Investment Grade CDS Market Summary – June 2025
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Investment Grade CDS Market June 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 6/1/25 – 6/30/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | EQH 5Y | AXA EQUITABLE HOLDINGS I | -45.0% | -45 | 55 | 100 | 2 |
| 2 | CA 5Y | CA INC | -35.6% | -36 | 65 | 101 | 2 |
| 3 | FREGR 5Y | FRESENIUS SE & CO KGAA | -20.5% | -17 | 67 | 85 | 4 |
| 4 | CLX 5Y | CLOROX CO | -19.3% | -16 | 66 | 82 | 2 |
| 5 | BAX 5Y | BAXTER INTL INC | -17.2% | -12 | 56 | 67 | 5 |
| 6 | HAOHUA 5Y | CNAC CENTURY HK CO LTD | -16.3% | -14 | 71 | 84 | 3 |
| 7 | DHI 5Y | D R HORTON INC | -16.2% | -11 | 57 | 68 | 5 |
| 8 | CVRD 5Y | INCO LTD | -15.7% | -15 | 79 | 94 | 2 |
| 9 | OVV 5Y | OVINTIV | -15.6% | -18 | 100 | 118 | 4 |
| 10 | TOL 5Y | TOLL BROS INC | -14.4% | -15 | 89 | 104 | 5 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 6/1/25 – 6/30/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | AQUASM 5Y | FCC AQUALIA SA | 29.7% | 15 | 65 | 50 | 2 |
| 2 | CAFP 5Y | CARREFOUR SA | 27.3% | 20 | 94 | 74 | 4 |
| 3 | MDC 5Y | M.D.C. HOLDINGS, INC | 26.2% | 11 | 55 | 43 | 5 |
| 4 | NTT 5Y | NIPPON TELEG & TEL CORP | 23.4% | 8 | 42 | 34 | 3 |
| 5 | MMM 5Y | AVETA INC | 18.5% | 12 | 75 | 63 | 2 |
| 6 | STERV 5Y | STORA ENSO CORP | 11.6% | 9 | 86 | 77 | 4 |
| 7 | SUMIRD 5Y | SUMITOMO REALTY & DEVELOPMENT CO LTD | 10.8% | 4 | 39 | 36 | 3 |
| 8 | HAS 5Y | HASBRO INC | 10.7% | 10 | 100 | 90 | 2 |
| 9 | BA 5Y | BOEING CAP CORP INTERNOTES | 10.5% | 7 | 75 | 67 | 6 |
| 10 | OMC 5Y | OMNICOM GROUP INC | 10.4% | 3.8 | 40 | 36 | 5 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 6/1/25 – 6/30/25 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 5/31/24 vs. the month ending 6/30/25
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 51 | 50 | -1 | Tighter | 643 |
| U.S. | 50 | 51 | 1 | Wider | 289 |
| Japan | 34 | 36 | 2 | Wider | 38 |
| U.K. | 54 | 52 | -2 | Tighter | 40 |
| China | 53 | 52 | -1 | Tighter | 9 |
| APAC | 57 | 56 | -1 | Tighter | 42 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 6/1/25 – 6/30/25 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 5/31/24 vs. the month ending 6/30/25
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 51 | 51 | -1 | Tighter | 645.00 |
| Construction & Building | 50 | 53 | 3 | Wider | 15.00 |
| Chemicals, Plastics & Rubber | 81 | 71 | -10 | Tighter | 19.00 |
| Media: Broadcasting & Subscription | 78 | 79 | 1 | Wider | 2.00 |
| High Tech Industries | 38 | 35 | -3 | Tighter | 29.00 |
| Beverage, Food & Tobacco | 43 | 44 | 1 | Wider | 38.00 |
Stay up-to-date with monthly summaries.
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