Investment Grade CDS Market Summary – May 2026
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Investment Grade CDS Market May 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 5/1/26 – 5/31/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | TATELN 5Y | STALEY CONTL INC | -54.8% | -48 | 39 | 87 | 3 |
| 2 | AMT 5Y | AMERICAN TOWER CORP | -42.0% | -38 | 53 | 92 | 3 |
| 3 | SYENS 5Y | SYENSQO SA | -24.1% | -20 | 63 | 83 | 4 |
| 4 | HPQ 5Y | COMPAQ COMPUTER CORP | -21.2% | -20 | 75 | 96 | 6 |
| 5 | HMSOLN 5Y | HAMMERSON PLC | -19.5% | -13 | 54 | 67 | 4 |
| 6 | DELL 5Y | DELL COMPUTER CORP | -17.5% | -10 | 49 | 59 | 6 |
| 7 | IBM 5Y | INTERNATIONAL BUSINESS MACHS | -16.9% | -9 | 47 | 56 | 5 |
| 8 | ACCOR 5Y | ACCOR SA | -16.2% | -13 | 66 | 79 | 4 |
| 9 | ITVLN 5Y | ITV PLC | -16.2% | -14 | 70 | 84 | 4 |
| 10 | AKZANA 5Y | ICI WILMINGTON INC | -15.6% | -13 | 70 | 83 | 4 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 5/1/26 – 5/31/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | ARW 5Y | ARROW ELECTRONICS INC | 15.0% | 9 | 70 | 61 | 6 |
| 2 | PBG 5Y | BOTTLING GROUP LLC | 14.0% | 5 | 41 | 36 | 3 |
| 3 | USB 5Y | FBS CAP I | 10.4% | 5 | 56 | 51 | 4 |
| 4 | COXENT 5Y | COX COMMUNICATIONS INC NEW | 10.2% | 7 | 72 | 65 | 5 |
| 5 | AGO 5Y | ASSURED GUARANTY LTD | 7.8% | 6 | 82 | 76 | 3 |
| 6 | ANAIR 5Y | ANA HOLDINGS INC | 6.3% | 4 | 64 | 60 | 4 |
| 7 | RECKITT 5Y | RECKITT BENCKISER PLC | 5.9% | 3 | 58 | 55 | 2 |
| 8 | CM 5Y | CANADIAN IMPERIAL BK COMM N Y | 5.6% | 3 | 63 | 60 | 3 |
| 9 | HYUELE 5Y | HYNIX SEMICONDUCTOR INC | 5.2% | 4 | 72 | 68 | 3 |
| 10 | UUW 5Y | UNITED UTILS PLC | 4.8% | 1.7 | 38 | 37 | 4 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 5/1/26 – 5/31/26 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 4/30/26 vs. the month ending 5/31/26
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 52 | 50 | -2 | Tighter | 699 |
| U.S. | 52 | 50 | -2 | Tighter | 302 |
| Japan | 37 | 36 | -1 | Tighter | 39 |
| Europe | 50 | 47 | -3 | Tighter | 173 |
| U.K. | 55 | 51 | -4 | Tighter | 44 |
| Canada | 56 | 57 | 1 | Wider | 18 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 5/1/26 – 5/31/26 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 4/30/26 vs. the month ending 5/31/26
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 52 | 50 | -2 | Tighter | 715.00 |
| Beverage, Food & Tobacco | 45 | 43 | -2 | Tighter | 38.00 |
| Consumer Goods: Non-Durable | 44 | 46 | 2 | Wider | 16.00 |
| Media: Broadcasting & Subscription | 61 | 58 | -3 | Tighter | 3.00 |
| Utilities: Oil & Gas | 51 | 50 | -1 | Tighter | 11.00 |
| Transportation: Cargo | 29 | 28 | -2 | Tighter | 13.00 |
Stay up-to-date with monthly summaries.
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