Investment Grade CDS Market Summary:
July 2022

Our newsletter presents key trends derived from observable Credit Default Swaps pricing data over a monthly period.

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Industry – Monthly Comparison

Showcases the top 20 IG CDS “underperformers” based on the largest mid spread increases between 7/1/22 -7/31/22

RANK	BOND NAME	ISSUER	% CHG	BPS CHG	SPRD	SPRD-1 MNTH
1	NUNPC 5Y	NIPPON PAPER INDUSTRIES CO LTD	101.5%	88	174	86
2	AKZANA 5Y	ICI WILMINGTON INC	82.9%	61	135	74
3	AIFP 5Y	AIR LIQUIDE	73.1%	24	58	33
4	DOW 5Y	DOW CAP B V	72.9%	67	159	92
5	DSM 5Y	KONINKLIJKE DSM NV	72.1%	24	57	33
6	EMN 5Y	EASTMAN CHEMICAL CO	66.5%	59	148	89
7	SUMIRD 5Y	SUMITOMO REALTY & DEVELOPMENT CO LTD	65.1%	23	59	36
8	PG 5Y	GILLETTE CO CORENOTES BOOK	63.6%	16	42	26
9	MITCO 5Y	MITSUBISHI CORP	60.3%	17	45	28
10	DD 5Y	DU PONT E I DE NEMOURS & CO	60.3%	31.2	83	52
11	HST 5Y	HOST HOTELS & RESORTS INC	59.9%	82.4	220	137
12	EXPE 5Y	EXPEDIA INC	59.3%	86.5	232	146
13	ULFP 5Y	UNIBAIL-RODAMCO SE	59.0%	123.7	333	209
14	SUMI 5Y	SUMITOMO CORP	58.3%	21.1	57	36
15	SOLBBB 5Y	SOLVAY	58.1%	56.5	154	97
16	BAYGR 5Y	BAYER CORP	57.2%	43.7	120	76
17	JUSCO 5Y	AEON CO LTD	57.2%	26.4	73	46
18	CS 5Y	CREDIT SUISSE AG NEW YORK BRH	56.6%	76.0	210	134
19	OMC 5Y	OMNICOM GROUP INC	55.7%	32.8	92	59
20	MUNRE 5Y	MUENCHENER RUECKVERSICHERUNGS	55.4%	22.6	63	41

Displays the IG CDS spread by region between 7/1/22 -7/31/22

Results are based on 5 select regions, however, we offer data across 12 regions

Exhibits the IG mid spread by region for the month ending 6/31/22 vs. the month ending 7/31/22

Displays the IG CDS spread by industry between 7/1/22 -7/31/22

Results are based on 5 select industry sectors, however, we offer data across 36 sectors

Exhibits the IG spread by industry for the month ending 6/31/22 vs. the month ending 7/31/22

INDUSTRY	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
All Industries	69	83	14	Wider	535.00
Aerospace & Defense	38	54	16	Wider	11.00
Automotive	130	168	38	Wider	16.00
Hotel, Gaming & Leisure	87	121	34	Wider	3.00
Retail	72	73	1	Wider	21.00
Media: Advertising, Printing & Publishing	103	131	29	Wider	3.00

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