Credit Default Swaps
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Investment Grade CDS Market January 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 1/1/25 – 1/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
| 1 | HYUELE 5Y | HYNIX SEMICONDUCTOR INC | -25.6% | -21 | 61 | 82 | 3 |
| 2 | CVS 5Y | CVS CAREMARK CORP | -24.1% | -21 | 67 | 88 | 6 |
| 3 | INTC 5Y | INTEL | -18.2% | -16 | 73 | 89 | 5 |
| 4 | BBPMSPA 5Y | BANCO BPM S.P.A | -18.0% | -14 | 61 | 75 | 2 |
| 5 | VIVFP 5Y | SEAGRAM CO LTD | -17.9% | -15 | 70 | 86 | 6 |
| 6 | BA 5Y | BOEING CAP CORP INTERNOTES | -17.1% | -19 | 91 | 110 | 6 |
| 7 | NKE 5Y | NIKE INC MEDIUM TERM NTS BOOK | -16.7% | -11 | 54 | 65 | 2 |
| 8 | CHGRID 5Y | STATE GRID CORPORATION OF CHINA | -15.9% | -11 | 59 | 70 | 3 |
| 9 | BRCORO 5Y | BRISA CONCESSAO RODOVIARIA SA | -15.8% | -18 | 95 | 113 | 2 |
| 10 | AKZANA 5Y | ICI WILMINGTON INC | -15.5% | -11 | 60 | 71 | 6 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 1/1/25 – 1/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
| 1 | SWEMAT 5Y | SWEDISH MATCH AB | 43.3% | 25 | 83 | 58 | 2 |
| 2 | AMT 5Y | AMERICAN TOWER CORP | 27.6% | 8 | 36 | 29 | 3 |
| 3 | HSBC 5Y | HSBC BK USA N A MC LEAN VA | 22.0% | 9 | 47 | 39 | 5 |
| 4 | MRO 5Y | MARATHON GLOBAL FDG CORP | 21.2% | 9 | 50 | 41 | 3 |
| 5 | SUNHUN 5Y | SUN HUNG KAI PPTYS LTD | 15.3% | 13 | 95 | 82 | 4 |
| 6 | SYY 5Y | SYSCO CORP | 15.2% | 8 | 60 | 53 | 2 |
| 7 | EXIMBK 5Y | EXIMBANK INDIA | 14.9% | 8 | 60 | 52 | 3 |
| 8 | AVGO 5Y | AVAGO TECHNOLOGIES FINANCE PTE LTD | 13.7% | 5 | 38 | 33 | 4 |
| 9 | TENCNT 5Y | TENCENT HLDGS LTD | 13.5% | 11 | 93 | 82 | 3 |
| 10 | ERICB 5Y | TELEFONAKTIEBOLAGET LM ERICSSON | 12.6% | 7.8 | 70 | 62 | 6 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 1/1/25 – 1/31/25
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 12/31/24 vs. the month ending 1/31/25
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| Global | 48 | 48 | 0 | Wider | 614 |
| U.S. | 44 | 46 | 2 | Wider | 241 |
| Europe | 48 | 47 | -1 | Tighter | 158 |
| China | 66 | 56 | -10 | Tighter | 9 |
| APAC | 52 | 52 | 0 | Wider | 47 |
| RoW | 71 | 71 | 0 | Tighter | 11 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 1/1/25 – 1/31/25
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 12/31/24 vs. the month ending 1/31/25
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| All Industries | 48 | 48 | 0 | Wider | 616 |
| Beverage, Food & Tobacco | 40 | 41 | 1 | Wider | 34 |
| Capital Equipment | 55 | 62 | 7 | Wider | 10 |
| Media: Broadcasting & Subscription | 82 | 80 | -3 | Tighter | 2 |
| Transportation: Cargo | 25 | 24 | -1 | Tighter | 12 |
| Construction & Building | 50 | 42 | -9 | Tighter | 18 |
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