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Fixed Income IQ: Q3 2015

Fixed Income IQ leverages extensive analytical intelligence and data from S&P Capital IQ to examine credit markets in North America. Market trends are established using indices and yield curves. Credit trends look at ratings, sovereign CDS and probability of default data. In addition, the report highlights trends in financial ratios and issuance data. 

  • Investment grade clawed out positive returns in Q3 2015, while high yield posted large losses as global growth uncertainties, particularly a slowdown in China, weighed heavily on investors.
  • Credit markets repriced risk higher – Global market volatility caused spreads to increase throughout all sectors and ratings categories. 
  • U.S. sovereign risk remained flat while France and Germany saw their spreads tighten throughout the quarter.
  • Risk signals all showed signs of credit deterioration - Median equity market-based probabilities of default worsened on a quarterly basis while fundamental probabilities of default showed continued deterioration on a year-over-year basis.
  • Issuance began to fall – Issuance decreased in most ratings categories on a year-over-year basis with the biggest decrease coming from the BBB spectrum.   

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S&P Capital IQ Fixed Income IQ Q3 2015