Investment Grade CDS Market Summary – May 2022
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Investment Grade CDS Market Summary: May 2022
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 5/1/22 -5/31/22
| RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
|---|---|---|---|---|---|---|
| 1 | BRK 5Y | BERKSHIRE HATHAWAY FIN | -34.4% | -13 | 25 | 39 |
| 2 | ACE 5Y | ACE INA HLDG INC | -33.4% | -13 | 26 | 39 |
| 3 | ALL 5Y | ALLIED CAP COML MTG TR | -30.5% | -11 | 26 | 37 |
| 4 | NRUC 5Y | NATIONAL RURAL UTILS COOP FIN | -29.8% | -15 | 34 | 49 |
| 5 | HRB 5Y | BLOCK FINL LLC | -28.7% | -32 | 79 | 111 |
| 6 | JNJ 5Y | JOHNSON & JOHNSON | -27.5% | -9 | 24 | 33 |
| 7 | PAPER 5Y | INTERNATIONAL PAPER CO | -26.7% | -23 | 63 | 86 |
| 8 | EXC 5Y | EXELON GENERATION CO LLC | -26.7% | -14 | 40 | 54 |
| 9 | CB 5Y | CHUBB CORP | -26.5% | -10 | 27 | 36 |
| 10 | HIG 5Y | GLEN MEADOW PASS-THROUGH TR | -24.7% | -15 | 45 | 60 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 5/1/22 -5/31/22
| RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
|---|---|---|---|---|---|---|
| 1 | ULFP 5Y | UNIBAIL-RODAMCO SE | 33.4% | 51 | 202 | 152 |
| 2 | RYD 5Y | RYDER SYS INC | 29.9% | 43 | 185 | 142 |
| 3 | TGT 5Y | DAYTON HUDSON CORP MEDIUM TERM | 28.9% | 11 | 50 | 39 |
| 4 | REEDLN 5Y | GENERAL CINEMA CORP | 26.3% | 11 | 51 | 40 |
| 5 | ITVLN 5Y | ITV PLC | 26.0% | 45 | 218 | 173 |
| 6 | NECORP 5Y | NEC CORPORATION | 24.8% | 8 | 39 | 31 |
| 7 | BBY 5Y | BEST BUY INC | 24.8% | 28 | 143 | 115 |
| 8 | HMSOLN 5Y | HAMMERSON PLC | 23.5% | 52 | 272 | 220 |
| 9 | EXPE 5Y | EXPEDIA INC | 23.1% | 27 | 145 | 118 |
| 10 | WPPLN 5Y | GREY GLOBAL GROUP INC | 21.3% | 19.3 | 110 | 90 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 5/1/22 -5/31/22 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 4/30/22 vs. the month ending 5/31/22
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 75 | 71 | -4 | Tighter | 524 |
| U.S. | 72 | 64 | -8 | Tighter | 186 |
| Japan | 33 | 38 | 5 | Wider | 46 |
| China | 90 | 83 | -7 | Tighter | 7 |
| APAC | 86 | 85 | -1 | Tighter | 22 |
| Latin America | 105 | 106 | 1 | Wider | 11 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 5/1/22 -5/31/22 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 4/30/22 vs. the month ending 5/31/22
| INDUSTRY | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 75 | 71 | -4 | Tighter | 525.00 |
| Construction & Building | 56 | 55 | -1 | Tighter | 12.00 |
| Healthcare & Pharmaceuticals | 47 | 42 | -5 | Tighter | 28.00 |
| Energy: Oil & Gas | 90 | 85 | -5 | Tighter | 26.00 |
| High Tech Industries | 43 | 40 | -3 | Tighter | 19.00 |
| Services: Consumer | 118 | 128 | 10 | Wider | 4.00 |
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