Investment Grade CDS Market Summary – August 2025
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Investment Grade CDS Market August 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 8/1/25 – 8/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TATELN 5Y | STALEY CONTL INC | -26.5% | -31 | 87 | 118 | 3 |
| 2 | INTC 5Y | INTEL | -22.3% | -17 | 58 | 75 | 5 |
| 3 | KOBSTL 5Y | KOBE STEEL LTD | -15.7% | -12 | 67 | 79 | 4 |
| 4 | LEN 5Y | LENNAR CORP | -14.7% | -12 | 72 | 84 | 5 |
| 5 | CKHH 5Y | CK HUTCHISON INTL 16 LTD | -14.0% | -11 | 67 | 78 | 3 |
| 6 | PHM 5Y | CENTEX CORP | -13.3% | -10 | 65 | 75 | 5 |
| 7 | BABA 5Y | ALIBABA GROUP HOLDING | -12.9% | -10 | 67 | 77 | 3 |
| 8 | GALPPL 5Y | GALP ENERGIA SGPS SA | -12.6% | -9 | 64 | 73 | 3 |
| 9 | AQUASM 5Y | FCC AQUALIA SA | -9.9% | -6 | 59 | 65 | 2 |
| 10 | HPQ 5Y | COMPAQ COMPUTER CORP | -9.6% | -6 | 56 | 62 | 4 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 8/1/25 – 8/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | VINCI 5Y | VINCI | 16.6% | 5 | 38 | 33 | 4 |
| 2 | ACAFP 5Y | CREDIT AGRICOLE CORPORATE & INVESTMENT BANK SA | 14.9% | 6 | 43 | 37 | 5 |
| 3 | SOCGEN 5Y | SOCIETE GENERALE MEDIUM TERM | 14.9% | 7 | 52 | 45 | 5 |
| 4 | ENGIFP 5Y | GDF SUEZ | 13.1% | 5 | 39 | 35 | 4 |
| 5 | BNP 5Y | BNP PARIBAS / BNP PARIBAS US | 13.0% | 5 | 46 | 41 | 5 |
| 6 | ORCL 5Y | ORACLE CORP | 11.9% | 5 | 43 | 39 | 5 |
| 7 | BOCOM 5Y | BANK OF COMMUNICATIONS (UK) LIMITED | 11.2% | 4 | 41 | 37 | 2 |
| 8 | ICBC 5Y | INDUSTRIAL & COML BK CHINA LTD | 10.8% | 3 | 36 | 32 | 3 |
| 9 | EQT 5Y | EQT CORP | 10.7% | 7 | 73 | 66 | 2 |
| 10 | CCBC 5Y | CHINA CONSTR BK CORP INSTL CTF | 9.3% | 3.0 | 35 | 32 | 3 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 8/1/25 – 8/31/25 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 7/31/24 vs. the month ending 8/31/25
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 46 | 47 | 0 | Wider | 601 |
| U.S. | 46 | 46 | -1 | Tighter | 245 |
| Europe | 44 | 0 | -44 | Tighter | 0 |
| Canada | 56 | 56 | 0 | Tighter | 17 |
| China | 42 | 45 | 3 | Wider | 9 |
| APAC | 53 | 50 | -3 | Tighter | 42 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 8/1/25 – 8/31/25 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 7/31/24 vs. the month ending 8/31/25
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 46 | 47 | 0 | Wider | 602.00 |
| Beverage, Food & Tobacco | 43 | 41 | -2 | Tighter | 32.00 |
| Chemicals, Plastics & Rubber | 73 | 72 | -1 | Tighter | 16.00 |
| Construction & Building | 50 | 52 | 2 | Wider | 15.00 |
| Transportation: Cargo | 28 | 30 | 2 | Wider | 13.00 |
| Insurance | 44 | 45 | 1 | Wider | 28.00 |
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