Investment Grade CDS Market Summary – January 2026
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Investment Grade CDS Market January 2026
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 1/1/26 – 1/31/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | APA 5Y | APACHE CORP | -37.0% | -38 | 65 | 103 | 3 |
| 2 | DVN 5Y | DEVON ENERGY CORP | -33.8% | -30 | 59 | 90 | 4 |
| 3 | HYUELE 5Y | HYNIX SEMICONDUCTOR INC | -25.1% | -19 | 56 | 75 | 3 |
| 4 | GALPPL 5Y | GALP ENERGIA SGPS SA | -18.5% | -12 | 51 | 63 | 3 |
| 5 | PPG 5Y | PPG INDS INC | -18.4% | -12 | 53 | 65 | 2 |
| 6 | SBIIN 5Y | STATE BK INDIA CHICAGO ILL | -16.2% | -10 | 52 | 62 | 3 |
| 7 | ETR 5Y | ENTERGY ARK INC | -15.9% | -10 | 53 | 63 | 2 |
| 8 | GLENLN 5Y | GLENCORE INTL PLC | -14.3% | -11 | 64 | 75 | 5 |
| 9 | MTNA 5Y | ARCELORMITTAL SA LUXEMBOURG | -14.1% | -14 | 87 | 101 | 5 |
| 10 | OVV 5Y | OVINTIV | -13.7% | -14 | 86 | 100 | 4 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 1/1/26 – 1/31/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PERNOD 5Y | PERNOD RICARD S A | 36.0% | 14 | 54 | 39 | 4 |
| 2 | HONDA 5Y | AMERICAN HONDA FIN CORP MEDIUM | 34.6% | 16 | 61 | 45 | 3 |
| 3 | BERTEL 5Y | BERTELSMANN SE & CO KGAA | 34.1% | 10 | 37 | 28 | 4 |
| 4 | DGELN 5Y | DIAGEO CAP PLC MEDIUM TERM NTS | 32.4% | 10 | 41 | 31 | 5 |
| 5 | BNFP 5Y | DANONE | 31.6% | 9 | 36 | 27 | 5 |
| 6 | COFB 5Y | CAPITAL ONE FINL CORP | 27.4% | 8 | 37 | 29 | 4 |
| 7 | CVS 5Y | CVS CAREMARK CORP | 17.6% | 8 | 56 | 47 | 5 |
| 8 | HPQ 5Y | COMPAQ COMPUTER CORP | 17.2% | 13 | 86 | 73 | 5 |
| 9 | UNH 5Y | UNITEDHEALTH GROUP INC | 15.5% | 7 | 50 | 44 | 5 |
| 10 | OPTUS 5Y | SINGAPORE TELECOMMUNICATIONS | 15.0% | 5.3 | 40 | 35 | 3 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 1/1/26 – 1/31/26 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 12/31/25 vs. the month ending 1/31/26
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 45 | 45 | 0 | Tighter | 599 |
| U.S. | 49 | 47 | -2 | Tighter | 251 |
| Japan | 33 | 32 | 0 | Tighter | 39 |
| Europe | 42 | 41 | -1 | Tighter | 149 |
| U.K. | 47 | 47 | 0 | Wider | 40 |
| Canada | 58 | 41 | -17 | Tighter | 17 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 1/1/26 – 1/31/26 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 12/31/25 vs. the month ending 1/31/26
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | #N/A | #N/A | #N/A | #N/A | #N/A |
| Beverage, Food & Tobacco | 41 | 43 | 2 | Wider | 32.00 |
| Capital Equipment | 65 | 68 | 3 | Wider | 12.00 |
| Utilities: Electric | 40 | 43 | 2 | Wider | 28.00 |
| Insurance | 44 | 45 | 1 | Wider | 28.00 |
| Transportation: Cargo | 29 | 28 | -1 | Tighter | 12.00 |
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