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Cross-Sector: Market Data Highlights

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CROSS-SECTOR

DATA REPORT

4 February 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

Feb. 3

Jan. 27

Senior Ratings

AutoNation, Inc.

Baa3

Caa1

Baa3

CenterPoint Energy, Inc.

A3

Baa2

Baa2

CVS Health Corporation

Baa1

Baa2

Baa2

Exxon Mobil Corporation

A1

A2

Aa1

Boeing Company (The)

Ba1

Ba2

Baa2

Home Depot, Inc. (The)

Aaa

Aa1

A2

Amazon.com, Inc.

Aa1

Aa2

A2

Kraft Heinz Foods Company

Baa3

Ba1

Baa3

Waste Management, Inc.

Baa1

Baa2

Baa1

Cargill, Incorporated

Baa2

Baa3

A2

CDS Implied Rating Declines
Issuer

Feb. 3

Jan. 27

Senior Ratings

BellSouth Corporation

Baa3

Aa1

Baa2

American Express Credit Corporation

A1

Aa2

A2

Pitney Bowes Inc.

Caa2

B3

B1

Comcast Corporation

Aa3

Aa2

A3

John Deere Capital Corporation

Baa1

A3

A2

Microsoft Corporation

Aa1

Aaa

Aaa

Walt Disney Company (The) (Old)

Aa1

Aaa

A2

Amgen Inc.

Aa3

Aa2

Baa1

Chevron Corporation

A2

A1

Aa2

Southern California Edison Company

Baa2

Baa1

Baa2

CDS Spread Increases
Issuer

Senior Ratings

Feb. 3

Jan. 27

Spread Diff

BellSouth Corporation

Baa2

80

32

48

Pitney Bowes Inc.

B1

394

357

37

Gap, Inc. (The)

Ba3

234

216

19

Nissan Motor Acceptance Corporation

Baa3

215

197

18

Lumen Technologies, Inc.

B2

244

231

13

Vornado Realty L.P.

Baa2

127

114

13

Staples, Inc.

B3

719

709

10

Weingarten Realty Investors

Baa1

128

118

10

R.R. Donnelley & Sons Company

B3

595

588

8

Qwest Corporation

Ba2

135

128

7

CDS Spread Decreases
Issuer

Senior Ratings

Feb. 3

Jan. 27

Spread Diff

AutoNation, Inc.

Baa3

93

429

-337

Nabors Industries , Inc.

Caa2

1,257

1,495

-238

American Airlines Group Inc.

Caa1

1,082

1,320

-238

United States Steel Corporation

Caa2

401

543

-142

Murphy Oil Corporation

Ba3

481

562

-81

United Airlines Holdings, Inc.

Ba3

577

649

-72

Apache Corporation

Ba1

285

356

-71

Occidental Petroleum Corporation

Ba2

351

420

-69

K. Hovnanian Enterprises, Inc.

Caa3

1,138

1,194

-57

Rite Aid Corporation

Caa3

507

558

-50

Source: Moody's, CMA

CDS Spreads

CDS Implied Ratings

CDS Implied Ratings

CDS Spreads

Figure 3. CDS Movers - US ( January 27, 2021 February 3, 2021)

2 4 February 2021

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

CDS Implied Rating Rises
Issuer

Feb. 3

Jan. 27

Senior Ratings

Anheuser-Busch InBev SA /NV

A3

Baa2

Baa1

Landesbank Hessen-Thueringen GZ

Baa1

Baa2

Aa3

Intesa Sanpaolo S.p.A .

Baa2

Baa3

Baa1

Commerzbank AG

A1

A2

A1

UniCredit S.p.A .

Baa2

Baa3

Baa1

Orange

Aa1

Aa2

Baa1

Bayerische Motoren Werke Aktiengesellschaft

A3

Baa1

A2

ENEL S.p.A .

Baa1

Baa2

Baa1

GlaxoSmithKline plc

Aaa

Aa1

A2

Raiffeisen Bank International AG

Aa3

A1

A3

CDS Implied Rating Declines
Issuer

Feb. 3

Jan. 27

Senior Ratings

Banque Federative du Credit Mutuel

A3

A1

Aa3

ASML Holding N.V.

Baa2

A3

A3

Alstom

A3

A1

Baa2

Spain , Government of

A1

Aa3

Baa1

HSBC Holdings plc

A2

A1

A2

Natixis

Aa2

Aa1

A1

Erste Group Bank AG

A2

A1

A2

UniCredit Bank AG

Aa2

Aa1

A2

Nationwide Building Society

Aa3

Aa2

A1

SEB AB

Aa2

Aa1

Aa2

CDS Spread Increases
Issuer

Senior Ratings

Feb. 3

Jan. 27

Spread Diff

Novafives S.A.S .

Caa2

916

885

31

Vedanta Resources Limited

Caa1

1,133

1,120

13

Premier Foods Finance plc

B3

208

199

9

TUI AG

Caa1

765

758

7

Novo Banco, S.A.

Caa2

330

323

6

ASML Holding N.V.

A3

54

49

5

Banque Federative du Credit Mutuel

Aa3

45

42

3

Alstom

Baa2

45

42

3

Vue International Bidco plc

Ca

788

786

3

Autoroutes du Sud de la France (ASF)

A3

36

34

2

CDS Spread Decreases
Issuer

Senior Ratings

Feb. 3

Jan. 27

Spread Diff

National Bank of Greece S.A.

Caa1

290

366

-76

Jaguar Land Rover Automotive Plc

B1

401

461

-60

Iceland Bondco plc

Caa2

370

418

-49

Atlantia S.p.A .

Ba3

184

217

-33

Casino Guichard-Perrachon SA

Caa1

613

644

-31

CMA CGM S.A.

