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Cross-Sector: Market Data Highlights

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·18 min read
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CROSS-SECTOR

DATA REPORT

22 April 2021

CLIENT SERVICES

Americas

1-212-553-1653

Asia Pacific

852-3551-3077

Japan

81-3-5408-4100

EMEA

44-20-7772-5454

Cross-Sector

Market Data Highlights

The latest market data from Weekly Market Outlook. Click

here

for access to the full WMO.

SPREADS

0

200

400

600

800

0

200

400

600

800

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Spread (bp)

Spread (bp)

Aa2

A2

Baa2

Source: Moody's

Figure 1: 5-Year Median Spreads-Global Data (High Grade)

0

400

800

1,200

1,600

2,000

0

400

800

1,200

1,600

2,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Spread (bp)

Spread (bp)

Ba2

B2

Caa-C

Source: Moody's

Figure 2: 5-Year Median Spreads-Global Data (High Yield)

Moody’s Analytics markets and distributes all Moody’s Capital Markets Research, Inc. materials. Moody’s Capital Markets
Research,Inc. is a subsidiary of Moody’s Corporation. Moody’s Analytics does not provide investment advisory services or
products. For further detail, please see the last page.

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MOODY'S ANALYTICS

CROSS-SECTOR

CDS MOVERS

CDS Implied Rating Rises
Issuer

Apr. 21

Apr. 14

Senior Ratings

PPG Industries, Inc.

A3

Baa2

A3

Raytheon Technologies Corporation

A2

A3

Baa1

Philip Morris International Inc.

A1

A2

A2

Bank of New York Mellon Corporation (The)

A1

A2

A1

PNC Financial Services Group, Inc.

A2

A3

A3

Dish DBS Corporation

Caa1

Caa2

B2

ERP Operating Limited Partnership

A2

A3

A3

WEC Energy Group, Inc.

A3

Baa1

Baa1

Liberty Interactive LLC

B3

Caa1

B2

iStar Inc.

B1

B2

Ba3

CDS Implied Rating Declines
Issuer

Apr. 21

Apr. 14

Senior Ratings

Altria Group Inc.

Baa2

A3

A3

JPMorgan Chase & Co.

A3

A2

A2

Bank of America Corporation

A3

A2

A2

Ally Financial Inc.

Ba1

Baa3

Ba1

Apple Inc.

A1

Aa3

Aa1

Comcast Corporation

A3

A2

A3

Oracle Corporation

A2

A1

Baa2

American Express Credit Corporation

A3

A2

A2

CVS Health Corporation

Baa1

A3

Baa2

Amazon.com, Inc.

A2

A1

A2

CDS Spread Increases
Issuer

Senior Ratings

Apr. 21

Apr. 14

Spread Diff

Carnival Corporation

B2

348

315

33

Royal Caribbean Cruises Ltd.

B2

382

352

30

Encompass Health Corp.

B1

178

161

17

Univision Communications Inc.

Caa2

320

304

16

Murphy Oil Corporation

Ba3

428

412

16

American Airlines Group Inc.

Caa1

787

771

16

Altria Group Inc.

A3

59

45

14

Walgreen Co.

Baa2

65

51

14

Pactiv Corporation

Caa1

411

396

14

Nordstrom, Inc.

Baa3

253

240

13

CDS Spread Decreases
Issuer

Senior Ratings

Apr. 21

Apr. 14

Spread Diff

R.R. Donnelley & Sons Company

B3

463

511

-48

Staples, Inc.

B3

692

734

-41

Dish DBS Corporation

B2

367

393

-26

iStar Inc.

Ba3

277

304

-26

Dell Inc.

Ba2

86

108

-22

Talen Energy Supply, LLC

B3

1,127

1,147

-20

Levi Strauss & Co.

Ba2

123

142

-19

Marathon Oil Corporation

Baa3

157

169

-12

Cameron International Corporation

Baa1

85

97

-12

United Airlines, Inc.

Ba3

416

427

-11

Source: Moody's, CMA

CDS Spreads

CDS Implied Ratings

CDS Implied Ratings

CDS Spreads

Figure 3. CDS Movers - US ( April 14, 2021 April 21, 2021)

2 22 April 2021

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

CDS Implied Rating Rises
Issuer

Apr. 21

Apr. 14

Senior Ratings

Rabobank

Aa2

Aa3

Aa3

Barclays PLC

Baa1

Baa2

Baa2

Portugal , Government of

Aa3

A1

Baa3

Commerzbank AG

A3

Baa1

A1

NatWest Group plc

Baa1

Baa2

Baa2

NatWest Markets Plc

A3

Baa1

A3

FCE Bank plc

Ba2

Ba3

Ba2

Credit Suisse AG

Baa1

Baa2

Aa3

BAWAG P.S.K. AG

Baa2

Baa3

A2

Bertelsmann SE & Co. KGaA

Aa3

A1

Baa2

CDS Implied Rating Declines
Issuer

Apr. 21

Apr. 14

Senior Ratings

Schaeffler Finance B.V.

