Investment Grade CDS Market Summary – February 2023
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Investment Grade CDS Market Summary: February 2023
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 2/1/23 – 2/28/23
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | HMSOLN 5Y | HAMMERSON PLC | -28.1% | -112 | 287 | 399 | 4 |
| 2 | ZFFNGR 5Y | ZF NA CAPITAL | -26.6% | -127 | 352 | 479 | 2 |
| 3 | MITSRE 5Y | MITSUI FUDOSAN CO LTD | -19.2% | -5 | 22 | 28 | 2 |
| 4 | UCGIM 5Y | UNICREDIT LUXEMBOURG FIN SA | -17.0% | -19 | 94 | 113 | 3 |
| 5 | MAZDA 5Y | MAZDA MTR CORP | -16.7% | -7 | 35 | 42 | 2 |
| 6 | ULFP 5Y | UNIBAIL-RODAMCO SE | -16.0% | -36 | 191 | 228 | 6 |
| 7 | CMZB 5Y | COMMERZBANK AKTIENGESELLSCHAFT | -15.7% | -12 | 62 | 73 | 3 |
| 8 | NOMURA 5Y | NOMURA HLDGS INC | -15.7% | -14 | 75 | 89 | 2 |
| 9 | SANTAN 5Y | BANCO DE SANTANDER PUERTO RICO | -14.8% | -10 | 56 | 66 | 3 |
| 10 | LIFP 5Y | KLEPIERRE SA | -14.6% | -16 | 95 | 111 | 4 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 2/1/23 – 2/28/23
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | DBSSP 5Y | DBS BK LTD GLOBAL MEDIUM TERM | 90.9% | 15 | 32 | 17 | 3 |
| 2 | OPTUS 5Y | SINGAPORE TELECOMMUNICATIONS | 68.9% | 19 | 46 | 27 | 3 |
| 3 | EQM 5Y | EQT MIDSTREAM PARTNERS L P | 59.7% | 115 | 307 | 192 | 3 |
| 4 | KAWHI 5Y | KAWASAKI HEAVY INDUSTRIES LTD | 49.3% | 18 | 55 | 37 | 3 |
| 5 | CHGRID 5Y | STATE GRID CORPORATION OF CHINA | 39.8% | 22 | 77 | 55 | 3 |
| 6 | DVN 5Y | DEVON ENERGY CORP | 37.1% | 38 | 139 | 101 | 5 |
| 7 | BCHINA 5Y | BANK CHINA LTD | 36.8% | 22 | 84 | 61 | 4 |
| 8 | CCBC 5Y | CHINA CONSTR BK CORP INSTL CTF | 36.6% | 22 | 84 | 61 | 4 |
| 9 | RAKUTN 5Y | RAKUTEN INC | 35.3% | 128 | 492 | 363 | 3 |
| 10 | SUMICH 5Y | SUMITOMO CHEMICAL CO LTD | 33.1% | 10.7 | 43 | 32 | 3 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 2/1/23 – 2/28/23 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 1/31/23 vs. the month ending 2/28/23
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 66 | 69 | 3 | Wider | 524 |
| U.S. | 66 | 67 | 1 | Wider | 185 |
| Japan | 33 | 39 | 6 | Wider | 45 |
| U.K. | 81 | 82 | 1 | Wider | 38 |
| APAC | 68 | 69 | 1 | Wider | 34 |
| Latin America | 108 | 96 | -12 | Tighter | 10 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 2/1/23 – 2/28/23 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 1/31/23 vs. the month ending 2/28/23
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 66 | 69 | 3 | Wider | 525.00 |
| Capital Equipment | 78 | 70 | -8 | Tighter | 11.00 |
| Energy: Oil & Gas | 75 | 83 | 8 | Wider | 29.00 |
| Retail | 55 | 56 | 1 | Wider | 21.00 |
| Metals & Mining | 86 | 84 | -2 | Tighter | 20.00 |
| Finance | 80 | 81 | 1 | Wider | 43.00 |
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