Investment Grade CDS Market Summary – May 2025
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Investment Grade CDS Market May 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 5/1/25 – 5/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | EQT 5Y | EQT CORP | -58.2% | -107 | 77 | 184 | 2 |
| 2 | DELL 5Y | DELL COMPUTER CORP | -33.4% | -30 | 60 | 90 | 3 |
| 3 | ADECCO 5Y | ADECCO SA | -29.6% | -40 | 95 | 135 | 4 |
| 4 | VLO 5Y | PREMCOR REFNG GROUP INC | -28.9% | -24 | 58 | 82 | 4 |
| 5 | BA 5Y | BOEING CAP CORP INTERNOTES | -27.7% | -26 | 68 | 94 | 3 |
| 6 | AMD 5Y | ADVANCED MICRO DEVICES INC | -27.1% | -15 | 41 | 56 | 3 |
| 7 | BWA 5Y | BORGWARNER INC | -27.0% | -25 | 68 | 93 | 5 |
| 8 | SGOFP 5Y | CIE DE SAINT-GOBAIN | -26.5% | -16 | 44 | 59 | 5 |
| 9 | BABA 5Y | ALIBABA GROUP HOLDING | -26.3% | -31 | 87 | 118 | 3 |
| 10 | AVGO 5Y | AVAGO TECHNOLOGIES FINANCE PTE LTD | -25.8% | -13 | 37 | 50 | 3 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 5/1/25 – 5/31/25
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | COXENT 5Y | COX COMMUNICATIONS INC NEW | 20.3% | 9 | 52 | 43 | 3 |
| 2 | NIPSTL 5Y | SUMITOMO METAL INDUSTRIES LTD | 16.5% | 10 | 74 | 63 | 4 |
| 3 | HONDA 5Y | AMERICAN HONDA FIN CORP MEDIUM | 11.1% | 6 | 62 | 56 | 4 |
| 4 | UNH 5Y | PACIFICARE HEALTH SYS INC DEL | 7.6% | 4 | 63 | 58 | 4 |
| 5 | KHC 5Y | KRAFT HEINZ FOODS CO | 7.5% | 4 | 53 | 50 | 4 |
| 6 | MOT 5Y | MOTOROLA INC | 7.1% | 3 | 40 | 37 | 4 |
| 7 | FISV 5Y | FISERV INC | 3.4% | 2 | 67 | 65 | 3 |
| 8 | ENFP 5Y | BOUYGUES SA | 2.3% | 1 | 43 | 42 | 5 |
| 9 | SWEMAT 5Y | SWEDISH MATCH AB | 1.7% | 2 | 94 | 93 | 3 |
| 10 | CI 5Y | CIGNA CORP | 1.5% | 0.8 | 50 | 49 | 3 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 5/1/25 – 5/31/25 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 4/30/24 vs. the month ending 5/31/25
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 57 | 50 | -6 | Tighter | 583 |
| U.S. | 54 | 50 | -4 | Tighter | 240 |
| U.K. | 64 | 54 | -10 | Tighter | 40 |
| Canada | 67 | 67 | 0 | Unchanged | 16 |
| China | 64 | 53 | -11 | Tighter | 9 |
| APAC | 68 | 55 | -13 | Tighter | 42 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 5/1/25 – 5/31/25 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 4/30/24 vs. the month ending 5/31/25
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 57 | 51 | -6 | Tighter | 585.00 |
| Beverage, Food & Tobacco | 47 | 43 | -4 | Tighter | 34.00 |
| Capital Equipment | 79 | 77 | -2 | Tighter | 10.00 |
| Retail | 50 | 50 | -1 | Tighter | 20.00 |
| High Tech Industries | 48 | 38 | -11 | Tighter | 27.00 |
| Services: Consumer | 118 | 87 | -31 | Tighter | 3.00 |
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