Investment Grade CDS Market Summary – October 2024
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Investment Grade CDS Market October 2024
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 10/1/24 – 10/31/24
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | UUW 5Y | UNITED UTILS PLC | -28.4% | -20 | 51 | 71 | 5 |
| 2 | HMSOLN 5Y | HAMMERSON PLC | -21.1% | -12 | 47 | 59 | 3 |
| 3 | ERICB 5Y | TELEFONAKTIEBOLAGET LM ERICSSON | -19.3% | -16 | 65 | 81 | 4 |
| 4 | COFF 5Y | CAPITAL ONE FINL CORP | -14.9% | -14 | 79 | 93 | 5 |
| 5 | TJX 5Y | TJX COS INC NEW | -12.3% | -7 | 50 | 57 | 2 |
| 6 | EXPE 5Y | EXPEDIA INC | -11.6% | -9 | 65 | 74 | 5 |
| 7 | FREGR 5Y | FRESENIUS SE & CO KGAA | -11.5% | -6 | 48 | 54 | 2 |
| 8 | BHP 5Y | BHP BILLITON PLC | -11.2% | -9 | 70 | 79 | 2 |
| 9 | DB 5Y | DEUTSCHE BK AG GLOBAL MEDIUM | -10.8% | -8 | 64 | 72 | 5 |
| 10 | UCGIM 5Y | UNICREDIT LUXEMBOURG FIN SA | -10.7% | -7 | 55 | 62 | 6 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 10/1/24 – 10/31/24
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | VIVFP 5Y | SEAGRAM CO LTD | 47.2% | 30 | 92 | 63 | 5 |
| 2 | BBY 5Y | BEST BUY INC | 34.4% | 13 | 49 | 37 | 6 |
| 3 | INTC 5Y | INTEL | 20.3% | 13 | 80 | 66 | 6 |
| 4 | BAYGR 5Y | BAYER CORP | 19.7% | 15 | 91 | 76 | 5 |
| 5 | CAG 5Y | CONAGRA FOODS INC | 18.9% | 8 | 52 | 44 | 6 |
| 6 | SZUGR 5Y | SUEDZUCKER AG | 17.4% | 15 | 98 | 84 | 5 |
| 7 | CVS 5Y | CVS CAREMARK CORP | 17.3% | 10 | 70 | 60 | 6 |
| 8 | STERV 5Y | STORA ENSO CORP | 16.5% | 11 | 78 | 67 | 5 |
| 9 | DHI 5Y | D R HORTON INC | 16.4% | 8 | 56 | 48 | 4 |
| 10 | UHS 5Y | UNIVERSAL HEALTH SERVICES INC | 16.3% | 9.3 | 66 | 57 | 4 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 10/1/24 – 10/31/24 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 9/30/23 vs. the month ending 10/31/24
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 51 | 49 | -2 | Tighter | 574 |
| U.S. | 48 | 48 | 0 | Wider | 237 |
| U.K. | 59 | 53 | -6 | Tighter | 41 |
| Canada | 60 | 61 | 1 | Wider | 12 |
| China | 61 | 65 | 4 | Wider | 9 |
| APAC | 47 | 50 | 3 | Wider | 42 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 10/1/24 – 10/31/24 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 9/30/23 vs. the month ending 10/31/24
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 51 | 50 | -1 | Tighter | 577 |
| Aerospace & Defense | 36 | 38 | 1 | Wider | 11 |
| Capital Equipment | 59 | 60 | 0 | Wider | 11 |
| Services: Business | 83 | 77 | -5 | Tighter | 3 |
| Healthcare & Pharmaceuticals | 39 | 38 | -1 | Tighter | 31 |
| Telecommunications | 44 | 41 | -3 | Tighter | 32 |
Stay up-to-date with monthly summaries.
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