Baa1

A2

Ba2

Banca Monte dei Paschi di Siena S.p.A .

Ba3

Ba2

Caa1

Merck KGaA

Aa2

Aa1

Baa1

United Utilities PLC

A2

A1

Baa1

Henkel AG & Co. KGaA

Aa2

Aa1

A2

Caixa Geral de Depositos, S.A.

Ba1

Baa3

Ba1

thyssenkrupp AG

B1

Ba3

B1

Italy , Government of

Baa3

Baa3

Baa3

France , Government of

Aa2

Aa2

Aa2

United Kingdom , Government of

Aaa

Aaa

Aa3

CDS Spread Increases
Issuer

Senior Ratings

Apr. 21

Apr. 14

Spread Diff

Novafives S.A.S.

Caa2

769

743

26

Iceland Bondco plc

Caa2

420

397

23

thyssenkrupp AG

B1

243

227

17

Deutsche Lufthansa Aktiengesellschaft

Ba2

284

270

14

Piraeus Financial Holdings S.A.

Caa3

521

506

14

Casino Guichard-Perrachon SA

Caa1

524

511

13

Rolls-Royce plc

Ba3

269

259

10

Schaeffler Finance B.V.

Ba2

53

43

9

CMA CGM S.A.

B3

403

395

8

Ziggo Bond Company B.V.

B3

236

228

8

CDS Spread Decreases
Issuer

Senior Ratings

Apr. 21

Apr. 14

Spread Diff

FCE Bank plc

Ba2

152

194

-43

Stena AB

Caa1

557

569

-12

GKN Holdings Limited

Ba1

137

147

-10

Hammerson Plc

Baa3

233

240

-8

Stagecoach Group Plc

Baa3

77

85

-8

Unibail-Rodamco-Westfield SE

Baa2

110

117

-7

BAWAG P.S.K. AG

A2

63

70

-6

Smiths Group plc

Baa2

71

77

-6

Schneider Electric SE

A3

26

31

-5

VERBUND AG

A3

33

38

-5

Source: Moody's, CMA

CDS Spreads

CDS Implied Ratings

CDS Implied Ratings

CDS Spreads

Figure 4. CDS Movers - Europe ( April 14, 2021 April 21, 2021)

3 22 April 2021

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

ISSUANCE

0

700

1,400

2,100

2,800

0

700

1,400

2,100

2,800

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Issuance ($B)

Issuance ($B)

2018

2019

2020

2021

Source:

Moody's / Dealogic

Figure 5. Market Cumulative Issuance - Corporate & Financial Institutions: USD Denominated

0

200

400

600

800

1,000

0

200

400

600

800

1,000

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Issuance ($B)

Issuance ($B)

2018

2019

2020

2021

Source:

Moody's / Dealogic

Figure 6. Market Cumulative Issuance - Corporate & Financial Institutions: Euro Denominated

4 22 April 2021

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

Investment-Grade

High-Yield

Total*

Amount

Amount

Amount

$B

$B

$B

Weekly

57.100

18.440

77.370

Year-to-Date

574.652

241.945

836.371

Investment-Grade

High-Yield

Total*

Amount

Amount

Amount

$B

$B

$B

Weekly

10.789

7.414

18.364

Year-to-Date

239.495

52.728

302.090

* Difference represents issuance with pending ratings.

Source: Moody's/ Dealogic

USD Denominated

Euro Denominated

Figure 7. Issuance: Corporate & Financial Institutions

EMERGING MARKET CREDIT SPREADS

Emerging Market

Duration

A

Baa

Ba

B

A

Baa

Ba

B

>=1 and <3

62

110

270

437

66

133

53

45

>=3 and <5

86

126

292

500

72

118

59

52

>=5 and <7

96

161

315

537

46

93

27

21

>=7

118

209

368

563

125

218

57

40

Emerging Market Sovereign

Duration

A

Baa

Ba

B

A

Baa

Ba

B

>=1 and <3

38

61

83

429

15

32

15

19

>=3 and <5

44

91

205

486

18

35

24

30

>=5 and <7

76

122

265

539

18

33

19

20

>=7

71

191

336

563

82

115

46

39

Emerging Market Corporate

Duration

A

Baa

Ba

B

A

Baa

Ba

B

>=1 and <3

67

122

297

477

51

101

38

26

>=3 and <5

91

156

347

566

54

83

35

22

>=5 and <7

115

195

373

277

28

60

8

1

>=7

143

227

543

636

43

103

11

1

Source: Moody's

Median Spreads

Bond Counts

Median Spreads

Bond Counts

Figure 8. Emerging Market Median OAS

Bond Counts

Median Spreads

5 22 April 2021

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

0

600

1,200

1,800

2,400

0

600

1,200

1,800

2,400

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Spread (bp)

