U.S. Corporate Credit Swaps Drop; AIG Plane Unit’s Swaps Decline
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A gauge of U.S. corporate credit risk declined, recording its third weekly drop as payrolls rose more than anticipated in November and the jobless rate fell to an almost four-year low.
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 0.7 basis point to a mid-price of 96.8 basis points at 4:47 p.m. in New York, according to prices compiled by Bloomberg. The measure, which was poised for the lowest closing level since Nov. 6, fell about 1.8 basis points this week.