Credit Default Swaps
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Investment Grade CDS Market November 2024
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 11/1/24 – 11/30/24
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
| 1 | OVV 5Y | OVINTIV | -21.3% | -23 | 85 | 107 | 3 |
| 2 | HAL 5Y | DRESSER INDS INC | -20.5% | -13 | 52 | 66 | 5 |
| 3 | KMI 5Y | K N ENERGY INC | -20.1% | -13 | 53 | 66 | 3 |
| 4 | EXPE 5Y | EXPEDIA INC | -18.8% | -12 | 53 | 65 | 3 |
| 5 | PCG 5Y | PG&E CORP | -18.4% | -21 | 92 | 113 | 3 |
| 6 | MPC 5Y | MPC LLC | -18.1% | -14 | 63 | 77 | 5 |
| 7 | WMB 5Y | MAPCO INC | -18.0% | -12 | 53 | 65 | 5 |
| 8 | POSCO 5Y | POSCO | -16.3% | -10 | 50 | 60 | 2 |
| 9 | PHM 5Y | CENTEX CORP | -15.4% | -12 | 64 | 75 | 4 |
| 10 | VLO 5Y | PREMCOR REFNG GROUP INC | -15.3% | -11 | 60 | 71 | 5 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 11/1/24 – 11/30/24
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
| 1 | OPTUS 5Y | SINGAPORE TELECOMMUNICATIONS | 49.6% | 16 | 48 | 32 | 3 |
| 2 | SYY 5Y | SYSCO CORP | 37.0% | 20 | 73 | 54 | 2 |
| 3 | PBG 5Y | BOTTLING GROUP LLC | 36.9% | 12 | 43 | 32 | 2 |
| 4 | HMSOLN 5Y | HAMMERSON PLC | 25.9% | 12 | 59 | 47 | 3 |
| 5 | KOBSTL 5Y | KOBE STEEL LTD | 21.9% | 13 | 73 | 60 | 3 |
| 6 | WYE 5Y | ALPHARMA INC | 20.0% | 7 | 42 | 35 | 5 |
| 7 | AMGN 5Y | AMGEN INC | 18.6% | 7 | 45 | 38 | 5 |
| 8 | BABA 5Y | ALIBABA GROUP HOLDING | 17.8% | 14 | 91 | 77 | 3 |
| 9 | AKZANA 5Y | ICI WILMINGTON INC | 17.4% | 10 | 69 | 59 | 5 |
| 10 | AXASA 5Y | AXA SA | 15.5% | 6.8 | 51 | 44 | 5 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 11/1/24 – 11/30/24
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 10/31/23 vs. the month ending 11/30/24
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| Global | 49 | 50 | 1 | Wider | 587 |
| U.S. | 48 | 46 | -2 | Tighter | 237 |
| Europe | 47 | 51 | 4 | Wider | 152 |
| China | 65 | 64 | -1 | Tighter | 9 |
| APAC | 50 | 50 | 1 | Wider | 45 |
| RoW | 67 | 69 | 2 | Wider | 11 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 11/1/24 – 11/30/24
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 10/31/23 vs. the month ending 11/30/24
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
| All Industries | 50 | 50 | 0 | Wider | 0 |
| Chemicals, Plastics & Rubber | 63 | 69 | 6 | Wider | 0 |
| Automotive | 58 | 63 | 5 | Wider | 0 |
| Beverage, Food & Tobacco | 40 | 41 | 0 | Wider | 0 |
| Media: Advertising, Printing & Publishing | 37 | 37 | 0 | Tighter | 0 |
| Retail | 45 | 41 | -5 | Tighter | 0 |
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