Investment Grade CDS Market Summary – December 2025
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Investment Grade CDS Market December 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 12/1/25 – 12/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | LGEN 5Y CDS | LEGAL & GENERAL GROUP PLC | -20.4% | -14 | 53 | 67 | 2 |
| 2 | BAYGR 5Y | BAYER CORP | -16.4% | -11 | 59 | 70 | 3 |
| 3 | AMT 5Y | AMERICAN TOWER CORP | -13.0% | -8 | 51 | 59 | 3 |
| 4 | HRB 5Y | BLOCK FINL LLC | -12.8% | -9 | 58 | 67 | 3 |
| 5 | STERV 5Y | STORA ENSO CORP | -11.7% | -11 | 80 | 91 | 7 |
| 6 | COFF 5Y | CAPITAL ONE FINL CORP | -11.5% | -9 | 65 | 74 | 3 |
| 7 | PAPER 5Y | INTERNATIONAL PAPER CO | -11.5% | -7 | 56 | 64 | 4 |
| 8 | PRU 5Y | PRUDENTIAL FINANCIAL, INC | -9.4% | -6 | 58 | 65 | 3 |
| 9 | MET 5Y | GENAMERICA CAP I | -9.0% | -6 | 59 | 65 | 3 |
| 10 | CONTI 5Y | CONTI-GUMMI FIN B V | -8.9% | -7 | 69 | 76 | 7 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 12/1/25 – 12/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | NFLX 5Y | NETFLIX INC | 41.2% | 14 | 47 | 34 | 5 |
| 2 | NKE 5Y | NIKE INC MEDIUM TERM NTS BOOK | 18.4% | 9 | 61 | 52 | 2 |
| 3 | TJX 5Y | TJX COS INC NEW | 12.1% | 6 | 52 | 46 | 2 |
| 4 | HUM 5Y | HUMANA INC | 10.2% | 8 | 87 | 79 | 3 |
| 5 | AVGO 5Y | AVAGO TECHNOLOGIES FINANCE PTE LTD | 10.1% | 4 | 41 | 37 | 3 |
| 6 | MSFT 5Y | MICROSOFT CORP | 9.5% | 3 | 37 | 33 | 5 |
| 7 | SYY 5Y | SYSCO CORP | 8.9% | 5 | 60 | 55 | 2 |
| 8 | CMCSA 5Y | AT&T BROADBAND CORP | 8.0% | 4 | 59 | 55 | 5 |
| 9 | CPB 5Y | CAMPBELL SOUP CO | 7.4% | 4 | 57 | 53 | 4 |
| 10 | SBIIN 5Y | STATE BK INDIA CHICAGO ILL | 6.4% | 3.7 | 62 | 58 | 3 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 12/1/25 – 12/31/25 Results are based on 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 11/30/25 vs. the month ending 12/31/25
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 48 | 45 | -2 | Tighter | 0 |
| U.S. | 50 | 49 | -1 | Tighter | 0 |
| Japan | 34 | 33 | -1 | Tighter | 0 |
| Europe | 43 | 42 | -2 | Tighter | 0 |
| U.K. | 48 | 47 | -1 | Tighter | 0 |
| APAC | 44 | 45 | 1 | Wider | 0 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 12/1/25 – 12/31/25 Results are based on 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 11/30/25 vs. the month ending 12/31/25
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 48 | 45 | -2 | Tighter | 580.00 |
| Transportation: Cargo | 29 | 29 | 0 | Wider | 11.00 |
| Beverage, Food & Tobacco | 44 | 41 | -3 | Tighter | 31.00 |
| Services: Business | 67 | 66 | -1 | Tighter | 3.00 |
| Services: Consumer | 90 | 87 | -3 | Tighter | 3.00 |
| Banking | 46 | 42 | -3 | Tighter | 44.00 |
Stay up-to-date with monthly summaries.
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