Credit Default Swaps

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

Investment Grade CDS Market Summary:
february 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 2/1/24 – 2/29/24

RANK BOND NAME ISSUER % CHANGE BPS CHANGE SPRD SPRD-1 MONTH DEALERS
1 OPTUS 5Y SINGAPORE TELECOMMUNICATIONS -28.8% -15 37 52 4
2 LUV 5Y AIRTRAN HLDGS INC -22.9% -20 67 88 5
3 BASGR 5Y ENGELHARD CORP -22.2% -11 40 52 5
4 DELL 5Y DELL COMPUTER CORP -18.7% -12 53 66 6
5 HYUELE 5Y HYNIX SEMICONDUCTOR INC -18.6% -16 70 86 2
6 ALTRIA 5Y ALTRIA GROUP INC -18.6% -10 44 54 5
7 ORCL 5Y ORACLE CORP -17.5% -9 43 52 6
8 MWDP 5Y WENDEL -17.3% -14 66 80 5
9 HEIGR 5Y STARDUST FINANCE HOLDINGS INC -16.8% -16 77 93 3
10 KOBSTL 5Y KOBE STEEL LTD -16.7% -11 56 67 3

Top 10 Underperformers

Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 2/1/24 – 2/29/24

RANK BOND NAME ISSUER % CHANGE BPS CHANGE SPRD SPRD-1 MONTH DEALERS
1 UUW 5Y UNITED UTILS PLC 11.4% 5 53 48 6
2 BWA 5Y BORGWARNER INC 10.0% 7 78 71 4
3 NKE 5Y NIKE INC MEDIUM TERM NTS BOOK 9.8% 6 65 59 2
4 CI 5Y CIGNA CORP 8.1% 4 53 49 3
5 ENGIFP 5Y GDF SUEZ 7.7% 3 39 36 6
6 HRB 5Y BLOCK FINL LLC 7.0% 4 64 60 6
7 NEM 5Y NEWMONT MNG CORP 6.8% 3 45 42 6
8 ADECCO 5Y ADECCO SA 6.8% 5 79 74 6
9 ENIIM 5Y ENI SPA 5.0% 3 53 50 6
10 SGOFP 5Y CIE DE SAINT-GOBAIN 4.5% 2.0 45 43 6

Normalized IG Spread by Region

Displays the IG CDS spread by region between 2/1/24 – 2/29/24

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 1/31/23 vs. the month ending 2/29/24

REGION PREVIOUS SPREAD CURRENT SPREAD BPS CHANGE MONTHLY PERFORMANCE CDS COUNT
Global 54 49 -5 Tighter 578
U.S. 53 50 -3 Tighter 236
Japan 30 30 0 Wider 43
Europe 52 46 -5 Tighter 152
U.K. 58 58 0 Wider 39
MENA 81 57 -24 Tighter 10

Normalized IG Spread by Industry

Displays the IG CDS spread by industry between 2/1/24 – 2/29/24

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 1/31/23 vs. the month ending 2/29/24

INDUSTRIES PREVIOUS SPREAD CURRENT SPREAD BPS CHANGE MONTHLY PERFORMANCE CDS COUNT
All Industries 54 49 -5 Tighter 579.00
Beverage, Food & Tobacco 43 40 -3 Tighter 32.00
Consumer Goods: Durable 59 65 6 Wider 7.00
Consumer Goods: Non-Durable 54 53 0 Tighter 13.00
Utilities: Electric 46 46 0 Tighter 24.00
Services: Business 57 55 -2 Tighter 3.00

Stay up-to-date with monthly summaries.

Stay up-to-date on the latest from Solve

Read the latest from our team

  • Municipals

    Municipal Bond Market Summary – Week Ending 4/12/24

    Our weekly newsletter presents key trends derived from observable Municipal Bond pricing data over a weekly period.

  • Corporates

    Investment Grade Corporate Bond Market Summary – Week Ending 4/12/24

    Our weekly newsletter presents key trends derived from observable Corporate Bond pricing data over a weekly period.