Spread (bp)

A

Baa

Ba

B

Source: Moody's

Figure 9: Emerging Markets Median Credit Spreads (3-5 year duration)

MEDIAN CREDIT SPREADS

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

10

25

41

72

206

450

567

>=3 and <5

8

32

55

104

259

566

502

>=5 and <7

21

29

67

137

291

344

-

>=7

26

39

80

160

232

397

393

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

191

277

446

284

71

24

5

>=3 and <5

201

209

368

290

66

18

2

>=5 and <7

107

137

213

146

19

3

-

>=7

128

315

558

265

16

1

2

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

26

85

175

159

45

23

5

>=3 and <5

30

80

152

157

42

17

2

>=5 and <7

27

62

98

90

15

3

-

>=7

31

88

153

115

12

1

1

Source: Moody's

Figure 10. Global Financial Institutions Median Credit Spreads

Median Spreads

Debt Counts

Issuer Counts

6 22 April 2021

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

10

30

38

57

264

415

566

>=3 and <5

20

37

50

75

281

410

548

>=5 and <7

28

53

67

101

286

356

541

>=7

43

97

113

151

298

420

569

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

35

122

517

868

310

225

50

>=3 and <5

36

126

511

1010

301

216

73

>=5 and <7

24

87

402

839

189

107

24

>=7

44

299

1478

2070

224

46

6

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

10

53

261

502

222

182

44

>=3 and <5

9

52

273

577

195

174

63

>=5 and <7

10

39

225

498

134

93

23

>=7

7

55

352

611

104

28

5

Source: Moody's

Issuer Counts

Figure 11. Global Corporate Median Credit Spreads

Median Spreads

Debt Counts

MEDIAN 5-YEAR CDS SPREADS

Global Median Spreads by Fine Rating Category

Aaa

Aa1

Aa2

Aa3

A1

A2

A3

Baa1

Baa2

14

17

21

26

33

41

46

52

58

Baa3

Ba1

Ba2

Ba3

B1

B2

B3

Caa

83

118

167

210

264

332

353

546

Global Median Spreads by Broad Rating Category

Aaa

Aa

A

Baa

Ba

B

Caa

19

38

41

58

167

332

399

Global Issuer Counts by Broad Rating Category

Aaa

Aa

A

Baa

Ba

B

Caa

9

53

168

345

100

44

31

Source: Moody's, CMA

Figure 12. Global Median CDS Spreads By Rating Category

7 22 April 2021

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

19

36

41

65

165

293

408

Europe

9

29

40

57

141

238

522

Asia Pacific (ex.Japan)

17

23

41

68

146

341

-

Japan

-

-

23

28

52

72

-

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

3

20

84

209

61

31

15

Europe

6

33

80

124

28

10

14

Asia Pacific (ex.Japan)

3

18

31

35

5

2

-

Japan

-

-

32

15

3

1

-

Source: Moody's, CMA

Issuer Counts

Figure 13. Median CDS Spreads By Region

Median CDS Spreads

Sector

Aaa

Aa

A

Baa

Ba

B

Caa

Corporates

22

31

37

61

159

275

557

Financials

10

29

41

61

155

370

296

Sovereigns

10

11

40

52

100

370

-

Banks

-

30

41

65

203

-

213

Sector

Aaa

Aa

A

Baa

Ba

B

Caa

Corporates

4

24

147

329

89

46

25

Financials

8

47

84

66

19

1

6

Banks

-

35

53

28

10

-

5

Sovereigns

8

6

4

6

3

1

-

Source: Moody's, CMA

Issuer Counts

Figure 14. Global Median CDS Spreads by Sector

Median CDS Spreads

8 22 April 2021

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

10

43

44

66

191

-

528

Europe

9

29

42

61

129

-

213

Asia Pacific (ex.Japan)

16

22

41

67

100

370

-

Japan

-

-

26

45

-

-

-

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

1

8

22

24

7

-

1

Europe

5

26

38

26

6

-

5

Asia Pacific (ex.Japan)

2

13

13

12

3

1

-

Japan

-

-

11

2

-

-

-

Source: Moody's, CMA

Figure 15. Global Financial Institutions Median CDS Spreads by Region

Median CDS Spreads

Issuer Counts

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

22

34

38

65

162

293

402

Europe

9

24

36

53

141

238

615

Asia Pacific (ex.Japan)

31

26

41

68

155

313

-

Japan

-

-

22

28

52

72

-

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

2

12

62

185

54

31

14

Europe

1

7

42

98

22

10

9

Asia Pacific (ex.Japan)

1

5

18

23

2

1

-

Japan

-

-

21

13

3

1

-

Source: Moody's, CMA

Median CDS Spreads

Issuer Counts

Figure 16. Global Corporates Median CDS Spreads by Region

9 22 April 2021

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

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CROSS-SECTOR

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11 22 April 2021

Cross-Sector: Market Data Highlights