Credit Swaps Fall to More Than 5-Year Low in U.S. on Jobs Data
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A gauge of U.S. corporate credit risk declined to the lowest level in more than five years as employment increased more than forecast in April.
The Markit CDX North American Investment Grade Index, a credit-default swaps benchmark that investors use to hedge against losses or to speculate on creditworthiness, decreased 2.9 basis points to a mid-price of 71.4 basis points at 4:04 p.m. in New York, according to prices compiled by Bloomberg. The index is closing at the lowest level since Nov. 6, 2007, when it reached 68.8.