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Investment Grade CDS Market March 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 3/1/26 – 3/31/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	APA 5Y	APACHE CORP	-8.7%	-6	67	74	3
2	DOW 5Y	DOW CAP B V	-8.6%	-10	103	112	4
3	HRB 5Y	BLOCK FINL LLC	-8.3%	-12	131	143	6
4	CE 5Y	CELANESE CORP	-7.7%	-21	253	274	2
5	TJX 5Y	TJX COS INC NEW	-6.6%	-3	48	51	2
6	SWIRE 5Y	SWIRE PACIFIC LTD	-6.3%	-5	82	88	3
7	LNC 5Y	JEFFERSON-PILOT CAP TR B	-3.0%	-5	165	170	5
8	SWEMAT 5Y	SWEDISH MATCH AB	-2.6%	-2	88	90	2
9	SZUGR 5Y	SUEDZUCKER AG	-2.4%	-4	161	165	4
10	CMS 5Y	CMS ENERGY CORP	-1.9%	-1	52	53	2

Top 10 Underperformers

Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 3/1/26 – 3/31/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	MITTOA 5Y	MITSUI CHEMICALS INC	73.2%	22	52	30	4
2	SUMICH 5Y	SUMITOMO CHEMICAL CO LTD	71.9%	23	56	32	3
3	BASGR 5Y	ENGELHARD CORP	51.7%	22	65	43	4
4	HENKEL 5Y	HENKEL AG & CO KGAA	45.4%	12	38	26	4
5	KOREAT 5Y	KT CORP MEDIUM TERM NTS BOOK	44.5%	12	39	27	2
6	HEIGR 5Y	STARDUST FINANCE HOLDINGS INC	43.5%	28	92	64	3
7	GIS 5Y	GENERAL MLS INC	42.0%	21	72	51	5
8	FRTUM 5Y	FORTUM OYJ	41.0%	16	55	39	3
9	CONTI 5Y	CONTI-GUMMI FIN B V	40.6%	26	91	65	3
10	CNALN 5Y	CENTRICA PLC	37.9%	16.5	60	44	4

Normalized IG Spread by Region

Displays the IG CDS spread by region between 3/1/26 – 3/31/26 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 2/28/26 vs. the month ending 3/31/26

REGION	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
Global	48	56	8	Wider	623
U.S.	49	55	6	Wider	258
Japan	34	40	6	Wider	39
Europe	45	56	11	Wider	157
U.K.	51	64	13	Wider	42
Canada	48	60	12	Wider	10

Normalized IG Spread by Industry

Displays the IG CDS spread by industry between 3/1/26 – 3/31/26 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 2/28/26 vs. the month ending 3/31/26

INDUSTRIES	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
All Industries	48	56	8	Wider	628.00
Automotive	50	66	16	Wider	12.00
Energy: Oil & Gas	50	59	8	Wider	36.00
Hotel, Gaming & Leisure	61	77	16	Wider	6.00
Metals & Mining	56	55	-1	Tighter	22.00
Finance	48	67	20	Wider	48.00

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