Investment Grade CDS Market Summary – September 2022
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Investment Grade CDS Market Summary: October 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 9/1/22 – 9/30/22
| RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
|---|---|---|---|---|---|---|
| 1 | FRTUM 5Y | FORTUM OYJ | -45.6% | -130 | 156 | 286 |
| 2 | LIFP 5Y | KLEPIERRE SA | -9.6% | -16 | 147 | 163 |
| 3 | NEM 5Y | NEWMONT MNG CORP | -4.5% | -4 | 82 | 86 |
| 4 | CAH 5Y | ALLEGIANCE CORP | -4.3% | -3 | 61 | 64 |
| 5 | AGO 5Y | ASSURED GUARANTY LTD | -3.7% | -3 | 68 | 71 |
| 6 | ALL 5Y | ALLIED CAP COML MTG TR | -3.5% | -1 | 34 | 35 |
| 7 | DHI 5Y | D R HORTON INC | -3.4% | -5 | 140 | 145 |
| 8 | GLW 5Y | CORNING GLASS WKS | -2.8% | -3 | 88 | 90 |
| 9 | ENGIFP 5Y | GDF SUEZ | -1.0% | -1 | 100 | 101 |
| 10 | ORCL 5Y | ORACLE CORP | -0.9% | -1 | 124 | 125 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 9/1/22 – 9/30/22
| RANK | BOND NAME | ISSUER | % CHG | BPS CHG | SPRD | SPRD-1 MNTH |
|---|---|---|---|---|---|---|
| 1 | NUNPC 5Y | NIPPON PAPER INDUSTRIES CO LTD | 109.1% | 151 | 289 | 138 |
| 2 | NIPYU 5Y | NIPPON YUSEN KK | 82.6% | 37 | 82 | 45 |
| 3 | NIPSTL 5Y | SUMITOMO METAL INDUSTRIES LTD | 79.8% | 33 | 73 | 41 |
| 4 | JFEHLD 5Y | JFE HOLDINGS INC | 79.7% | 37 | 84 | 47 |
| 5 | KOBSTL 5Y | KOBE STEEL LTD | 76.3% | 61 | 140 | 79 |
| 6 | OJI 5Y | OJI HOLDINGS CORP | 74.0% | 22 | 52 | 30 |
| 7 | DPWGR 5Y | DEUTSCHE POST AG | 68.7% | 26 | 64 | 38 |
| 8 | KAWKIS 5Y | KAWASAKI KISEN KAISHA LTD | 57.8% | 90 | 246 | 156 |
| 9 | CPGLN 5Y | COMPASS GROUP PLC | 57.8% | 24 | 64 | 41 |
| 10 | FDX 5Y | FEDERAL EXPRESS CORP | 57.0% | 47.2 | 130 | 83 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 9/1/22 – 9/30/22 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 8/31/22 vs. the month ending 9/30/22
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 83 | 98 | 15 | Wider | 500 |
| U.S. | 75 | 84 | 10 | Wider | 182 |
| Japan | 41 | 55 | 14 | Wider | 39 |
| Europe | 90 | 108 | 18 | Wider | 153 |
| APAC | 81 | 104 | 23 | Wider | 22 |
| Latin America | 128 | 163 | 34 | Wider | 10 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 9/1/22 – 9/30/22 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 8/31/22 vs. the month ending 9/30/22
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 83 | 98 | 15 | Wider | 500.00 |
| Beverage, Food & Tobacco | 61 | 67 | 6 | Wider | 28.00 |
| Energy: Oil & Gas | 96 | 122 | 25 | Wider | 27.00 |
| Insurance | 74 | 89 | 15 | Wider | 27.00 |
| Metals & Mining | 89 | 115 | 26 | Wider | 16.00 |
| Consumer Goods: Non-Durable | 61 | 66 | 6 | Wider | 7.00 |
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