Investment Grade CDS Market Summary – October 2026
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Investment Grade CDS Market October 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 10/1/26 – 10/31/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | OVV 5Y | OVINTIV | -9.6% | -6 | 61 | 67 | 4 |
| 2 | POWFIN 5Y | POWER FINANCE CORP LTD | -9.5% | -9 | 86 | 95 | 2 |
| 3 | ELESM 5Y | EMGESA S A E S P | -8.3% | -5 | 60 | 66 | 2 |
| 4 | DOW 5Y | DOW CAP B V | -8.2% | -7 | 73 | 80 | 7 |
| 5 | AMT 5Y | AMERICAN TOWER CORP | -7.8% | -5 | 61 | 66 | 3 |
| 6 | APACOR 5Y | APA CORP | -7.8% | -6 | 67 | 73 | 4 |
| 7 | ALSTOM 5Y | ALSTOM | -7.5% | -8 | 100 | 108 | 3 |
| 8 | TVOYFH 5Y | TVO | -5.3% | -4 | 72 | 76 | 2 |
| 9 | SYNNVX 5Y | SYNGENTA AG | -4.8% | -4 | 82 | 86 | 4 |
| 10 | SUG 5Y | ENERGY TRANSFER PARTNERS LP | -4.0% | -2 | 56 | 58 | 2 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 10/1/26 – 10/31/26
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | FUJITS 5Y | FUJITSU LTD | 75.7% | 18 | 42 | 24 | 3 |
| 2 | NECORP 5Y | NEC CORPORATION | 67.3% | 20 | 49 | 29 | 3 |
| 3 | KANSEL 5Y | KANSAI ELEC PWR INC | 64.7% | 21 | 54 | 33 | 2 |
| 4 | SNE 5Y | SONY CORP | 46.5% | 13 | 40 | 28 | 3 |
| 5 | NTT 5Y | NIPPON TELEG & TEL CORP | 42.8% | 23 | 75 | 53 | 3 |
| 6 | JUSCO 5Y | AEON CO LTD | 41.2% | 15 | 50 | 36 | 3 |
| 7 | PANASONIC 5Y | PANASONIC CORP | 38.5% | 14 | 50 | 36 | 2 |
| 8 | TMCC 5Y | TOYOTA MTR CR CORP TMCC | 37.9% | 10 | 37 | 26 | 3 |
| 9 | DELL 5Y | DELL COMPUTER CORP | 34.5% | 24 | 92 | 69 | 8 |
| 10 | TMUS 5Y | T-MOBILE USA INC | 33.5% | 23.6 | 94 | 70 | 8 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 10/1/26 – 10/1/26 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 9/30/26 vs. the month ending 10/31/26
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 55 | 58 | 3 | Wider | 736.00 |
| Banking | 51 | 57 | 6 | Wider | 59.00 |
| Environmental Industries | 51 | 57 | 6 | Wider | 4.00 |
| High Tech Industries | 65 | 69 | 4 | Wider | 35.00 |
| Utilities: Electric | 53 | 54 | 2 | Wider | 31.00 |
| Containers, Packaging, & Glass | 33 | 33 | 0 | Tighter | 2.00 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 10/1/26 – 10/31/26 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 9/30/26 vs. the month ending 10/31/26
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 55 | 58 | 3 | Wider | 736.00 |
| Banking | 51 | 57 | 6 | Wider | 59.00 |
| Environmental Industries | 51 | 57 | 6 | Wider | 4.00 |
| High Tech Industries | 65 | 69 | 4 | Wider | 35.00 |
| Utilities: Electric | 53 | 54 | 2 | Wider | 31.00 |
| Containers, Packaging, & Glass | 33 | 33 | 0 | Tighter | 2.00 |
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