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Investment Grade CDS Market July 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 7/1/26 – 7/31/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	BAX 5Y	BAXTER INTL INC	-14.8%	-14	79	93	5
2	BACR 5Y	BARCLAYS BANK PLC	-13.3%	-7	48	55	4
3	SYNNVX 5Y	SYNGENTA AG	-11.3%	-10	82	92	4
4	AGO 5Y	ASSURED GUARANTY LTD	-10.6%	-8	66	73	2
5	GIS 5Y	GENERAL MLS INC	-10.3%	-6	52	58	5
6	ADECCO 5Y	ADECCO SA	-9.7%	-8	78	86	4
7	GLW 5Y	CORNING GLASS WKS	-9.2%	-8	80	88	2
8	SWFP 5Y	SODEXO SA	-8.3%	-4	48	52	4
9	NTT 5Y	NIPPON TELEG & TEL CORP	-7.2%	-4	52	56	5
10	PNC 5Y	FIRST AMER CAP TR I	-6.8%	-4	48	51	6

Top 10 Underperformers

Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 7/1/26 – 7/31/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	AMD 5Y	ADVANCED MICRO DEVICES INC	89.5%	41	87	46	6
2	NVDA 5Y	NVIDIA CORP	65.9%	31	77	47	5
3	AVGO 5Y	AVAGO TECHNOLOGIES FINANCE PTE LTD	49.8%	32	97	65	6
4	TMUS 5Y	T-MOBILE USA INC	34.1%	18	71	53	5
5	META 5Y	META PLATFORMS INC	31.9%	23	94	71	6
6	AMT 5Y	AMERICAN TOWER CORP	30.8%	16	68	52	2
7	DELL 5Y	DELL COMPUTER CORP	30.1%	17	75	58	4
8	IBM 5Y	INTERNATIONAL BUSINESS MACHS	26.6%	14	65	52	4
9	VZ 5Y	VERIZON COMMUNICATIONS INC	25.0%	16	80	64	5
10	INTC 5Y	INTEL	24.4%	15.8	81	65	5

Normalized IG Spread by Region

Displays the IG CDS spread by region between 7/1/26 – 7/31/26 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 6/30/26 vs. the month ending 7/31/26

REGION	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
Global	50	51	0	Wider	687
U.S.	52	51	0	Tighter	282
U.K.	50	50	0	Wider	44
Canada	57	55	-1	Tighter	16
China	38	39	1	Wider	14
APAC	56	62	7	Wider	49

Normalized IG Spread by Industry

Displays the IG CDS spread by industry between 7/1/26 – 7/31/26 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 6/30/26 vs. the month ending 7/31/26

INDUSTRIES	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
All Industries	51	51	0	Wider	705.00
Banking	45	45	0	Unchanged	56.00
Healthcare & Pharmaceuticals	34	32	-2	Tighter	34.00
Transportation: Consumer	85	86	1	Wider	13.00
Transportation: Cargo	27	27	0	Wider	13.00
Beverage, Food & Tobacco	43	42	-1	Tighter	36.00

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