Credit Default Swaps

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Investment Grade CDS Market Summary:
January 2023

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 1/1/22 – 1/31/23

RANK BOND NAME ISSUER % CHANGE BPS CHANGE SPRD SPRD-1 MONTH DEALERS
1 DBSSP 5Y DBS BK LTD GLOBAL MEDIUM TERM -55.2% -21 17 38 2
2 OPTUS 5Y SINGAPORE TELECOMMUNICATIONS -44.9% -22 27 49 2
3 CHGRID 5Y STATE GRID CORPORATION OF CHINA -38.1% -34 55 89 3
4 LXSGR 5Y LANXESS FINANCE BV -36.1% -76 135 211 7
5 BCHINA 5Y BANK CHINA LTD -30.3% -26 61 88 3
6 CKHH 5Y CK HUTCHISON INTL 16 LTD -30.2% -19 44 63 2
7 SCFER 5Y SCHAEFFLER FINANCE BV -30.1% -27 63 90 3
8 BA 5Y BOEING CAP CORP INTERNOTES -29.9% -42 99 141 3
9 SUNHUN 5Y SUN HUNG KAI PPTYS LTD -28.6% -24 59 83 3
10 VLO 5Y PREMCOR REFNG GROUP INC -28.6% -29 72 100 3

Top 10 Underperformers

Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 1/1/23 – 1/31/23

RANK BOND NAME ISSUER % CHANGE BPS CHANGE SPRD SPRD-1 MONTH DEALERS
1 KIM 5Y KIMCO REALTY CORP 33.0% 21 87 65 2
2 BAX 5Y BAXTER INTL INC 21.4% 14 79 65 4
3 DXC 5Y DXC TECHNOLOGY CO 12.5% 22 201 178 3
4 NUNPC 5Y NIPPON PAPER INDUSTRIES CO LTD 9.6% 20 229 209 3
5 DGX 5Y AMERIPATH INC 9.3% 4 44 41 4
6 BXP 5Y BOSTON PPTYS INC 6.1% 5 92 87 2
7 GIS 5Y GENERAL MLS INC 5.7% 3 47 45 4
8 NEE 5Y FPL ENERGY AMERN WIND LLC 5.2% 4 80 76 4
9 CPB 5Y CAMPBELL SOUP CO 3.2% 2 51 50 4
10 NIPSTL 5Y SUMITOMO METAL INDUSTRIES LTD 3.2% 1.7 55 53 3

Normalized IG Spread by Region

Displays the IG CDS spread by region between 1/1/23 – 1/31/23

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 12/31/22 vs. the month ending 1/31/23

REGION PREVIOUS SPREAD CURRENT SPREAD BPS CHANGE MONTHLY PERFORMANCE CDS COUNT
Global 79 66 -14 Tighter 534
U.S. 68 66 -2 Tighter 194
Europe 83 69 -14 Tighter 151
Canada 92 56 -36 Tighter 7
APAC 97 68 -29 Tighter 31
Latin America 113 108 -5 Tighter 10

Normalized IG Spread by Industry

Displays the IG CDS spread by industry between 1/1/23 – 1/31/23

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 12/31/22 vs. the month ending 1/31/23

INDUSTRIES PREVIOUS SPREAD CURRENT SPREAD BPS CHANGE MONTHLY PERFORMANCE CDS COUNT
All Industries 79 66 -14 Tighter 535.00
Beverage, Food & Tobacco 50 50 1 Wider 28.00
High Tech Industries 42 39 -4 Tighter 18.00
Media: Advertising, Printing & Publishing 79 77 -3 Tighter 3.00
Real Estate 112 100 -12 Tighter 27.00
Sovereign & Public Finance 74 56 -19 Tighter 60.00

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