Investment-grade spreads sit near the top of their range
The CDX IG five-year closed at 61.6 basis points, unchanged on the day and within shouting distance of the 67.1 high of its one-year range, where it now sits at the 93rd percentile. The index moved a single basis point tighter over the week while iTraxx Xover fell ten basis points. Index print volume ran at 1,782, below the twenty-day average of 1,959, with single-name activity confined to eleven corporate names and no sovereigns.
The day's story may be elsewhere · TIPS & inflation: Breakevens drift lower, ten-year sits near year's bottom — ten-year CPI breakeven at 2.36%, the 3th percentile of its year, -9 bp on the week.
Index board
CDX.NA.IG 5y, bp · traded spread, daily median
CDX.NA.HY 5y · price, points
iTraxx Europe Main and Crossover 5y, bp
On-the-run series, latest day
On-the-run 5-year levels for the main indices, one row per series so a change is always on the same contract; on roll days (20 March and 20 September; 27th for CDX HY) the new series is shown and the change is marked. IG, iTraxx Main and the financials are quoted in spread; HY, EM and Crossover in price, with an equivalent spread alongside in the table.
Index curves
Today vs one month ago, bp
5s10s slope, bp (10y − 5y, same series where both print)
The term structure of each index from the prints that trade off the five-year: 3-, 5-, 7- and 10-year levels of the on-the-run series, today against one month ago, with the 5s10s slope through time. Off-the-run tenors are thin — the point count sits under each node — so a node with one or two prints is a quote, not a market. HY and Crossover are shown as equivalent spread so the four curves share a unit.
Credit vs rates
IG 5y spread vs 5y swap spread, bp
60-day correlation of daily changes
CDX IG 5y against the 5-year swap spread (par SOFR swap minus the Treasury) and the 5-year par rate from the Rates page. When swap spreads and credit spreads move together, the pattern is consistent with one balance-sheet story being priced across both; when they part, it can indicate that dealer intermediation or Treasury supply, rather than corporate credit, is driving the swap spread. Co-movement is a rolling 60-day correlation of daily changes.
Single names: the AI capex chain
The single-name board — hyperscalers, chips, landlords, power, sponsor-financed capacity and the leveraged tier, from the SEC's security-based swap file — now has its own page, with the same names' equity prices and swap activity, the GPU rental curve behind the collateral, and what the statutory books hold of each layer.
Tape flow
Prints per day, by product
Index notional per day, $bn
Latest day by index family
Single names and tranches, latest day
Index outrights and packages, index tranches, index options, and single names, by day. The USD/EUR split is by index notional. Single names are counted and sized, not listed: the public tape does not reliably name the reference entity.
Insurer-linked prints today
Prints matching insurer-book structures, per day
Structures and latest counts
Today's credit prints that match the book MetLife discloses in Schedule DB: sold protection on CDX IG and iTraxx Europe in cleared $50–430m lines, bilateral IG tranches, and protection bought on Brazil. A match says the structure is the kind an insurer holds, not who traded it; the tape does not show the side. The books and the tests are on the Insurers page.
Method & caveats
Derived from DTCC's two public credit files and the Observatory's own SOFR curve; nothing licensed.
- Two files, two regulators
- The index board, index curves, credit-vs-rates, tape flow and insurer-linked sections come from the CFTC Part 43 credit file: CDX and iTraxx are broad-based index swaps and report to the CFTC. The single-name section comes from the SEC's security-based swap file: single-name CDS report to the SEC, and the CFTC file carries only a few dozen of them a day without reference-entity names. Each regulator's public tape therefore shows half of the credit market; this page sets the two halves beside each other, and a move that happens in one file and not the other — as in October 2026, when the AI-capex names repriced in the single-name file while the index barely moved — is visible here and in neither file alone.
- Index level
- Daily median of new trades in each index and expiration. The on-the-run series in a tenor bucket (5y: 4.3–5.6 years to expiry) is the latest expiration with at least five prints.
- Spread and price
- Indices with a 100 bp coupon trade on spread. HY, EM and Crossover trade on price, quoted as an upfront payment: price = 100 ± upfront points. The equivalent spread solves coupon − upfront ÷ risky annuity = spread, with a flat hazard rate, 40% recovery, quarterly premiums and SOFR 5y discounting. On IG the same model reproduces the traded spread to within 1%.
- Roll
- Changes are taken on the same expiration when both days have it; on a roll day the new series is compared with the old and the change is marked.
- Capped notional
- Prints above DTCC's block cap are counted but left out of price-derived levels, since the upfront is reported against the capped notional.
- Single names
- From the SEC security-based swap file, which names the reference entity; the CFTC file carries a few dozen single names a day without names. Entities keyed by RED code. Five-year = prints with 4.4–5.6 years to expiry. Where a name is quoted upfront (fixed 500 or 100 coupon plus points), the running spread is implied from the upfront with a flat hazard and 40% recovery; it is comparable to a traded spread within a few basis points at normal levels and less so for distressed names.
- Credit vs rates
- 5y swap spread and 5y par from the Rates page's derived curve and Treasury's constant-maturity yields. Correlation is Pearson on daily changes over a rolling 60-trading-day window.
About this page · The CDX and iTraxx indices, their tranches and options, and the few single names that reach the CFTC public tape. Levels are the on-the-run 5-year series, daily medians of traded prints: investment grade and iTraxx in spread, high yield and emerging markets in price. Swap spreads and the par curve come from the Rates page; the insurer roundup sets each day's prints against the credit book MetLife discloses in Schedule DB.
Requests
Ask for a series, a cut of the credit data, or a correction. Posts are visible to everyone with the page; sign with a name or handle if you want a reply, or write to rates@ruxton.ai. Every section above has a "Section requests" link that lands here with the section preselected.