Investment Grade CDS Market Summary:
June 2023

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 6/1/23 – 6/30/23

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	COFB 5Y	CAPITAL ONE FINL CORP	-28.2%	-18	45	63	3
2	BRK 5Y	BERKSHIRE HATHAWAY FIN	-25.7%	-5	13	18	3
3	CB 5Y	CHUBB CORP	-23.8%	-8	27	35	4
4	SUMIBK 5Y	SMFG PFD CAP USD 2 LTD	-21.1%	-12	44	56	2
5	ALL 5Y	ALLIED CAP COML MTG TR	-20.9%	-7	28	35	4
6	SESGLX 5Y	SES SA	-20.5%	-35	134	169	5
7	CMBKKO 5Y	WOORI BK KOREA	-20.2%	-10	39	49	3
8	EQM 5Y	EQT MIDSTREAM PARTNERS L P	-19.9%	-46	184	230	3
9	AXPRS 5Y	AMERICAN EXPRESS BK FSB MEDIUM	-19.9%	-10	41	51	4
10	NAB 5Y	NATIONAL AUSTRALIA BK LTD	-19.3%	-12	52	64	3

Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 6/1/23 – 6/30/23

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	PCG 5Y	PG&E CORP	20.1%	47	280	233	3
2	LXSGR 5Y	LANXESS FINANCE BV	19.3%	32	197	165	7
3	UUW 5Y	UNITED UTILS PLC	19.3%	8	52	44	6
4	WALT 5Y	TWDC ENTERPRISES 18 CORP.	18.6%	5	30	25	4
5	CPB 5Y	CAMPBELL SOUP CO	13.4%	7	60	53	4
6	KAWHI 5Y	KAWASAKI HEAVY INDUSTRIES LTD	11.9%	5	43	38	4
7	JFEHLD 5Y	JFE HOLDINGS INC	11.8%	6	52	47	5
8	MCD 5Y	MCDONALDS CORP	11.0%	3	34	31	4
9	VIVFP 5Y	SEAGRAM CO LTD	10.4%	10	112	101	5
10	GLW 5Y	CORNING GLASS WKS	10.1%	7.1	77	70	3

Displays the IG CDS spread by region between 6/1/23 – 6/30/23

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 5/31/23 vs. the month ending 6/30/23

Displays the IG CDS spread by industry between 6/1/23 – 6/30/23

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 5/31/23 vs. the month ending 6/30/23

INDUSTRIES	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
All Industries	68	65	-3	Tighter	508.00
Capital Equipment	70	77	7	Wider	11.00
Finance	81	73	-7	Tighter	40.00
Insurance	62	61	-1	Tighter	25.00
Real Estate	107	101	-5	Tighter	23.00
Media: Advertising, Printing & Publishing	75	67	-7	Tighter	3.00