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Investment Grade CDS Market September 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 9/1/26 – 9/30/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	CFAMCI 5Y	HUARONG FINANCE II	-6.2%	-5	82	87	3
2	HKLAND 5Y	HONGKONG LD LTD	-5.5%	-4	62	66	2
3	UHS 5Y	UNIVERSAL HEALTH SERVICES INC	-4.4%	-3	66	69	3
4	NIPSTL 5Y	SUMITOMO METAL INDUSTRIES LTD	-2.9%	-2	65	67	4
5	AGO 5Y	ASSURED GUARANTY LTD	-1.9%	-1	61	62	3
6	BOCAVI 5Y CDS	BOC AVIATION LTD	-1.9%	-1	53	54	4
7	BAIDU 5Y	BAIDU INC	-1.8%	-1	81	82	2
8	ARW 5Y	ARROW ELECTRONICS INC	-1.0%	-1	68	68	5
9	CARGIL 5Y	CARGILL INC	-0.2%	0	52	52	2
10	HAS 5Y	HASBRO INC	-0.2%	0	91	91	2

Top 10 Underperformers

Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 9/1/26 – 9/30/26

RANK	BOND NAME	ISSUER	% CHANGE	BPS CHANGE	SPRD	SPRD-1 MONTH	DEALERS
1	ACAFP 5Y	CREDIT AGRICOLE CORPORATE & INVESTMENT BANK SA	49.8%	18	53	36	7
2	BNP 5Y	BNP PARIBAS / BNP PARIBAS US	49.5%	20	62	41	3
3	EDF 5Y	EDF S A	44.2%	25	81	56	4
4	ING 5Y	ING GROEP N V	41.6%	11	36	25	3
5	ABXFIN 5Y	BARRICK GOLD CORP	41.5%	11	37	26	6
6	AXASA 5Y	AXA SA	41.1%	20	67	48	3
7	SOCGEN 5Y	SOCIETE GENERALE MEDIUM TERM	40.4%	18	61	43	7
8	VINCI 5Y	VINCI	40.3%	15	51	36	4
9	HSBC 5Y	HSBC BK USA N A MC LEAN VA	39.1%	12	42	30	4
10	WY 5Y	MACMILLAN BLOEDEL LTD	38.7%	12.2	44	32	7

Normalized IG Spread by Region

Displays the IG CDS spread by region between 9/1/26 – 9/30/26 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 8/31/26 vs. the month ending 9/30/26

REGION	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
Global	49	54	6	Wider	693
U.S.	49	53	4	Wider	283
Japan	36	38	1	Wider	39
Europe	44	54	10	Wider	182
U.K.	49	55	6	Wider	43
APAC	58	60	2	Wider	51

Normalized IG Spread by Industry

Displays the IG CDS spread by industry between 9/1/26 – 9/30/26 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 8/31/26 vs. the month ending 9/30/26

INDUSTRIES	PREVIOUS SPREAD	CURRENT SPREAD	BPS CHANGE	MONTHLY PERFORMANCE	CDS COUNT
All Industries	49	55	6	Wider	713.00
Aerospace & Defense	31	38	7	Wider	15.00
Construction & Building	43	53	10	Wider	15.00
Finance	55	58	4	Wider	63.00
Energy: Oil & Gas	53	55	2	Wider	39.00
Capital Equipment	67	68	1	Wider	14.00

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