Cross-Sector: Market Data Highlights
CROSS-SECTOR
DATA REPORT
22 April 2021
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Cross-Sector
Market Data Highlights
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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)
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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.
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
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
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
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
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
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
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
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
MOODY'S ANALYTICS
CROSS-SECTOR
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