Investment Grade CDS Market Summary – July 2025
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Investment Grade CDS Market July 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 7/1/25 – 7/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TENCNT 5Y | TENCENT HLDGS LTD | -23.8% | -17 | 55 | 72 | 3 |
| 2 | KAWKIS 5Y | KAWASAKI KISEN KAISHA LTD | -19.2% | -22 | 92 | 114 | 3 |
| 3 | NIPSTL 5Y | SUMITOMO METAL INDUSTRIES LTD | -19.1% | -15 | 63 | 78 | 3 |
| 4 | HONDA 5Y | AMERICAN HONDA FIN CORP MEDIUM | -18.8% | -13 | 56 | 69 | 3 |
| 5 | PPR 5Y | KERING SA | -17.2% | -20 | 98 | 119 | 5 |
| 6 | CBS 5Y | CBS INC | -15.7% | -18 | 94 | 112 | 3 |
| 7 | HAOHUA 5Y | CNAC CENTURY HK CO LTD | -15.4% | -11 | 60 | 71 | 3 |
| 8 | BOCAVI 5Y CDS | BOC AVIATION LTD | -15.3% | -14 | 76 | 90 | 3 |
| 9 | ITVLN 5Y | ITV PLC | -14.6% | -13 | 75 | 88 | 5 |
| 10 | CCI 5Y | CROWN CASTLE INTERNATIONAL CORP | -14.4% | -9 | 54 | 64 | 2 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 7/1/25 – 7/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ERICB 5Y | TELEFONAKTIEBOLAGET LM ERICSSON | 25.9% | 17 | 84 | 67 | 5 |
| 2 | COFB 5Y | CAPITAL ONE FINL CORP | 25.6% | 8 | 40 | 31 | 3 |
| 3 | ENFP 5Y | BOUYGUES SA | 21.9% | 9 | 50 | 41 | 5 |
| 4 | STM 5Y | STMICROELECTRONICS N V | 21.7% | 8 | 43 | 35 | 4 |
| 5 | OPTUS 5Y | SINGAPORE TELECOMMUNICATIONS | 20.4% | 9 | 55 | 46 | 3 |
| 6 | NOKIA 5Y | NOKIA CORP | 19.5% | 13 | 81 | 68 | 5 |
| 7 | DOW 5Y | DOW CAP B V | 19.2% | 14 | 86 | 72 | 5 |
| 8 | BAX 5Y | BAXTER INTL INC | 17.8% | 10 | 65 | 56 | 5 |
| 9 | KHC 5Y | KRAFT HEINZ FOODS CO | 17.6% | 9 | 62 | 52 | 4 |
| 10 | PUBFP 5Y | PUBLICIS S A NEW | 13.7% | 6.1 | 51 | 45 | 5 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 7/1/25 – 7/31/25 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 6/30/24 vs. the month ending 7/31/25
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 50 | 46 | -4 | Tighter | 598 |
| U.S. | 51 | 46 | -4 | Tighter | 246 |
| Japan | 36 | 35 | -1 | Tighter | 37 |
| Europe | 45 | 44 | -2 | Tighter | 155 |
| Canada | 59 | 56 | -3 | Tighter | 18 |
| APAC | 56 | 53 | -3 | Tighter | 41 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 7/1/25 – 7/31/25 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 6/30/24 vs. the month ending 7/31/25
| 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 | 42 | 43 | 0 | Wider | 34 |
| Transportation: Consumer | 98 | 94 | -4 | Tighter | 10 |
| Containers, Packaging, & Glass | 27 | 29 | 2 | Wider | 2 |
| Transportation: Cargo | 29 | 28 | 0 | Tighter | 12 |
| Insurance | 49 | 44 | -5 | Tighter | 28 |
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