Investment Grade CDS Market Summary – March 2025
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Investment Grade CDS Market March 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 3/1/25 – 3/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | WBA 5Y | WALGREENS BOOTS ALLIANCE INC. | -26.2% | -136 | 382 | 517 | 3 |
| 2 | EQIX 5Y | EQUINIX INC | -22.2% | -30 | 105 | 135 | 2 |
| 3 | RBI 5Y | RAIFFEISEN INTL BK HLDG AG | -14.3% | -20 | 120 | 140 | 1 |
| 4 | APA 5Y | APACHE CORP | -11.0% | -7 | 53 | 60 | 2 |
| 5 | SUMICH 5Y | SUMITOMO CHEMICAL CO LTD | -7.6% | -3 | 33 | 35 | 3 |
| 6 | UUW 5Y | UNITED UTILS PLC | -6.5% | -3 | 37 | 40 | 4 |
| 7 | CXGD 5Y | CAIXA GERAL DE DEPOSITOS N Y | -5.9% | -5 | 80 | 85 | 1 |
| 8 | BRK 5Y | BERKSHIRE HATHAWAY FIN | -4.9% | -1 | 13 | 14 | 3 |
| 9 | ADECCO 5Y | ADECCO SA | -3.8% | -4 | 106 | 111 | 3 |
| 10 | CABKSM 5Y | CAIXABANK | -2.9% | -1 | 49 | 50 | 3 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 3/1/25 – 3/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | HONDA 5Y | AMERICAN HONDA FIN CORP MEDIUM | 67.9% | 27 | 67 | 40 | 3 |
| 2 | COFB 5Y | CAPITAL ONE FINL CORP | 58.9% | 21 | 58 | 36 | 4 |
| 3 | PERNOD 5Y | PERNOD RICARD S A | 52.9% | 19 | 55 | 36 | 3 |
| 4 | EXPE 5Y | EXPEDIA INC | 49.7% | 25 | 75 | 50 | 6 |
| 5 | CCI 5Y | CROWN CASTLE INTERNATIONAL CORP | 48.3% | 21 | 66 | 44 | 2 |
| 6 | COFF 5Y | CAPITAL ONE FINL CORP | 48.2% | 31 | 94 | 63 | 4 |
| 7 | LUV 5Y | AIRTRAN HLDGS INC | 46.1% | 39 | 125 | 85 | 4 |
| 8 | PSON 5Y | PEARSON DLR FIN PLC | 44.6% | 16 | 52 | 36 | 5 |
| 9 | ORCL 5Y | ORACLE CORP | 44.4% | 16 | 53 | 36 | 5 |
| 10 | TGT 5Y | DAYTON HUDSON CORP MEDIUM TERM | 43.9% | 16.1 | 53 | 37 | 6 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 3/1/25 – 3/31/25 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 2/28/24 vs. the month ending 3/31/25
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 46 | 54 | 8 | Wider | 596 |
| U.S. | 46 | 53 | 7 | Wider | 243 |
| U.K. | 50 | 63 | 13 | Wider | 41 |
| Canada | 47 | 56 | 9 | Wider | 16 |
| China | 45 | 54 | 9 | Wider | 9 |
| APAC | 49 | 56 | 6 | Wider | 46 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 3/1/25 – 3/31/25 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 2/28/24 vs. the month ending 3/31/25
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 46 | 0 | -46 | Tighter | 0 |
| Aerospace & Defense | 34 | 0 | -34 | Tighter | 0 |
| Capital Equipment | 55 | 0 | -55 | Tighter | 0 |
| Healthcare & Pharmaceuticals | 37 | 0 | -37 | Tighter | 0 |
| Insurance | 45 | 0 | -45 | Tighter | 0 |
| Real Estate | 72 | 0 | -72 | Tighter | 0 |
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