Investment Grade CDS Market July 2025

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

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Showcases the top 10 IG CDS “outperformers” based on the largest mid spread decreases between 7/1/25 – 7/31/25

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	TENCNT 5Y	TENCENT HLDGS LTD	-23.8%	-17	55	72	3
2	KAWKIS 5Y	KAWASAKI KISEN KAISHA LTD	-19.2%	-22	92	114	3
3	NIPSTL 5Y	SUMITOMO METAL INDUSTRIES LTD	-19.1%	-15	63	78	3
4	HONDA 5Y	AMERICAN HONDA FIN CORP MEDIUM	-18.8%	-13	56	69	3
5	PPR 5Y	KERING SA	-17.2%	-20	98	119	5
6	CBS 5Y	CBS INC	-15.7%	-18	94	112	3
7	HAOHUA 5Y	CNAC CENTURY HK CO LTD	-15.4%	-11	60	71	3
8	BOCAVI 5Y CDS	BOC AVIATION LTD	-15.3%	-14	76	90	3
9	ITVLN 5Y	ITV PLC	-14.6%	-13	75	88	5
10	CCI 5Y	CROWN CASTLE INTERNATIONAL CORP	-14.4%	-9	54	64	2

Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 7/1/25 – 7/31/25

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	ERICB 5Y	TELEFONAKTIEBOLAGET LM ERICSSON	25.9%	17	84	67	5
2	COFB 5Y	CAPITAL ONE FINL CORP	25.6%	8	40	31	3
3	ENFP 5Y	BOUYGUES SA	21.9%	9	50	41	5
4	STM 5Y	STMICROELECTRONICS N V	21.7%	8	43	35	4
5	OPTUS 5Y	SINGAPORE TELECOMMUNICATIONS	20.4%	9	55	46	3
6	NOKIA 5Y	NOKIA CORP	19.5%	13	81	68	5
7	DOW 5Y	DOW CAP B V	19.2%	14	86	72	5
8	BAX 5Y	BAXTER INTL INC	17.8%	10	65	56	5
9	KHC 5Y	KRAFT HEINZ FOODS CO	17.6%	9	62	52	4
10	PUBFP 5Y	PUBLICIS S A NEW	13.7%	6.1	51	45	5

Displays the IG CDS spread by region between 7/1/25 – 7/31/25

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 6/30/24 vs. the month ending 7/31/25

Displays the IG CDS spread by industry between 7/1/25 – 7/31/25

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 6/30/24 vs. the month ending 7/31/25