | 38 | 32 | 3 |
| 8 | INTC 5Y | INTEL | 18.8% | 14 | 89 | 75 | 3 |
| 9 | UNH 5Y | PACIFICARE HEALTH SYS INC DEL | 18.4% | 7 | 44 | 37 | 3 |
| 10 | ABIBB 5Y | ANHEUSER BUSCH INBEV WORLDWIDE | 17.8% | 6.1 | 40 | 34 | 6 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 12/1/24 – 12/31/24 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 11/30/23 vs. the month ending 12/31/24
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 49 | 47 | -2 | Tighter | 541 |
| U.S. | 46 | 44 | -2 | Tighter | 207 |
| U.K. | 55 | 53 | -1 | Tighter | 41 |
| China | 64 | 66 | 2 | Wider | 9 |
| APAC | 51 | 51 | -1 | Tighter | 42 |
| RoW | 69 | 71 | 2 | Wider | 11 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 12/1/24 – 12/31/24 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 11/30/23 vs. the month ending 12/31/24
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 50 | 48 | -2 | Tighter | 0 |
| Beverage, Food & Tobacco | 41 | 40 | 0 | Tighter | 0 |
| Containers, Packaging, & Glass | 25 | 25 | 0 | Tighter | 0 |
| Healthcare & Pharmaceuticals | 38 | 40 | 2 | Wider | 0 |
| Retail | 41 | 40 | -1 | Tighter | 0 |
| Transportation: Cargo | 25 | 25 | 0 | Wider | 0 |
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