Caa1

427

454

-27

Deutsche Lufthansa Aktiengesellschaft

Ba2

300

327

-27

Altice Finco S.A.

Caa1

360

384

-24

Stena AB

Caa1

627

652

-24

Rolls-Royce plc

Ba3

283

306

-23

Source: Moody's, CMA

CDS Spreads

CDS Implied Ratings

CDS Implied Ratings

CDS Spreads

Figure 4. CDS Movers - Europe ( January 27, 2021 February 3, 2021)

3 4 February 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 4 February 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

32.555

21.437

55.440

Year-to-Date

157.627

77.952

243.883

Investment-Grade

High-Yield

Total*

Amount

Amount

Amount

$B

$B

$B

Weekly

4.852

4.557

10.144

Year-to-Date

75.377

17.364

94.093

* 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

69

102

266

423

70

123

59

43

>=3 and <5

80

135

283

418

67

125

47

44

>=5 and <7

103

160

324

482

47

82

27

19

>=7

116

216

350

543

118

208

54

33

Emerging Market Sovereign

Duration

A

Baa

Ba

B

A

Baa

Ba

B

>=1 and <3

28

68

111

335

16

32

16

18

>=3 and <5

45

80

204

403

16

36

22

24

>=5 and <7

97

117

279

491

15

34

18

18

>=7

72

184

337

543

69

106

45

32

Emerging Market Corporate

Duration

A

Baa

Ba

B

A

Baa

Ba

B

>=1 and <3

73

114

298

490

54

91

43

25

>=3 and <5

85

155

320

474

51

89

25

20

>=5 and <7

115

191

419

314

32

48

9

1

>=7

150

249

606

695

49

102

9

1

Source: Moody's

Median Spreads

Bond Counts

Median Spreads

Bond Counts

Figure 8. Emerging Market Median OAS

Bond Counts

Median Spreads

5 4 February 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

3

26

39

71

232

456

519

>=3 and <5

9

34

50

99

280

500

488

>=5 and <7

23

30

70

122

295

383

-

>=7

31

34

108

172

224

-

406

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

351

257

409

290

77

22

6

>=3 and <5

182

158

366

289

69

14

3

>=5 and <7

88

116

208

149

17

3

-

>=7

113

272

439

243

13

-

2

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

25

79

171

160

47

21

6

>=3 and <5

27

73

161

160

39

14

3

>=5 and <7

24

55

99

90

12

3

-

>=7

31

89

159

119

10

-

1

Source: Moody's

Figure 10. Global Financial Institutions Median Credit Spreads

Median Spreads

Debt Counts

Issuer Counts

6 4 February 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

12

28

35

54

269

402

544

>=3 and <5

27

41

47

68

275

434

618

>=5 and <7

21

53

60

96

299

389

702

>=7

53

109

120

164

325

460

597

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

41

137

549

884

334

249

61

>=3 and <5

33

122

494

983

300

194

66

>=5 and <7

20

88

403

823

154

76

10

>=7

34

288

1477

1982

204

31

8

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

10

55

266

501

241

191

52

>=3 and <5

6

52

263

559

201

155

55

>=5 and <7

7

41

219

480

106

67

9

>=7

7

56

354

589

84

17

6

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

19

27

36

38

40

42

46

50

55

Baa3

Ba1

Ba2

Ba3

B1

B2

B3

Caa

81

118

174

208

248

297

331

506

Global Median Spreads by Broad Rating Category

Aaa

Aa

A

Baa

Ba

B

Caa

21

36

42

55

174

297

411

Global Issuer Counts by Broad Rating Category

Aaa

Aa

A

Baa

Ba

B

Caa

9

52

172

345

99

47

32

Source: Moody's, CMA

Figure 12. Global Median CDS Spreads By Rating Category

7 4 February 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

21

35

40

62

153

253

383

Europe

10

28

39

55

128

215

488

Asia Pacific (ex.Japan)

14

24

36

62

157

359

-

Japan

-

27

24

30

52

71

-

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

3

19

85

211

60

34

14

Europe

6

33

82

122

28

10

16

Asia Pacific (ex.Japan)

3

18

31

35

5

2

-

Japan

-

1

34

13

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

23

30

36

59

154

244

467

Financials

11

28

36

62

157

374

373

Sovereigns

11

15

33

50

94

374

-

Banks

-

28

37

63

174

-

330

Sector

Aaa

Aa

A

Baa

Ba

B

Caa

Corporates

4

25

152

325

88

49

26

Financials

8

46

85

68

19

1

6

Banks

-

35

53

29

10

-

5

Sovereigns

8

6

4

6

3

1

-

Source: Moody's, CMA

Figure 14. Global Median CDS Spreads by Sector

Median CDS Spreads

Issuer Counts

8 4 February 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

12

40

42

71

202

-

685

Europe

10

28

41

63

130

-

330

Asia Pacific (ex.Japan)

14

23

35

61

94

374

-

Japan

-

-

25

40

-

-

-

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

1

8

22

24

7

-

1

Europe

5

25

39

27

6

-

5

Asia Pacific (ex.Japan)

2

13

13

13

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

23

31

39

61

153

253

366

Europe

10

28

37

52

128

215

613

Asia Pacific (ex.Japan)

26

29

36

62

163

344

-

Japan

-

27

24

28

52

71

-

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

2

11

63

187

53

34

13

Europe

1

8

43

95

22

10

11

Asia Pacific (ex.Japan)

1

5

18

22

2

1

-

Japan

-

1

23

11

3

1

-

Source: Moody's, CMA

Median CDS Spreads

Issuer Counts

Figure 16. Global Corporates Median CDS Spreads by Region

9 4 February 2021

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

© 2021 Moody’s Corporation, Moody’s Investors Service, Inc. , Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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Cross-Sector: Market Data Highlights