Investment Grade CDS Market Summary – January 2023
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Investment Grade CDS Market Summary: January 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 1/1/22 – 1/31/23
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | DBSSP 5Y | DBS BK LTD GLOBAL MEDIUM TERM | -55.2% | -21 | 17 | 38 | 2 |
| 2 | OPTUS 5Y | SINGAPORE TELECOMMUNICATIONS | -44.9% | -22 | 27 | 49 | 2 |
| 3 | CHGRID 5Y | STATE GRID CORPORATION OF CHINA | -38.1% | -34 | 55 | 89 | 3 |
| 4 | LXSGR 5Y | LANXESS FINANCE BV | -36.1% | -76 | 135 | 211 | 7 |
| 5 | BCHINA 5Y | BANK CHINA LTD | -30.3% | -26 | 61 | 88 | 3 |
| 6 | CKHH 5Y | CK HUTCHISON INTL 16 LTD | -30.2% | -19 | 44 | 63 | 2 |
| 7 | SCFER 5Y | SCHAEFFLER FINANCE BV | -30.1% | -27 | 63 | 90 | 3 |
| 8 | BA 5Y | BOEING CAP CORP INTERNOTES | -29.9% | -42 | 99 | 141 | 3 |
| 9 | SUNHUN 5Y | SUN HUNG KAI PPTYS LTD | -28.6% | -24 | 59 | 83 | 3 |
| 10 | VLO 5Y | PREMCOR REFNG GROUP INC | -28.6% | -29 | 72 | 100 | 3 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 1/1/23 – 1/31/23
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | KIM 5Y | KIMCO REALTY CORP | 33.0% | 21 | 87 | 65 | 2 |
| 2 | BAX 5Y | BAXTER INTL INC | 21.4% | 14 | 79 | 65 | 4 |
| 3 | DXC 5Y | DXC TECHNOLOGY CO | 12.5% | 22 | 201 | 178 | 3 |
| 4 | NUNPC 5Y | NIPPON PAPER INDUSTRIES CO LTD | 9.6% | 20 | 229 | 209 | 3 |
| 5 | DGX 5Y | AMERIPATH INC | 9.3% | 4 | 44 | 41 | 4 |
| 6 | BXP 5Y | BOSTON PPTYS INC | 6.1% | 5 | 92 | 87 | 2 |
| 7 | GIS 5Y | GENERAL MLS INC | 5.7% | 3 | 47 | 45 | 4 |
| 8 | NEE 5Y | FPL ENERGY AMERN WIND LLC | 5.2% | 4 | 80 | 76 | 4 |
| 9 | CPB 5Y | CAMPBELL SOUP CO | 3.2% | 2 | 51 | 50 | 4 |
| 10 | NIPSTL 5Y | SUMITOMO METAL INDUSTRIES LTD | 3.2% | 1.7 | 55 | 53 | 3 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 1/1/23 – 1/31/23 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 12/31/22 vs. the month ending 1/31/23
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 79 | 66 | -14 | Tighter | 534 |
| U.S. | 68 | 66 | -2 | Tighter | 194 |
| Europe | 83 | 69 | -14 | Tighter | 151 |
| Canada | 92 | 56 | -36 | Tighter | 7 |
| APAC | 97 | 68 | -29 | Tighter | 31 |
| Latin America | 113 | 108 | -5 | Tighter | 10 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 1/1/23 – 1/31/23 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 12/31/22 vs. the month ending 1/31/23
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 79 | 66 | -14 | Tighter | 535.00 |
| Beverage, Food & Tobacco | 50 | 50 | 1 | Wider | 28.00 |
| High Tech Industries | 42 | 39 | -4 | Tighter | 18.00 |
| Media: Advertising, Printing & Publishing | 79 | 77 | -3 | Tighter | 3.00 |
| Real Estate | 112 | 100 | -12 | Tighter | 27.00 |
| Sovereign & Public Finance | 74 | 56 | -19 | Tighter | 60.00 |
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