Credit Default Swaps
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Investment Grade CDS Market February 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 2/1/25 – 2/28/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
| 1 | BABA 5Y | ALIBABA GROUP HOLDING | -23.4% | -22 | 72 | 94 | 3 |
| 2 | TENCNT 5Y | TENCENT HLDGS LTD | -22.8% | -21 | 72 | 93 | 3 |
| 3 | APA 5Y | APACHE CORP | -21.3% | -16 | 60 | 76 | 3 |
| 4 | HAOHUA 5Y | CNAC CENTURY HK CO LTD | -19.0% | -18 | 77 | 95 | 3 |
| 5 | CNPCCH 5Y | CNPC HK OVERSEAS CAP LTD | -18.3% | -13 | 58 | 71 | 2 |
| 6 | POSCO 5Y | POSCO | -17.0% | -10 | 51 | 61 | 3 |
| 7 | INTC 5Y | INTEL | -16.2% | -12 | 61 | 73 | 6 |
| 8 | KAWKIS 5Y | KAWASAKI KISEN KAISHA LTD | -15.2% | -13 | 72 | 85 | 4 |
| 9 | AEGON 5Y | AEGON FDG CORP | -15.1% | -9 | 52 | 62 | 4 |
| 10 | CABKSM 5Y | CAIXABANK | -15.1% | -9 | 50 | 59 | 3 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 2/1/25 – 2/28/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
| 1 | CAPLSP 5Y | CAPITALAND LTD | 34.9% | 11 | 41 | 30 | 2 |
| 2 | WPPLN 5Y | GREY GLOBAL GROUP INC | 18.9% | 10 | 65 | 54 | 4 |
| 3 | MQB 5Y | MACQUARIE BANK LTD | 17.0% | 6 | 41 | 35 | 2 |
| 4 | XOM 5Y | EXXON SHIPPING CO | 14.8% | 5 | 39 | 34 | 3 |
| 5 | GLENLN 5Y | GLENCORE INTL PLC | 14.2% | 12 | 94 | 82 | 4 |
| 6 | DDS 5Y | DILLARD DEPT STORES INC | 14.0% | 11 | 92 | 81 | 3 |
| 7 | OPTUS 5Y | SINGAPORE TELECOMMUNICATIONS | 13.7% | 5 | 40 | 35 | 3 |
| 8 | FREGR 5Y | FRESENIUS SE & CO KGAA | 12.8% | 7 | 59 | 52 | 3 |
| 9 | TOL 5Y | TOLL BROS INC | 11.0% | 8 | 85 | 77 | 5 |
| 10 | CAG 5Y | CONAGRA FOODS INC | 10.5% | 5.5 | 58 | 53 | 7 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 2/1/25 – 2/28/25
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 1/31/24 vs. the month ending 2/28/25
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| Global | 48 | 46 | -2 | Tighter | 612 |
| U.S. | 46 | 46 | 0 | Tighter | 243 |
| Europe | 47 | 44 | -3 | Tighter | 156 |
| Canada | 47 | 47 | 0 | Unchanged | 15 |
| APAC | 52 | 49 | -3 | Tighter | 48 |
| RoW | 71 | 58 | -13 | Tighter | 11 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 2/1/25 – 2/28/25
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 1/31/24 vs. the month ending 2/28/25
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| All Industries | 48 | 46 | -2 | Tighter | 614.00 |
| Banking | 47 | 46 | -2 | Tighter | 49.00 |
| Retail | 38 | 38 | 0 | Wider | 21.00 |
| High Tech Industries | 35 | 36 | 1 | Wider | 27.00 |
| Telecommunications | 41 | 42 | 0 | Wider | 32.00 |
| Construction & Building | 42 | 43 | 1 | Wider | 18.00 |
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