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Yahoo Finance Plus Cross-Sector: Market Data Highlights
CROSS-SECTOR
DATA REPORT
4 February 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
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
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
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
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
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
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
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
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
MOODY'S ANALYTICS
CROSS-SECTOR
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