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Investment Grade CDS Market June 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 6/1/26 – 6/30/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	PAPER 5Y	INTERNATIONAL PAPER CO	-19.7%	-13	53	67	4
2	HKLAND 5Y	HONGKONG LD LTD	-15.3%	-12	66	78	2
3	TENCNT 5Y	TENCENT HLDGS LTD	-15.3%	-10	55	65	3
4	LUV 5Y	AIRTRAN HLDGS INC	-13.8%	-14	90	104	4
5	BAYGR 5Y	BAYER CORP	-11.8%	-7	52	59	4
6	BAX 5Y	BAXTER INTL INC	-11.7%	-12	93	105	5
7	SYENS 5Y	SYENSQO SA	-11.3%	-7	56	63	4
8	BAIDU 5Y	BAIDU INC	-10.8%	-10	83	93	2
9	TAISEM 5Y	TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD	-10.5%	-7	56	63	3
10	SUNHUN 5Y	SUN HUNG KAI PPTYS LTD	-10.3%	-11	95	105	3

Top 10 Underperformers

Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 6/1/26 – 6/30/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	AVGO 5Y	AVAGO TECHNOLOGIES FINANCE PTE LTD	46.9%	21	65	44	6
2	AMD 5Y	ADVANCED MICRO DEVICES INC	26.3%	10	46	36	6
3	CMCSA 5Y	AT&T BROADBAND CORP	24.5%	13	69	55	5
4	CITNAT 5Y	KOOKMIN BK NEW	21.7%	7	38	31	2
5	DELL 5Y	DELL COMPUTER CORP	19.4%	9	58	49	5
6	TMUS 5Y	T-MOBILE USA INC	19.3%	9	53	44	6
7	NVDA 5Y	NVIDIA CORP	18.5%	7	47	39	5
8	EXCG 5Y	EXGEN RENEWABLES IV	16.9%	11	76	65	2
9	KR 5Y	CA FM LEASE TR	16.5%	5	35	30	5
10	DANGAS 5Y	ORSTED A/S	16.4%	11.3	80	69	2

Normalized IG Spread by Region

Displays the IG CDS spread by region between 6/1/26 – 6/30/26 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 5/31/26 vs. the month ending 6/30/26

REGION	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
Global	50	50	0	Wider	691
U.S.	51	52	1	Wider	285
Japan	35	37	2	Wider	39
Europe	48	48	1	Wider	179
U.K.	51	50	-1	Tighter	45
APAC	63	0	-63	Tighter	50

Normalized IG Spread by Industry

Displays the IG CDS spread by industry between 6/1/26 – 6/30/26 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 5/31/26 vs. the month ending 6/30/26

INDUSTRIES	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
All Industries	50	51	0	Wider	709.00
Beverage, Food & Tobacco	43	43	0	Wider	35.00
Chemicals, Plastics & Rubber	51	51	0	Wider	17.00
Healthcare & Pharmaceuticals	34	34	0	Tighter	37.00
Real Estate	76	70	-6	Tighter	29.00
Retail	49	50	1	Wider	24.00

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