Investment Grade CDS Market May 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 5/1/25 – 5/31/25

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	EQT 5Y	EQT CORP	-58.2%	-107	77	184	2
2	DELL 5Y	DELL COMPUTER CORP	-33.4%	-30	60	90	3
3	ADECCO 5Y	ADECCO SA	-29.6%	-40	95	135	4
4	VLO 5Y	PREMCOR REFNG GROUP INC	-28.9%	-24	58	82	4
5	BA 5Y	BOEING CAP CORP INTERNOTES	-27.7%	-26	68	94	3
6	AMD 5Y	ADVANCED MICRO DEVICES INC	-27.1%	-15	41	56	3
7	BWA 5Y	BORGWARNER INC	-27.0%	-25	68	93	5
8	SGOFP 5Y	CIE DE SAINT-GOBAIN	-26.5%	-16	44	59	5
9	BABA 5Y	ALIBABA GROUP HOLDING	-26.3%	-31	87	118	3
10	AVGO 5Y	AVAGO TECHNOLOGIES FINANCE PTE LTD	-25.8%	-13	37	50	3

Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 5/1/25 – 5/31/25

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	COXENT 5Y	COX COMMUNICATIONS INC NEW	20.3%	9	52	43	3
2	NIPSTL 5Y	SUMITOMO METAL INDUSTRIES LTD	16.5%	10	74	63	4
3	HONDA 5Y	AMERICAN HONDA FIN CORP MEDIUM	11.1%	6	62	56	4
4	UNH 5Y	PACIFICARE HEALTH SYS INC DEL	7.6%	4	63	58	4
5	KHC 5Y	KRAFT HEINZ FOODS CO	7.5%	4	53	50	4
6	MOT 5Y	MOTOROLA INC	7.1%	3	40	37	4
7	FISV 5Y	FISERV INC	3.4%	2	67	65	3
8	ENFP 5Y	BOUYGUES SA	2.3%	1	43	42	5
9	SWEMAT 5Y	SWEDISH MATCH AB	1.7%	2	94	93	3
10	CI 5Y	CIGNA CORP	1.5%	0.8	50	49	3

Displays the IG CDS spread by region between 5/1/25 – 5/31/25

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 4/30/24 vs. the month ending 5/31/25

Displays the IG CDS spread by industry between 5/1/25 – 5/31/25

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 4/30/24 vs. the month ending 5/31/25