Investment Grade CDS Market Summary – July 2023
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Investment Grade CDS Market Summary:July 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 7/1/23 – 7/31/23
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | NMAC 5Y | NISSAN MTR ACCEP CORP | -34.5% | -51 | 96 | 146 | 4 |
| 2 | AAPL 5Y | APPLE INC | -28.0% | -8 | 20 | 28 | 2 |
| 3 | ASH 5Y | ASHLAND GLOBAL HOLDINGS | -26.7% | -37 | 100 | 137 | 4 |
| 4 | MPC 5Y | MPC LLC | -24.6% | -23 | 71 | 94 | 6 |
| 5 | VLO 5Y | PREMCOR REFNG GROUP INC | -23.8% | -22 | 69 | 91 | 6 |
| 6 | CNQCN 5Y | CANADIAN NAT RES LTD | -23.4% | -18 | 59 | 77 | 6 |
| 7 | HAL 5Y | DRESSER INDS INC | -22.5% | -18 | 61 | 79 | 7 |
| 8 | NUNPC 5Y | NIPPON PAPER INDUSTRIES CO LTD | -22.5% | -38 | 132 | 170 | 4 |
| 9 | EQM 5Y | EQT MIDSTREAM PARTNERS L P | -22.2% | -41 | 144 | 184 | 3 |
| 10 | DVN 5Y | DEVON ENERGY CORP | -22.1% | -27 | 96 | 123 | 6 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 7/1/23 – 7/31/23
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | FSA_AA 5Y | ASSURED GUARANTY MUNICIPAL CORP. | 28.9% | 17 | 77 | 60 | 5 |
| 2 | RTX 5Y | UNITED TECHNOLOGIES CORP | 15.4% | 6 | 45 | 39 | 4 |
| 3 | OMC 5Y | OMNICOM GROUP INC | 15.3% | 6 | 49 | 42 | 4 |
| 4 | ALL 5Y | ALLIED CAP COML MTG TR | 9.0% | 3 | 31 | 28 | 3 |
| 5 | ATT 5Y | AT&T CORP | 5.6% | 6 | 105 | 100 | 4 |
| 6 | TAKEDA 5Y | TAKEDA PHARMACEUTICAL CO LTD | 4.4% | 2 | 37 | 35 | 3 |
| 7 | HONDA 5Y | AMERICAN HONDA FIN CORP MEDIUM | 3.9% | 1 | 19 | 19 | 3 |
| 8 | LUV 5Y | AIRTRAN HLDGS INC | 3.1% | 3 | 96 | 93 | 3 |
| 9 | CAG 5Y | CONAGRA FOODS INC | 3.0% | 2 | 67 | 65 | 4 |
| 10 | MGNLN 5Y | M&G PLC | 2.9% | 2.5 | 87 | 85 | 3 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 7/1/23 – 7/31/23 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 6/30/23 vs. the month ending 7/31/23
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 65 | 60 | -5 | Tighter | 521 |
| U.S. | 63 | 60 | -3 | Tighter | 181 |
| Japan | 37 | 34 | -3 | Tighter | 44 |
| Europe | 70 | 62 | -8 | Tighter | 151 |
| Canada | 69 | 59 | -11 | Tighter | 5 |
| Latin America | 78 | 65 | -13 | Tighter | 9 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 7/1/23 – 7/31/23 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 6/30/23 vs. the month ending 7/31/23
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 65 | 60 | -5 | Tighter | 522.00 |
| Healthcare & Pharmaceuticals | 44 | 40 | -5 | Tighter | 25.00 |
| Energy: Oil & Gas | 79 | 69 | -11 | Tighter | 28.00 |
| Insurance | 62 | 50 | -12 | Tighter | 25.00 |
| Real Estate | 101 | 96 | -6 | Tighter | 25.00 |
| Telecommunications | 45 | 41 | -4 | Tighter | 26.00 |
Stay up-to-date with monthly summaries.
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