QUICK SUMMARY

• With crude prices rising this week, CDS movers in the US were dominated by oil-related companies, with drillers like Transocean and Nabors Industries seeing the largest moves.
• Travel companies also did well, with American Airlines, Sabre Holdings, Royal Caribbean Cruises all seeing good spread compression.
• Talen Energy (a power company) is one of the rare losers this week, seeing its credit spreads widen on plans to invest hundreds of millions of dollars on crypto-mining data centers (creditors were less enthusiastic about the idea)
• All the top movers in Europe saw their spreads tighten, with many currently sitting at the lowest levels in the past 12 months, like Air France and Jaguar Land Rover. A positive sign that the European economic recovery is catching up with the US.
• Just a note regarding methodology: we rank the moves in terms of the absolute value of the weekly change of 5-year CDS mid-spreads

LARGEST USD CDS MOVERS IN THE PAST WEEK

1. Transocean Inc (Country: KY; rated: Caa3): down 232.0 bp to 1,776.5bp (1Y range: 1,311-7,695bp)
2. Nabors Industries Inc (Country: US; rated: B+): down 228.3 bp to 978.7bp (1Y range: 808-4,514bp)
3. Apache Corp (Country: US; rated: Ba1): down 52.7 bp to 192.4bp (1Y range: 192-453bp)
4. Occidental Petroleum Corp (Country: US; rated: WD): down 45.0 bp to 236.4bp (1Y range: 236-855bp)
5. American Airlines Group Inc (Country: US; rated: B2): down 37.5 bp to 653.2bp (1Y range: 639-3,660bp)
6. Murphy Oil Corp (Country: US; rated: Ba3): down 25.7 bp to 312.8bp (1Y range: 238-763bp)
7. MBIA Inc (Country: US; rated: Ba3): down 23.8 bp to 502.2bp (1Y range: 378-757bp)
8. Pitney Bowes Inc (Country: US; rated: LGD2 - 16%): down 22.2 bp to 454.6bp (1Y range: 366-1,458bp)
9. Petroleo Brasileiro SA Petrobras (Country: BR; rated: B): down 13.1 bp to 199.9bp (1Y range: 175-372bp)
10. Liberty Interactive LLC (Country: US; rated: Ba3): down 11.0 bp to 292.2bp (1Y range: 249-404bp)
11. Royal Caribbean Cruises Ltd (Country: US; rated: LGD4 - 61%): down 10.4 bp to 319.7bp (1Y range: 319-1,979bp)
12. Sabre Holdings Corp (Country: US; rated: Ba3): down 10.1 bp to 383.9bp (1Y range: 337-611bp)
13. Macy's Inc (Country: US; rated: Ba3): up 19.7 bp to 323.3bp (1Y range: 291-1,253bp)
14. Staples Inc (Country: US; rated: B2): up 21.8 bp to 817.1bp (1Y range: 652-2,081bp)
15. Talen Energy Supply LLC (Country: US; rated: BB): up 209.9 bp to 1,347.9bp (1Y range: 875-1,710bp)

LARGEST EURO CDS MOVERS IN THE PAST WEEK

• Novafives SAS (Country: FR; rated: Caa1): down 41.5 bp to 782.3bp (1Y range: 716-1,409bp)
• Syngenta AG (Country: CH; rated: Ba2): down 23.4 bp to 118.9bp (1Y range: 105-288bp)
• TUI AG (Country: DE; rated: LGD4 - 50%): down 22.1 bp to 711.8bp (1Y range: 590-1,799bp)
• Atlantia SpA (Country: IT; rated: Ba2): down 20.6 bp to 127.1bp (1Y range: 127-407bp)
• Deutsche Lufthansa AG (Country: DE; rated: Ba2): down 18.4 bp to 257.2bp (1Y range: 233-421bp)
• Iceland Bondco PLC (Country: GB; rated: LGD3 - 46%): down 17.6 bp to 433.3bp (1Y range: 358-1,004bp)
• Air France KLM SA (Country: FR; rated: B-): down 17.5 bp to 468.4bp (1Y range: 468-1,211bp)
• Casino Guichard Perrachon SA (Country: FR; rated: WR): down 16.9 bp to 558.9bp (1Y range: 516-1,210bp)
• Rolls-Royce PLC (Country: GB; rated: BB-): down 15.1 bp to 255.1bp (1Y range: 249-516bp)
• CMA CGM SA (Country: FR; rated: B1): down 12.3 bp to 370.0bp (1Y range: 370-1,241bp)
• Stena AB (Country: SE; rated: B2-PD): down 11.9 bp to 545.9bp (1Y range: 534-803bp)
• Banca Monte dei Paschi di Siena SpA (Country: IT; rated: PNP): down 9.3 bp to 172.3bp (1Y range: 172-237bp)
• Jaguar Land Rover Automotive PLC (Country: GB; rated: WD): down 8.6 bp to 352.7bp (1Y range: 353-1,093bp)
• Stonegate Pub Company Financing PLC (Country: GB; rated: WR): down 8.6 bp to 513.5bp (1Y range: 514-984bp)
• Leonardo SpA (Country: IT; rated: Ba1): down 7.0 bp to 153.0bp (1Y range: 153-298bp)